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Re-finance FTW

Moderator

Re-finance FTW

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. 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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6 REPLIES
Moderator

Re: Re-finance FTW

Congrats! That is a fantastic rate!

Regular Contributor

Re: Re-finance FTW

Congrats OP.  Stories like these definitely give my wife hope of obtaining a prime rate on an auto loan in a couple years or so.

New Member

Re: Re-finance FTW

What is DCU?

Moderator Emeritus

Re: Re-finance FTW

Your new rate is "drool-worthy"    Good Job and Congrats!


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Frequent Contributor

Re: Re-finance FTW

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.

FICO Scores: TU: 768 (Jan 2012), EQ: 755 (Jan 2012 Lender pull)
Highlighted
Moderator

Re: Re-finance FTW

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 Smiley Wink.

 

Thanks all for the support, this forum has been a fantastic resource.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge