@Credit4Growth wrote:
@lovebackwards wrote:
@Gladius wrote:
@lovebackwards wrote:APPROVING BANK: Chase Bank
BUREAU PULLED: Equifax
CREDIT SCORE: 670SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: TN
NEW/USED: Used
YEAR OF VEHICLE: 2017
MAKE: Audi
MODEL: A3 2.0T Premium
MILEAGE: 49,544
FINANCE/LEASE: FinancePURCHASE PRICE: $31,296.80
AMOUNT OF LOAN: N/A - Financed at dealership
TERM CONTRACTED: 72 months
APR/LEASE RATE: 7.89%
MONTHLY PAYMENT: $548.83
ANNUAL INCOME: $43,200
DEBT TO INCOME RATIO: 1%
MISCELLANEOUS COMMENTARY: First car ever with single digit financing! Base price was $24,556 with about $5000 worth of warranties and extra $2000 in taxes and fees. I'm super proud of myself; I've come a long way!7.89 is still high considering your credit score and DTI. Are you a member of a credit union?
Yes, I'm a member of NFCU.
My $0.02, if you were worried about time passi g before refinancing, do not be!
Re-explore your options. Now that you should a car loan on your reports you may be surprised at your options just from doing prequals on CU sights.
I am sure a much lower number of lenders will lean toward a no.
Give it a shot. Lower your rate and your payments!
Edited to add:
View this short thread... Navy Approved Auto Loan with lower score, maybe this could push you to make the decision to refinace.
Thank you for this!
My car loan hasn't hit my reports just yet, but when it does, are you saying that I'm able to refinance right then without having to wait 6 months?
@lovebackwards wrote:
@Credit4Growth wrote:
@lovebackwards wrote:
@Gladius wrote:
@lovebackwards wrote:APPROVING BANK: Chase Bank
BUREAU PULLED: Equifax
CREDIT SCORE: 670SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: TN
NEW/USED: Used
YEAR OF VEHICLE: 2017
MAKE: Audi
MODEL: A3 2.0T Premium
MILEAGE: 49,544
FINANCE/LEASE: FinancePURCHASE PRICE: $31,296.80
AMOUNT OF LOAN: N/A - Financed at dealership
TERM CONTRACTED: 72 months
APR/LEASE RATE: 7.89%
MONTHLY PAYMENT: $548.83
ANNUAL INCOME: $43,200
DEBT TO INCOME RATIO: 1%
MISCELLANEOUS COMMENTARY: First car ever with single digit financing! Base price was $24,556 with about $5000 worth of warranties and extra $2000 in taxes and fees. I'm super proud of myself; I've come a long way!7.89 is still high considering your credit score and DTI. Are you a member of a credit union?
Yes, I'm a member of NFCU.
My $0.02, if you were worried about time passi g before refinancing, do not be!
Re-explore your options. Now that you should a car loan on your reports you may be surprised at your options just from doing prequals on CU sights.
I am sure a much lower number of lenders will lean toward a no.
Give it a shot. Lower your rate and your payments!
Edited to add:
View this short thread... Navy Approved Auto Loan with lower score, maybe this could push you to make the decision to refinace.
Thank you for this!
My car loan hasn't hit my reports just yet, but when it does, are you saying that I'm able to refinance right then without having to wait 6 months?
I was not trying to say exactly that. As I first read your post I assumed this was your 1st Auto loan and that maybe some what irrelevant to directly answering your question.
You can refinance right now (or Monday morning) over the phone with Navy. It will be considered a used car by them, a 2017, and under 50,000 mile if that still hold true when you refi.
Provide the necessary information:
Loan holder - institution & account number; - namely, Chase's info concerning the Auto Purchase (PO)
Amount desired if they they approve a higher amount;
Automobile Make, Model; etc
Navy or any other institution will have questions about the details. (Presuming) Now you have possesion of the vehicle and/or the loan documents (because it is not on your reports as of yet).
Your 3 days right of recession - .ie pertaing to Cunsumer Protection Law (Lemon Law) - has past since being approved and signing documents for the Audi A3. That time probably past the begining of this month (including the weekend You signed and created a note. A Car Note, and now you may obtain financing/refinancing to pay-off the note for that 🚗 either online, via phone or in person and create another note by doing so. It is a collateralized note - financing secured by the car.
you already got approved for it, signed for it. Now it is more about who wants the interest on it (who wants your business).
Hope that helps clear up my previous post for you.
I am not the best conversationalist but I do try. Refinancing auto loans is and has been discussed at length in other threads. You may not lose out, other than another inquiry.
edited: IMHO, if this is your, "First ever car with single digit financing", you definitely do not have to wait 6 months. I think that may relate more to a credit scoring thing concerning installment loans.
Someone, @Anonymous correct me if I am wrong.
Definitely if its been since the end of May, go and get a lower rate which could also lower your payments. Having a used car under 50K Miles is also a milestone with refinancing underwriters.
APPROVING BANK: Tower Federal Credit Union
BUREAU PULLED: Experian/Transunion
CREDIT SCORE: 650s
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: Florida
NEW/USED: Used
YEAR OF VEHICLE: 2015
MAKE: Toyota
MODEL: Camry
MILEAGE: 88500
FINANCE/LEASE: RE-FINANCE
PURCHASE PRICE:
AMOUNT OF LOAN: $17,728
TERM CONTRACTED: 60 Months
APR/LEASE RATE: Interest rate 5.49% / APR 6.45%
MONTHLY PAYMENT: $357
ANNUAL INCOME: $45K
DEBT TO INCOME RATIO:
MISCELLANEOUS COMMENTARY: Auto Refinance
Refinanced old loan from January 2021, it was a 72 month loan and i had about 55 months left, so although i could have done 48 months, i went up to 60 for the monthly savings. The great thing about Toyotas is that they depreciate slower than other companies.
Starting Score: 512
Good luck with that Bronco i read recently alot of them are breaking down randomly for no good reason.
APPROVING BANK: MACU
BUREAU PULLED: Experian
CREDIT SCORE: 704 (FICO Auto 8)
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: NV
NEW/USED: Used
YEAR OF VEHICLE: 2017
MAKE: Lexus
MODEL: IS 200T F-Sport
MILEAGE: 60,705
FINANCE/LEASE: Finance
PURCHASE PRICE: $36,729.27
AMOUNT OF LOAN: $33,729.27 (used old beater as a $3000 trade-in/down payment)
TERM CONTRACTED: 72 months
APR/LEASE RATE: 4.24%
MONTHLY PAYMENT: $532.00 (with GAP insurance)
ANNUAL INCOME: ~$160,000
DEBT TO INCOME RATIO: 14%
MISCELLANEOUS COMMENTARY: No POI
- Other Datapoints: Only negatives are a paid in full C/O from AMEX from ~2020, and a few isolated 30-day lates from a now closed Capital One CC that are 3+ years old
Super thankful to everyone here in the community that helped with getting my personal finances/credit profile cleaned up! Was super excited to get approved at this amazing rate and finding the exact car I was looking for!
EX
TU
EQ
APPROVING BANK: Navy Federal Credit Union
BUREAU PULLED: TransUnion
CREDIT SCORE: 783
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: CA
NEW/USED: New
YEAR OF VEHICLE: 2022
MAKE: Toyota
MODEL: Rav4 Hybrid XSE
MILEAGE: 7
FINANCE/LEASE: Finance
PURCHASE PRICE: $47,007 ($42,216 + TTL)
AMOUNT OF LOAN: $32,007
TERM CONTRACTED: 60 months
APR/LEASE RATE: 2.99%
MONTHLY PAYMENT: $655
ANNUAL INCOME: $163k
MISCELLANEOUS COMMENTARY: Taxes in CA stink!
