topic Re: Follow up on RateGenius with Refinance in Auto Loans

Follow up on RateGenius with Refinance

Anonymous — Thu, 04 May 2017 18:02:24 GMT

Simple Version

Starting terms

60 Months

11.33 APR

Ally Bank

Payment 324.33

Score at the time was 630 across all three

Refinance Terms

60 months

3.49 APR

Americas First Credit Union

Payment 274.00

Score on refiance is 691 Eq 709 Ex 733 TU

Long Version

RateGenius is a broker I saw on google search and I applied. Next day I got phone call with approval. Credit was ran by American First Credit Union here in CA. She told me my new APR and I was so excited, she even said you no longer have to be paying that much with my history. This was a car I financed for my mother because she was without a car in February of 2016 and I was at the mercy of the dealer. They got me at the dealer for 72 months at 13.99 and I was just happy I could get a car for my mom. I was ignorant of credit so I just took it. Ally finally took my loan at 11.33 and I only made the minimum payments. The process with RateGenius took only two weeks between application and them mailing a check to Ally for my payoff. All that was asked was ID, 2 paystubs, a check for 30 dollars, and insurance information. I'm quite happy with the service I received and will enjoy saving 50 dollars a month for the remainder of the term.

Re: Follow up on RateGenius with Refinance

Anonymous — Fri, 05 May 2017 03:52:39 GMT

I am really glad I saw this. I have been researching refinancing my car. Current rate is 18%. I talked with someone at rategenius who said I had been approved by on their lenders for 9.9%. I was leary to move forward but now that I see you had a good dealing with them I will give them a call back.

Re: Follow up on RateGenius with Refinance

Appleman — Fri, 05 May 2017 12:51:31 GMT

Thank you for sharing the informtion, I am sure it will help others on the board.

Re: Follow up on RateGenius with Refinance

Anonymous — Fri, 05 May 2017 22:34:14 GMT

If your scores changed if you reapply I'm sure it will be better. In February I applied with them and was approved for 6.49, but I never followed through. When I applied this time I received the 3.49 text message and saw from the same number the 6.49 from 3 months ago.

Re: Follow up on RateGenius with Refinance

Anonymous — Sun, 28 Jan 2018 00:55:11 GMT

I applied today. I know it's a saturday. Just curious when I might expect to hear back from them?

Thanks!