Bad Credit Auto Refinance?
Tags:capital one, interest rate, stupid things, utility bills, wells fargo,
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Hi, we paid for the automobile about the year ago as well as we have my payments upon time each singular month. However, the seductiveness rate is 16% as well as we am struggling to have this payment. My credit is really bad do to the lot of tiny foolish things similar to the cell-phone check the crony ran up which we stupidly let upon my plan, aged application bills we paid, though late, ect. we desperately need to reduce the seductiveness rate, though can’t find any one to authorize me during the reduce rate. Does any one know of any lenders who competence be means to assistance in Virginia. we have already attempted Wells Fargo as well as Capital One as well as both incited me down. Thanks!
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Auto finance is what I do for a living and I must agree with madman, once a special finance customer drives off the lot the amount of money they owe is more then the vehicle is worth and with only having it a year you are way upside down in your loan.
Your only chance is going to be your own local bank or credit union and you need to be able to put some more cash down so you loan to value will be in line.
Good luck.
If you are a member of a credit union, ask them. They will often be a bit more flexible than a bank, particularly if you have a steady job.
You are out of luck for two reasons.
First, your interest rate reflects your credit history.
Second, as soon as you bought the car, it dropped in price and your loan is now underwater. No lender will refinance the loan without you paying down some of the loan.