Car Loan APR Refinance After Discharge?

[ccmisery]

Has anyone had great success in refinancing their auto loan after discharge? I am believing I'll have to wait a year if I get a 7 discharge.

[keepmine]

Just depends on your lenders criteria. Some won't touch you for a couple of years post bk-others will just need to see a discharge.
Keep in mind, if you're upside down in that car loan now, it's doubtful anyone will refi.

[justbroke]

I refinanced less than 6 months post discharge. I did so, because I did a 722 Redemption loan (at 18%). I refinanced at 6 months after with Capital One Auto Finance. I believe the rate was 14.49%. I then refinanced at the 1 year mark down to 7% (not with CapOne). It can be done, but a lot will depend on your Enhanced Auto credit score which levies great weight on prior automobile bill loan history, and your credit post filing.

As keepmine is reminding you, upside down vehicles could be problematic. I would always weigh options (redemption, reaffirm) while in a Chapter 7 so you know what you want after. If you do redeem at 18% and higher interest rates, you should really expect to live with that rate for up to 2 years, but you should still try to refinance (just as I did). I redeemed because, even at 18%, I saved close to $9K in debt (I was way underwater especially from the effects of the Chapter 13).

[ccmisery]

I have a 9.99% APR with Ford Credit, I desire to reduce it after a year at least in half if possible, if not I can live with it as it's not terrible just not the best rate. I have my loan set-up that if I pay if off sooner, I won't be penalized, so I can save a lot by paying it down faster. If things turn around I should be able to accomplish this in a year.