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I have an existing NFCU new auto loan at 14.8%. It has been open 2 years and paid on time. I know they will redo loans brought in from other lenders, but has anyone had any luck getting them to lower an existing NFCU loan intereste rate?
I called and they said no, but it doesn't hurt to ask
Very few if any institutions are going to refinance their own loans. It's not in their best interest. You can do a boomerang with NFCU though. Find another lender with a lower rate than your current NFCU loan, refinance and pay off NFCU, then refinance the new loan with NFCU if they can beat the rate. It's going to make a mess of average age of accounts and inquiries and may not be the smartest thing you could do.
Or alternatively you could find a lower rate with someone else and refinance and be happy with it. Next time you are looking for a new loan I'm sure NFCU will provide you a more competitive rate if your credit is solid.
@HoldingOntoHope wrote:Very few if any institutions are going to refinance their own loans. It's not in their best interest. You can do a boomerang with NFCU though. Find another lender with a lower rate than your current NFCU loan, refinance and pay off NFCU, then refinance the new loan with NFCU if they can beat the rate. It's going to make a mess of average age of accounts and inquiries and may not be the smartest thing you could do.
Or alternatively you could find a lower rate with someone else and refinance and be happy with it. Next time you are looking for a new loan I'm sure NFCU will provide you a more competitive rate if your credit is solid.
That's why I love this board...I learn something new every day^^^^
@klondike wrote:I have an existing NFCU new auto loan at 14.8%. It has been open 2 years and paid on time. I know they will redo loans brought in from other lenders, but has anyone had any luck getting them to lower an existing NFCU loan intereste rate?
I called and they said no, but it doesn't hurt to ask
Unless the installment contract allows for it, and few do, they can't change the interest rate on a contractually specified loan agreement (which is fixed for the term of the agreement). It would be a breach of contract.
Getting the rate changed invariably involves refinancing the loan, which they are also not that amenable to doing with their own paper.
USAA likes to compete with NFCU. You could just try refinancing with them.
As another poster said you could then refi again back to NFCU.
apply to capital one refi if you want to.