Bank of America Auto Refi

[Anonymous]

So I was paying 14.4% with Ally, but checked into Capital One Auto refi and B of A, Cap One had me at 11.23%, but Bank of America is at 3.34%! Holy cow! This is the best rate I have ever gotton on any vehicle, I am so excited!!!

The checked Eq, I was at 724

[Gmood1]

At that score you should be around 1.99% or lower. You can get a better rate than BofA gives. Is the vehicle 2 years or newer?

Th average CU gives lower rates than the big banks.

[Anonymous]

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@Gmood1 wrote:

At that score you should be around 1.99% or lower. You can get a better rate than BofA gives. Is the vehicle 2 years or newer?

Th average CU gives lower rates than the big banks.

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The vehicle is a 2014. I do have some pretty bad derogs on my CR. Also, I am backwards on the car by around 8 grand if that makes a difference...Do you have any other recomendations or avenues to get an even better deal? Also, it seemed to me that the 1.99% was usually for brand new cars...I am probably wrong, I am not so knowledgable in this field, especially when it comes to Credit Unions. I want this to be as easy as possible haha

Thank you!

[Gmood1]

I know PenFed will refinance as new. As long as the vehicle is in the 2 year window. Your EQ score is more than high enough for that. DCU may also be an option. 8 grand is a chunk! I believe PenFed does up to 120%. If I'm not mistaken.

I had foreclosure when they refinanced me at 2.24% 18 months ago with a EQ score around 670.

[Anonymous]

Do you know if PenFed and DCU offer online applications, or is it a process? This is the only thing that scares me about credit unions is my ignorance of them.

[Gmood1]

You can do it online or just call them. The CSRs are super friendly. You'll need to become a member. That pull is good for 90 days for any of their credit products. I just had my brother join two weeks ago. He called in and with in 20 mins he had his car loan approval and $15,000 CC.

I'd suggest calling in. They're open till est. time 10 tonight.

Also you can apply for as many of their products as you like off that pull.

[Anonymous]

Thank you for the advice! I just called Pen Fed and they are at 2.99% vs B of A at 3.23%, plus I already do business there. Do you think it would be worth it for a quarter of a percent to refi with PF?

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@Gmood1 wrote:

You can do it online or just call them. The CSRs are super friendly. You'll need to become a member. That pull is good for 90 days for any of their credit products. I just had my brother join two weeks ago. He called in and with in 20 mins he had his car loan approval and $15,000 CC.

I'd suggest calling in. They're open till est. tiime 10 tonight.

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[Gmood1]

2.99% is for used rate. It's 1.99% on new rate. CSR is confused. Lol

Call back and explain your vehicle is within the two year window.

[Anonymous]

UPDATE: I just called in again to ask about the 2 year mark being considered as new and she told me that as a second owner of the vehicle, I would not get the 1.99%. I would be at 2.99% 60mos or 48 at 2.49%, plus they would only finance 20k as that's all the vehicle is worth ( I owe 24 on it, so I would be out of pocket by 4 grand) -I am not in that position at this time to do that over a .25% diff. HOWEVER, I still have to send in paperwork to B of A, so I don't know the final outcome yet.

[Gmood1]

Thanks for the update. Bummer I just knew you'd be set. Did you roll another vehicle's negative equity into this one. Or did come from the initial high interest rate? Either way if BofA approves loan. It's much better than the current. Good luck