Considering NFCU Refinance

[FirstAscent]

Hey everyone,

how is NFCU with refinancing? One of my vehicles is with them now at 3.59, right now if I were approved it could be as low as 2.39. 3.59 was the lowest at the time of the original loan.

 However I do have another very new auto loan from another lender. I also applied through NFCU for the 2nd loan but they approved me at over 7%, I said no immediately. 

my EQ is 676 right now, it dropped some with the new loan and my util on one card is high right now but aggregate is about 50%

since the loan is already with them I wasn't sure if they'd be any easier on me worst case they'd still have my loan but taking more of my money in interest ha!

[Anonymous]

If I read this correctly you are asking will Navy refinance -- for better terms -- an existing loan?

I don't know of any lending institution that will do this. Maybe to absorb a small loan into a much larger one? Of course, there other lenders. 

[XxRaVeNxX]

Companies don't refinance when you already have a loan with them. They gain nothing from that. 

[FirstAscent]

Thanks, I definitely could be wrong but I've spoken with NFCU about it over the phone a couple times now and they never mentioned that, they let me know how the process works. So I think they do, but I can see your point why companies wouldn't want to. 

[XxRaVeNxX]

Well reply back if they do. I know from personal experience they won't do balance transfers for the same reason.

[FirstAscent]

Yeah I definitely will if I move forward with it, thanks!