Penfed or any other Refinance Help

[Anonymous]

Anyone with Penfed experience can help me?

How do I become a member?

I am looking for a low APR with unsecured auto refinancing.

Also, do they use Fico 8?

The low down:

2011 Mazda Payments are 543.06/ month 8kish left. I think i have a year left out of 6years. 8%ish APR

2009 Honda odyssey with wheel chair access. Payments are 620.98 for the 20-22k left. This one is in my wife's name I think she has 3years left out of 10.

I don't recall the %apr but it must be high. I would have to go dig in her paper work.

Credit card debt can be reported as 1% or less in the next month. Scores are in Siggy.

Rent: 2900

Now that my score is super sexy, where can I get an auto refinance (meaning I can hold the titles) with a great APR reduction. I would like to do this within the next 2-3 months and am currently looking for information. 

Please let me know my options and If I will be able to consolidate both car loans. Let me know if you need more info. Thanks

[RonM21]

Just look up their site and it lists ways to become a member. Most can by donating to this charity organization they have (forgive me, I don't remember the name). Once you do that, you are then able to sign up for membership. Once approved you are able to apply for their products.

[Anonymous]

Sweet, thanks a bunch for your reply. I appreciate it.

[Anonymous]

I dont think banks do unsecured auto loans.  Why would they??  Sounds strange.  

[Anonymous]

Refinancing with PenFed is a secured loan. Most banks do secured financing unless you want to do a personal loan with much higher interest rates.

There are only a few places that will refinance if a vehicle is upside down. Make sure yours are not. If they are, PenFed won't do it.

PenFed uses a version of EQ called nextgen2. As far as I know, you can only get the sore from them.

[Anonymous]

thanks for the blunt replies I need to know exactly what I am capable of. What is upside down mean? my car is up to date on payments. So my only options are Lending Club or Prosper? Lightstream? 

[Anonymous]

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@Anonymous wrote:

thanks for the blunt replies I need to know exactly what I am capable of. What is upside down mean? my car is up to date on payments. So my only options are Lending Club or Prosper? Lightstream? 

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Upside down means that your car is worth less than what you owe to the loan company.  A credit union will still refinance you if the difference isn't dramatic but if it's a huge difference than they are reluctant to give you another loan because they know that if the vehicle is totalled in an accident then your insurance company will only pay them what the vehice is worth and then they might lose out on the difference.  If I were you I would join PenFed as it's a great CU and least attempt the refi and see what happens.

[Anonymous]

I think the van is worth 30-50k and my Mazda 3 is worth 12k.

[Anonymous]

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@Anonymous wrote:

I think the van is worth 30-50k and my Mazda 3 is worth 12k.

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Van still worth 30-50k when it's 7 almost 8 years old??

[Anonymous]

the wheel chair access thing cost 23k so I don't think that value leaves the car? no idea.van alone is prob 15-18k originally 33k