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I can't believe my bank! BB&T is Lame.


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I currently have an 5 yr auto loan with Chase for 17% interest (yuk). I have had perfect payment history with it for 3 years. My credit was very bad when I got the loan so I understand the rate. However, now I am in a better situation and annoyed with having to pay so much for the loan. My credit scores are in the low 620s, I have no debt, no rent, and decent income. I have some CO's from 2003 (2 unpaid but SOL totaling @ $7K). I went to my bank today to see about a refinance. I have a checking account, saving account, and CD that I was prepared to use for collateral. The CD has enough money to pay the CO and car loan x3. My car loan has 2 more years with Chase and the balance is like $6500. My stupid bank would not approve me! I thought with my perfect payment history, the money I have tied up there and collateral, etc. Why? I know I am not worthy of a very low rate but they couldn't approve me for anything? I have come a long a** way and I guess it's just not good enough. I have the money on the side to pay the loan off but I want to establish good payment history. Could someone advise? Also, could someone let me know if there is a bank out there that could help me? Thank you!

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Have you tried a credit union? You may want to think about taking your savings account to a credit union. Wait a few months and then see if they will approve you either for the refinance or possibly a secured loan off your savings. Take the loan and pay off the car. The loan would show up as installment the same as your car.

Credit unions are supposed to be much for friendly to their customers and more forgiving of credit issues.

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Have you tried a credit union? You may want to think about taking your savings account to a credit union. Wait a few months and then see if they will approve you either for the refinance or possibly a secured loan off your savings. Take the loan and pay off the car. The loan would show up as installment the same as your car.

Credit unions are supposed to be much for friendly to their customers and more forgiving of credit issues.

That is interesting- I forgot all about that. I could do that, hrmm. My car is worth @ $14K. The whole thing just irritated me b/c it is a secured loan and the bank would have it's collateral, i would have a lower rate and all my accounts pretty much would be at the same place- i hate being scattered. Ran my credit and they pulled EQ which my score is 620. When I called Chase to see if they could lower my rate- forget it!! The lady ran through all these crazy fees associated with the refinance and a whole bunch of other stuff, i told her no thank you and hung up. Does this have much to do with the housing mess going on? What is up with banks right now?

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Wells Fargo Financial, Citi Financial, Roadloans.com will refinance you without a problem. Make sure your car has less then 50K miles.

-r

thanks, but i'm over 50K. damn, i should just pay it off and say bye. However, I want the payment history so I'm having to pay for it. Well, I will do this one more year and pay it off next summer. I guess...

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I think it might just be greed...They have you for 17% why would they be willing to lower it. your making all your payments, they have collateral. where is thier incentive to take less in interest??

Thing is they gave me this loan w/out collateral. Now I have all this collateral and can't get a better loan. They are greedy and lazy. Why wouldn't BB&T want to finance this? They have a loyal customer with decent credit, a LOT of collateral there, not to mention the car. It's not like I can take the money in the cd and dash in 6 mos if I use it to secure the loan, so why?

Well, I am done ranting =) thanks for all the input. Glad I have a place to get advice.

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