topic Re: Penfed refinance in Auto Loans

Penfed refinance

Anonymous — Thu, 14 Sep 2017 20:34:45 GMT

OK I been lurking around in that Penfed topic. I was wandering what thoughts are about this?

I am thinking about just refinancing car (atm I have 6.99 % .... pay 333.71 with approx 45 months left to pay on 13k and 100k miles on 2013 malibu.

What are my chances with getting ref at lower rate and payment?

Not sure Equifax score on CCT but according to Credit Karma it's 640. I have 6 credit cards with 46% uti ... and 6 hard pulls on EQ.

Anyone think I have a good chance of getting better rate than what I have now?

Re: Penfed refinance

Anonymous — Thu, 14 Sep 2017 20:38:13 GMT

Oh yeah, also I'm upside down in the car. 😦

Re: Penfed refinance

Anonymous — Thu, 14 Sep 2017 20:56:07 GMT

I am thinking... Uh, no.

Re: Penfed refinance

Anonymous — Thu, 14 Sep 2017 21:00:17 GMT

Would it be the score that would get rejected? Or just the uti? I read in other Pender topic that was posted back last year how PenFed was approving people left and right but then late last year they started tightening up.... I had read the first 200 pages.... so I'm not sure how PenFed has been acting in this year....

Re: Penfed refinance

Anonymous — Thu, 14 Sep 2017 22:12:02 GMT

One of the big issues you will be facing is your inequity, without looking at NADA values on your vehicle I can safely assume you are quite a bit upside down. A typically equipped 2013 Malibu with 100k miles will probably have a clean trade in value of 7-8k. So let's say it is in fact 8000, and you owe 13k, you would be looking at an LTV ratio of ~160%. I am not familiar with the score's needed to qualify for PenFed financing but I can tell you that you should get your real FICO score's and not rely soley on the CK FAKO scores you have.