08-21-2012 11:12 PM - edited 08-23-2012 07:40 PM
So I've been touting the merits of taking whatever loan you can get if you need a car and your credit score is awkward, especially if hit with a first-time buyer penalty on one's auto-enhanced score.
In my case, 19.35% APR opened in December 2011 with WFDS; just re-financed to 5.99% with DCU.... this is way beyond my wildest hopes, I was near fantasizing about a single-digit APR in the 9-9.99% range. If I can do it starting with an auto-enhanced pull of 551, most folks can.
The pain of a subprime horror of an auto loan doesn't last forever.
08-23-2012 10:37 AM
Your new rate is "drool-worthy" Good Job and Congrats!
08-23-2012 01:41 PM
Although I don't usually post in this board I want to say congrats Revelate! I know you have been working hard for awhile with your credit and wanting a good rate.
Enjoy your savings.
08-23-2012 07:39 PM
DCU = Digital Credit Union (Digital Federal CU technically).
WH: Yeah I'm still in something of shocked disbelief, I keep checking the online interface. I'm also pretty stunned at their good payment policy where I can continue to drop my APR over time: in theory I can be down to 4.5% with 18 months of on-time payments. While I am expecting to pay it down fairly quickly to make room for a mortgage next year, I'm still tickled pink .
Thanks all for the support, this forum has been a fantastic resource.
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