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Where can I go online to refinance my current auto loan?

Jan 25, 2007 by chellebeth75 | Posted in Credit

I had to file bankruptcy 08/2005 after my divorce so my credit is poor. But I am needing to refinance my loan? I am single mother who is trying to find ways to cut payments? Anybody please help????

I found a site that lists a couple of services that will help you find an auto loan with poor credit. Just make sure that they don't ask you to pay a fee for finding you a lender. Anyone who does will likely scam you.

Steve D | Jan 25, 2007

You should start by looking at local credit unions. Your credit doesn't have to be perfect, they use common sense in their underwriting of loans, and if they say yes, the rate will be far less than a finance company would offer.
fukinluckyfuker | Jan 25, 2007

Sorry to tell you this, but it will be nearly impossible to find a lender willing to refinance a used car loan, with a person that has poor credit, and a bk in their history.
patrickmcc55 | Jan 25, 2007

Credit Unions are probably your best bet on this one - they tend to have lower rates. You just have to qualify to join them!
barbed_oracle | Jan 25, 2007

I am a mortgage consultant and there is not to many lenders out there that do refinancing on auto loans and you also have a B/K with bad credit. My best advice would be to refinance your home if you have one and include that and any other debt you may have in with it. The interest rate will be a lot better then you would get on any car loan and your credit cards. If you include all of you debt in the mortgage it could help you save hundreds of dollars a month...
Anthony P | Jan 25, 2007

try lendingtree.com
mrx_x | Jan 26, 2007

Can I negotiate with auto lender when in bankruptcy?

Apr 30, 2008 by Clueless | Posted in Personal Finance

I refinanced an auto loan in 12/04. I recently filed bankruptcy (cht. 7) and the lender sent me a notice to send them the balance which is 4600 within the next 10 days. I want to keep the car but cannot afford to pay it off and need the lowest payment possible to reaffirm the loan. Is there any room for negotiations or is the ball in their court. Payments are 281 per month and i havent paid since august 07. Please help me ASAP in NJ. I did bankruptcy myself

If you still want to keep the car you are better to file for a Chapter 13. Chapter 13 is for repayment plans (keep properties) while Chapter 7 is for a discharge (don't have to pay back) with liquidation of items (sell).

Once you have filed for bankruptcy the creditor (the lender) is by law NOT allowed to contact you. So, in sending you a letter for a collection they have violated the law. After a debtor files for bankruptcy the "trustee" (each city has one) will be in charge of negotiations for the creditor and only they can contact you on the behave of the creditor/lender.

In a Chapter 7, there is not much room for negotiations because in exchange for a discharge of your debts (not having to pay back) they have the right to reposes your car, sell it, and give the money to the creditor.

In a Chapter 13, you can negotiate to lower your monthly payments while keeping your car. This should be done with the trustee and not the creditor.

If you can, please get an attorney and have the attorney negotiate with the trustee and creditor because it sounds to me like the lender is taking advantage of the fact that you don't know much about bankruptcy law.

leexangie | May 05, 2008

Usually you can reaffirm a loan at the time of your bankruptcy filling. The lender has the option to not accept the declaration. It appears this is the case here.

You may try to negotiate with the lender but they will want to see something from you to make it worth their while. From the tone of your question you may not have an incentive to offer.

The ball is in their court as you say, but you can try to work out a deal.

Best of luck.
David W | Apr 30, 2008

Don't avoid the calls. You should always ask. They either want to know that you're going to pay or will take the car back. Judging by the fact that you refiananced in 2004 must mean the car is at least 4-5 years old at a minimum and won't be worth that much, I'm sure they'll want to work with you to maximize their position.
boogsybaby | May 02, 2008

Hi,
I used "Credit Solution" to settle my debt and recover bankruptcy.They managed to reduce my debt up to 58% .It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://d6b0.easyurl.net
Jennifer | May 02, 2008

after auto bankruptcy loan refinance - News


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