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Absolutely floored

SN1209
Valued Member

Absolutely floored

So, I have been with Navy for almost a year. I have two auto loans that I refinanced through them, and thought I was getting great deals compared with where I started (in the mid teens, due to terrible auto scores). Fast forward to a few days ago, I applied on a whim to RateGenius to see if I could drop my larger loan payment. Within 48 hours had an approval at 4.5 percent, knocking my monthly down from $854 to $665 with GAP included. Only adding 7 mos to the term. I literally almost fell out of my seat when I got the call. Loan has been approved through Los Angeles Federal Credit Union, and was final approved yesterday! Just pending my membership app completion and they're sending the payoff to Navy. Hard work has been paying off! 12 months ago I was at a 461 Auto FICO 9 as my highest score, and today it's 696!  I have literally never had an interest rate this low on any loan, any card, ever. Feels good!

7 REPLIES 7
AllZero
Super Contributor

Re: Absolutely floored

Congratulations on your refinance!
Message 2 of 8
Firstthingsfirst
Valued Member

Re: Absolutely floored

Congratulations! Hard work definitely pays off. It's a great feeling when you bounce back!

Message 3 of 8
Mr_Mojo_Risin
Valued Contributor

Re: Absolutely floored

You've made massive gains in 12 months! Big congrats to you!

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Message 4 of 8
dunn2500
Frequent Contributor

Re: Absolutely floored


@SN1209 wrote:

So, I have been with Navy for almost a year. I have two auto loans that I refinanced through them, and thought I was getting great deals compared with where I started (in the mid teens, due to terrible auto scores). Fast forward to a few days ago, I applied on a whim to RateGenius to see if I could drop my larger loan payment. Within 48 hours had an approval at 4.5 percent, knocking my monthly down from $854 to $665 with GAP included. Only adding 7 mos to the term. I literally almost fell out of my seat when I got the call. Loan has been approved through Los Angeles Federal Credit Union, and was final approved yesterday! Just pending my membership app completion and they're sending the payoff to Navy. Hard work has been paying off! 12 months ago I was at a 461 Auto FICO 9 as my highest score, and today it's 696!  I have literally never had an interest rate this low on any loan, any card, ever. Feels good!

 

certainly does and while navy got me in the door of single digits they werent that competitive with other unions although their service is top notch......i was always 15-18% range and after working my butt off for 15 months i am at 3% now, no longer feel intimidated going thru financing or speaking with banks wondering if i will even get approved......it does feel good and congrats on your success....

 

 


 

Message 5 of 8
Loquat
Moderator

Re: Absolutely floored

Congrats on the refi. Enjoy the savings and that lower interest rate.
Message 6 of 8
ImTheDevil
Community Leader
Super Contributor

Re: Absolutely floored

Congrats on a fantastic refi and on all the hard work that made it possible Smiley Happy



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Message 7 of 8
dunn2500
Frequent Contributor

Re: Absolutely floored

my buddy bought a truck @ like 16% and has been good for 2 or 3 years on payments......i told him what i did after only 6 months of good history and i went from 17% to 3% in relatively short period......told hime he is throwing his money away on interest rate and to refinance as its so easy to do........but he just wont do it, continues to pay 16%!.....i just dont understand, lol

Message 8 of 8
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