topic Re: Best places to Refinance? in Auto Loans

Best places to Refinance?

Anonymous — Tue, 16 Feb 2016 14:22:35 GMT

Well.. Just signed my life away on my car with ally Bank.
at 15.59% @_@ I'm aware that's a lot but my car was doomed, and while I was approved at my local CU for 8% I needed to have a co-signer and I
did not want my father to once again have to save me from something. Time to stand on my own two feet.

Any-hoo..
Bought the car out the door for $23,500.
My local CU had the car valued at $26,500.

Questions:
• How soon should I refinance?
• Best places to try and re-finance?
• Any other suggestions.

Re: Best places to Refinance?

Anonymous — Tue, 16 Feb 2016 14:53:46 GMT

Try DCU (Digital Federal Credit Union). They currently offer 1.99% for scores over 675. 1.49% with direct deposit. Keep in mind that you will be hard pulled for membership and then again for the loan.

Re: Best places to Refinance?

Anonymous — Tue, 16 Feb 2016 22:06:15 GMT

I am in the refinancing market now too, but DCU website says 1.99% with DD and 2.49% with just the free checking. Is that promotion over or did i miss something?

Re: Best places to Refinance?

Tf2012 — Tue, 16 Feb 2016 22:10:40 GMT

I just refinanced with DCU and they said my credit score was 691 and they gave me at 3.24 rate. They did also give me a $7500 credit card so I'm not going to complain. I didn't do the direct deposit but they said 3 payments and they would lower it to 2.74.

Re: Best places to Refinance?

Anonymous — Wed, 17 Feb 2016 00:39:19 GMT

1. The dcu rate everyone quotes if from last year.
2. Currently their rates are 1.99,2.24 and 2.74 for 730+,700+ and 675+ Fico 5 scores, respectively. (All assuming direct deposit, .5 higher if no dd)
3. There is no minimum time needed to wait to refinance. You can do it now if you want to, pending your scores are good enough.
4. Great job on the deal.
5. Find out your fico5 score, if your scores solid enough, go with dcu asap

Re: Best places to Refinance?

Anonymous — Wed, 17 Feb 2016 00:48:20 GMT

You can try capital one. Their online tool is pretty good.

What type of baddies are holding your score down (I'm just assuming based on your rate, sorry if I'm wrong). The type of baddie might limit your options.

Re: Best places to Refinance?

Anonymous — Wed, 17 Feb 2016 14:41:16 GMT

@Anonymous wrote:
You can try capital one. Their online tool is pretty good.

What type of baddies are holding your score down (I'm just assuming based on your rate, sorry if I'm wrong). The type of baddie might limit your options.

No need to apologize.
I used to have 8-9 paid collections just sitting on my report. I never knew they affected the way banks looked at me until I came here.
Since the last time I had a 3B done, I've had 5 of those 8 paid collections removed and paid off the $1500 balance on both my credit cards. (They currently have a zero balance)
I still have 1 baddie I haven't paid which is a $1056 to Sprint from 2012. They refuse to work with me, they want payment in full. So It's an ongoing battle with them.

The dealership gave me a copy of my credit score which shows 607 from Transunion. But the payment in full on my credit cards was just made last week wednesday and my statements do not close until the 20th.

Re: Best places to Refinance?

Creditplz — Thu, 18 Feb 2016 23:30:42 GMT

my brother just refinanced his truck at (Starharbor CU), he said they gave him a extremely low rate, and his scores are poor. give them a try!

Re: Best places to Refinance?

Anonymous — Fri, 19 Feb 2016 05:44:04 GMT

Just saw your other thread. Did you ever call dcu back? I'd hate to have taken a pull for nothing. Fortunately you're score is gonna go to over the next few months just by virtue of time passing since negatives if any break a yearly threshold, and the inq you just took aging to a year. You'll probably end up wanting to refi this car twice within the next 2 years. Baby stepping it down to a lower rate. Preferably the first and second refi with the same lender so your aaoa doesn't reset

Re: Best places to Refinance?

reneasworld — Sat, 20 Feb 2016 17:33:48 GMT

@Anonymous wrote:
1. The dcu rate everyone quotes if from last year.
2. Currently their rates are 1.99,2.24 and 2.74 for 730+,700+ and 675+ Fico 5 scores, respectively. (All assuming direct deposit, .5 higher if no dd)
3. There is no minimum time needed to wait to refinance. You can do it now if you want to, pending your scores are good enough.
4. Great job on the deal.
5. Find out your fico5 score, if your scores solid enough, go with dcu asap

So, do we apply for membership first and then for refinance?

Re: Best places to Refinance?

Anonymous — Sat, 20 Feb 2016 18:09:24 GMT

Doesn't matter the order. I applied for the loan first, was approved then apped for membership and was approved instantly(not the case for everyone). Both take a hard pull because of separate departments.

Re: Best places to Refinance?

reneasworld — Sat, 20 Feb 2016 19:01:26 GMT

I was about to apply and then I saw such mixed reviews about approval and with my recent purchase I have new inquiries and am thinking they may deny me because of that. I guess I better do it now before the 10 or 14 days has passed.

Re: Best places to Refinance?

Bankrupt2019 — Sat, 20 Feb 2016 19:08:39 GMT

@Anonymous wrote:
Well.. Just signed my life away on my car with ally Bank.
@ at 15.59% @_@ I'm aware that's a lot but my car was doomed, and while I was approved at my local CU for 8% I needed to have a co-signer and I
did not want my father to once again have to save me from something. Time to stand on my own two feet.

Any-hoo..
Bought the car out the door for $23,500.
My local CU had the car valued at $26,500.

Questions:
• How soon should I refinance?
• Best places to try and re-finance?
• Any other suggestions.

If your scores are as they are in your signature line, try the Capital One https://www.capitalone.com/auto-financing/auto-refinancing/?Log=1&EventType=Link&ComponentType=T&LOB=MTS%3A%3ALCTML6KG4&PageName=Auto+Loans&PortletLocation=4%3B16-col%3B1-1-2-1-1&ContentElement=1%3BLearn+More&TargetLob=MTS%3A%3ALCTML6KG4&TargetPageName=Auto+Refinance&referer=https%3A%2F%2Fwww.capitalone.com%2Fauto-financing

Re: Best places to Refinance?

Anonymous — Sat, 20 Feb 2016 21:34:03 GMT

Well first if you purchased something recently you can always just tell them what the inquires were for and that wouldn't affect anything. I had a 24month old 180+ late payment and they asked about it and I explained to them and everything was fine. My eq5 was 677. The approval for MEMBERSHIP can be touch and go supposedly. But I believe that's more if you move a ton probably and for some reason they can't verify identity. They told me over the phone I'd have to send in some proof of residency , when I applied online it automatically approved it. So some are lucky, some aren't, and some just have to verify something. I don't think that's a major deterrent from a great rate personally

Re: Best places to Refinance?

Anonymous — Sun, 21 Feb 2016 21:51:59 GMT

I refinanced through carfinance.com 9 months ago and have had no issues. I was with Cap1 for almost 2.5 years at 19%. Never missed a payment. My payment with Cap1 was 596$ a month. Applied with carfinance.com and they gave me 4.99% and my payment is 235$ a month. Have read bad things about them. But if you pay on time you won't have any problems.