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Refinance suggestions

EAJuggalo
Established Contributor

Refinance suggestions

I owe just $9,500 on the wife's 2016 Ford Explorer bought in June 2020.  Current loan is through Wells Fargo at 8.89% with 55 payments remaining out of 72.  Considering trying to refi with either Navy or PenFed.  Current FICO 8's are all right around 650, no baddies on the report, high revolving utilization.  Worth trying either one?  Any suggestions on what kind of interest rate I'd be looking at?  Is one usually better than the other for refi's?

EX680 TU 659 EQ 691
Cap1 QS-$4,500 Chase Freedom Visa- $800 Chase Freedom Unlimited- $500 Victoria's Secret- $2000 Citi DC- $800 Amazon Store Card- $3,500 AMEX Hilton Honors-$1,000 Discover It-$1,000 Wal-Mart MC $290 Chase Sapphire Preferred-$5,000 NFCU Flagship $10,000 AMEX BCE-$1,000 AMEX Gold-NPSL
NFCU SSL $88/1005
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2 REPLIES 2
Harvey26
Valued Contributor

Re: Refinance suggestions

@EAJuggalo I would try a local CU they maybe be easier NFCU and Penfed both are not fond of high UTI.

Message 2 of 3
Loquat
Moderator

Re: Refinance suggestions

With a balance as low as it is, it may just be worth it to pay extra on the loan than to try refinancing. No need to take an extra inquiry or new account hit when you can accomplish most of what you're looking for by throwing a few extra dollars at the payment each month.

Best of luck in whatever you decide.
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