Refi Advice

[Anonymous]

I am refinancing a fairly new loan and have several offers on the table.  Would like some advice if anyone is willing .

My current rate is 13% horrible I know.  I did alot of work on my credit and applied to refinance.

The 2 offers I am copnsidering:

1. 3.49% for 48 Months

  a. With a major bank that I bank with.

  b. Easy payments due to above.

  c. No prepayment or early payoff fees.

2. 2.99% for 60 Months

  a. With a credit union I have never heard of.

  b Payment process seems to be easy.  Not as easy as boa but a simple billpay would do I assume.

  c. From what I have read/been told so far - there are no prepayment penalties or fees.

I am not too concerned with lowering my payment amount as I overpay always.  The question in my mind is which one to choose based on the above and the #s. 

Thanks for any insight the more experienced can provide

[CH-7-Mission-Accomplished]

Major banks are NEVER a better choice for auto financing, unless you are fresh out of BK 7 and can only get in with Wells Fargo Dealer Services or such.  There is never any talk on any credit websites about getting a car loan from a bank you have ever heard of - Chase, B of A, etc.

[CH-7-Mission-Accomplished]

The market right now for good credit is about 1.99%.  Have you tried DCU?

[EddieK]

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@Anonymous wrote:

I am refinancing a fairly new loan and have several offers on the table.  Would like some advice if anyone is willing .

My current rate is 13% horrible I know.  I did alot of work on my credit and applied to refinance.

The 2 offers I am copnsidering:

1. 3.49% for 48 Months

  a. With a major bank that I bank with.

  b. Easy payments due to above.

  c. No prepayment or early payoff fees.

2. 2.99% for 60 Months

  a. With a credit union I have never heard of.

  b Payment process seems to be easy.  Not as easy as boa but a simple billpay would do I assume.

  c. From what I have read/been told so far - there are no prepayment penalties or fees.

I am not too concerned with lowering my payment amount as I overpay always.  The question in my mind is which one to choose based on the above and the #s. 

Thanks for any insight the more experienced can provide

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Easy choice, 2.99% is lower than 3.49%, go with option 2.

[Anonymous]

WOW I called DCU and they quoted me 2.24 without direct deposit (dont wanna move all my $ to a bank that isnt local.) 

That is an amazing rate.  THANK YOU!

[Anonymous]

Is it still a true statement that shopping around and multiple pulls will not hurt the score?  If I remember correctly - there was something built into the scoring model that takes that into account.

[TRC_WA]

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@Anonymous wrote:

Is it still a true statement that shopping around and multiple pulls will not hurt the score?  If I remember correctly - there was something built into the scoring model that takes that into account.

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Correct... I took about 18 inquiries while shopping in January...  lost just 1 FICO point on EQ... none on the others.

Creditors can see still the INQs though and can still use then "too many recent inquiries" denial against you.

[jim44]

There you go... a lower apr is always the best choice.  Shorter terms usually equate to a slightly lower APR as does auto pay.  We just financed a customer who was approved with her CU where she is a member and holds the loan on her trade.  Her apr at her CU on her new vehicle is 6.5%... but we were able to finance her with a major bank at 4.29%.  This may be an exception but it does happen.  Never say never!

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@Anonymous wrote:

WOW I called DCU and they quoted me 2.24 without direct deposit (dont wanna move all my $ to a bank that isnt local.) 

That is an amazing rate.  THANK YOU!

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