@Anonymous wrote:
I currently have WFD for my aurto loan set at 17.59% APR, I noticed on their site it states after 6 mo yoou can reapply for a refinace as a current customer for a better rate.
Has anyone attempted this with them and been sucessful?
I am currently six months in but plan on waiting the year, I make more financially now and my score is growing.
My suggestion would be to pass on WFDs totally and refinance with a credit union. WFDS is primarily a subprime lender so chances are the APR they would refinace you to will still be pretty high. My suggestion would be to work on your scores as much as possible and once you are in the low 600's refinance with a good credit union, they key will be to have a loan to value ratio that is acceptable. Most folks with subprime loans like this are pretty far upside down which is their biggest barrier to refinancing (I have been stuck with a subprime loan so I speak from experience). I don't think it would hurt to try and refi with WFDS but I wouldnt stop there because with a little work you can knock that APR way down. I went from 12.57% to 4.29% in about 6 months by increasing my scores and going with a credit union, saves me over $7,000 over the life of the loan. If WFDS asks for any fees or adds a prepayment penalty I would pass. Let us know how it works out.
