Approved for refinancing!

[Anonymous]

I got approved for refinancing through Penfed, with 1.49% APR for 36mos. I'm currently wirh Wells Fargo Dealer Service 4.99% APR 65mos (58mos now) and with co-signer in it. Now that I'm approved with Penfed, what's the next thing to do? I've called the member service and the guy told me they're gonna send me the check tomorrow because I made it Express Mail. Am I doing it right? after I receive the check, what do I need to do? Can someone teach me the process of refinancing. Thank you very much and it is much appreciated!

[TRC_WA]

So how much did your payment drop going from 60+ months to 36 months?

[Anonymous]

I'm not sure, because I'm paying 392.53/month with WFDS. Right now from refinancing I did 36months to make it quicker. and estimated was $573/month. I'm gonna pay them more than that.

[trant3]

Await for the check, endorse it once received, and mail it to the WFDS and thats it. Penfed will be mailing loan docs to sign.

[Anonymous]

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@trant3 wrote:

Await for the check, endorse it once received, and mail it to the WFDS and thats it. Penfed will be mailing loan docs to sign.

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Yes thank you! But do you think I did the right thing?

[trant3]

I'm not sure what you're considering is the right thing. Refinancing to a lower interest is definitely the right thing, you going with shorter loan terms resulting in higher payments would be something only you can justify.

[Anonymous]

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@Anonymous wrote:

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@trant3 wrote:

Await for the check, endorse it once received, and mail it to the WFDS and thats it. Penfed will be mailing loan docs to sign.

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Yes thank you! But do you think I did the right thing?

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If you were able to refi withot the co-signer, yes, you did very well.

If you can afford the new payments and you can pay off the car sooner, then you also did well on that front too.

hth

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@trant3 wrote:

Await for the check, endorse it once received, and mail it to the WFDS and thats it. Penfed will be mailing loan docs to sign.

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Yes thank you! But do you think I did the right thing?

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If you were able to refi withot the co-signer, yes, you did very well.

If you can afford the new payments and you can pay off the car sooner, then you also did well on that front too.

hth

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Yes, it's all on my name alone only I got higher payment because shorter term. But I might pay more than that.

[Anonymous]

Congrats,  I think refinancing car loans to lower APR is always a good thing, the only time it is a downside is if your extending the payoff period significantly.  You mention you plan on paying this off quicker than 36 months, at that APR your really not going to save much at all by paying sooner so I would pay off any higher interest debt first and just make the regular payments on the car loan. 

[Anonymous]

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@Anonymous wrote:

Congrats,  I think refinancing car loans to lower APR is always a good thing, the only time it is a downside is if your extending the payoff period significantly.  You mention you plan on paying this off quicker than 36 months, at that APR your really not going to save much at all by paying sooner so I would pay off any higher interest debt first and just make the regular payments on the car loan. 

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I'm not with the APR, I just want to finish the loan quicker. Thanks for that advice!