topic Re: Advice on NFCU re-fi in Auto Loans

Advice on NFCU re-fi - UPDATED: Approved!

NewbieReed — Mon, 04 Feb 2013 17:45:30 GMT

I have a horrible interest rate with a local finance company -- 19.99% from a local dealer because both DH and I had HORRIBLE credit when we bought it. (We have FAIR credit now). I'm looking to refinance with NFCU (been a member for 5 years, but just started really using the accounts in 2010 and opened a $6K CC with them in 2011 - pay every month, not in full, typically util around 30-40% for the past 5 months, currently at 45%) . Since NFCU has some amazing rates and they pull TU & Equifax, which are better reports for me, i'm thinking that we should re-fi with them to save us from the ridiculously high interest rates of this finance company.

OUR CAR:

2009 Mazda 3

Purchased 04/2011

remaining balance : $12500

19.99%

Monthly payment is >$380 and we've paid $400 flat every month since purchase

Our combined monthly income is ~$80K. I have 1 inquiry on my TU for the last 6 months, 2 in the last year. On my EQ, I have 6 inquiries, but only 1 in the last year.

Does anyone have NFCU re-fi experience? Did they pull ur TU or EQ? They've pulled my TU twice for my CC - which is GREAT since that's my cleanest report. As of today, my TU score is 693 (Vantage). I dont know my recent FICO since 3 baddies have been removed, a Comenity VS Angel card has been added ($500 CL) and util has dropped on my VISA. I'll be signing up for EQ monitoring on Monday morning so that I can have more EQ info and a score before I apply for refi.

I'm thinking that we should pay my CC down more this month to 10% and then after the statement hits & my CS goes up again, then apply in mid-February. Are there other factors to consider?

Can anyone give me some advice on this? All thoughts are welcome!

See update later in the thread.

Re: Advice on NFCU re-fi

WalkThisWay — Tue, 08 Jan 2013 05:41:04 GMT

I haven't done a re-fi with Navy, but they just approved me for a new car and pulled EQ.

Re: Advice on NFCU re-fi

NewbieReed — Tue, 08 Jan 2013 12:49:30 GMT

I know that they typically pull EQ or TU .. I've never heard of them pulling EXP. I'm just hoping that they continue pulling TU on me as they have been.

What is your FICO ? And what rate/terms did they offer u?

Re: Advice on NFCU re-fi

WalkThisWay — Tue, 08 Jan 2013 13:16:32 GMT

My FICO was 709...they sent me a notice in the mail showing who they pulled and the score, which is a first for me on an approval!! I went with 1.99% for 72 months. I kept meaning to close my account with them since there's not a branch near me and I rarely utilized the account...sure glad I didnt! Their rates beat my local CU and the dealer by far!! Good luck with your re-fi!!

Re: Advice on NFCU re-fi

NewbieReed — Tue, 08 Jan 2013 15:53:08 GMT

Thank you! Well, with a 709, I bet you had no trouble at all -ha! ;-)

I am hoping that I can get my FICO up to at least a 680 before apping. I am not holding out for a 1.99% re-fi rate -- Hell, i'd be ECSTATIC with an 8-10% rate at this point. This finance company is killing my pockets.

Re: Advice on NFCU re-fi

WalkThisWay — Tue, 08 Jan 2013 16:29:30 GMT

I know just what you mean about high interest. My CR was the pits in 2001 and the only bank who would finance me was Americredit at 15% I still get a bit of a shock when I'm approved for anything, much less at a good rate. lol Hang in there!!

Re: Advice on NFCU re-fi

Laura2323 — Wed, 09 Jan 2013 18:38:41 GMT

I would definately apply! I was just approved for an auto loan at the 1.9% and the letter I received had my score at 665 (wasn't planning on getting a car but was in an accident with a drunk driver last week and my car was totaled). I also believe they are offering a bonus of something like $250.00 if you refinance your auto loan with them. Best of luck!

Re: Advice on NFCU re-fi

NewbieReed — Wed, 09 Jan 2013 19:26:44 GMT

WOW! Sorry to hear about your accident.Glad you are well and that it was just the car.

As for NFCU..

I'm certainly considering it. i think i will wait for February though since my util will go down to 9% from it's current reporting 43% (even though I am really at 30%, but it didnt make it before the statement cut for January) and I should have 1 of my 3 paid collection accounts removed by then. I think I will see a huge boost at that point.

Wow thats a great rate! Did u have any inquiries on ur report when u app'd? from which CRA did they pull?

Re: Advice on NFCU re-fi

Laura2323 — Wed, 09 Jan 2013 20:05:22 GMT

They pulled Equifax. I currently have 17 inquiries on Equifax for the past two years (9 of them are from Navy Federal). I also had applied for another credit card with them three days before I applied for the car loan because of the 0% transfer offer. I would check out how long the bonus of the $250 is being offered. It may be worth it to apply a little earlier than planned just to get the extra cash :smileyhappy: Let us know how you make out.

Re: Advice on NFCU re-fi

webhopper — Sat, 12 Jan 2013 17:02:12 GMT

In march they pulled TU for a refi and in October they pulled EQ for a new car loan. the 250 shows up as a credit in your shares account... the car loans with nfcu are awesome... you can either pay from any of your nfcu accounts or you can set up an external transfer from another account. I faxed in all of the info they needed but you can probably send it all via secured message center. Pay stubs and w2s.

be prepared to file the title lien yourself and to take care of delivering the payoff to your current lender. Once you get the new title in listing navy as the new leinholder you either mail it in to them or keep it if you are in a title holding state.

Re: Advice on NFCU re-fi

NewbieReed — Sat, 12 Jan 2013 18:46:57 GMT

Thanks for the response!

Thats good info to know.

Unfortunately, you lost me here..... What is this? It's all Greek to me. i've never re-financed anything before so I'm a total newbie to this.... Filing a title lien to whom? I can deliver the payoff to my lender no problem. What is a title holding state? i'm guessing that this means that a customer can hold the physical title despite the lien.... time to google! :)

webhopper wrote:
In march they pulled TU for a refi and in October they pulled EQ for a new car loan. the 250 shows up as a credit in your shares account... the car loans with nfcu are awesome... you can either pay from any of your nfcu accounts or you can set up an external transfer from another account. I faxed in all of the info they needed but you can probably send it all via secured message center. Pay stubs and w2s.
be prepared to file the title lien yourself and to take care of delivering the payoff to your current lender. Once you get the new title in listing navy as the new leinholder you either mail it in to them or keep it if you are in a title holding state.

Re: Advice on NFCU re-fi

NewbieReed — Mon, 04 Feb 2013 17:44:33 GMT

Update :

I apped today and was approved with 6.49% over 72 months for the full amount (~12100$) . I dont know who they pulled yet or what my score is, but the rep is FedExing me the refi check for my lender and I should have it tomorrow, according to her.

Re: Advice on NFCU re-fi

coreyb80 — Mon, 04 Feb 2013 18:11:56 GMT

Congrats on the great deal!

Re: Advice on NFCU re-fi

NewbieReed — Mon, 04 Feb 2013 19:40:55 GMT

coreyb80 wrote:
Congrats on the great deal!

Thanks! I am very happy about this! It will cut my payment by more than 50%!!!! DTI is going way down and I'm able to save. Woohoo!

Re: Advice on NFCU re-fi

madmann26 — Tue, 05 Feb 2013 12:31:26 GMT

Congrats!!