Auto Refi ... Questions...

[Anonymous]

Hello,

 Just want to ask about Penfed's Auto Refinancing. I just got recently approved with thier credit card and I received my EQ FICO score from them of 740. I wanted to refinance my current car now which I have at 7.99% APR and about almost $32,000 remaining on the loan for 3 years left to pay. What are my chances of getting approved of their auto refinancing? Is it a good idea to get the 72 months to have at least a few hundred dollars less to pay monthly? or stay at 36 months which I currently have reamining?  Thank you.

[Anonymous]

anyone

[CH-7-Mission-Accomplished]

With your high scores, anyone would approve you.  Don't extend the loan term.  You will just get upside down.  If there is three years left I am assuming this car is at least a couple of years old.

DCU is the big kid on the block for car loans at about 2%.  What is Penfed's rate?   DCU would take two Equifax hard pulls, one for membership and one for the car loan, but they are generally considered the best auto lender around.

[Anonymous]

^^^ Thank you. My car that i would like to get refi is a 9 yr old car (2006). Would they still comsider if close to 10 yr old car?