Auto Refinance Help

[cartwrna]

Also everyone quoting negative equity, banks go off NADA clean retail value for there determination. A 2014 Corolla S with 20,050 miles and NO OPTIONS clean retail is $18,475, so he actually has positive equity. If he has any options (power seat, moonroof, electric seat, navigation, or aluminum/alloy wheels) then he has even more positive equity. Once those collections are removed go and apply with DCU. Your score should rise and you will be in the at or less than 4.99% range depending on how high of a raise you have. DCU is very easy to work with. I just refinanced 2 cars with them at 1.49% with tons of inquiries, new accounts, and an unpaid collection from 2013 for $1200. Keep us updated!

[cartwrna]

A 675+ EQ04 score will get you there best rate. They pull just EQ04 score. The EQ 5 score you can get from here is identical to it.

[cartwrna]

Sorry to bombard your post, but just realized you said you pulled your report today. Now that you get multiple formulas you can look at your EQ 5 and see where you currently stand for DCU! Let us know

[Anonymous]

Thanks! Yeah I'm pretty sure all the reps I spoke with said I had some positive equity due to my original loan term being shorter than others, just the sheer number of negative accounts was a deal breaker.... after all these refinance attempts (hard hits) hopefully DCU will accept me IF AND WHEN these accounts drop off. The second i notice them drop off my FICO report should I attempt again ASAP?

Thanks!!

[cartwrna]

I would yes, I just refinanced two vehicles with them and my report showed 58 hard inquiries and I believe 6 new accounts since January. My income is around 60-65k a year so that may of helped some. And as I said I also had an unpaid collection from 2013. They are pretty quick to refinance especially if you have good payment on the vehicle and are coming from a high interest loan (they see it as if you can pay the huge payment with no issues there lower payment shouldn't be an issue either), especially carrying over positive equity. Both of my cars were a $1000-1500 negative.

[Rick636]

try these guys : https://www.ezautoloan.com/default.aspx

[cartwrna]

^ they are a rip off. They offer to lower your rate by ONLY 2.5%. I get pre qualified firm offers of credit from them all the time. It states they can lower your rate a whole 2.5% LOL.

[Anonymous]

Sounds somewhat shady :/

[Anonymous]

Hopefully you were able to complete your refi on your car , I work daily with consumers that would like to refinance a high interest rate that have remarkably the same story that your have. Your Fico is fine and infact it needs to be at least 628 to qualify............the small collections would not be an obstacle to refiance your vehicle, you would of had a rate no higher than 7.9% but would more than likely settle around 5.49% . Again I hope your efforts finally paid off and you were allowed to refinance your car. If not and you would like to discuss more you can contact me by my email wpestano@sbcglobal.net