cancel
Showing results for 
Search instead for 
Did you mean: 

Auto Re-Fi approved with DCU!

tag
Anonymous
Not applicable

Auto Re-Fi approved with DCU!

Just wanted to give a huge shoutout to this community for both helping me realize rebuilding credit is possible on my own, and notifying me of the existance of DCU.  I started my rebuilding journey in July of this year, with the intent of getting a mortgage so I can stop paying other people's houses off... 2 weeks ago I decided to go ahead and bite the bullet to try to join DCU.  Got approved a few days later for a shared savings account. Then this monday (after pulling a report and seeing a 645 EQ04)  decided to apply to refinance my auto loan.

 

Got a call today that it was approved and almost hit the floor when they said the interest rate... 3.74%

My current loan is 11.66% with a payment of 494.77

New payment is 372.63

 

Loan amount is 16,588 and NADA retail value is 14,575

 

The process was so easy and straightforward.  I'm going to be shouting DCU from the rooftops for a while now.

 

Also, the score they pulled was 650, so I got a little bump between my pull and theirs, which is never a bad thing. 

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Auto Re-Fi approved with DCU!

Wow! What savings for you. Congrats!
Message 2 of 6
CH-7-Mission-Accomplished
Valued Contributor

Re: Auto Re-Fi approved with DCU!


@Anonymous wrote:

Just wanted to give a huge shoutout to this community for both helping me realize rebuilding credit is possible on my own, and notifying me of the existance of DCU.  I started my rebuilding journey in July of this year, with the intent of getting a mortgage so I can stop paying other people's houses off... 2 weeks ago I decided to go ahead and bite the bullet to try to join DCU.  Got approved a few days later for a shared savings account. Then this monday (after pulling a report and seeing a 645 EQ04)  decided to apply to refinance my auto loan.

 

Got a call today that it was approved and almost hit the floor when they said the interest rate... 3.74%

My current loan is 11.66% with a payment of 494.77

New payment is 372.63

 

Loan amount is 16,588 and NADA retail value is 14,575

 

The process was so easy and straightforward.  I'm going to be shouting DCU from the rooftops for a while now.

 

Also, the score they pulled was 650, so I got a little bump between my pull and theirs, which is never a bad thing. 


I didn't realize they will loan in excess of 100% of the value.  What is their maximum loan percentage?  So they allow you to roll in negative equity?

Message 3 of 6
Anonymous
Not applicable

Re: Auto Re-Fi approved with DCU!

They go up to 120% of value.  They're the only place I've found that does that.  Even the local credit unions would only loan 85 to 90 %.

 

I plan to keep making the 495 payment for the forseeable future to really knock down the principle to a neutral or slightly positive equity, then possibly sell the car or trade it in.

Message 4 of 6
Anonymous
Not applicable

Re: Auto Re-Fi approved with DCU!

Congrats! 

 

I'm reluctant to apply for refi. Can you please share if you have had any negative entries on your report? 

 

I have few which are about 6.7 yrs old nearing exclusion time. If I do apply will I qualify (I have unpaid collections from 2009)? My score is around 664 on all three.

 

Thanks

 

 

Message 5 of 6
Anonymous
Not applicable

Re: Auto Re-Fi approved with DCU!

I have a collection from last year, and a chapter 7 bk from 07. My score from their pull was 650. They pull the EQ mortgage score. My record is far from clean. I would recommend becoming a member first. It makes the loan process pretty simple. Every situation is different, but I'd say u have a good shot since your report sounds to be quite a bit cleaner than mine.
Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.