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DCU Auto Refinance Question

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DCU Auto Refinance Question

Logged into my DCU account to find that my Loan offers were updated with several preapprovals, including Auto Refinance. The rate offered is 3.99% up to $50k. I currently have a loan for 5.99% with $16.7k balance. Does anyone know if I accept, if it will stay a soft pull or will they have to do a hard pull? I will probably do it anyway but I’m curious how it works with their pre-approvals. I took their CC CLI offer and it was instant.



September 2019:

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Valued Contributor

Re: DCU Auto Refinance

Not sure how their approvals/preapprovals work but word of caution on refinacing a car, its best to not add months on to the origional loan (ie, if you have 48 months left on the origional loan don't refinance for 60 or 72 months) doing so will kill most if not all of the interest savings.  

 

Let us know how it goes

Message 2 of 3
Established Contributor

Re: DCU Auto Refinance

I agree! I’ve already run some numbers and I’d like to shorten it down to 48 months (currently have 52 months left). If so, my monthly payments will be similar. Or I can make a principal only payment first and then have a lower payment and save about $1k in total interest (from what I’m paying now). Also, hoping that I can shave another 0.25% by changing my direct deposit over to them (which I was going to do anyway). I’ll be calling them after the holiday to see what my options are. I can afford my current payments, and in fact, I’ve been paying more. I just want to save on interest. I’ve already paid enough.


September 2019:

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