Auto Loans

[creditstarved]

Hi All,

I know this question is probably asked 100 times a day and 200 on Tuesdays, but I'd like to see if any of you credit guru's could give me some insight into my odds at getting my vehicle refinanced with PenFed's excellent 1.49% refinance rate for 36 months. I'm shooting to try toward the end of February or early March.

First, here's my credit / financial standing background:

*Note - haven't pulled any FICO scores, yet, these are from CreditKarma and Quizzle, so I understand the FICOs are probably less than the below*

TU (Credit Karma): 736

EX (Quizzle): 736

My CU is currently 21% with a limit of $13,000 (between 4 cards).

After I recieve my tax reimbursement from the feds (hopefully in mid-feb) and a reimbursement from work at the end of the month, I'll be down to 7% CU.

Right now, I'm 29 payments into a 72 month auto loan with Capital1 Auto at 5.72%

Original balance was $17,215 and I'm at $10,990 currently.

I've got 3 student loans in repayment (stafford loans if that matters any) totalling just over $10,000. All current.

100% on-time payments with all lines of credit/loans.

Things that scare me:

1. Car I want to refinance is a 2008 Saab 9-3, 2.0T with 86k on the clock. Depending where you look, most places, I'm underwater on this loan. I don't care about that much, because it's my intention to drive this car until it falls apart. I just worry that I won't be approved for a refinance because of that fact. Also, high mileage - though, I think I read the cut off is 100,000 mi on the odo.

2.  My scores/history won't be enough to get me that 1.49% rate.

Any data I'm missing?

Thanks for the insight!

[sccredit]

I think you are going to have a hard time refinancing this car anywhere, given that Saab is no longer in business.  I know it sucks (I had a 2005) but it will become reality if it hasn't already.  Parts are already getting scarce.

[creditstarved]

Do you think so? Wouldn't it just go by what the NADA value is? It's not like the car is completely worthless. Wouldn't a company like NADA/KBB take into account the status of the manufacturer and value it based on that?

And parts aren't too hard to come by anymore.

[creditstarved]

Just pulled my EQ FICO from Score Watch and it's 773.

Anyone know if that's the one which PenFed will pull??

[Revelate]

Penfed is EQ all the time.

[creditstarved]

My CU is sitting at 15%...is that low enough for PenFed refi??

[Revelate]

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creditstarved wrote:

My CU is sitting at 15%...is that low enough for PenFed refi??

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At your scores I think anyone can refinance that loan.

[creditstarved]

I hope so. I may try applying today!

[TnTNYC]

Let us know how it goes, and good luck!  I'd love to get a "new" used car and the PenFed rates are incredible.  Hope to hear good news.

[Jkusa]

I just successfully refinanced with PedFed @1.49 % I'll be paying off a CapOne loan @9.9%.

I have 33 months left on the original 72 month loan with an outstanding balance of around 14,100. However the car has a KBB value of 17,900 so there's some equity in it.

The loan I applied and was approved for is a more aggressive 20 month loan.

A few items of note.. I got this all with a BK7 on my credit reports that was discharged just under 5 years ago. Since then my credit has been flawless, I'm also under 1% util for my 5 CC's but DO have a student loan balance of around 120k