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Refinance my auto loan

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Anonymous
Not applicable

Refinance my auto loan

So I bought my first car about 5 months ago

 

19100 financed and 6.8% apr

 

i think some is going to the dealer and I'm actually paying 8.4...

 

anyways

 

i want to refinance and I applied to DCU 

 

But I read they use eq 04. My EQ 04 is terrible. I have no idea why it's almost 100 points lower then my fico 08 one

(612!?)

what can I do?

why is it such a huge difference?

Message 1 of 5
4 REPLIES 4
cartwrna
Valued Contributor

Re: Refinance my auto loan

Different scoring models, one scoring model takes into account and puts higher priority on stuff the other one doesn't. No one is 100% sure as to what though due to the "secret formula". My EQ04 is 30pts lower than my EQ08, barely got me in with DCUs best rate. I was at a 676, their cutoff for top tier was 675!
Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?
Message 2 of 5
SamsungHDTV
Established Contributor

Re: Refinance my auto loan


@Anonymous wrote:

So I bought my first car about 5 months ago

 

19100 financed and 6.8% apr

 

i think some is going to the dealer and I'm actually paying 8.4...

 

anyways

 

i want to refinance and I applied to DCU 

 

But I read they use eq 04. My EQ 04 is terrible. I have no idea why it's almost 100 points lower then my fico 08 one

(612!?)

what can I do?

why is it such a huge difference?


The dealer is likely getting some of that interest if you didn't shop your rate.

You can make sure all three of your reports are reporting accurately by going to annualcreditreport.com and seeing what's on there. Some lenders wont report to all three reports, so you can't change that. But maybe something is on one of your reports that's not suppose to be there.

Message 3 of 5
Anonymous
Not applicable

Re: Refinance my auto loan

Did you get a response from DCU yet? Hubby and I are looking to refinance with them

Message 4 of 5
ChicAndFabulous
Valued Member

Re: Refinance my auto loan

Did you get approval. What interest rate
Message 5 of 5
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