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Posted in Auto Loans
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popstripping

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Re-fi for bottom of the lake Auto.
$19,950 Loan Balance, $14,500 KBB Value.

Does anyone have experience with lenders who will work with this type of deficit? CK Scores are 658 and 656.

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Explore your options before you apply

Helpful to 1 out of 1 people

There's no cookie cutter set standard for how a loan will be qualified.  It's really up to the lender and what they perceive to be an acceptable risk.  However with that said, it's been my experience that auto refi-loans typically ask for some common criteria to be met before they will consider your application.  Some of these standards include, but are not limited to, the age of the car, the Kelly Blue Book value, the car's condition, the number of miles on the car, the amount of the remaining balance you are trying to refinance, and your credit history.  Since every lender perceives risk limits differently, they may all have different standards for you to meet and the interest rate will likely reflect the amount of risk they perceive lending to you will present to them.  But remember that each application will most likely cost you a credit inquiry, so make sure you ask about the underwriting conditions BEFORE you apply or allow them to pull your credit report; because applying for loans you are can’t qualify for will simply you get denied and will actually do more damage than good to your credit score overall.

One HUGE benefit of speaking directly to a lender instead of an auto dealer is that even if your car may not meet the lender’s qualifications, YOU may be eligible for a personal loan instead.  But, for the same reasons as listed above, you will still want to know the criteria for those lender qualifications before you allow them to pull your credit or you apply.

In addtion to the above statement, if you are speaking directly to the lender, you may have other options available to you like a personal loan instead of an auto loan.  If you have a pesonal loan tha covers the cost of the car, then you can just use it to pay the balance and any possible fees

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