I have a horrendous 28.49% APR 72 mos. on a 2014 Audi A4 that I bought last year. I currently have 60 mos. left on it. I’m desperately trying to refinance it now that I’ve brought my scores up some from the low 500s or lower when I bought it.
Navy denied my app yesterday. Waiting on the exact reasons but the CSR said the LTV was high but that wasn’t the reason. I think it may be my SLs that I recently consolidated but two are still showing closed with a balance. I did the prequel for CapOne and the only thing they offered me was 16.42% for 49mos. This prequel offer is good to 7/30.
My question is should I accept the Cap One offer immediately? Wait to see NFCU reason and if it’s the SLs allow them to report paid and try again with them? Or look to other lenders? If other lenders does anyone no of any other prequal sites? I don’t want to amass a boat load of inquires. Thanks in advance!
P.S. the rest of my DPs are in my signature. $103k income.
Navy denied my app yesterday. Waiting on the exact reasons but the CSR said the LTV was high but that wasn’t the reason. I think it may be my SLs that I recently consolidated but two are still showing closed with a balance. I did the prequel for CapOne and the only thing they offered me was 16.42% for 49mos. This prequel offer is good to 7/30.
My question is should I accept the Cap One offer immediately? Wait to see NFCU reason and if it’s the SLs allow them to report paid and try again with them? Or look to other lenders? If other lenders does anyone no of any other prequal sites? I don’t want to amass a boat load of inquires. Thanks in advance!
P.S. the rest of my DPs are in my signature. $103k income.
@DaveinAZ, thanks for the response and advice. I do have CK that I use to monitor changes to my CR but not scores. The thing with there auto loan suggestions is that I hear someone stories from this forum that they aren’t really accurate as a guide and when you actually apply what you are offered is much worse.
Don’t want to run up a bunch of inquiries while shopping around. Hence my dilemma? The CapOne offer only takes $26 off a $667/mo payment but it does take 12 mos. off the original loan.
Don’t want to run up a bunch of inquiries while shopping around. Hence my dilemma? The CapOne offer only takes $26 off a $667/mo payment but it does take 12 mos. off the original loan.
I’ve been doing some cleanup over the last three months. The things that I’m currently waiting on is for my two defaulted closed student loans to report paid as part of s consolidation, for that new SL to report; my new NFCU card with a $20k SL to report. But I don’t know if any of those things are going to raise my scores any.
I’m only 2 months since my last late payment (long list if late mortgage payments) , so I’m guessing it’s going to take some time to build up a record of on time payments to get my scores to rise. I am current on everything now and plan to stay that way!!!
I’m only 2 months since my last late payment (long list if late mortgage payments) , so I’m guessing it’s going to take some time to build up a record of on time payments to get my scores to rise. I am current on everything now and plan to stay that way!!!
Well the CapOne prequal expired today and I’m glad I didn’t rush to take the offer. I was able to wait out the update of my defaulted student loans to paid as part of consolidation. That raised my scores high enough for NFCU to approve me yesterday for 5.29% for 60 mos. saving $220/mo on my payments and several thousands of dollars in interest. I posted the details under Auto Loan Approvals if you’re interested.
Thanks for the feedback and advice from those that responded to this post. These forums are absolutely fantastic and a source of invaluable information. I spend probably too much time on these forums but it’s well worth it as I have gained so much!!!