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Jelly67

Opinion on Refinance

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Hi,

I was discharged 1/15 out of Chapter 7. I reaffirmed my auto loan with Santander with 16.99%. I owe approx 15,000. Payments are $457 with 44 months remaining. I applied with Lending Tree (Innovative Funding Solutions) and am being offered a refinance with Wells Fargo Dealer Services for 13.99% at $356 for 60 months. I plan to keep paying the $457 if I go with Wells Fargo. Does this sound like a reasonable offer? I joined DCU with the hopes of getting approved for a lower interest rate but just got a denial email. I have to wait for the mail for a reason. If I take this, will I be able to try to refinance with DCU down the road when my scores improve. Ficos are 610, 615 and 638. Opinions?

Thank you!

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If you keep refinancing you will be in a bigger hole then you already are. If you take this you will be extending out your loan another 16 months and actually paying 1,000 more total.

 

As much as I hate to say it, keep paying with Santander and try a local CU to help you refinance. You might even have some luck with Cap1 if you try them.

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Anything is better then the current rate.. but you will really want to make sure you keeping paying that extra since the term is longer on the refinance. Even at that pay even more if possible since LTV will be a big factor besides your scores if you try to refinance again.

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I would refinance with the caveat, that the new loan term not to exceed the current number of months obligated.

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Thanks for y'all's advice. I contacted them and asked that it be refinanced for the 44 months. The rep said they could do 48 months at the same rate (13.99%) $418.72. One Correction to my original post, my current rate is 16 % (not 16.99) with Santander. He also said no prepayment penalty. What's the verdict now? Is it not worth it? If I figure right, I won't save more than a $100 overall. Is there any other reason to do it? Would it help my credit score or hurt it? Thank you!

Edited by Jelly67

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Personally, I tend to shy away from trying to give financial advice in this forum. And, as a personal opinion I wouldn't bother

 

Sent from my SM-N910V using Tapatalk

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