topic Re: Refi with Navy Approved! in Auto Loans

Refi with Navy Approved!

Anonymous — Fri, 16 Apr 2021 13:16:39 GMT

Well my last auto post on this forum was about getting approved for a new $60,000 auto loan with Navy even with a repo on my credit report. So I decided to apply again to get my other auto refinanced with them and they approved it as well. The car is a 2016 and I owe $17,000 on it. The old loan was through Bridgecrest with an interest rate of 24%, ouch! Navy just approved the refinance for 48 months at 5.49%, this lowered my payment by $176 per month on this loan. Good bye Bridgecrest! I no longer have any high interest rate auto loans and I am so thrilled. I LOVE Navy!

Re: Refi with Navy Approved!

OmarGB9 — Sat, 17 Apr 2021 04:33:12 GMT

Congrats!

Re: Refi with Navy Approved!

KLEXH25 — Sat, 17 Apr 2021 04:52:36 GMT

Congrats!! Refinancing to better terms is so rewarding

Re: Refi with Navy Approved!

AllZero — Sat, 17 Apr 2021 04:56:02 GMT

Congratulations on your refinance approval! That's an excellent rate decrease.

Re: Refi with Navy Approved!

Anonymous — Sat, 17 Apr 2021 05:02:20 GMT

@Anonymous wrote:
Well my last auto post on this forum was about getting approved for a new $60,000 auto loan with Navy even with a repo on my credit report. So I decided to apply again to get my other auto refinanced with them and they approved it as well. The car is a 2016 and I owe $17,000 on it. The old loan was through Bridgecrest with an interest rate of 24%, ouch! Navy just approved the refinance for 48 months at 5.49%, this lowered my payment by $176 per month on this loan. Good bye Bridgecrest! I no longer have any high interest rate auto loans and I am so thrilled. I LOVE Navy!

CONGRATS!!!!!!!!!!!!!!!!

Re: Refi with Navy Approved!

Mr_Mojo_Risin — Sat, 17 Apr 2021 13:48:39 GMT

@Anonymous wrote:
Well my last auto post on this forum was about getting approved for a new $60,000 auto loan with Navy even with a repo on my credit report. So I decided to apply again to get my other auto refinanced with them and they approved it as well. The car is a 2016 and I owe $17,000 on it. The old loan was through Bridgecrest with an interest rate of 24%, ouch! Navy just approved the refinance for 48 months at 5.49%, this lowered my payment by $176 per month on this loan. Good bye Bridgecrest! I no longer have any high interest rate auto loans and I am so thrilled. I LOVE Navy!

This is excellent news! I know what it's like to have an interest rate like that. Navy helped me out tremendously also!

Congratulations!

Re: Refi with Navy Approved!

Svthhvn — Sat, 17 Apr 2021 19:40:21 GMT

Congratulations! Was your approval instant? I too applied yesterday for a refi. Got a text saying more info was needed and I would get a call and/or e message within 1-3 hours but I have received neither. On website app just shows under review. 😐 Just wondering if this is a denial...

Re: Refi with Navy Approved!

bbeaver2013 — Sun, 18 Apr 2021 09:29:25 GMT

congrats on your double approval with navy. mine and my wife's car both have 16 and 17 percent interest rates. i have already tried to refinance mine but was turned down due to insufficient credit history and not having the loan long enough. hopefully in august i'll be able to refinance both cars one will be a year old loan and the other 6 months. my local credit union is offering 3.95 for refinance.

Re: Refi with Navy Approved!

Credit4Growth — Sun, 18 Apr 2021 11:28:15 GMT

👍 That was a great move as well as great savings!

Congratulations!

Re: Refi with Navy Approved!

Anonymous — Mon, 19 Apr 2021 21:18:34 GMT

@Svthhvn wrote:
Congratulations! Was your approval instant? I too applied yesterday for a refi. Got a text saying more info was needed and I would get a call and/or e message within 1-3 hours but I have received neither. On website app just shows under review. 😐 Just wondering if this is a denial...

My approval was not instant, I received a message that said they would get back to me usually within 2 hours. It actually took about 5 hours but then I got the approval. And just like you it said "under review" until they informed me of the approval. What's interesting though is that on my other Navy loan for the new car they gave me an instant approval for $61,000. Bizarre.

Re: Refi with Navy Approved!

Svthhvn — Mon, 19 Apr 2021 21:27:19 GMT

I got notification of conditional approval. It took a day and half though! I had to send copy of payoff quote from the original lender. Which I did Sat. Now, today, I got a message saying the received the doc. But nothing else😟. I'm so impatient to see the interest rate!! Whatever it is it will be an improvement. I'm just hoping it's a DRASTIC improvement. So 🤞

Re: Refi with Navy Approved!

Anonymous — Tue, 20 Apr 2021 20:31:38 GMT

I wish you the best, I'll send some good mojo out into the credit universe for you. Good Luck!

@Svthhvn wrote:
I got notification of conditional approval. It took a day and half though! I had to send copy of payoff quote from the original lender. Which I did Sat. Now, today, I got a message saying the received the doc. But nothing else😟. I'm so impatient to see the interest rate!! Whatever it is it will be an improvement. I'm just hoping it's a DRASTIC improvement. So 🤞