cancel
Showing results for 
Search instead for 
Did you mean: 

Refinance Auto Loan

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure
Contributor

Refinance Auto Loan

I am currently in the mid 600s for EX/TU and am wondering if I should refinance right now or wait a couple of months.

 

My Cap1 loan is at 16+% when I had a sub-600 FICO score. 

 

It is possible that my FICO score increases by 20-40 points in the next couple of months due to some disputes, AAoE, and on-time payments, so I am wondering if I should refinance now or wait. I can make the current payment now so it's not a problem. The loan amount owed is below 13k and the loan amount is below the NADA value. Income is not an issue.

 

Possible refinancing options are Chase bank, Wells, Alliant, and RBCFU. While I have a PenFed account, my score on there isn't where it should be yet compared to the other bureaus. Help and input would be appreciated. Thanks!

Message 1 of 4
3 REPLIES 3
Frequent Contributor

Re: Refinance Auto Loan


@randomguy1 wrote:

I am currently in the mid 600s for EX/TU and am wondering if I should refinance right now or wait a couple of months.

 

My Cap1 loan is at 16+% when I had a sub-600 FICO score. 

 

It is possible that my FICO score increases by 20-40 points in the next couple of months due to some disputes, AAoE, and on-time payments, so I am wondering if I should refinance now or wait. I can make the current payment now so it's not a problem. The loan amount owed is below 13k and the loan amount is below the NADA value. Income is not an issue.

 

Possible refinancing options are Chase bank, Wells, Alliant, and RBCFU. While I have a PenFed account, my score on there isn't where it should be yet compared to the other bureaus. Help and input would be appreciated. Thanks!


I would cross out Wells. I would look into Alliant and RBFCU both you should be able to call and get an idea of the rate you would recieve based on your credit score. Chase Bank would be a last resort unless you have a good banking relationship with them. 

Message 2 of 4
Contributor

Re: Refinance Auto Loan

I thought Chase’s rates were actually pretty competitive last time I checked. The reason why I mentioned both Chase and Wells are my relationship with them.
Message 3 of 4
Frequent Contributor

Re: Refinance Auto Loan


@randomguy1 wrote:
I thought Chase’s rates were actually pretty competitive last time I checked. The reason why I mentioned both Chase and Wells are my relationship with them.

Only thing about banks is they usually have a low LTV. So you may want to find if you are upside or not in the loan. No point in wasting a hard pull for nothing. I know dcu has a 120% LTV not sure about alliant but you could probably call or find out online.

Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.