!UPDATE! DCU Refinance Question

[Anonymous]

When I first got my 06 Mini Cooper earlier this year, I had a derogatory mark and high utilization.

8 months later, no derogatory and 16% utilization with Experian reporting all credit bureau at 700ish

I'm currently financing with Wells Fargo at 17%. I know. BAD.

I want to refinance.

I read a few about DCU

Do they care that I currently have a lot of inquiries?

I currently bank with Chase which I love, but only for their up to date features like quick pay but their incentives suck. And I'm sure their auto rates suck.

[Anonymous]

I dont have any knowledge about DCU and their opinion about INQs, but I'd like to offer some general thoughts:

Do you know the current value of your car?  You can look it up using KBB dot com.

A 2006 is towards the top of the range where they might refinance, and mileage would also have to be under 100k, in general.

If your pay off amount is more than the loan value, it might also present a problem.

I think your refi is possible, just that I recommend considering all the variables first.  From what I have read, they are very accommodating and I plan to try them when I am in the market in a couple months.

GL

[jeffm4688]

I got approved in June with a bunch of INQ's, low util but negatives for a 72 month @ 2.86% with chase. They pulled TU at 619. As a secured loan it's not strictly about credit score and baddies.

I recently refi'd a family members car and DCU was a PITA they wanted all kinda of verification, but I signed them up for penfed and got instant approved for refi and check went out next day, so penfed is worth looking into as well.

[SamsungHDTV]

chase auto rates are actually pretty competitive. But their guidelines are tight. They usually wont finance a car older than 5 yers old.

Your best best is a credit union that doesn't care about how old a car is. 

[Pway]

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@SamsungHDTV wrote:

chase auto rates are actually pretty competitive. But their guidelines are tight. They usually wont finance a car older than 5 yers old.

Your best best is a credit union that doesn't care about how old a car is. 

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Credit unions does care about the age of the car.  Trying to refinance a 9 year old car is going to be pretty tough.  You are in a tough spot with one.

[sccredit]

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@Pway wrote:

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@SamsungHDTV wrote:

chase auto rates are actually pretty competitive. But their guidelines are tight. They usually wont finance a car older than 5 yers old.

Your best best is a credit union that doesn't care about how old a car is. 

---

Credit unions does care about the age of the car.  Trying to refinance a 9 year old car is going to be pretty tough.  You are in a tough spot with one.

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Depending on the mileage Op will be OK with DCU.

[gibeon]

DCU is OK with lots of Inquiries (I had about 27 when I refied a month ago)

IIRC, Car needs to be 12 model years old or less at the END of the loan term, amount needs to be 120% or less of retail value (not trade in)

They're super-nice on the phone, give them a call and talk it over!

I went from 12.7% to 3.99% (under 675 FICO).

[Anonymous]

!!UPDATE!!
Anyone that is interested into refinancing with DCU

I applied for the auto loan (refinancing) first. And got approaved, and then app'd for the membership because it's required to obtained the loan. (I did this to save a HP in case of a denial)

Yes it's a lot of verifying. And it's tedious but I mean, if you are who you say you are, there's no problem with providing the needed paperwork.

This is all online so of course they want to make sure you are who you say you are.

I am still in the progress of getting everything finalized but for those who are wondering I went from Wells Fargo 17% to DCU at 3.74%

Keeping my payments the same for 2 years less. So I'll pay off my car in 3 years (at minimum payment), but I plan on paying far more than minimum. I just wanted to not pay so much in interest.

Yes I know it's not the TOP of the best of the best rates but please consider from where I came from. No co-signed, no help. I did this all on my own.

Never EVER finance through the dealership if it's your first new used car.

If you're planing on refinancing with DCU, consider it. They are nice, they are helpful and very helpful via chat as well as over phone.

[StartingOver10]

Congratulations!  What a terrific move...17% to 3.74% is fabulous

[Anonymous]

Thank you! I am sure regulars hear this a lot but I have learned so much from this forum.

And if it weren't for you guys I would have never heard of DCU, even my local CU have comparable rates.