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New Contributor
phix
Posts: 56
Registered: ‎11-11-2011
0

24.99% APR Auto Loan is KAPUT!

Hey Everyone,

 

Just wanted to share my early Christmas present with everyone! While I had to make 14 payments for a NEW CAR auto loan (Capital One) at sickening 24.99% APR today I was approved for a refinance with Consumers Credit Union in Illinois! While the APR is still 10.91% you can imagine how much money I'll be saving. Almost $100 off my monthly payment and over $6,000 in interest! There is a one-time $5 fee to join the union, but I only had to pay that AFTER approval. Plus, after 6 months of ontime payments I'm eligble for their VISA credit card and the underwriter said as long as I don't have anything else negative come on my report or greatly increase my utliziation I shouldn't have a problem get a $1,000 credit line!

 

Thank you myfico for all your help!

FingerHut - $2,300 | Nordstrom Retail - $500 | Capital One QuicksilverOne - $500 | Credit One Bank Platinum - $450 | Victoria's Secret - $250

Current Scores: TU: 573, EX: 512, EQ: 584 (MPM Scores)
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Senior Contributor
myjourney
Posts: 26,659
Registered: ‎02-07-2013
0

Re: 24.99% APR Auto Loan is KAPUT!

Congrats on the ReFi

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


New Contributor
phix
Posts: 56
Registered: ‎11-11-2011
0

Re: 24.99% APR Auto Loan is KAPUT!

Thank you, I know 10.91% is still high, but it's a far cry from 24.99%

FingerHut - $2,300 | Nordstrom Retail - $500 | Capital One QuicksilverOne - $500 | Credit One Bank Platinum - $450 | Victoria's Secret - $250

Current Scores: TU: 573, EX: 512, EQ: 584 (MPM Scores)
New Contributor
afr4life06
Posts: 71
Registered: ‎09-12-2013
0

Re: 24.99% APR Auto Loan is KAPUT!

Congrats...i just got my loan with Capital One and it 17.26% so i know i plan on refinance in about 6-12 months

Starting Score: 525 TU 515 EX 510 EQ Oct '13
Current Score: 644 TU(Oct 14) 678 EX(Oct 2014) 684 EQ (Oct'14)
Goal Score: 700 and a Home in 1yr


Frequent Contributor
anca21bi
Posts: 341
Registered: ‎07-27-2008
0

Re: 24.99% APR Auto Loan is KAPUT!

This gives me hope, I currently am on my 12th payment @24.99%! I've tried to refi and could not get approved. My credit score is slowly going up but I hope to refi in few months.
Epic Contributor
Creditaddict
Posts: 21,686
Registered: ‎10-23-2007
0

Re: 24.99% APR Auto Loan is KAPUT!

What did they pull?

what score?

how much was loan?

Fico Scores: EQ- 653 Cap1., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
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Frequent Contributor
anca21bi
Posts: 341
Registered: ‎07-27-2008
0

Re: 24.99% APR Auto Loan is KAPUT!

My loan was a little over $15K. At the time my scores were were around 520's in November 2012 and I recently tried various places to refi and my scores are still less than 580, but I just found out one of my student loans that was paid off in May 2012 is currently reporting 120 days late! So this is probably where all my problems are.


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