Financial Notices

What credit union will refinance a car loan with credit score 570?

I am with Patelco credit union and you have practically jump thru hoops to do ANYTHING. I can't even get a check card without them runnin my credit report. My account is in good standing. Only reason I openned is to establish a relationship to get a loan, but if I can't get a check card what else can I do?

Public Comments

1. Honestly your credit score its pretty bad, its highly unlikely anyone will refinance your loan. You typically refinance a loan to get a lower interest rate, with a 570 score nobody is likely to offer you a lower rate, you are paying a higher rate because you are considered a major credit risk. That's the reality, work on improving your score, wait until its about 650 before you try to refinance.
2. Did you try at other financial institutions such as WFB, WaMu, BoA etc..? I heard that banks are easier than CUs and they don't make their customers jump through hoops to get anything done.
3. Of course you can't get a credit card without them "runnin you credit report;" what do you expect?
4. Normally with a score under 600 you will probably need to get money down on the car before they will give you a loan. Try getting at least 10% down on the car. A website I've recommended in the past would be... http://www.safelinked.info/go.php?link=auto Take care.