Refinance or not yet?

[dabrian]

You'll save tons going from 10% to 1.99% with DCU. Well worth the cost of a hard inquiry.

[lambo003]

Yea a couple grand even though I've already paid between $1500 & $2500 in interest. My local credit union would defer my payments by 90 days, finances up to 125% of LTV, and has a APR as low as 2.09%. Not quite the 1.99% DCU offers though. I'll $300 throughout the life of the loan if I get the interest rate from DCU. Also I have to inquire about an extended warranty through the credit union. I probably don't need one but it's a piece of mind I'd like and it doesn't cost that much from the credit union (compared to the dealer who charged me $2,500 for it, which I cancelled because that was ridiculous and the car is still covered under the manufactures warranty). I'd like to apply at both DCU and my local credit union just to see if they'd both approve me.

[sccredit]

HOLD ON HOLD ON HOLD ON!!!!!!

You need to talk to the credit unions BEFORE applying and see what their minimum income requirements are.  Some have a $2k minimum and that may be a problem for you.  

The other issue may be that some credit unions will only loan on a car 75% of your Annual Income.  

Call the credit unions BEFORE applying.  

[lambo003]

I will call both of the credit unions before applying. I remember hearing about the general $2,000 monthly minimum but I've never heard of the annual income rule. My alternative is trading in my current car for a cheaper car if no one will refinance me.

[sccredit]

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@lambo003 wrote:
I will call both of the credit unions before applying. I remember hearing about the general $2,000 monthly minimum but I've never heard of the annual income rule. My alternative is trading in my current car for a cheaper car if no one will refinance me.

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Don't be too quick to look at trading it in.  If you increase your hours that would put you over the required income, right?  Get a couple months of that in and then you apply.  That is, of course, only if your CUs have the minimum income requirement.  

[lambo003]

Yes when I receive the added hours that would put me at the $2,000 mark. So I'm assuming a months worth of statements with the added income will do? Or do you suggest longer? It's really frustrating to know I have to continue paying my current lender all the interest I have already paid and extra I'll be paying from having to wait. 

[sccredit]

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@lambo003 wrote:

Yes when I receive the added hours that would put me at the $2,000 mark. So I'm assuming a months worth of statements with the added income will do? Or do you suggest longer? It's really frustrating to know I have to continue paying my current lender all the interest I have already paid and extra I'll be paying from having to wait. 

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I can't say for sure but I would think a month of check stubs at the higher rate would be sufficient.  Again, talk to the credit unions and see what they say.