Current Loan with Cap1, want to refinance

[webhopper]

based on earlier post, he got the refi through a local CU

[uptown4784]

If I want to refinance I shoudl call capital one? sorry Idk how that works

[webhopper]

In order to do a refi you call up a new lender; tell them the car make and model; and VIN. Tell them your 10 day payoff amount. You get the payoff amount from your current lender. Then; if they want to sk your refi they will give you a rate quote. If you decide to do it they will either send you a check and make you do the title work; or they'll pay off your old loan and do the title work.

[brad0502]

The way I went about it is.... I got my FICO scores so I knew exactly where I was, I then called around and told them that I wanted to refi my loan, knew my score, and asked if they could beat my rate based on my score. Almost everyone said they could beat my OLD (smiling on the inside) rate. I called Chase, 5th 3rd bank, and my local credit union.  The credit union had the best rate and also had a promotion going on with an additional 1% discount for refi of a vehicle, which was the best deal by far. So I filled out the credit ap, faxed over proof of income, and the next day signed papers. By the way they also approved me for their VISA for 1500! 

[uptown4784]

Is it worth it refinancing?

[masscredit]

I wish mine could be that easy.  My score was 520 when I got my loan in Sept of '11.  I tried to refi last Summer but was denied because of my BK and tax leins. Score was at least 130 points higher (think it was 650-660).  I contacted my credit union, banks that AAA uses and one or two other banks. Feeling no love... 

[webhopper]

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@uptown4784 wrote:

Is it worth it refinancing?

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If your scores are better and you get a cheaper rate that will save you money, then yes, its worth it in my opinion because you pay less interest on the loan.

[Dustink]

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@masscredit wrote:

I wish mine could be that easy.  My score was 520 when I got my loan in Sept of '11.  I tried to refi last Summer but was denied because of my BK and tax leins. Score was at least 130 points higher (think it was 650-660).  I contacted my credit union, banks that AAA uses and one or two other banks. Feeling no love... 

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Do you have equity?

[masscredit]

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@Dustink wrote:

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@masscredit wrote:

I wish mine could be that easy.  My score was 520 when I got my loan in Sept of '11.  I tried to refi last Summer but was denied because of my BK and tax leins. Score was at least 130 points higher (think it was 650-660).  I contacted my credit union, banks that AAA uses and one or two other banks. Feeling no love... 

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Do you have equity?

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I'm pretty close. KBB shows that it should sell for $11,200. and I will owe $10,700. after my payment next week.