FINALLY! Navy Car Refinance Approved

[Creditaddict]

I have been having trouble refinancing my car mostly just income verification stuff.... I was about to go trade in and buy new but someone close decided to co-sign for me and it was approved after income verification for them

36 months at 3.5% which I believe is the lowest they offer for the year of my car.

I currently was 18 payments into 60 month loan at 17%!!

Clearly fantastic and shorter and lower payment!!!

I didn't want to go co-signer route but the savings was just something I couldn't pass up and let my pride in the way.

[HoldingOntoHope]

I'll place financial security over pride any day of the week. That's a great deal, especially shaving the time off the payments. Excellent decision. You have to love NFCU.

Congratulations.

[Creditaddict]

Update:

When we did the application online it didn't allow me to put that this was refi and we listed the check to pay to me, it came and it paid to both of us, went down to my local USBank and deposited back into the joint Navy Checking... Took a week to clear and I overnighted a regular check Thursday to Santander to pay off the loan, they say a 5 day hold... so by next week I should be clear of them for this car and just 1  more correction on EQ for my old Santander loan I settled a couple months ago.

Navy has been amazing to work with and I was quite surprised that they told us to deposit the check into any checking account and then pay the car considering once the check clears if we didn't want to pay the car off what could they really do? I mean it's illegal and I would NEVER but just seemed hard to believe to me that they were not concerned.

Anyway I LOVE THEM! My Secured Visa should be reviewed this month also.... Here is to hoping but the incorrect Satander is currently really hurting me so we will see.

Oh only thing I didn't get is I tried to call Navy directly and have a Cashiers check overnighted to Santander and they said they do not do those for more than $3k or something or to pay off loans... seemed strange but it's fine, 5 day hold is fine.

[Booner72]

Congrats on the REFI - feels great!  I hated being bogged down with a terrible auto loan.

Yes, i find that extremely weird they mailed you the check and trusted you to take care of it. 

[CS800]

Congrats on the refi, that's a great rate too.

YOu're going from 17% to 3.5%. Now if you pay the same amount you were paying on your 17% loan, you will have this loan paid off in no time.

I just went from 15% to 5% with USAA and paying the same amount I was paying (thre is an option to pay more towards principal)

[awal]

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@CS800 wrote:

Congrats on the refi, that's a great rate too.

YOu're going from 17% to 3.5%. Now if you pay the same amount you were paying on your 17% loan, you will have this loan paid off in no time.

I just went from 15% to 5% with USAA and paying the same amount I was paying (thre is an option to pay more towards principal)

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This gives me more reason to open a USAA account.

[CS800]

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@awal wrote:

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@CS800 wrote:

Congrats on the refi, that's a great rate too.

YOu're going from 17% to 3.5%. Now if you pay the same amount you were paying on your 17% loan, you will have this loan paid off in no time.

I just went from 15% to 5% with USAA and paying the same amount I was paying (thre is an option to pay more towards principal)

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This gives me more reason to open a USAA account.

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Very friendly and knowledgable CSR's. The refi was painless and done in about 10 minutes over the phone. I'm already a full member so they already had most of my info.