topic Re: Refinance options in Auto Loans

Refinance options

svtthis — Mon, 23 May 2016 12:32:03 GMT

I have a car loan thru nfcu at 8.5% and I want to get it refinanced. I talked to dcu about getting it done and they told me they only do max 12 year old cars. So if I was to do it I could only do a 1 year car loan. Are there any options other than dcu for refinance?

Re: Refinance options

Appleman — Mon, 23 May 2016 15:40:18 GMT

A bit more information about your situation is needed.

What is the loan value for your car?

What year?

How much do you owe currently?

How is your overall credit profile?

Re: Refinance options

svtthis — Mon, 23 May 2016 16:06:11 GMT

Owe about 13k maybe a little less

Kbb values it at 11,200

It's a 2005 Cadillac escalade

Profile is good. Utilization at less than 10% 706 credit score (lender pull) bk7 discharged 3/2012

Re: Refinance options

RonM21 — Tue, 24 May 2016 01:32:50 GMT

Being that you are already looking the CU route, I.would've suggested that, but now it has me wondering what better options are out there.

Re: Refinance options

Anonymous — Tue, 24 May 2016 08:59:32 GMT

Your loan to value and the age of the car make this really tough. 8.5 for a car that age isn't actually as terrible as it probably feels like. The older the car gets the higher the APR regardless of your credit profile because the risk of the cars value holding is tougher for them to predict. I think your only options are going to be credit unions because I don't think banks do refinances of older cars, there are specialty lenders who will do classics but they aren't an option for you. Not a lot of great options to avoid interest except making principle payments to get it paid off sooner.