options for refinancing?

[brainless twit]

Hi all, been awhile since I posted.

Shortly after we filed BK, I got a FT job with an hour commute and had to buy a car (we only had one car when we filed). Because of the open BK, I was kind of at the mercy of the dealer, and as a result I am upside down on my car with horrible interest.

At this point, we are over a year from discharge, I have made 15 on-time payments on my car, and I have a few credit cards that have been paid on time and have a low balance (if any).

I applied to refinance through HSBC, who financed my husband's car with a decent rate. They declined me, probably because I included a HSBC CC in our BK. I was declined in the past by Cap One for the same reason.

I love my car and don't plan to get rid of it, but I would definitely like to lower my payment without extending the loan. I applied through Roadloans last summer, but the reduction in rate wasn't going to be enough to make it worthwhile. Are there other companies out there that I should try, or should I let it go to avoid more CR pulls? I'd appreciate any thoughts!

[Viper]

Have you pulled your CR's to see if everything is reported accurately? That could make all the difference.

-Viper

[HHM]

What are the current terms of your loan.

Generally speaking, it rarely makes financial sense to refinance a car. To do what you want, you would need a SUBSTANTIAL decrease in interest rate to lower the payment without shortening the term, but the fee involved in refinance can make the whole deal a wash.

If you have already been denied by some mainstream lenders, I wouldn't hold your breath on getting a refi.