DCU Refinance?

[Anonymous]

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@09Lexie wrote:

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@Anonymous wrote:

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@09Lexie wrote:

Two HP'S, 1 for membership.  It's best to get the membership approved first.  Some have had issues getting approved Due to Id verification 

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Thank you. I had replied to your questions for me earlier in the post, did you see them? We are currently financing a vehicle and 6 months into it.

We had financed a motorcycle which shows up on our CR. This was though Yamaha and was for 10k tho but was paid in full with no lates or anything.

Do you think we'll be fine? I was never experienced with financing up until we got this vehichle. Since its only been 6 months do you think we should wait a little more or should we be good to go?

Thanks again everyone for your input.

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Yes, I saw your responses but you did not mention the payoff/value.  As said before, they use the values listed in NADA, if your car does not have sufficient value it will not matter if you qualify credit wise. 

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Sorry, didn't realize I should have stated that info.

2012 Jeep SRT8

38k miles

Pretty much all features except sunroof/panoroof

We owe around $43k on the truck. Purchased for $48 6 months ago.

Thanks!

[Anonymous]

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@Ragelog wrote:

My paid tax lien is about 4 years old. Due to fall off my CR in 2017 Kansas sucks no way for early removal. The process I took was applied for the loan over the phone and provided vehicle info, income info, etc. I told them I was comfortable with the same payment so they offered 4 years at 1.49%. I couldn't believe it because my EQ08 score was 645 I think at the time fortunately my EQ04 was nearly 40 points higher. So once approved I did the membership online and then called to have my loan approval linked to my account and received a list of the items I needed to send to them. Later after I faxed them 10 day payoff, registration copy paystubs I  received the contract to review and sign online. They mailed the check on the next day for the full 10 day payoff amount. I later received a refund from the old lender for the extra paid.

It was 2 pulls although rumor has it that I could have asked for a membership pull using the same one if done on the phone. To get the 1.49% I needed to setup direct deposit so I did and had my free checks mailed. 

This was as smooth as it could be really.

They attempted to get me a credit card using the auto loan pull but I had too many recent new accounts so she suggested trying in 6 months or so once some inquiries have fallen off and new accounts had aged.

So far I have nothing but positive and the customer service has been excellent only complaint may be the time on hold but at least you get someone that speaks fluent easy to understand english that has the knowledge and power to handle almost anything.

Sincerely,

Sam

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I'm very thankful for your post... it definitely will help when the time comes. This all definitely boosts our confidence when just 6 months ago the dealer was playing the "no one wants to finance you game" ... and we ended up going through their financing company. I wish I found these forums sooner.

As for the credit card, thats exactly why I want to pay down most of our cards first. I've been getting approved a lot lately (last night just card approved for apple barclay $2k) which isn't bad since just a year ago I opened a secured CC with Cap1. So I wonder if it would be smart to put my name on the loan as well or maybe Id rather it just go under 1 name just in case.

[Ragelog]

Sorry, didn't realize I should have stated that info.

2012 Jeep SRT8

38k miles

Pretty much all features except sunroof/panoroof

We owe around $43k on the truck. Purchased for $48 6 months ago.

Thanks!

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How do you like the Jeep SRT8? Seems like the perfect blend to me of vehicle and performance.

[Anonymous]

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@Ragelog wrote:

Sorry, didn't realize I should have stated that info.

2012 Jeep SRT8

38k miles

Pretty much all features except sunroof/panoroof

We owe around $43k on the truck. Purchased for $48 6 months ago.

Thanks!

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How do you like the Jeep SRT8? Seems like the perfect blend to me of vehicle and performance.

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Beautiful truck! I'll see if I can post some pictures. We bought it used (32k miles) but in mint condition. My wife is used to SUVs and I love fast cars,  so we decided on this one

[Anonymous]

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@Ragelog wrote:

Sorry, didn't realize I should have stated that info.

2012 Jeep SRT8

38k miles

Pretty much all features except sunroof/panoroof

We owe around $43k on the truck. Purchased for $48 6 months ago.

Thanks!

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How do you like the Jeep SRT8? Seems like the perfect blend to me of vehicle and performance.

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We don't plan on pulling the trigger just yet, But I read they also require users to sign up for a checking/savings account first? Could I sign up for this from now or wait until I apply for the loan? The loan will be in wifes name and she owns her own business. Thing is she doesn't currently pay herself that much but the business does make a decent amount. What information would they require from her as far as income and everything else in general?

I just want to make sure were 100% prepared for this.

[Anonymous]

Would it be better/easier to refinance through the company? Would they allow this?

[Ragelog]

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@Anonymous wrote:

Would it be better/easier to refinance through the company? Would they allow this?

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Which company? DCU does refinance their own loans if that is what you were asking.

Becoming a member automatically opens a savings account with $5 in it. Checking isn't required but a direct deposit into a checking gets the final .5% APR discount. so best rate without is 1.99%.

[Anonymous]

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Ragelog wrote:

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stonesy wrote:

Would it be better/easier to refinance through the company? Would they allow this?

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Which company? DCU does refinance their own loans if that is what you were asking.

Becoming a member automatically opens a savings account with $5 in it. Checking isn't required but a direct deposit into a checking gets the final .5% APR discount. so best rate without is 1.99%.

Thank you, this is all useful info. Im sorry I wasn't clear. The only thing holding me back is.. my wife owns a business (salon) which makes decent money. She does not recieve paystubs, instead writes a check to herself each week. Total monthly income is around $1600 however the company makes more. Would that income be enough to get approved for $40k loan? Would it be smart/possible to refinance through the company instead of personal? We can show more income through the company. Id prefer to do it through personal but not sure if that income would be fine?

[09Lexie]

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@Anonymous wrote:

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@Ragelog wrote:

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@Anonymous wrote:

Would it be better/easier to refinance through the company? Would they allow this?

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Which company? DCU does refinance their own loans if that is what you were asking.

Becoming a member automatically opens a savings account with $5 in it. Checking isn't required but a direct deposit into a checking gets the final .5% APR discount. so best rate without is 1.99%.

Thank you, this is all useful info. Im sorry I wasn't clear. The only thing holding me back is.. my wife owns a business (salon) which makes decent money. She does not recieve paystubs, instead writes a check to herself each week. Total monthly income is around $1600 however the company makes more. Would that income be enough to get approved for $40k loan? Would it be smart/possible to refinance through the company instead of personal? We can show more income through the company. Id prefer to do it through personal but not sure if that income would be fine?

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The best thing to do is call them and ask if the do business/auto loans.  As far as your wife's income- if she's self-employed, shell need to provide tax returns (usually 2 years) if they require income documents

[Anonymous]

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@09Lexie wrote:

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@Anonymous wrote:

---

@Ragelog wrote:

---

@Anonymous wrote:

Would it be better/easier to refinance through the company? Would they allow this?

---

Which company? DCU does refinance their own loans if that is what you were asking.

Becoming a member automatically opens a savings account with $5 in it. Checking isn't required but a direct deposit into a checking gets the final .5% APR discount. so best rate without is 1.99%.

Thank you, this is all useful info. Im sorry I wasn't clear. The only thing holding me back is.. my wife owns a business (salon) which makes decent money. She does not recieve paystubs, instead writes a check to herself each week. Total monthly income is around $1600 however the company makes more. Would that income be enough to get approved for $40k loan? Would it be smart/possible to refinance through the company instead of personal? We can show more income through the company. Id prefer to do it through personal but not sure if that income would be fine?

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The best thing to do is call them and ask if the do business/auto loans.  As far as your wife's income- if she's self-employed, shell need to provide tax returns (usually 2 years) if they require income documents

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We're in the process of catching up with taxes right now... would they accept maybe bank statements and do you think that income is sufficient?