cancel
Showing results for 
Search instead for 
Did you mean: 

Needing to refinance.....

tag
madmann26
Valued Contributor

Needing to refinance.....

So,

 

I have this auto loan, which was opened in April 2012. It has an obnoxiously high interest rate which is what I am trying to reduce,  ultimately. Since being a new NFCU member, I would like to apply for the refinance with them, of course.

 

Opinions?

 

My history with the last 3 car loans:

 

1 - Repo in 2010

 

2 - New auto loan in early 2011. Paid every payment on time, no lates, sold car outright and made some money.

 

3 - New auto loan in April 2012. Paid every payment on time, no lates.

 

I'm looking for advice here on what my chances are with getting an approval from NFCU before I apply with them.

 

thanks,

Current FICO 9 Scores



Message 1 of 13
12 REPLIES 12
Shogun
Moderator Emeritus

Re: Needing to refinance.....

After 6 months on your current loan, if it will lower your interest rate significantly I would try it.  Could save you a lot of money.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 2 of 13
madmann26
Valued Contributor

Re: Needing to refinance.....

You have no idea Shogun. I'm probably looking at about $200 in savings per month if the stars align right.

Thanks for the "review". I appreciate it.

Current FICO 9 Scores



Message 3 of 13
Shogun
Moderator Emeritus

Re: Needing to refinance.....

You're welcome, and yes $200 a month is quite a bit, well, to me anyway.   Good luck!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 4 of 13
madmann26
Valued Contributor

Re: Needing to refinance.....

I pulled the trigger just a few minutes ago, they gave me a range of interest, 3.99% - 16.89%. Honestly, anything in that range is a helluva lot better then what I am paying now.

 

They gave me the "decision will be made in 1 hour" speil.

 

/crosses fingers

Current FICO 9 Scores



Message 5 of 13
madmann26
Valued Contributor

Re: Needing to refinance.....

"Review in progress"

 

/chews fingernails compulsively

 

Current FICO 9 Scores



Message 6 of 13
Anonymous
Not applicable

Re: Needing to refinance.....

Good luck!

Message 7 of 13
madmann26
Valued Contributor

Re: Needing to refinance.....

Still review in progess.

/nervous look

Current FICO 9 Scores



Message 8 of 13
madmann26
Valued Contributor

Re: Needing to refinance.....

"review in progress"

 

I just sent them a "hey, is there anything I can do to help" message.

 

/going batty as hell over this

Current FICO 9 Scores



Message 9 of 13
DCole3g
New Contributor

Re: Needing to refinance.....

Good luck,  please update us.  I have a current auto loan with Navy Fed. and my interest is 12.79% with a credit score at the time of 576.  I tried a couple of re-fi options today with USAA and Wells Fargo, both denied with a current score of 598.  I probably should have waited until my scores were at least 600.  However, I got on here and saw some success stores of re-fi with scores lower than my current 598 and figured, what the heck.  Well after two know downs, my confidence in re-fi is pretty low right now.

Message 10 of 13
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.