Consider Refinancing Your Car Loan. Filing for bankruptcy doesn’t mean you have to settle for an astronomical interest rate for the duration of the loan. By managing the loan and staying current on other debt obligations, your score will start to climb. At this point, it may be wise to look into refinancing the loan for a lower interest rate.
I was wondering if anyone who recent experience with trying to refinance a car loan after discharge from Chapter 7. I discharged in 1/2017, and almost immediately had to get a car loan due to a car accident. My loan is through Prestige Financial currently with a super high interest rate of 18.9%.
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My bankruptcy was discharged about 7 months ago. I was approve for a car loan at 7.99% for $27,000. From Capital One and they were the same company that I bankrupted out of my last auto loan. It may be because I tried to reaffirm the debt and my lawyer didn’t file the correct papers. I paid for 6 months while I was getting no credit for the.
In both Chapter 7 and Chapter 13 filings, refinancing an auto loan while in bankruptcy probably won’t be an option. However, there are alternatives that resemble refinancing. And these options vary, depending on the type of bankruptcy filed.
The federal housing administration (FHA) requires you to wait at least two years after bankruptcy discharge before applying for an FHA-backed refinance after chapter 7 loan. private refinance loans are different, though, and may have easier or more stringent qualifying standards.
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Though at first glance it might seem impossible, refinancing your home loan after going through bankruptcy is practicable as long as you can meet certain requirements. As a matter of fact, refinancing a home mortgage is probably one of the few financial.
After a Chapter 7 bankruptcy, obtaining a car loan isn’t impossible, but your interest rates will be high, and you will likely only be able to obtain financing through a subprime lender. If you turn in your current car and need to finance a new one, you probably won’t get terms as favorable as your old loan.
why should i refinance my house Is is cheaper to buy or build a house? Which option will give you what you want, at a price you can afford? This complete guide to building a house will help you answer that question and get the.
Your first auto loan after filing bankruptcy probably had a high interest rate. Are you stuck with that interest rate until the car is paid off? Or can you refinance to lower your rate? Save money by Refinancing. Believe it or not, you can save money by refinancing your auto loan after bankruptcy, as long as you stayed current on your payments.
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