I need to refinance my car loan. To make a very long story short, my original bank went under and sold my loan to Bank of Satan. BoS changed my interest rate to something ridiculous. They also do not accept payments by credit card, check, or bank check. They do not accept mailed payments. They do not have an autopayment program (taking it out of an account every month). So paying them involves going and wiring them money every month. VERY aggravating.
So we are refinancing the beast. We owe about $3000. Our credit is…less than good, in part because BoS assine policies have resulted in our being late with payments several times (MoneyGram closed, forgot the date, etc).
Can you recommend a bank or refinancing company? We have found a few, but they have $7000+ minimums on loans. If you can’t recommend one, do you have advice of who to steer clear of?
Ignore if this is a dumb idea, but why not take advantage of any credit card offers you get through the mail and refinance that way? You should be able to get a very low interest teaser rate for a few months.
First choice would be to join a credit union and make arrangement to pay off the BoS loan. The CU rate will be much better.
Second choice a bank loan, cheaper that BoS but higher than CU.
I’m thinking of doing it through Bank of America, where my regular accounts are. BOS, btw, isn’t a “real” bank. You cannot open checking accounts or savings account there. They are not FDIC insured. They do not even have a real building, as far as I can tell. They are a PO Box in New Orleans, LA. More proof they are the Devil, Inc.
For a minute there I thought your “Bank of Satan” was a euphemism for Bank of America. However if you are a regular customer you should at least give it a try, as long as you are not currently paying off a bankruptcy you may have a good chance of being approved. They may not be the Bank of Satan maybe just some lesser demon.