Need credit union with low auto refi rates

Teasha · ‎02-14-2014

This may not be the best place to post, so I apologize in advance if it should've been in a different thread.

I have an auto loan with a local CU here in Florida from August 2012 at a 4.99% but at the time I had only an 8 month credit history, but had high 700's fico scores and I really didn't get the best rates.

Last month my CU revamped their site for better customer navigation and has kicked out my autopay from my external bank account and am left with sending checks by snail mail to pay the loan. (I say local CU but its closest branch is an hour away)

I'd really like to hear from anyones recommendations based on the info I've provided.

Id like to refi my 2006 G35. I owe just over 9k, have high TU and EX scores so I'd like a credit union that pulls either of those two.

It would be great to get in with Penfed or Navy federal (not comfortable asking and waiting on family members) I'd like to use the same pull for more than one product, preferably for a credit card with under an 8% interest Rate.

RBFCU has a 1.65% auto and offers a credit card with a 7.7. Has anyone dealt with them?

I'd really like to make a move soon, I've been looking at CU's so long that the best rates are making the rounds from one CU to the next over the last 5months.... That's how long I've been considering this.... I just need some sound advice and a fresh look.

my scores are in try signature and may help.

dabrian · ‎02-14-2014

Penfed only requires you to join one of their qualifying organizations, which I believe is $10.

DCU has rates at 1.99 with DD, 2.49 without.

NFCU your siblings don't have to be members for you to qualify, they just have to be actively serving.

NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k

Teasha · ‎02-14-2014

@dabrian wrote:
Penfed only requires you to join one of their qualifying organizations, which I believe is $10.
DCU has rates at 1.99 with DD, 2.49 without.
NFCU your siblings don't have to be members for you to qualify, they just have to be actively serving.

Thanks Dabrian, I appreciate the quick response. Penfed has great rates right now. I'll see what CRA they pull and go from there.

My brother inlaw is national guard part time. Does that qualify him for actively serving?

Teasha · ‎02-15-2014

I don't like my chances with penfed with a 698 EQ fico. Should I wait for my score to increase over 700?
What are the odds of getting less than 3% with my current score?
Would refi $9,813 for 36 months. Have 100% on time payments, around 24% uti and under 3 yrs aaoa.

Please post your experience with Penfed, interest rates etc. with similar scores.

Teasha · ‎02-22-2014

@Teasha wrote:
I don't like my chances with penfed with a 698 EQ fico. Should I wait for my score to increase over 700?
What are the odds of getting less than 3% with my current score?
Would refi $9,813 for 36 months. Have 100% on time payments, around 24% uti and under 3 yrs aaoa.

Please post your experience with Penfed, interest rates etc. with similar scores.

... Pulled the trigger on Penfed. Worse case I have a membership and establishing a relationship. Applied for the auto refi for payoff amount of $9905 NADA book values at $15,700 pending LO review. 698 fico is keeping me on the edge of my seat with anticipation. Of course Penfed had to use the score 70+ points lower than EQ or TU.

Will post their decision for those of you borderline for scores on Penfed loans.

juggalo9er · ‎02-22-2014

with that type of score and that ltv ratio i am all but sure you will be approved...do the math its a ncie investment for them

Teasha · ‎02-22-2014

@juggalo9er wrote:
with that type of score and that ltv ratio i am all but sure you will be approved...do the math its a ncie investment for them

Thanks for the positive thought! I'm pretty confident but until it's made it as far as "conditionally Approved" I'll be stressing and checking the loan status every hour. lol

Looking forward to a response.

Remember0 · ‎02-22-2014

If PenFed doesn't give you their top tier (.99 for 36 months, I think), try DCU. They only need a 675 EQ FICO for 1.99% for 65 months.

Teasha · ‎02-24-2014

Ok.... I was "Turned Down" for the auto refi for the following reasons:

COMMENTS: AMOUNT OWED ON ACCOUNTS

LENGTH OF TIME ACCTS ESTABLISHED

TOO MANY INQUIRIES LAST 12 MONTH

I have 21% uti, 2 yrs 9 months history and 2 enquiries in the last year, most recent was May 2013. The CSR said they would recon if may husband was a co-signer but he has a lower EQ score 668, 4-6 enquiries in last year, Aaoa 5 yrs but has a higher income.

I just don't know how they would approve the loan unless it factors his income only. They know his income but don't have is credentials. When I call the CSR and mention all the information on his report, would they provide me with the odds before they pull his credit? What should I say then I recon?

Please respond with feedback, this was an extremely disenheartening experience.

Thanks in advance for your replies

Remember0 · ‎02-24-2014

@Teasha wrote:
I just don't know how they would approve the loan unless it factors his income only. They know his income but don't have is credentials. When I call the CSR and mention all the information on his report, would they provide me with the odds before they pull his credit? What should I say then I recon?

Please respond with feedback, this was an extremely disenheartening experience.

Thanks in advance for your replies

Penfed is extremely conservative. A friend who got a mortgage through them was put through the ringer by underwriting before they approved. Keep in mind, we're talking a established credit for 10+ years, 800+ scores, and not a single baddie of any sort.

They won't provide you odds before they pull his credit. I'd honestly apply to DCU if I were you. Not sure why you did PenFed first instead when they both pull EQ?