NFCU Auto refinance...opinions/advice

[Anonymous]

I recently joined NFCU. I’m planning to app for an auto refi next month. Right now my FICO 9 is 558 (yikes!) but I’ve taken A LOT of action the last month and hoping to see a boost very soon. My vehicle is worth @12,000 on NADA (retail) and I owe approximately $3500. While my credit isn’t great, my DTI is about 12% and income is good. I have 2 collections (one recently PIF)).I know there is no definitive answer, but I’m looking for OPINIONS about where I need to get my score before applying. Like everyone, I don’t want to waste a hard pull. Thanks!

[Girlzilla88]

You ideally want your middle Auto Score 650 and up for 'optimal' results but some places work with customers middle 550 and up (lower typically needs CoX etc) but is doable.     I would ask where their Tiers site as far as refiancing goes before using your pull if they say the next step is 600+ That would be where I set my goal to be.      Hope this helps  

[Girlzilla88]

750+ middle Auto is like GOLD lol

[randomguy1]

$3500 is low to refinance and you indicated you have a good income. Is there a reason why you don't pay it off?

[Anonymous]

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@randomguy1 wrote:

$3500 is low to refinance and you indicated you have a good income. Is there a reason why you don't pay it off?

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Was wondering the same.

Not sure if auto refi's go that low to begin with?

[Anonymous]

Hmmm. Your comments make me wonder if I can’t do what I’m hoping to do. I only financed a portion of the vehicle and paid for the rest. Due to some unforeseen circumstances, I really need the cash. So, my thought was that I could completely finance it for the NADA value and they would pay off what I owe and I’d get the rest in cash. Is that possible? Please be gentle. I’m going to feel foolish if this is absurd! 😄

[Anonymous]

I guess it’s called a cash out refinance.