Help: Refinance Loans after a COVID layoff?

Hi YNAB community 👋, I was wondering if anyone knew if it would be possible to refinance an auto loan and federal student loans if I was newly laid off due to Covid, but have very good credit? Thank you! I'm new to the forums, but have been YNABing for almost a year, so hoping to learn/contribute anything I can

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  • Welcome to the Forum! This is a great question. If I were in your shoes, I would reach out to my local credit union or small bank about your auto loan. And, for those Federal Loans, you should be able to contact your lender and request either Income-Based Repayment or Deferment—both of which could lower your payments (mine are $0 right now due to deferment). Wishing you the best!

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  • I don't know much about them but have you tried SoFi (.com). I have heard good things about their rates. They originally just did student loans but I believe they've branched out to everything.

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  • Thanks for the replies from both you, I appreciate it! With the auto loan suggestions... I was also wondering if a lender is even likely to approve me for a refinance if my only income right now is from unemployment? Thanks.

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      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 3 mths ago
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      RC Good luck and keep us posted. I hope you end up in an even better job than before.

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      • RC
      • GIS
      • rackey
      • 3 mths ago
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      Superbone Thank you, i hope so too

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