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Advice on Auto Refinance

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Frequent Contributor

Advice on Auto Refinance

Hello All,

  Looking for some advice on if trying to get an auto loan refinance of a decent rate is reachable or if I simply need to wait. Current scores/stats below.

 

EX- Fico8-692 Fico8 Auto-657 Fico 9 660

TU- Fico 8 651 Fico 8 auto 654 Fico 9-700

EQ- Fico 8 679 Fico 8 Auto 668 Fico 9 -740

 

Just closed on a new home a week ago, so that is not reporting yet. I have no other baddies or recent lates. Scores are held down by old accounts that have since been paid. No lates in 3+ years. Vehicle in question was bought in August of 2018 (was brand new). Current interest is 8.99 and I owe just over 32k. I applied to penfed about 9 months ago but at the time I was denied for 'Too many inquiries'. I had started a new app with Penfed but their online application keeps giving an error of the loan value being hiring then NADA (by about 1 %).

 

So in summary I'd like to refinance this and pay a few thousand less in interest over the next few years but not sure if I can get a decent rate with my current scores. No real way to raise my scores according to MyFico other than giving it time. Most of the baddies won't fall off for another 2-3 years. 

 

Sorry if I've missed providing some info here. 

5 REPLIES 5
Valued Contributor

Re: Advice on Auto Refinance

DCU

Ch 7 Discharge 3/12/2018
Cap One QS1 $3,500, Wayfair $5,000, Blaze MC $3,000, Kohls $2,000, BBVA $2,500
Infiniti Financial lease

Message 2 of 6
Frequent Contributor

Re: Advice on Auto Refinance

Thanks for this. I came to this conclusion myself too. I just submitted an app online.

Message 3 of 6
Valued Contributor

Re: Advice on Auto Refinance

Do you have the same amount of inquiries on all the CRA? If not, might want to leverage a credit union or bank that typically pulls from a particular CRA other than EQ (PenFed).

Message 4 of 6
Frequent Contributor

Re: Advice on Auto Refinance

Just to update here, this was right on the money. 

 

Applied at DCU, was approved for 5.49 at 72 months or 4.49 at 65 months. I definately took the 4.49 options.

 

Thanks for the help

Message 5 of 6
Valued Contributor

Re: Advice on Auto Refinance

Congrats!

Ch 7 Discharge 3/12/2018
Cap One QS1 $3,500, Wayfair $5,000, Blaze MC $3,000, Kohls $2,000, BBVA $2,500
Infiniti Financial lease

Message 6 of 6
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