topic Re: Will Navy Federal refinance their own auto loan? in Auto Loans

Will Navy Federal refinance their own auto loan?

Anonymous — Fri, 07 Feb 2020 19:18:19 GMT

Hi all,

I'm shopping for another home and will narrow it down within a month or so; after we close, I'd like to refinance my car as my interest rate with navy is high (9.9 for a used vehicle). My scores and file are in much better condition than when I first obtained financing, so I'd like to save some money on interest over the remaining 4 yrs.

My issue: I really am loyal to Navy Federal as they have been very good to me. Is it possible that they will refi their own loan, or will I need to do it with a different bank?

Re: Will Navy Federal refinance their own auto loan?

Harvey26 — Mon, 10 Feb 2020 17:58:23 GMT

@Anonymous wrote:
Hi all,
I'm shopping for another home and will narrow it down within a month or so; after we close, I'd like to refinance my car as my interest rate with navy is high (9.9 for a used vehicle). My scores and file are in much better condition than when I first obtained financing, so I'd like to save some money on interest over the remaining 4 yrs.
My issue: I really am loyal to Navy Federal as they have been very good to me. Is it possible that they will refi their own loan, or will I need to do it with a different bank?

Yes they will but It will be a new account on credit report

Re: Will Navy Federal refinance their own auto loan?

NimbusIII — Tue, 11 Feb 2020 06:40:10 GMT

Yes as stated above. I would however suggest doing it within days of closing before the mortgage hits as you initially take a score drop. I'm a fan of NFCU also but on used vehicles Penfed has better rates and score tiers are just a little lower to get better rates.

Re: Will Navy Federal refinance their own auto loan?

Anonymous — Wed, 19 Feb 2020 04:44:02 GMT

https://ficoforums.myfico.com/t5/Auto-Loans/NFCU-Auto-Loan-Approval-now-what/m-p/5922832#M89594

Good Luck and congrats!! on the journey.