Cap One Auto Refinance Approved

[Anonymous]

Got my current Chase Auto Loan rate cut to almost half by Cap One Auto Refinance 

From: Chase Auto 5.90% *63 months left*

to: Cap One Auto 2.99% for *60 months* 

I also tried with DCU and got approved but their offer (10.24%) did not make sense. So Cap One it is...

[Anonymous]

Congrats, nice improvement.

[C7LT1]

Congrats, we love to read success stories!

Couple of questions if you don't mind. What type of car? Did you put anything down originally? Did you have to bring any cash with you to table when you refin?

[Anonymous]

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@C7LT1 wrote:
Congrats, we love to read success stories!

Couple of questions if you don't mind. What type of car? Did you put anything down originally? Did you have to bring any cash with you to table when you refin?

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Thank you.

Its a 2015 Hyundai Elantra LImited (new when i bought last year). 

originally i put down $8000 as down payment so right from the beginning i owe less than the car value. I also have been making payments twice a month with extra $75 to principal monthly.

I did not bring any cash to table for refinance but im thinking the good history plus the car value being more than what i still owe in the loan got me a good rate cut plus smooth and fast  process.

[Anonymous]

Having a ltv ratio of less than 100 makes a refi much easier for the lender to approve with good terms. Many are declined because the ltv is simply too high.