topic Re: Auto Refinance question - CapOne in Auto Loans

Auto Refinance question - CapOne

madmann26 — Tue, 18 Jan 2022 18:04:55 GMT

Hi,

I haven't posted in about 5 years. That long, drawn out thread will eventually get started in the rebuilding forum.

Re: Auto Refinance question - CapOne

micvite — Wed, 19 Jan 2022 07:19:49 GMT

@madmann26 wrote:
Hi,

I haven't posted in about 5 years. That long, drawn out thread will eventually get started in the rebuilding forum.

More on the topic -

December 2021, my wife's car decided to start giving us issues. She was able to secure a loan through Carvana/Bridgecrest for a new to her family vehicle (GMC Yukon).

The interest rate is high, albeit (13.xx%). It is what it is. She doesn't have terrible credit just not much credit. CapOne offered the following:

I definitely don't want to extend the term and that 47 months for $53 more per month shaves about a year off the loan. Would she get a better rate at a CU? I don't know.

Thoughts?

Thanks.

without a snapshot of her profile it's hard to tell, I mean credit unions such as penfed and DCU start at like 2.6 i think for used cars so theres a potential for a lower rate. honestly if it hasn't been long since the credit pull aka if its within the window for shopping around I'd pull the trigger and try to refinance it.

Re: Auto Refinance question - CapOne

Anonymous — Fri, 21 Jan 2022 01:54:24 GMT

Check DCU for sure.

Recently a relative refinanced her car with DCU at 3.2%, this includes the 0.50% direct deposit discount. Her EQ5 score was in the 670s, they did require POI.

She also refinanced another vehicle with capital one at 4.9%, the only downside is that capital one doesn't offer gap insurance for refi's. So keep that in mind. Cap 1 didn't require POI

Both were seemless nontheless. Good Luck

Re: Auto Refinance question - CapOne

Loquat — Wed, 19 Jan 2022 22:29:14 GMT

I agree with the other responses...if you can provide a little more info about her credit profile you'll be able to get much better responses as to where she should consider seeking a refi.

Re: Auto Refinance question - CapOne

Anonymous — Fri, 21 Jan 2022 00:58:21 GMT

Curious how did she get a direct deposit discount via Cap1. This is the first I'm hearing of this.

Re: Auto Refinance question - CapOne

Anonymous — Fri, 21 Jan 2022 01:54:02 GMT

I apologize, I didn't clarify. She receives the 0.50% discount with DCU, not capital one.

I edited my initial post.

Re: Auto Refinance question - CapOne

mdiaz9 — Mon, 24 Jan 2022 10:15:52 GMT

I had initially financed a Lexus with Toyota financial and was paying 8.5% with my fico around 630 and a co-sign which was my brother he has a 715 in February 2021. I just refied in Oct 2021 since my score went up to 670 and was offered 5% with less month shaved off 120 dollars off my monthly payment. Cap one has terrible customer service , I sent my title to get the Lien changed and 3 months still no title I keep calling , I have to move and with no title I won't be able to register in another state . Would look into credit union might offer better rates and service , I'm going to try NFCU myself.