Auto Refinance question - CapOne

[madmann26]

Hi,

I haven't posted in about 5 years. That long, drawn out thread will eventually get started in the rebuilding forum.

More on the topic -

December 2021, my wife's car decided to start giving us issues. She was able to secure a loan through Carvana/Bridgecrest for a new to her family vehicle (GMC Yukon).

The interest rate is high, albeit (13.xx%). It is what it is. She doesn't have terrible credit just not much credit. CapOne offered the following:

I definitely don't want to extend the term and that 47 months for $53 more per month shaves about a year off the loan. Would she get a better rate at a CU? I don't know.

Thoughts? 

Thanks.

[micvite]

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@madmann26 wrote:

Hi,

I haven't posted in about 5 years. That long, drawn out thread will eventually get started in the rebuilding forum.

More on the topic -

December 2021, my wife's car decided to start giving us issues. She was able to secure a loan through Carvana/Bridgecrest for a new to her family vehicle (GMC Yukon).

The interest rate is high, albeit (13.xx%). It is what it is. She doesn't have terrible credit just not much credit. CapOne offered the following:

I definitely don't want to extend the term and that 47 months for $53 more per month shaves about a year off the loan. Would she get a better rate at a CU? I don't know.

Thoughts? 

Thanks.

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without a snapshot of her profile it's hard to tell, I mean credit unions such as penfed and DCU start at like 2.6 i think for used cars so theres a potential for a lower rate. honestly if it hasn't been long since the credit pull aka if its within the window for shopping around I'd pull the trigger and try to refinance it.

[Anonymous]

Check DCU for sure.

Recently a relative refinanced her car with DCU at 3.2%, this includes the 0.50% direct deposit discount. Her EQ5 score was in the 670s, they did require POI.

She also refinanced another vehicle with capital one at 4.9%, the only downside is that capital one doesn't offer gap insurance for refi's. So keep that in mind. Cap 1 didn't require POI

Both were seemless nontheless. Good Luck

[Loquat]

I agree with the other responses...if you can provide a little more info about her credit profile you'll be able to get much better responses as to where she should consider seeking a refi.

[Anonymous]

Curious how did she get a direct deposit discount via Cap1. This is the first I'm hearing of this.

[Anonymous]

I apologize, I didn't clarify. She receives the 0.50% discount with DCU, not capital one.

I edited my initial post.

[mdiaz9]

I had initially financed a Lexus with Toyota financial and was paying 8.5% with my fico around 630 and a co-sign which was my brother he has a 715 in February 2021. I just refied in Oct 2021 since my score went up to 670 and was offered 5% with less month shaved off 120 dollars off my monthly payment.  Cap one has terrible customer service , I sent my title to get the Lien changed and 3 months still no title I keep calling , I have to move and with no title I won't be able to register in another state . Would look into credit union might offer better rates and service , I'm going to try NFCU myself.