DCU Refinance Approved

[StarraeAday1]

They apparently pulled a score of 660, and approved me for 4.49%. I really thought I'd be able to do a tiny bit better than that. Do they ever reconsider their rates? Or are they based solely on credit score? I'm going to call in the morning and talk to them to try to find out, just wondered if anyone knew. My current rate is 5.99% and I'm really wondering if it's worth it to refi for such a small difference. My balance is $13,480 with 5 years remaining on the loan.

[Anonymous]

---

@StarraeAday1 wrote:

They apparently pulled a score of 660, and approved me for 4.49%. I really thought I'd be able to do a tiny bit better than that. Do they ever reconsider their rates? Or are they based solely on credit score? I'm going to call in the morning and talk to them to try to find out, just wondered if anyone knew. My current rate is 5.99% and I'm really wondering if it's worth it to refi for such a small difference. My balance is $13,480 with 5 years remaining on the loan.

---

Everything is based on your credit profile and income.  And why won't you take the lower rate over your current rate?  You have 5 years left and although it may look like there isn't much between the old rate and new rate, doing the math for 5 years with what DCU is offering actually saves you some money.....

Of course you are welcome to call but I highly doubt if they will go any lower...

[Anonymous]

Based on the score.  They have the financial charge also. Which they will never mention to you. Make sure you read all docs with the fine print sent to you. 

Just signed my doc without seeing the financial charge $4000 and was never told by any of them. 

I had $16k plus payoff. Now I'm going to pay $20k.plus Smh. 

Will call them on Monday.  

[pipeguy]

---

@Anonymous wrote:

Based on the score.  They have the financial charge also. Which they will never mention to you. Make sure you read all docs with the fine print sent to you. 

Just signed my doc without seeing the financial charge $4000 and was never told by any of them. 

I had $16k plus payoff. Now I'm going to pay $20k.plus Smh. 

Will call them on Monday.  

---

Huh?   I never heard of this before, especially from DCU - please explain how DCU added a $4000 "fee" to an auto-refi.

[Anonymous]

---

@pipeguy wrote:

---

@Anonymous wrote:

Based on the score.  They have the financial charge also. Which they will never mention to you. Make sure you read all docs with the fine print sent to you. 

Just signed my doc without seeing the financial charge $4000 and was never told by any of them. 

I had $16k plus payoff. Now I'm going to pay $20k.plus Smh. 

Will call them on Monday.  

---

Huh?   I never heard of this before, especially from DCU - please explain how DCU added a $4000 "fee" to an auto-refi.

---

Reading Aofei09's other thread, it's just the interest charge over the life of the loan. 

I'm reading all the DCU refi threads as I'm planning to do one as well, if my CU won't match or beat them. 

[ds3]

---

@Anonymous wrote:

---

@pipeguy wrote:

---

@Anonymous wrote:

Based on the score.  They have the financial charge also. Which they will never mention to you. Make sure you read all docs with the fine print sent to you. 

Just signed my doc without seeing the financial charge $4000 and was never told by any of them. 

I had $16k plus payoff. Now I'm going to pay $20k.plus Smh. 

Will call them on Monday.  

---

Huh?   I never heard of this before, especially from DCU - please explain how DCU added a $4000 "fee" to an auto-refi.

---

Reading Aofei09's other thread, it's just the interest charge over the life of the loan. 

---

Yeah, he's confused as to the concept of borrowing money and having to pay the interest on that money.

[Anonymous]

Thank you all. Iwas really confuse. I'm really grateful for the explanation.

[StartingOver10]

Aofei09, just so you know, anytime you borrow money from a bank, CU, or any institutional lender, you will pay interest on the loan.  Even the zero interest deals by captive lenders generally have interest built into the sales price.

DCU gave you a disclosure as to how much that interest will be over the life of the loan if you make every payment on time. If you pay late, then the total interest will be higher (total paid in dollars).  If you pay early or pay more than the minimum, then the total interest paid over the life of the loan will be less.

I read your other thread too - no question that you made the right decision by refinancing with DCU.

The total amount of your interest will be substantially less with the 8% rather than the 18% you were paying with Santander. Congratulations on your refinance!

OP congrats to you too! Anytime you can reduce the interest rate when you have a long term left (5 years is considered long), you are doing the right thing. The exception would be if the costs to refi outweighed the interest saved.  Congrats on your refinance too!

[Anonymous]

Lol. Gotcha StartingOver10, thanks a lot fam. OP.... Congrats. Guess we are at the right place then. Lol