High % Loan.....

[oj2009]

Hello forum friends! I started this journey in Feb 2015 with a 511 TU score, I now have a 623. Woohoo!!

I'd like to free myself from a very high interest auto loan (17.99%). My lender (First Investors Financial) doesnt re-fi. So, since I'll have to open a new trade line regardles, Im going car shopping! 

Everything is current. GW letter campaign is underway for 4 baddies that are $0 balance. EVERYTHING else is current, paid on time for the past 12 months. 2 credit cards with UTI < 10%, student loan and car loan.

Any suggestions on who I should seek for financing? Has anyone stumbled across any great incentives lately?

Thanks! 

[Anonymous]

You will likely hear this from many here but you should establish a relationship with a credit union, DCU is a popular choice.  Credit Unions consistantly provide solid terms to their members and you can refinance out of terrbile interest rates easliy.  Last year I was in a very similar situation and refinanced my car to 4.29% for 72 months through NFCU.  That was from 12.57% through Santander origionally, Cap One was willing to do 8.5 for the refinance but NFCU cut that in half just a week after the Cap One refi went through.  Point is credit unions are tough to beat, your scores while improving will not qualify you for any of the special APR deals that are reserved for tier 1 customers so I would give DCU a shot, if you are qualified for NFCU they are fantastic, and Pen Fed is also popular.  I am sure you can cut your current APR by quite a bit with about 10 mins of work with a decent credit union.

[Anonymous]

If you apply with DCU I'd love to hear the results. I am a member (because of the recommendations on here) and the FICO score they sent me was a 671. I will be needing a car loan soon, so wondering if they will approve me?

[EddieK]

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@Anonymous wrote:

If you apply with DCU I'd love to hear the results. I am a member (because of the recommendations on here) and the FICO score they sent me was a 671. I will be needing a car loan soon, so wondering if they will approve me?

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You will likely get approved as long as your DTI and income checks out.  You're right under their best term rates (675+) so hopefully by the time you apply you get those few points.