Refinance Question

[Anonymous]

Hey Guys and gals...I have an 18% loan with Exeter that I would like to refinance. I'm not eligible for NFCU but have joined DCU, NASA, PenFed and USAA over the past 90 days. I'm close to having all 3 scores in the 600's and would like to try and re-fi then. Anyone have any ideas as to which one would be my best bet ? I would be looking for a $15k loan for 36 months. All thoughts and suggestions are welcome. Thanks!

[Anonymous]

Bueler....?

[Anonymous]

The amount isnt going to be the big issue as long as you have income it will be the loan to value ratio.  Before you try to refinance you need to know the value of the car versus the payoff.  Ideally your scores will be higher before you pull the trigger on an app with any of these lenders.  I think you will need 610 or so to get approved with any of them.  I suggest working on building your scores then trying a refinance.

[Anonymous]

Thanks for the reply. I am about $2k upside down but will make that up with cash. Income is a non-issue. I am already over 610 on EX and very close to 600 on the others. Any suggestion on which CU is the best choice based on those scores? Would getting approved for a new purchase and trading in my current car be a better choice as far as the loan is considered? Thx!

[Anonymous]

Anyone else have any thoughts on this? Thanks.

[Anonymous]

Good luck. When I first got my loan through capital one its at 13.65 score was in the 500s. Now my score is all above 650 but when I did app for my refi it was all from 620-650. I went through open road lending and my refi interest is 7.85. Term is same remaining 53 months left. If I can do again, I would wait till my current score (meaning higher then when I applied for refi to get lowest interest rate possible. Maybe if I do now with a credit union I can get it in the 2.99-4.99