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I was in the same boat when I bought my last car, about 8 months post BK and a 18% car loan with one of those "your paycheck is your credit" places. I refinanced at about 6 months in with my Credit Union and it went down to about 5%. It's really dependant on the CU you want to go with and the loan to value ratio, it never hurts more than an Inquiry to find out. Check the Blue Book value and see how far your off, if you put money down you may owe less than it's worth which makes it easier.
Spoke with DCU via chat. They do the APRs in tiers based on Equifax score. They told me that once I am at 640 I will be eligible for a 3.99% without doing any other banking with them. That is perfect for me considering I am at 20% right now. So I will be waiting a few months until I am over 640 then will go ahead and refi through them. Man I will be saving tons of money.
As far as the wait, shouldn't have to wait long at all. I had originally gotten financing with Capital One when I bought a car in March of last year. 9.5% APR. Had looked at DCU at the same time, but they wouldn't approve. One month later I reapplied with DCU and got 3.49%. They dropped 0.5% for having direct deposit with them and then dropped another 0.25% after 3 months on time payments and again at 6 months. They are awesome to work with and am saving me tons
@Anonymous wrote:As far as the wait, shouldn't have to wait long at all. I had originally gotten financing with Capital One when I bought a car in March of last year. 9.5% APR. Had looked at DCU at the same time, but they wouldn't approve. One month later I reapplied with DCU and got 3.49%. They dropped 0.5% for having direct deposit with them and then dropped another 0.25% after 3 months on time payments and again at 6 months. They are awesome to work with and am saving me tons
They did a refi with you with your EQ below 640? What was it when you applied?
I have been a DCU member for almost a year and have an 18.65% loan with GM Financial. I have to try to get it refinanced.
@MrsCHX wrote:
@Anonymous wrote:As far as the wait, shouldn't have to wait long at all. I had originally gotten financing with Capital One when I bought a car in March of last year. 9.5% APR. Had looked at DCU at the same time, but they wouldn't approve. One month later I reapplied with DCU and got 3.49%. They dropped 0.5% for having direct deposit with them and then dropped another 0.25% after 3 months on time payments and again at 6 months. They are awesome to work with and am saving me tons
They did a refi with you with your EQ below 640? What was it when you applied?
I have been a DCU member for almost a year and have an 18.65% loan with GM Financial. I have to try to get it refinanced.
That is hilarious because I have my loan through GM Financial as well at 19%. DCU will do a refi on you even if you are below 640. I just used 640 because that is the tier they gave me when I was doing an online chat with them. I would suggest going on their website and doing an online chat with a rep to ask them the different tier levels based on your scores. I'm not even a member and they were willing to give me that info.