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24.99% APR Auto Loan is KAPUT!

New Contributor

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)
Message 1 of 7
6 REPLIES
Super Contributor

Re: 24.99% APR Auto Loan is KAPUT!

Congrats on the ReFi

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 7
New Contributor

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)
Message 3 of 7
Contributor

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


Message 4 of 7
Frequent Contributor

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.
Message 5 of 7
Epic Contributor

Re: 24.99% APR Auto Loan is KAPUT!

What did they pull?

what score?

how much was loan?

Message 6 of 7
Frequent Contributor

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.

Message 7 of 7