topic Re: I need to refinance this auto loan! in Auto Loans

I need to refinance this auto loan!

2b2rich — Thu, 02 Jul 2015 13:44:00 GMT

One of my auto loans is through Regional Acceptance and it's actually one that I co-signed on but they have me as the primary (of course) and the kid has paid almost $2K and the balance has decreased so far by about $500. (Apparently one of those upfront interest deals that we didn't read close enough, but I had zero auto loan history at the time and took it with plans to refinance asap we could).

Credit Score: FICO8 EQ 710 (putting that because we would like to try for GM)

AAoA: 1 year (the only account still reporting an older TL)

# of positive trade lines: 12

# of negative trade lines: 0

Income: $52K

Lenght of Employment: permanent disability (VA & SSDI)

Previous Loan Experience: 2 auto loans that are 4&5 months old

Debt-to-Income (DTI): 19% (this includes the payment on the current loan for this vehicle if that makes any difference)

Year of Car: 2011

Miles: 38K

Purchase/Refinance: Refinance

Requested loan term (XX Months): 72 or less

Down payment amount: $0 (the kid just put $7500 down when he bought it 3 months ago)

Co-borrower/Co-Signer: Will be co-joint with my kid. This and a Cap1 QS1 are his only TLs, both less than 4 months old

Other:

Re: I need to refinance this auto loan!

2b2rich — Thu, 02 Jul 2015 23:42:16 GMT

Probably should wait a little while longer. I went to the CU and they pulled EQ. The "Beacon" score was the same as FICO8 for EQ (710).

No baddies, but the underwriters were concerned because most of my TL are so new and because the auto loan(s) are too and they would like to see more auto loan payment history. (we just made the 4th payment on them).

Otherwise, they told me I qualified for 2.2%. ugh I need that percent!

Re: I need to refinance this auto loan!

trant3 — Fri, 03 Jul 2015 01:16:42 GMT

try DCU, they like thin files. My brother refinanced with them @ 1.99% one month after he signed a 60 month loan with ally

Re: I need to refinance this auto loan!

2b2rich — Fri, 03 Jul 2015 01:23:25 GMT

@trant3 wrote:
@Anonymous DCU, they like thin files. My brother refinanced with them @ 1.99% one month after he signed a 60 month loan with ally

Surely there is some catch with them? The pay off on the auto I want refinanced now is $19K and the value the CU put on it is $17,250 so we were going to have to put down $2k with it. It wouldn't be upside down but we have an extended warranty and GAP insurance financed with it.

Re: I need to refinance this auto loan!

parkbuilder — Fri, 03 Jul 2015 01:23:42 GMT

Try Notre Dame FCU. I refinanced a 19% loan to 5% and was approved for a $5k Visa Platinum card at the same time. Dropped our payment from $431 to $288. They pulled Transunion and my score was a 650.

Re: I need to refinance this auto loan!

2b2rich — Fri, 03 Jul 2015 01:38:26 GMT

@parkbuilder wrote:
Try Notre Dame FCU. I refinanced a 19% loan to 5% and was approved for a $5k Visa Platinum card at the same time. Dropped our payment from $431 to $288. They pulled Transunion and my score was a 650.

Was this recently?! TU is my best with a FICO8 that bounces around 760, no baddies.

Re: I need to refinance this auto loan!

parkbuilder — Fri, 03 Jul 2015 01:45:44 GMT

Yes, two weeks ago.

www.ndfcu.org

Re: I need to refinance this auto loan!

Anonymous — Fri, 03 Jul 2015 14:32:42 GMT

DCU did NADA clean retail for me on my 2013 focus. It allowed me to come in under 100%

Re: I need to refinance this auto loan!

2b2rich — Fri, 03 Jul 2015 15:05:06 GMT

@parkbuilder wrote:
Try Notre Dame FCU. I refinanced a 19% loan to 5% and was approved for a $5k Visa Platinum card at the same time. Dropped our payment from $431 to $288. They pulled Transunion and my score was a 650.

Well, I wanted to dip my toes into the water first to test the temp and so I hit your link above late last night and applied for a small personal loan. It gave me info, dates, interest, payment amounts, etc and stated someone would call me.

Early this morning (around 8am) I got a call from a really nice lady and she told me she was calling about the loan and need some more info. I gave it to her.

She then told me that she had been reviewing my credit report (TU) and told me that my score was very good and I should be proud of it (she told me it is 750 and that is currently my FICO8 TU Score if that helps anyone).

She also said that I had a few low limit store cards and that I needed better and that she could get me a Platinum VISA 'with buying power' to help me there.

Then she wanted to talk about my auto loans and asked questions about those, I explained one was mine that I drive and the other I co-signed for my kid. She said she could see that I was paying a really high interest on both and wanted more info if I was interested in refinancing. After getting her the VIN numbers, pay off, etc she said she needed to put it all together (and I guess send it through, maybe underwriters?) and that she would call me back when she had their offer(s).

So now I'm waiting on that call. She did say something about the interest rate on the one car being 2.2-something, and my kid's would be 4.something. This would be great since they're currently 15 and 18 % due to not having any auto loan history at the time of purchase a few months ago and also 2 paid studen loans that had some lates on them.

BoyHowdy! I sure hope this all pans out, @parkbuilder!

@Anonymous, thank you, I keep hearing good things about Digital. It's always good to have more options in case one doesn't work out. I've def added them to my list of lenders that I keep info on

Re: I need to refinance this auto loan!

parkbuilder — Sat, 04 Jul 2015 00:18:34 GMT

They are an awesome bank to work with and I'm a customer for life! Hopefully it all works out for you!

Re: I need to refinance this auto loan!

Luscher — Sat, 04 Jul 2015 00:21:59 GMT

1.74% at DCU. Do it and don't look back!

Re: I need to refinance this auto loan!

2b2rich — Sat, 04 Jul 2015 01:09:09 GMT

@parkbuilder wrote:
They are an awesome bank to work with and I'm a customer for life! Hopefully it all works out for you!

Wow, this lady is awesome!!
Before the day was done, I had been approved for the personal loan, approved for the Platinum Visa (I left the requested amount blank? It said if left blank the min SL would be $5K)

ANDDDDDDDDDDD...

Got both of my vehicles pre-approved for refinance!!
I decided to cancel the warranties and GAP under the current loan (only 4 months into them) and have them credit the current loans to be sure neither are upside down (I think only one of them is, around $2K before this most recent payment was made so the credits will turn it upright before refinancing. Once that's done, she we will close on both vehicles! Mine is 2.49% and the kid's is 4.something% (This is HUGE for us! We're talking probably, almost $30K savings between the two auto loans!

I can't thank you enough! Thank you, thank you, THANK YOU, @parkbuilder

Re: I need to refinance this auto loan!

parkbuilder — Sat, 04 Jul 2015 04:06:10 GMT

Awesome! Glad it worked out for you. Treat them well and they will return the favor.