topic Needing to refinance..... in Auto Loans

Needing to refinance.....

madmann26 — Mon, 08 Oct 2012 17:01:50 GMT

So,

I have this auto loan, which was opened in April 2012. It has an obnoxiously high interest rate which is what I am trying to reduce, ultimately. Since being a new NFCU member, I would like to apply for the refinance with them, of course.

Opinions?

My history with the last 3 car loans:

1 - Repo in 2010

2 - New auto loan in early 2011. Paid every payment on time, no lates, sold car outright and made some money.

3 - New auto loan in April 2012. Paid every payment on time, no lates.

I'm looking for advice here on what my chances are with getting an approval from NFCU before I apply with them.

thanks,

Re: Needing to refinance.....

Shogun — Tue, 09 Oct 2012 01:03:49 GMT

After 6 months on your current loan, if it will lower your interest rate significantly I would try it. Could save you a lot of money.

Re: Needing to refinance.....

madmann26 — Tue, 09 Oct 2012 01:07:24 GMT

You have no idea Shogun. I'm probably looking at about $200 in savings per month if the stars align right.

Thanks for the "review". I appreciate it.

Re: Needing to refinance.....

Shogun — Tue, 09 Oct 2012 12:42:13 GMT

You're welcome, and yes $200 a month is quite a bit, well, to me anyway. Good luck!

Re: Needing to refinance.....

madmann26 — Tue, 09 Oct 2012 13:37:00 GMT

I pulled the trigger just a few minutes ago, they gave me a range of interest, 3.99% - 16.89%. Honestly, anything in that range is a helluva lot better then what I am paying now.

They gave me the "decision will be made in 1 hour" speil.

/crosses fingers

Re: Needing to refinance.....

madmann26 — Tue, 09 Oct 2012 15:21:21 GMT

"Review in progress"

/chews fingernails compulsively

Re: Needing to refinance.....

4us- — Tue, 09 Oct 2012 16:14:10 GMT

Good luck!

Re: Needing to refinance.....

madmann26 — Tue, 09 Oct 2012 21:38:02 GMT

Still review in progess.

/nervous look

Re: Needing to refinance.....

madmann26 — Thu, 11 Oct 2012 18:24:53 GMT

"review in progress"

I just sent them a "hey, is there anything I can do to help" message.

/going batty as hell over this

Re: Needing to refinance.....

DCole3g — Thu, 11 Oct 2012 20:01:13 GMT

Good luck, please update us. I have a current auto loan with Navy Fed. and my interest is 12.79% with a credit score at the time of 576. I tried a couple of re-fi options today with USAA and Wells Fargo, both denied with a current score of 598. I probably should have waited until my scores were at least 600. However, I got on here and saw some success stores of re-fi with scores lower than my current 598 and figured, what the heck. Well after two know downs, my confidence in re-fi is pretty low right now.

Re: Needing to refinance.....

4us- — Thu, 11 Oct 2012 20:04:09 GMT

Geez, you're still waiting!? I was wondering what happened yesterday, but I couldn't remember the thread. Good luck!

Re: Needing to refinance.....

madmann26 — Fri, 12 Oct 2012 18:58:02 GMT

Welp.

I was denied. Reason is on it's way via snail mail. Guess I'll pay on it a little while longer and try again.

Re: Needing to refinance.....

4us- — Fri, 12 Oct 2012 19:15:50 GMT

Can you ask for a recon? Do people do that for car loans/refi?