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.
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