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My initial loan was with CapOne back in 2010 with a rate of (drum roll pls!!) 17.49%, yes I know, but had a plan of refinancing once my scores are up and hopefully get better rate. So today, I applied for a refi with NFCU for a total loan of $19K (plus or minus some change) and with a 4.99% rate for 36 months. My monthly goes up by $58 but I figured, I dont have the extra $20K in interest such as with Cap One! Is that pretty good? I mean, I am happy that I got the loan cut in half! Hindsight is indeed 20/20, but I should be breathing easier knowing that my loan is only $19K vs almost $40K! NFCU has been good to me!
@WallowinginVA wrote:My initial loan was with CapOne back in 2010 with a rate of (drum roll pls!!) 17.49%, yes I know, but had a plan of refinancing once my scores are up and hopefully get better rate. So today, I applied for a refi with NFCU for a total loan of $19K (plus or minus some change) and with a 4.99% rate for 36 months. My monthly goes up by $58 but I figured, I dont have the extra $20K in interest such as with Cap One! Is that pretty good? I mean, I am happy that I got the loan cut in half! Hindsight is indeed 20/20, but I should be breathing easier knowing that my loan is only $19K vs almost $40K! NFCU has been good to me!
Congrats, thats a great rate ~ NFCU is fantastic ! Did they pull EQ or TU for your approval ?
Congrats are definitely in order and that's a great rate indeed.
They pulled EQ. I am so excited - I just have to brace myself as I am sure I will take a hit on my score once they posts this new acct. I am glad I thought of doing it now rather than waiting later in the year.
Thats awesome, congrats!
@WallowinginVA wrote:They pulled EQ. I am so excited - I just have to brace myself as I am sure I will take a hit on my score once they posts this new acct. I am glad I thought of doing it now rather than waiting later in the year.
I wouldn't worry too much about it ~ I'd gladly trade a slight drop in AAoA for saving thousands of dollars in interest payments
I'm also looking to refi a Cap1 loan for 2010 that is at 17.1%. Do you need to be a member of the military to be a member of this CU or like some others, just pay a small fee to benefit the service members and be good to go?
NFCU is open to military, families, and a small number of others who have DoD or contractor connections. Check their website for details:
https://www.navyfederal.org/about/eligibility-checklist.php
Congrats! I am looking to use them to finance an auto next month. I am not member yet, but I am eligible for membership. When you joined, did they do a hard pull? If so I will wait until I am ready to finance. Thanks.