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Refinance Chances?

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Sneakytiki
Frequent Contributor

Refinance Chances?

I had a quick refinance question with my auto loan.

It's a 72 month loan through Wells Fargo Dealer Services at 9.9%.

Original loan amount: $11,440
Current balance: $9750
Car value: $11750

My auto score at the time was 590.

My FICO 8 scores are around 640 today. Perfect payment history and it was opened in Jan 2014.

Just looking for options.

Thank you!

Starting Score-(01/2017): FICO ||EX:575--EQ:549--TU:588||
Current Score--(04/2018): FICO ||EX:686--EQ:697--TU:715||




Message 1 of 5
4 REPLIES 4
SamsungHDTV
Established Contributor

Re: Refinance Chances?

I think the chances are good you can beat 9.9%. Especially because you are doing a great job of keeping the loan lower than the value. Try credit unions, and ask about what are the credit tiers break points. They might have a better rate at score of 650 for example and you're not far from it.

 

Contact your local credit unions.

Message 2 of 5
Sneakytiki
Frequent Contributor

Re: Refinance Chances?

Ok thank you, 

 

I'm a member of USAA and I'll reach out to NFCU. I have one card at 60% balance so I'll pay that down before I app. I'm even willing to make another down payment of $1000 or so. 

 

I've been wanting to join a credit union anyways.


Starting Score-(01/2017): FICO ||EX:575--EQ:549--TU:588||
Current Score--(04/2018): FICO ||EX:686--EQ:697--TU:715||




Message 3 of 5
Anonymous
Not applicable

Re: Refinance Chances?

 


@Sneakytiki wrote:
I had a quick refinance question with my auto loan.

It's a 72 month loan through Wells Fargo Dealer Services at 9.9%.

Original loan amount: $11,440
Current balance: $9750
Car value: $11750

My auto score at the time was 590.

My FICO 8 scores are around 640 today. Perfect payment history and it was opened in Jan 2014.

Just looking for options.

Thank you
You have a good loan to value ration so I am sure you will be fine getting refinanced.  I have lower scores and got 4.29% with NCFU, not sure the year of your car, that will have an impact if it is older than a 2013 if you go through NFCU.
Message 4 of 5
Sneakytiki
Frequent Contributor

Re: Refinance Chances?

It's a 2012 so that might be an issue.

Starting Score-(01/2017): FICO ||EX:575--EQ:549--TU:588||
Current Score--(04/2018): FICO ||EX:686--EQ:697--TU:715||




Message 5 of 5
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