Refinance Success with USAA

[armyguy90]

I have an auto loan with NFCU, balance 5400, about 30 months left to pay, interest rate 12%

AND

A Personal loan with NFCU, balance 3100, about 30 months left to pay, interest rate 18%

Used the equity in my car to refinance with USAA, combined these two into one loan, 8500, financed over 30 months, 5.7%

Credit score 641, 15%utilization.

(Its funny, when i first got the car, USAA wouldnt finance me at all LOL)

[cdtotten]

Congratulations, that is a very nice decrease in APR and it is always easier to make 1 payment than 2. Some people may not like that you moved unsecured debt to secured, but as long as you plan on paying it off, then it won't matter either way.

[eharley0142]

So you were paying about 209.24/month on the auto loan, and 129.08/month on the personal loan, for a total of about 438.32/month.

Over the next 30 months, you would have been paying about $1,649.65 in interest between the two loans.

By refinancing you'll now be paying about 304.67/month and will only pay $640 in interest.

You're saving $130 / month, and $1000 in interest. Great!

[Anonymous]

We just refinanced with USAA as well.

We bought a new car in April and financed with Ford Credit for 72 months at 6.49%.  We did this because we wanted our payments to be a around$200.00 a month.  We waited to refinance after we made 4 payments so that they wouldn't make us repay the rebates that we took advantage when we bought the car.   We refinanced for 60 months at 3.25% and our payment went up by $5 a month.  I was paying extra on my payments and Ford Credit was applying towards my next payment.  I can make principle payments with USAA and pay off this car faster.

We closed on our mortgage with them on Sept 2 and refinanced the car on Sept 14th.

USAA is great!!

[CS800]

I have to get off my butt and refi my car which I got last year at 14.5%. My credit score has gone up considerably since.

My payment currently is about $325/month.

I'm wondering if I could prob refi at 5% with my current scores or even lower APR. I should check around.