Auto Loan Refi Question

[MrCredit]

Is there a bank in existance in anyones opinion who could refi a 2011 Nissan Rogue SL that has a LTV of 120% and do better than 7.99%.

I currently have this car financed thru PSECU with a 7.99% rate for 84 months. The short story is my wife bought her first car and got ripped off, so she needed

a new car and we had to carry the negative equity to the new loan.

Currently the rate is 7.99%. Payment is $589.06. Credit score is about 750. Any ideas?

[Anonymous]

If you can qualify for membership, RBFCU.org 1.9% with that credit score, no matter the year or make. Good luck!! 

[MrCredit]

Her Grandpa is a member there I think. He lives in Texas. Do you know what their LTV requirement is? This is the main issue. We have a 120% LTV in the vehicle currently.

[MrCredit]

Do you know how they are about asking of paystubs, are they doc friendly or do they ask for everything?

[MrCredit]

How are they on asking for docs? Paystubs and that?

[Revelate]

I think most everyone will ask for paystubs for auto loans assuming you're W-2 employed.  I'd be awfully surprised if they didn't  these days.

[MrCredit]

Just a thanks to AusTex. We applied for the loan with RBFCU and were approved. We did not get the 1.9% but instead got 2.4% on the refi which was fine with me.

Going from 7.99% to 2.40% is great in my book.  Thanks and kudos for the great tip. We cut 8 months off our previous loan and saved $30.00 a month.

Cheers!