Question......Refi a car loan after filing? We have a van that has an 8% (or 8 1/2%) rate. We bought it, made the first payment, filed bk, reaffirmed. Discharged Dec 29, 05 and just made our 6th payment on it, of which none have been late. We also make a land contract house pymt by auto-withdraw on the first of every month, which has been for the last 6 months, and those have all been on time. So, could we, or should refi our van? Should we go thru the same bank as it is financed thru? Huntington. Is it really worth it? Would love to lower our pymts but don't think it would happen. Any thoughts would be great! Also, what about looking towards trading it in? Should we just stick with the interest rate we already have? The rate was high because it we bought it outright from a dealer with no trade in and no $$ down. This was because we were letting go a brand new go back and didn't make a pymt on it.
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After BK, I don't know that you'd find single digit rates. 8% is pretty good IMO.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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Hello its me again. Its been over 6 months now on the auto loan. Is it a good idea to refinance the loan at a lower rate? I see some people getting 7.95 percent with the Capital One Auto blank check which is my current loan company (capital one). If I can go from 12 down to 7.95, that would be awesome. Just wondering. My FICO is at around 650 now which is what it was when I applied so not much changes. Well if anyone can advise, i would appreciate it. thank you.Comment
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