Hello, I have a question. I am financing a car under my name (bad credit) and with my sister who has a good credit. We are approved for 9% rate. After 6 / 7 months, my sister asked me to try to refinance the loan, hopefully we will get a lower interest rate. I tried using my name alone, and i got, 8.45%. My question: 1. Should i refinance under my name alone? The reason i am asking is that, I only have 6-7 months good payment track on the old one. Should i wait after 1 year? About me: 3 years post BK with a default student loans. Another Question: Can I get rid my default student loan? Thank you for the advice.
With your record you should get your sister off your car loan so that she is no longer responsible if you default on it. As far as Student Loans, you can call the loan servicing agency and request to "rehabilitate" your loan. They will make a payment arangement with you and after you make 12 on time paymnets, they will remove your loan from default status
Hello, Thks for replying. I doubt we will be default on this car loan and i know its better for me to go ahead do the loan myself. But, for my benefit. Should i wait until i reach 1 year? On the student loan issue, I want to pay, but I cant believe how much "fees" they are putting. Can i get that fees reduced/zeroed out. The reason i havent been paying because i thought i would be dischargeed on my BK as well. (before seeing this board). Thks!
Anyone else? I really want to know the adv vs disadv for refinancing this loan under 1 year under my name alone or keeping it until it hits 1 year then refinance. I just cant stand the rate...9% is too high for combine loan. Thks!
Many have had AMAZINGLY lower interest rates at www.patelco.com I'd refinance in your name alone...it'll help you and your sister....
Thks. I tried with Cal State 9 Credit Union, but got rejected. If even accepted, I got more than 9%. I will try with patelco again. However, on online application, it doesnt have refinance option. Are you sure?
