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Need advice on a Refinance...

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Established Contributor

Need advice on a Refinance...

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.





7 REPLIES 7
Senior Contributor

Re: Need advice on a Refinance...

Well it the Cap One pre-qual is good to 7/30 then try other lenders until around 7/20.

Do you have a Credit Karma account, I believe they give recommendations for car loans. And you might try DCU, Digital Credit Union - you don't have to join to app for a car loan, only if you're approved and want the loan. They pull Equifax, but EQ Fico 5.


Fico 08: 734/716/734 TU/EX/EQ
Message 2 of 8
Established Contributor

Re: Need advice on a Refinance...

@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.





Message 3 of 8
Valued Member

Re: Need advice on a Refinance...

Just wondering is there anything you can clean up quickly on your credit reports, to make your scores go up ?

Discharge 06/15/2018
EQ-598
TU579
EXP-579

NOW : EQ- 671, TU 653, EXP 669
Message 4 of 8
Established Contributor

Re: Need advice on a Refinance...

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!!!





Message 5 of 8
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Valued Member

Re: Need advice on a Refinance...

I would probably go ahead and refiance it now and then make all payments on time for the next 2 years and try a GW letter to mortgage company to see if they will remove any of all lates, then refiance again ! lol

Discharge 06/15/2018
EQ-598
TU579
EXP-579

NOW : EQ- 671, TU 653, EXP 669
Message 6 of 8
Established Contributor

Re: Need advice on a Refinance...

Considering your scores, late's, etc., I think the offer is pretty good !

If my math is correct you borrowed about 23k and still owe 21k and change

If you make your current 667 payments @ 16.42 vs 28.49 you save 2,640 in one year.

Over loan life you would save ~$12,000.

Take the loan, let scores move up, re-evaluate in two.

FNBO 2% Cashback Visa (20k) / Bank of the West Cashback MC (20k)
US-Bank Cash+ (15k) / FNBO Travel Elite (15k) / Citi Double Cash (18k)
Ficos : 840 / AAoA : 9 yrs / AoOA : 23 Yrs / AoYA : 3
Message 7 of 8
Established Contributor

Re: Need advice on a Refinance...

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!!!






Message 8 of 8
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