Auto Refinance Credit Union

[kaylord84]

I applied to refinance my car with my local credit union yesterday. When I got to the end it said referred as the status. Today the loan department called asking me to fax them my recent pay stubs . Does this mean I'm approved?

[kaylord84]

I was approved for refinancing @ 4.49 % for 72 months my current interest rate is 16.65 omg I can't believe this thanks myfico!!!!!

[alvon123]

congrats

[kaylord84]

Thanks

[butters149]

How long did you guys wait to re-finance once you originally bought the vehicle at the higher interest rate?  And what are some general tips to improve chances ot refinance?  I heard they want to see at least 6 payments?

[kaylord84]

I waited almost 2 years  but that's because I had some baddies I needed to remove (collections) and 1 30 day late (February/2013) and 1 60 day late (June/2013)on one my auto loans that I need to age a little bit. But 6 months should be fine long as you made your payments on time. Also the credit union was able to refinance both of my auto loans @ 4.49 % .