PLEASE READ! HELP! AUTO LOAN REFINANCE?

[Anonymous]

Hi guys,

We purchased a vehicle about 7 months ago and the dealer "claims" no other bank would accept us so we were forced to go with their bank (who wouldn't stretch out the loan either)... The interest rate is around 7% currently but looking for something better if possible.

We've had the truck for 7 months, no late payments. Its around $40k now. Credit score is 700~ and we're located in NY.

I'm hoping that we have options to cut down the monthly payments + interest rate. Also willing to put additional towards princiipal to bring the balance a little lower before refinancing.

We have a local MCU (credit union) here and (Q-SIDE) but both are only currently accepting city workers and neither me nor my wife works for the city. We also don't have any family that works for the city. MCU seems to be the best CU out here but no luck.

Could someone please recommend a good Credit union or way to refi for a better rate? If I'm missing any info I apologize in advance.. its a bit late here and I'm extremely tired. I appreciate everyone's response!

Thank you!

[Luscher]

Digital Credit Union (DCU) there lowest rate is 1.49% apply for membership first and wait for your account to get set up and then apply for there loan its called: second chance car loan

[_sidhe_]

I just did the second chance car loan, and it was so easy. I was told that, in order for me to get the 1.49% rate, I would have to set my account up for direct deposit. I didn't and have the 1.99% rate which is still better than the 2.9% I had with Nissan. Everyone at DCU is super nice.

[Anonymous]

Thank you guys! Do you know if they have any local offices in the Queens, NY area (ill double check also)? Would you say there better than MCU? And could everything be done online or should I go to a local office/branch?

Anything I should look out for? Do you guys think I should wait a full year before tryiing to refi?

I really appreciate the quick response, I already am feeling better knowing we have options!

[Anonymous]

Could you guys tell me what they require for you to sign up for their membership exactly? I notice other members on here saying to get a membership first before applying? Also is it a soft pull when they run your stuff?

Another thing, and I'm not sure if it matters.. but I'm going to bring all my CCs to a 0 balance this month, let it report and  then pull the trigger with DCU next month. Do you guys know if balances on credit cards determine the APR?

[Anonymous]

 Bump?

[Luscher]

You just need to be part of one of there associations. I just paid the 10 dollars to one of the associations and then opened a savings account with 5 dollars. Then aped for the refinance loan and got approved. They sent the check to my original loan provider pretty fast

[CreditDunce]

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@Anonymous wrote:

Could you guys tell me what they require for you to sign up for their membership exactly? I notice other members on here saying to get a membership first before applying? Also is it a soft pull when they run your stuff?

Another thing, and I'm not sure if it matters.. but I'm going to bring all my CCs to a 0 balance this month, let it report and  then pull the trigger with DCU next month. Do you guys know if balances on credit cards determine the APR?

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I am sure it is just a typo, to maximize your credit score, you should bring all of your CC's but one to a 0 balance.  The one card with a balance should have a balance less than 10% of that CL.

Your utilization % effects your credit score which could help determine the APR your are offered.   If you have large balances relative to your income, it could reduce the CL's that some CCC's offer.

[sccredit]

Honestly if you are over 700 I would shoot for the DCU loan now.  The biggest question is going to be NADA value - what is that in relation to the truck value?

[0REDSOX7]

I believe you'll get two hard pulls on your credit - one for the membership and another for the loan products.

Good luck.