DCU Auto Refinance

[Anonymous]

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@dabolts_619 wrote:

Is there any fees to pay when refinancing ???

On the document that i signed there is a section that says finance charges. not sure if that only refers to the interest charges or if there is any additional charges.

[Anonymous]

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@Anonymous wrote:

Thank you so much!.. This information is very useful as some were saying to pull the trigger now. I paid a few of my balances off today and will be paying the rest off this week.

How long should I have to wait before it reports? 30 days? I purchased this truck 7 months ago so I still owe a lot on it. Bought it for 47k and still owe around 42k... they only with give you the NADA book value?

Since you only owed 8k did they just finance the 8k for you? (still new to this and learning)

Thanks again man, much appreciated.

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You are welcome, glad to help.  It would benefit you if you sing up for credit monitoring service so that you can see when your new cc balance post. This way you will know for sure when the payment posts. Based on my experience they valued the car at a little over the highest number on the NADA website. They asked my how much i want to refinance, I asked for the maximum number that i am allowed to get. So if your truck worth ~$45K i think you should be able to get that, ofcourse that will be based on your salary and credit report too.  FYI, after I finished the refinance process with them, I asked them about financing a second car and they said they will do it. Also you will need a credit score of 675 to get thier best rate.  Good luck, let me know how it goes.

[CreditDunce]

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@Anonymous wrote:

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@Anonymous wrote:

Thank you so much!.. This information is very useful as some were saying to pull the trigger now. I paid a few of my balances off today and will be paying the rest off this week.

How long should I have to wait before it reports? 30 days? I purchased this truck 7 months ago so I still owe a lot on it. Bought it for 47k and still owe around 42k... they only with give you the NADA book value?

Since you only owed 8k did they just finance the 8k for you? (still new to this and learning)

Thanks again man, much appreciated.

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You are welcome, glad to help.  It would benefit you if you sing up for credit monitoring service so that you can see when your new cc balance post. This way you will know for sure when the payment posts. Based on my experience they valued the car at a little over the highest number on the NADA website. They asked my how much i want to refinance, I asked for the maximum number that i am allowed to get. So if your truck worth ~$45K i think you should be able to get that, ofcourse that will be based on your salary and credit report too.  FYI, after I finished the refinance process with them, I asked them about financing a second car and they said they will do it. Also you will need a credit score of 675 to get thier best rate.  Good luck, let me know how it goes.

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I believe the 675 they are looking for is your EQ-04 score.    If you have a checking account with DCU, they will provide you the score each month.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Thank you so much!.. This information is very useful as some were saying to pull the trigger now. I paid a few of my balances off today and will be paying the rest off this week.

How long should I have to wait before it reports? 30 days? I purchased this truck 7 months ago so I still owe a lot on it. Bought it for 47k and still owe around 42k... they only with give you the NADA book value?

Since you only owed 8k did they just finance the 8k for you? (still new to this and learning)

Thanks again man, much appreciated.

---

You are welcome, glad to help.  It would benefit you if you sing up for credit monitoring service so that you can see when your new cc balance post. This way you will know for sure when the payment posts. Based on my experience they valued the car at a little over the highest number on the NADA website. They asked my how much i want to refinance, I asked for the maximum number that i am allowed to get. So if your truck worth ~$45K i think you should be able to get that, ofcourse that will be based on your salary and credit report too.  FYI, after I finished the refinance process with them, I asked them about financing a second car and they said they will do it. Also you will need a credit score of 675 to get thier best rate.  Good luck, let me know how it goes.

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Sorry for the late response and thanks again for all the info.

As far as direct deposit, my wife owns her own business (salon) and deposits each week to Chase bank. She does not pay her self a lot each week maybe $1600/mo. Now the business does make a lot, so I was thinking if that personal income wasn't enough... could we refinance under the business through DCU?

.. Unless of course you guys think that income would be sufficient? She also doesn't get pay stubs as she simply just writes a company check to herself.

I just want to make sure I have everything in place and prepared for when we move forward.

[lvallejox]

I will also be refinancinig with DCU next month to lower my 8.5% APR. Everyone keeps saying a checking/saving's account should be opened before applying. Is it possible to apply for refinance before opening an account? I already have accounts with a couple different banks. I don't want to open one with DCU, get a hard pull, and get declined for the auto refinance. Any help much appreciated. 

[guydiver]

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@lvallejox wrote:

I will also be refinancinig with DCU next month to lower my 8.5% APR. Everyone keeps saying a checking/saving's account should be opened before applying. Is it possible to apply for refinance before opening an account? I already have accounts with a couple different banks. I don't want to open one with DCU, get a hard pull, and get declined for the auto refinance. Any help much appreciated. 

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DCU, unlike a bank, is a credit union.  Therefore, you must be a member to get a loan.  That requires a short application, and opening a "share" account or savings account to qualify.  With DCU, unfortunately, that also gets you a hard pull on EQ, then another hard pull for the loan itself. 

edited because I can't type while watching football

[Anonymous]

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@guydiver wrote:

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@lvallejox wrote:

I will also be refinancinig with DCU next month to lower my 8.5% APR. Everyone keeps saying a checking/saving's account should be opened before applying. Is it possible to apply for refinance before opening an account? I already have accounts with a couple different banks. I don't want to open one with DCU, get a hard pull, and get declined for the auto refinance. Any help much appreciated. 

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DCU, unlike a bank, is a credit union.  Therefore, you must be a member to get a loan.  That requires a short application, and opening a "share" account or savings account to qualify.  With DCU, unfortunately, that also gets you a hard pull on EQ, then another hard pull for the loan itself. 

edited because I can't type while watching football

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Thanks. I thought I read about some users getting both with only 1 HP? Also do you know the answer to my questions regarding financing through the business?

[lvallejox]

Thanks for the quick response. I am also watching football (gooo 49ers!)

I keep reading that it takes a 675 EQ to get a good rate.

I don't see it anywhere on their site. Do you have any info on this? thanks.

[EddieK]

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@lvallejox wrote:

Thanks for the quick response. I am also watching football (gooo 49ers!)

I keep reading that it takes a 675 EQ to get a good rate.

I don't see it anywhere on their site. Do you have any info on this? thanks.

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Yes, a 675 EQ04 score will get you their 1.99%.  Add direct deposit and it's 1.49%.

[Anonymous]

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@EddieK wrote:

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@lvallejox wrote:

Thanks for the quick response. I am also watching football (gooo 49ers!)

I keep reading that it takes a 675 EQ to get a good rate.

I don't see it anywhere on their site. Do you have any info on this? thanks.

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Yes, a 675 EQ04 score will get you their 1.99%.  Add direct deposit and it's 1.49%.

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Where can you get the EQ04 from? Also the direct deposit isn't manditory?