NFCU Auto Refiance

[Anonymous]

I am looking to refinance my 2015 Chrysler 200 @93K miles within the next 30 days. Now that I understand credit, interest rate, and how it all works. I haven't made a dent in my loan. Original loan amount was around $17K that I obtained May 2016. Very disappointed I even went this long without realizing. My current APR is 28.5% - I desperately needed a car at the time as my VW lease was up and I am pretty sure my scores was not any better as when I first started the rebuilding process.

I called NFCU today and the representative was phenomenal to give me the following information:

NADA Highest Value: $9575                                  LTV (125%): $11968.75

My 10 payoff quote is $14,398.07

I have the savings to pay down to the maximum LTV. My question is it smart to attempt to refinance at this point? I want the new loan to be between 24-36 mos. The lowest interest rate with NFCU is 3.79%. The rep stated that they pull TU but, was not sure which model. 

My TU scores are:

Fico 8: 679

Auto:

Fico 8: 677

Fico 5: 647

Fico 9: 633

[Appleman]

It is 100% a good idea to refinance away from that 28% interest rate. See what the new rate will be prior to accepting the new deal.

[Anonymous]

Thank you! Overall I thought so. Do you think I have a good approval chance? 

No lates on my auto loan since 9/2018. 

[Loquat]

A refi is possible but you're probably going to have to pay down some of that negative equity you're carrying or you'll probably get in interest better than you current but could potentially be even better should you become right side up.

[dunn2500]

i refinanced 4-5 months after a purchase, for sure get out of that 28% rate, your probably now just starting to make a dent in principal after few years.......youll save alot of cash refinancing, 

[Anonymous]

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@Anonymous wrote:

I am looking to refinance my 2015 Chrysler 200 @93K miles within the next 30 days. Now that I understand credit, interest rate, and how it all works. I haven't made a dent in my loan. Original loan amount was around $17K that I obtained May 2016. Very disappointed I even went this long without realizing. My current APR is 28.5% - I desperately needed a car at the time as my VW lease was up and I am pretty sure my scores was not any better as when I first started the rebuilding process.

I called NFCU today and the representative was phenomenal to give me the following information:

NADA Highest Value: $9575                                  LTV (125%): $11968.75

My 10 payoff quote is $14,398.07

I have the savings to pay down to the maximum LTV. My question is it smart to attempt to refinance at this point? I want the new loan to be between 24-36 mos. The lowest interest rate with NFCU is 3.79%. The rep stated that they pull TU but, was not sure which model. 

My TU scores are:

Fico 8: 679

Auto:

Fico 8: 677

Fico 5: 647

Fico 9: 633

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You can try to get an idea with Ally clearlane and Capital one with soft pull. 

https://app.clearlane.com/#/vehicle?partnerId=5881&partnerClientId=&accountNumber=&productName=Refinance&utm_content=&utm_medium=&utm_source=

https://www.capitalone.com/auto-financing/refinance/general/all/ccontentthree

[Anonymous]

Yes, she was able to tell how much I have to pay down before I could apply. I have it so that's no worries. 

[Anonymous]

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@Loquat wrote:
A refi is possible but you're probably going to have to pay down some of that negative equity you're carrying or you'll probably get in interest better than you current but could potentially be even better should you become right side up.

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Yes! Thank you. I think she said it is around $3500 to even be considered for the refinance. I have it but I just wanted to make sure I have a good chance first. 

[Anonymous]

Small dent lol! What were your data points when refinancing?