Valued Contributor
madmann26
Posts: 1,440
Registered: ‎08-30-2012
Needing to refinance.....

So,

 

I have this auto loan, which was opened in April 2012. It has an obnoxiously high interest rate which is what I am trying to reduce,  ultimately. Since being a new NFCU member, I would like to apply for the refinance with them, of course.

 

Opinions?

 

My history with the last 3 car loans:

 

1 - Repo in 2010

 

2 - New auto loan in early 2011. Paid every payment on time, no lates, sold car outright and made some money.

 

3 - New auto loan in April 2012. Paid every payment on time, no lates.

 

I'm looking for advice here on what my chances are with getting an approval from NFCU before I apply with them.

 

thanks,


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 705|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $4k WalMart DC; CFNA Firestone $2.2k; Amazon $2.1k; NFCU Cash Rewards $22K; AMEX BCE $18k; NavCheck $15k; Lowe's $10k; Citi DP $6.3k; AMEX ED $8.5k; Chase Freedom $4.5k
Goal Score: 700 across the board.
Take the FICO Fitness Challenge
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Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
Re: Needing to refinance.....

After 6 months on your current loan, if it will lower your interest rate significantly I would try it.  Could save you a lot of money.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Contributor
madmann26
Posts: 1,440
Registered: ‎08-30-2012
Re: Needing to refinance.....
You have no idea Shogun. I'm probably looking at about $200 in savings per month if the stars align right.

Thanks for the "review". I appreciate it.

Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 705|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $4k WalMart DC; CFNA Firestone $2.2k; Amazon $2.1k; NFCU Cash Rewards $22K; AMEX BCE $18k; NavCheck $15k; Lowe's $10k; Citi DP $6.3k; AMEX ED $8.5k; Chase Freedom $4.5k
Goal Score: 700 across the board.
Take the FICO Fitness Challenge
My Journey
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
Re: Needing to refinance.....

You're welcome, and yes $200 a month is quite a bit, well, to me anyway.   Good luck!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Contributor
madmann26
Posts: 1,440
Registered: ‎08-30-2012
Re: Needing to refinance.....

I pulled the trigger just a few minutes ago, they gave me a range of interest, 3.99% - 16.89%. Honestly, anything in that range is a helluva lot better then what I am paying now.

 

They gave me the "decision will be made in 1 hour" speil.

 

/crosses fingers


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 705|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $4k WalMart DC; CFNA Firestone $2.2k; Amazon $2.1k; NFCU Cash Rewards $22K; AMEX BCE $18k; NavCheck $15k; Lowe's $10k; Citi DP $6.3k; AMEX ED $8.5k; Chase Freedom $4.5k
Goal Score: 700 across the board.
Take the FICO Fitness Challenge
My Journey
Valued Contributor
madmann26
Posts: 1,440
Registered: ‎08-30-2012
Re: Needing to refinance.....

"Review in progress"

 

/chews fingernails compulsively

 


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 705|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $4k WalMart DC; CFNA Firestone $2.2k; Amazon $2.1k; NFCU Cash Rewards $22K; AMEX BCE $18k; NavCheck $15k; Lowe's $10k; Citi DP $6.3k; AMEX ED $8.5k; Chase Freedom $4.5k
Goal Score: 700 across the board.
Take the FICO Fitness Challenge
My Journey
New Contributor
4us-
Posts: 90
Registered: ‎08-06-2012
Re: Needing to refinance.....

Good luck!

BK Filed 7/1/12 --- EX: 494 EQ: 505 TU: 505
10/12 EX: 599 EQ: 599 TU: 599

BK Discharge 10/23/12
Cap1 $3000 (AU) / NFCU Visa $500

GOAL #1: 660
Valued Contributor
madmann26
Posts: 1,440
Registered: ‎08-30-2012
Re: Needing to refinance.....
Still review in progess.

/nervous look

Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 705|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $4k WalMart DC; CFNA Firestone $2.2k; Amazon $2.1k; NFCU Cash Rewards $22K; AMEX BCE $18k; NavCheck $15k; Lowe's $10k; Citi DP $6.3k; AMEX ED $8.5k; Chase Freedom $4.5k
Goal Score: 700 across the board.
Take the FICO Fitness Challenge
My Journey
Valued Contributor
madmann26
Posts: 1,440
Registered: ‎08-30-2012
Re: Needing to refinance.....

"review in progress"

 

I just sent them a "hey, is there anything I can do to help" message.

 

/going batty as hell over this


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 705|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $4k WalMart DC; CFNA Firestone $2.2k; Amazon $2.1k; NFCU Cash Rewards $22K; AMEX BCE $18k; NavCheck $15k; Lowe's $10k; Citi DP $6.3k; AMEX ED $8.5k; Chase Freedom $4.5k
Goal Score: 700 across the board.
Take the FICO Fitness Challenge
My Journey
New Contributor
DCole3g
Posts: 72
Registered: ‎07-16-2012
Re: Needing to refinance.....

Good luck,  please update us.  I have a current auto loan with Navy Fed. and my interest is 12.79% with a credit score at the time of 576.  I tried a couple of re-fi options today with USAA and Wells Fargo, both denied with a current score of 598.  I probably should have waited until my scores were at least 600.  However, I got on here and saw some success stores of re-fi with scores lower than my current 598 and figured, what the heck.  Well after two know downs, my confidence in re-fi is pretty low right now.