Refinancing Affirmed Auto Loan with a CU?

[ccmisery]

I am thinking of refinancing my affirmed auto loan with Ford Credit, current payoff is $15K, I have a fairly high but not insance APR at 9.99% and would like to see if I can get it down to save some money. Granted I am paying more than the minimums to speed up repayment.

Thinking of attempting one of my local CU. My BK is 13 months past Discharge, but as mentioned it's not Closed yet. Based on current info from the Trustee, I think it will Close in November or December.

Should I attempt a refinance or wait till 2015? Only debt I have right now is this loan. Also since I reaffirmed the loan with Ford Credit, as long as I pay the balance due I should have no issues as their is no penalties in the contract for paying off the loan early. Would there be any hassles in refinancing a affirmed loan?

[justbroke]

I would wait until your case discharges and closes. I refinanced my vehicle some 6 months after discharge and I received a very favorable rate from my Credit Union. It really depends on what your auto-enhanced FICO score would yield. I believe mine was near 690 at the time.

[ccmisery]

My BK discharged in August 2013, since it's been over a year I was thinking only the fact it has not closed is my only issue.

[justbroke]

I think I refinanced when my case was still open. I can't remember. My case took about 6 months to close.

[ccmisery]

I know I don't have a 690 FICO, my FICO was 630 6+ months ago, and it probably dropped down after the new FICO formulas because my current FAKO is 630 and was 699 in May.

I am trying to 1/2 my 9.99% or at least get it down to 6%, I think I will need a 650 to get it according to the rates I see at one of my local CUs, probably dreaming.

[justbroke]

The 690 was the "auto-enhanced" FICO score. I believe my regular lending FICO was 640-650 at the time. The "auto-enhanced" FICO score is used by most automobile loan lenders rather than the standard FICO. The "auto-enhanced" FICO score is typically higher than a regular FICO score as it weighs prior automobile loans more heavily.