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!
Congrats on the ReFi
Thank you, I know 10.91% is still high, but it's a far cry from 24.99%
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
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.