Auto Loans

[WallowinginVA]

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!

[pizzadude]

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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!

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Congrats, thats a great rate ~ NFCU is fantastic !   Did they pull EQ or TU for your approval ?

[coreyb80]

Congrats are definitely in order and that's a great rate indeed.

[WallowinginVA]

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.

[jwills1218]

Thats awesome, congrats!

[pizzadude]

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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.

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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

[pozativelyliving]

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?

[pizzadude]

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

[SFarrow11]

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.