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I applied for a siggie loan on lendingtree.com to consolidate my CCs. I am self employed and I am having a hard time proving income, but Beneficial offered to refi my car instead of giving me a siggie.
Heres the deal:
Currently with Cap One Auto Finance (I hate them)
Bought the car in Feb 08. Made one pmt 15days late, got a $40 fee and they refuse to waive it. Couldn't get approved thru CU cuz I rolled over some negative equity.
The rate is 13.91% for 6 years. =$707.80 monthly
Offer is from Beneficial
Next pmt is 45 days out (which saves me $1420 right now, so I can apply that towards my CCs)
APR 13.80% BUT they will only do 5 years, so the pmt is $770.
They are saying they can approve me with bank statements and my tax return (there is about a 40k difference between the statements and returns).
Should I do it???
The 770 pmt won't be a problem. If I can apply the 1420 towards my CCs that will actually save me $150 on monthly bills because I am sending large pmts to this CC every month currently.
Anyone with Beneficial???
Likes or dislikes????
HELP!!!!
I have a Sears card with a promo balance of 2300. 1350 of that expires in Nov 08, I will put the 1420 in saved car pmts towards the Sears balance. Which brings my CC util down to 64.5% from 87%
Util for the card will go from 75% to 31%.
Will I be helping or hurting myself by refinancing???
My util would be lowered due to the money I save on car pmts getting applied to CC debt, but my Cap One Auto account would be PIF after only 8 months and a new auto account would be created.
BUMP
advice please on Beneficial
I used them years ago. They were nice and easy to deal with. Now I believe you have to own a home to work with them.
But I don't know that this is the best action for you. I'll let other chime in on that.
@Anonymous wrote:I used them years ago. They were nice and easy to deal with. Now I believe you have to own a home to work with them.
Oh, so that is why they stopped sending me the fake checks. I felt unloved when they stopped writing me. At least I have Citifinancial sending me their $5k checks.
I do own a home, and I have been approved, just waiting for my proof of income to clear.
Has anyone, looked at your FICO scores after having a loan with them?
I'm afraid of my score plummeting.
I'm trying to boost my score by lowering my CC util, but if this reports as a CFL and hurts me, it defeats the purpose of the refi.
BUMP
anyone know how an auto loan with Beneficial affected your FICO???