Refinancing my vehicle

[hope78]

Hello,

I bought 3 cars back in 2022 when the prices were sky rocking (2 of them were under my llc and i was the co-signer) the other one under my personal name. Question. I would like to bring down monthly payments. My DTI is high i think is above 50%. Would i qualify for refinancing? Tia

[cashorcharge]

This gives us little to go to decide.  Your high DTI would likely preclude you from getting substantially lower rates if you refinance and if you bought them at the top of the market...you may owe more than the cars are worth which would also hinder your ability to refinance.

You should be getting your 10-day Payoff for your existing loans and get the current value from KBB.com

From there, along with your credit score...you may be able to get better guidance from the forum on options...

[FlaDude]

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@cashorcharge wrote:

From there, along with your credit score...you may be able to get better guidance from the forum on options...

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Please provide FICO scores, not Vantage scores from places like Credit Karma or Nerdwallet.

[hope78]

thanks, my LTV is high as well, the vehicle under my name pay off is 62k, 

credit score is 656, i would like to refinance both vehicle is possible under my LLC (1 vehicle is already under my llc)

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@cashorcharge wrote:

This gives us little to go to decide.  Your high DTI would likely preclude you from getting substantially lower rates if you refinance and if you bought them at the top of the market...you may owe more than the cars are worth which would also hinder your ability to refinance.

You should be getting your 10-day Payoff for your existing loans and get the current value from KBB.com

From there, along with your credit score...you may be able to get better guidance from the forum on options...

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[hope78]

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@FlaDude wrote:

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@cashorcharge wrote:

From there, along with your credit score...you may be able to get better guidance from the forum on options...

---

Please provide FICO scores, not Vantage scores from places like Credit Karma or Nerdwallet.

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656 (transunion via Discover)

[cashorcharge]

Anything under 700 in the Automotive Loan space is NOT considered A Paper, and therefore you would not be getting the best rates.  I don't know your current rate...and there may been an option for a slight decrease.

Wells Fargo does not have a prequal option...but they do have several 0%BT offer, especially since their new credit card launch.

Honestly I feel like your on the cusp of POSSIBLY getting into a better situation but it's not a guarantee.  That being said, gather all your details, eat some humble pie and make an appointment with a banker at your local branch and see what can do for you.  I'm not optimistic but sometimes when you're in front of a banker and they submit your apps, they can call to follow up.  This will likely result in at least a EX HP as that's their primary source of CB pulls.

[Jabberjaws]

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@cashorcharge wrote:

Anything under 700 in the Automotive Loan space is NOT considered A Paper, and therefore you would not be getting the best rates.  I don't know your current rate...and there may been an option for a slight decrease.

Wells Fargo does not have a prequal option...but they do have several 0%BT offer, especially since their new credit card launch.

Honestly I feel like your on the cusp of POSSIBLY getting into a better situation but it's not a guarantee.  That being said, gather all your details, eat some humble pie and make an appointment with a banker at your local branch and see what can do for you.  I'm not optimistic but sometimes when you're in front of a banker and they submit your apps, they can call to follow up.  This will likely result in at least a EX HP as that's their primary source of CB pulls.

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@cashorcharge To confirm, it's possible to do a balance transfer onto my credit card to from my auto loan to pay down some of the negative equity in order to trade the car in? Not being snotty...honestly question. So interested!!! 😊 

[cashorcharge]

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@Jabberjaws wrote:

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@cashorcharge wrote:

Anything under 700 in the Automotive Loan space is NOT considered A Paper, and therefore you would not be getting the best rates.  I don't know your current rate...and there may been an option for a slight decrease.

Wells Fargo does not have a prequal option...but they do have several 0%BT offer, especially since their new credit card launch.

Honestly I feel like your on the cusp of POSSIBLY getting into a better situation but it's not a guarantee.  That being said, gather all your details, eat some humble pie and make an appointment with a banker at your local branch and see what can do for you.  I'm not optimistic but sometimes when you're in front of a banker and they submit your apps, they can call to follow up.  This will likely result in at least a EX HP as that's their primary source of CB pulls.

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@cashorcharge To confirm, it's possible to do a balance transfer onto my credit card to from my auto loan to pay down some of the negative equity in order to trade the car in? Not being snotty...honestly question. So interested!!! 😊 

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That's an interesting little tidbit @Jabberjaws 

I had not heard of someone able to do that sort of debt reassignment directly like a BT at any bank.  If that works for you.....woohoo!

There are some BT offers that allow you to simply deposit cash into your own checking account without having the BT bank write checks directly to your creditors, allowing you to spend the money were you'd like so that would be a workaround I suppose.