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Can I refinance with my same lender? i really like them

Member

Can I refinance with my same lender? i really like them

After 14 months having a 5.5 year auto loan at 8.42% with capital one, my BK now dropped off. When I applied at the dealership my score was at 608 (even though myfico said 652)  Now I am just over 750 and want that lower rate.   I can get a 2.7% refi rate now through a local CU but my question is should I call capital one to ask them if they will give me a lower rate first?  I really like them and they were the ones that gave me my first post BK credit card to, so they helped me out along my path, and I would like to give them the curtisy of staying with them. Would a lender consider rerunning your scores and reassesing their rate? or do I have to go somewhere esle regardless.   Makes sense to me that they would rerun me as they will lose me 100% for sure if they do not..... but in this world not much makes sense.... anyone know the answer to this one?

Message 1 of 9
8 REPLIES
Moderator Emeritus

Re: Can I refinance with my same lender? i really like them

Personally it's worth a shot!  Congrats on the improvement of your scores!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 2 of 9
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Frequent Contributor

Re: Can I refinance with my same lender? i really like them

Go with the cu if they will do it. Capital one doesn't refi loans they originated.
EQ- 647, EX- 641, TU- 644
Sept `13 - ZERO Debt, 100% Liquid, AND a climbing credit score. Eat your heart out Dave Ramsey!
Message 3 of 9
New Member

Re: Can I refinance with my same lender? i really like them

Capital One is kinda of a sub prime lender they will not have as competitive rates as the 2.7% you can get at your CU.

 

Good luck though.

Message 4 of 9
Valued Contributor

Re: Can I refinance with my same lender? i really like them


RefiGuy wrote:

Capital One is kinda of a sub prime lender they will not have as competitive rates as the 2.7% you can get at your CU.

 

Good luck though.


Their advertised used car rate is currently 2.39%

Starting a whole new chapter
Message 5 of 9
Valued Member

Re: Can I refinance with my same lender? i really like them

in most cases you can.  they really just want to do it sometimes.  If you tell them you're going to refi with another lender, most times they'll accomidate.

Message 6 of 9
New Member

Re: Can I refinance with my same lender? i really like them

Yeah , on a 800 credit score, for 36 months, 80% loan to value, on a 2012 or newer. I refinance auto loans for a living. What you do with professional advice is up to you, I just thought I would help though. 

Message 7 of 9
Valued Contributor

Re: Can I refinance with my same lender? i really like them


RefiGuy wrote:

Yeah , on a 800 credit score, for 36 months, 80% loan to value, on a 2012 or newer. I refinance auto loans for a living. What you do with professional advice is up to you, I just thought I would help though. 


I understand what you do for a living, I spent a long time as F&I Manager in a number of dealerships, from Toyota to MBZ to BMW.  Your comment about Capital One being subprime is incorrect.  Just as with their CC's CapOne offers both Prime and Sub Prime products.  You made a blanket, misleading, statement that I simply refuted.  

Starting a whole new chapter
Message 8 of 9
Frequent Contributor

Re: Can I refinance with my same lender? i really like them


natesezgoblue wrote:

in most cases you can.  they really just want to do it sometimes.  If you tell them you're going to refi with another lender, most times they'll accomidate.


Havent said that the Capital One have you? Smiley Tongue

 

They will simply let you walk out the door be it a credit card, unwillingness to refi their own auto loan, or even budge on a loan that another lender has beat them on and you have been a C-1 customer for decades.

 

There is a reason a lot of people call them Crapital One -- and it aint because they didnt pay their bills and are mad about being repoed. Smiley Very Happy

EQ- 647, EX- 641, TU- 644
Sept `13 - ZERO Debt, 100% Liquid, AND a climbing credit score. Eat your heart out Dave Ramsey!
Message 9 of 9