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Established Contributor
rom828
Posts: 932
Registered: ‎08-17-2007

NFCU RE-FI

Pursuant to my thread under credit cards, wondering if anybody can give some insight/info about auto refinancing with NFCU?

 

I'm moving everything to them..already moved checking, savings and have CC and LOC, but havent apped for auto re-fi yet.  Just wanted to get some idea first of interest rates etc.

 

If anybody has done a recent r-fi with NFCU, , please post back with scores, rates and any other info you can share>

 

Thanks!!

FICOS: TU 732(7-18-14) EQ '08 734( 7-23-14) EX 727 (7-23-14)


Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009

Re: NFCU RE-FI

In all reality, assuming at least one year on the job, or at least one year on your contract you should have no problem going online and getting an approval.


As long as you have income.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Established Contributor
rom828
Posts: 932
Registered: ‎08-17-2007

Re: NFCU RE-FI

Thanks, usmc!  I do have income & established credit, so from what I've read I would more than likely get approved.

 

What I'm hoping for is  some feedback from anyone who may have recently re-financed with NFCU, ie, their scores, % rates, length of loan, etc.

 

Just trying to get a better handle on what I might expect.  NFCU only gives a range of rates based on term of loan, but won't divulge any actual score tiers.

 

Trying to decide if I should risk the inq now or wait til scores improve, etc.

 

If anybody can chime in with some thoughts or advices, I'd be grateful!!

 

 

FICOS: TU 732(7-18-14) EQ '08 734( 7-23-14) EX 727 (7-23-14)


Established Contributor
mt2va
Posts: 531
Registered: ‎03-20-2009

Re: NFCU RE-FI

[ Edited ]

rom828 wrote:

 

 

If anybody has done a recent r-fi with NFCU, , please post back with scores, rates and any other info you can share>

 

 


Mine was done in July.  I'm not sure of my exact score as I had not pulled it in awhile but probably mid 620s.  My rate is 11.5% which is a godsend as I was paying 20+%.  I may have gotten a better rate had I waited longer & cleaned more stuff up but I'm saving nearly $70/month in my payment which is a tremendous help to me. 

 

I was a little hesitant to apply as the month prior they had approved me for my first new CC in almost 5 years. A CashRewards Visa and a week later a GoRewards MasterCard.  I was all set to just leave things alone as my goal was to re-fi my car, but last week app for the NavChek LOC & was instant approved for $500 (that's all I asked for as I needed the $500 for a short-term obligation & was worried if I asked for more I would have to go to manual review....both CC apps & my car re-fi all went for manual review)

 

Message Edited by mt2va on 09-16-2009 11:26 AM
Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)



Regular Contributor
soccermomof4
Posts: 155
Registered: ‎05-07-2008

Re: NFCU RE-FI

I'm also waiting (impatiently, I might add) before I app to re-fi our two vehicles. My EQ is at 669 as of yesterday, and will increase in the next couple of weeks as some of my paid off cc's report.

 

If anyone else has done an auto refi with NFCU recently, please share your scores at the time of approval, and the interest rate they gave you.

TU=564 EQ=??? EX=??? 4/4/06
TU=643 EQ=625 EX=618 1/24/08
TU=678 EQ=651 EX=665 10/24/08
TU=694 EQ=669 EX=??? 9/24/09
TU=706 EQ=691 EX=??? 10/8/09
CH7 BK 2001
Contributor
tmoney
Posts: 78
Registered: ‎08-04-2007

Re: NFCU RE-FI

Just refinanced my 2008 Nissan mid september. My EQ fico was 696 . I got a rate of 7.9%  My

original rate was 10.3% for 72 months with Chase auto finance. I had beend in that loan for 14 months

I know I only save a few pecentage points but my payments drop by 130,00 dollars although

my loan renewed back up to 72 month. Its ok though NFCU has a biweekly payment plan I intend

to use and will end up paying off loan in shorter time than original loan with Chase.   By the

way I had just joind NFCU end of Aug,  applied for and received  Flagship Visa cl ( 16,000)  Platinum

MC cl (3000) and NAV Check  LOC  cl ( 15,000)  so I didn'i mind giving them my business 

Regular Contributor
soccermomof4
Posts: 155
Registered: ‎05-07-2008

Re: NFCU RE-FI

So whilst I'm waiting for our EQ scores to go up :smileywink: before we apply for auto re-fi's, thought I'd do a little research here on the boards and compile a list of some of the NFCU auto loan approvals to see if we can figure out how they're determining interest rates. Here's what I got:

 

Score  Interest Rate   Loan Term

   573      11.75  

   610       7.75  

   616       9.5  

   623      11.5               72 months

   625      11.5  

   639       8.25              36 months

   654       6.0                72 months

   671       6.25              72 months

   672       6.75  

   683       6.25              60 months

   688       6.75  

   696       7.9  

   718       7.0                60 months

   750       5.5  

   803       3.99              72 months

 

I also found a post that said a CSR gave away their score range for 'average credit': 660-719. Based on my list above, scores between 654 and 718 received somewhere between 6%-7.9% interest rates. 

 

When I spoke to a CSR a couple of weeks ago about rates on late model cars (rates are a little different for 'new' cars or 'used' cars), she gave me the following ranges:

 

36 months  4.75% - 12.25% 

60 months  6.00% - 14.00% 

72 months  6.50% - 12.00% 

 

Seems like they lean a little towards the lower end of the range for their 'average credit' customers.YAY! This is encouraging, and I will have to chew on this information over the weekend.  We may just apply sooner than later. 

 

Just wanted to share my 'research findings'.  :smileyhappy:

TU=564 EQ=??? EX=??? 4/4/06
TU=643 EQ=625 EX=618 1/24/08
TU=678 EQ=651 EX=665 10/24/08
TU=694 EQ=669 EX=??? 9/24/09
TU=706 EQ=691 EX=??? 10/8/09
CH7 BK 2001
Regular Contributor
soccermomof4
Posts: 155
Registered: ‎05-07-2008

Re: NFCU RE-FI

I just pulled my EQ (btw, googled and found a 30% off coupon code for EQ report at myfico.com...) and as of today, my EQ is 691!!!!!!!!

 

I think I'm gonna go for the re-fi's.  Will post results here soon!

TU=564 EQ=??? EX=??? 4/4/06
TU=643 EQ=625 EX=618 1/24/08
TU=678 EQ=651 EX=665 10/24/08
TU=694 EQ=669 EX=??? 9/24/09
TU=706 EQ=691 EX=??? 10/8/09
CH7 BK 2001
Regular Contributor
soccermomof4
Posts: 155
Registered: ‎05-07-2008

Re: NFCU RE-FI ***UPDATE***

Both of our auto loan re-fi's were APPROVED by NFCU!!! It took less than a week to get both approvals. They did not ask for any paycheck stubs, etc.

 

One vehicle was approved at 7.75% for 60 months (2008 car).

Other vehicle was approved at 8% for 60 months (2006 SUV).

 

Both loans were previously through HSBC @12.75% for 72 months.

 

As posted previously, EQ at time of app was 691, with <20% util showing on our cr's.

TU=564 EQ=??? EX=??? 4/4/06
TU=643 EQ=625 EX=618 1/24/08
TU=678 EQ=651 EX=665 10/24/08
TU=694 EQ=669 EX=??? 9/24/09
TU=706 EQ=691 EX=??? 10/8/09
CH7 BK 2001
Regular Contributor
virgoprincess823
Posts: 215
Registered: ‎04-21-2009

Re: NFCU RE-FI

Just refi'd today, instant approval, no waiting, no sending in stubs or anything. I only needed $2700. My car is 7 years old and I bought it used after a BK. My rate was ridiculous. I think at least 18% if not more. Its now going to be  8% for 12 months, I'm going to pay it off sooner. Also I asked if this would prohibit me from applying for a new car loan when ready and they said absolutley not, I can have more than one car loan with them. I wish I would have refied before but I've been going through this house buying non-sense.I love NFCU!!!

 

My Equifax I believe is 650 right now and my gross is $4400 per month. Here's what I have with them all in less than a year.

 

  • Checking opened 10/08  added direct deposit 06/09
  • Savings opened  10/08
  • nRewards opened 12/08
  • Platimum opened 6/09
  • new auto loan 10/09

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