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Approved for Refi DCU!

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Approved for Refi DCU!

Some stats

Delinquencies: 1 account that is about to roll off

Fico Scores: Range in the 650s (still building back up from early adult mistakes and irresponsability)

Credit Utilization: 15%

Car: Subaru WRX 2017 

Previous Lender: Global Finance

Interest rate - 15.6%

Old Payment - $621

New Lender: DCU

Interest Rate - 5.9%

New Payment - $410


So i've had the car for 2 years now, never missed a payment. I was waiting to own the car for a while in junction with improving my scores before I went for a refinance. I'm currently in the process of lowering some bills and monthly payments and decided to try for the Refi. I could afford the car as was but as you can see the initial interest rate is absurd. At the time I needed a new car, I could afford it, so I went for it.

I've had a DCU VISA with on time payments and relatively low usage for about a year now. They offered me 5.9% and I instantly jumped on it. (Capital one offered me 10% like 4 months ago, but then declined the process due to Global Finance not being FDIC Backed, not sure how that woud impact them and never got a full answer) Kept my current repayment terms but will toss more at it when it allows, and lowered my monthly payment by $211! There is also no early repayment fee with DCU.


Also I decided to finally requote my insurance and was able to keep the same coverage and lower my payment by another $50! (Not sure if mixture of car age + credit improving or what, but I'll take it!)


Thanks everybody for all the advice on here!

Message 1 of 4
Valued Contributor

Re: Approved for Refi DCU!

Congrats on the refi and saving some money in the process!!

UNpopular opinions have served me well and will offer that which has worked for me.
Message 2 of 4
New Contributor

Re: Approved for Refi DCU!

That’s a great day at your house. Congratulations!!!
Message 3 of 4
Established Contributor

Re: Approved for Refi DCU!

I just refinanced with DCU as well and I’m so happy! Congratulations! That lower payment is so, so sweet!

November 2019:

Message 4 of 4
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