Refinance car loan with NFCU..help

[1prettyorchid]

Hello all.

I opened a car loan (new vehicle) with Cap One 10 days after discharge. IR is 9.57%. Prior to that I was able to get a secured cc with nfcu and a Capital One Platinum with a $2000 limit. 

I took the plung and tried to refinance with Navy after having my car for 10 days. They gave me an apr range online and said they would review my application for a specific apr amount if approved (I wasn't sadly). 

Can someone provide me with their timeline on refinancing? Specifically after a Ch. 7? Thanks!

[FireMedic1]

How long ago was the DC?

[1prettyorchid]

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@FireMedic1 wrote:

How long ago was the DC?

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7/29

[Loquat]

What did you purchase, how much did you finance originally, and how much are you looking to refi? I think if you can get the LTV in check then you could possibly get a refi with NFCU.

[Appleman]

It sounds like the OP was recently denied with NFCU.

NFCU will refinance at most any point. They will give you the new car rates if less than 7,500 miles and within a current model year (maybe even a 2020). Beyond that the rates jump a little for refinancing a used vehicle.

If you were recently denied it may be worth a call to see when would be a good time to reapply for a refinance with NFCU. You may have to stick with your current loan for a bit longer. In 6 months of payments, your score is bound to improve. Good luck.

[1prettyorchid]

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@Loquat wrote:
What did you purchase, how much did you finance originally, and how much are you looking to refi? I think if you can get the LTV in check then you could possibly get a refi with NFCU.

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I purchased a 2021 Mazda Cx5. 511 miles. Will call them and see what I can do. I can make a principle reduction by 5k. My bal is $28447. I havent made my first payment yet. It's due on 9/15.