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I've changed my mind about USAA [Successful Refinance!]

BatmanSaves
Member

I've changed my mind about USAA [Successful Refinance!]

So, I got my first ever loan October 2017. Chrysler Capital gave me a loan for $25k or so at an incredibly high 19% interest rate. Finally, I applied for refinancing through USAA the other day. 

 

USAA explained they can only lend up to 100% of the car's value, which they say is $20,800. On the phone, I learned that my payoff was STILL $24k something (high-interest installment loans suck) so I had to pay about $3k out of pocket to refinance it. 

 

  • My monthly payment was lowered from $578 to $460
  • The interest rate dropped to 16% (they approved me for lower but I accidentally locked in that rate when exploring the different term options)
  • The guy said I can put as much extra towards the principal balance as I want, something Chrysler Capital support confused me on

Anyway, I'm happy because it's PROGRESS!! ...and I no longer owe more on it than it's worth Smiley Very Happy

Starting Score: New
Current Score: New
Goal Score: 850


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Message 1 of 5
4 REPLIES 4
Appleman
Valued Contributor

Re: I've changed my mind about USAA [Successful Refinance!]

Congrats on improving your interest rate. Not sure where your scores sit but hopefully you can get refinanced again to get that rate into the single digits!

Message 2 of 5
BatmanSaves
Member

Re: I've changed my mind about USAA [Successful Refinance!]

My score is 722 right now. I actually was looking at numbers yesterday and decided it would be smarter to take money from my savings (earning a measly 1.75%) and pay down the loan. Lowered my principal balance from $21k to $9k this morning and then I ended up budgeting so that I can pay it off completely by the end of the year. No more interest for me! Smiley Very Happy

Starting Score: New
Current Score: New
Goal Score: 850


Take the myFICO Fitness Challenge
Message 3 of 5
Harmony12
Frequent Contributor

Re: I've changed my mind about USAA [Successful Refinance!]

With your scores what made you settle with USAA’s offer?
Starting CK FAKOS 6/28/2018
TU 503
EQ 498
Discover EX 537

FICO 8
7/7/18 11/11/20
EQ 557 711
TU 566 701
EX 514 702

Mortgage Scores FICO 5,4,2
7/7/18 11/11/20
EQ 494 676
TU 480 704
EX 479 688

Goal Score 720
Message 4 of 5
Krissi
Contributor

Re: I've changed my mind about USAA [Successful Refinance!]

From what I could tell, no one wanted to give me a better rate than that, but I didn't want a thousand dings on my credit report trying to find out. I'm planning on paying it off in full in the coming months and just moving on. 

 

EDIT: I did want to go through Capital 1 but they wouldn't even give me an estimate because the truck is 2009. I ran into that a few times. 


Message 5 of 5
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