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Refinance while car is still considered new?

Dj4Money
Established Contributor

Refinance while car is still considered new?

 I read in another post that I would need to refi my car by the end of April 2021 otherwise it will be considered used. My Forte GT was built in Oct of 2019 and sold to me June of 2020. 

 

 Is that true? 

 

 Current EX FICO is 628 but I am paying off my cards this month so I was looking at the end of the month or start of next month. 

Message 1 of 6
5 REPLIES 5
Jnbmom
Community Leader
Senior Contributor

Re: Refinance while car is still considered new?


@Dj4Money wrote:

 I read in another post that I would need to refi my car by the end of April 2021 otherwise it will be considered used. My Forte GT was built in Oct of 2019 and sold to me June of 2020. 

 

 Is that true? 

 

 Current EX FICO is 628 but I am paying off my cards this month so I was looking at the end of the month or start of next month. 


Someone correct me if I am wrong, but it's now "anymore" ................................. Once it's titled and basically driven off the lot it wouldn't be considered new I don't think. The lender you are refinancing with will still consider it "newer" but used.

EXP 758 TU 783 EQ 729
Message 2 of 6
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Refinance while car is still considered new?


@Jnbmom wrote:

@Dj4Money wrote:

 I read in another post that I would need to refi my car by the end of April 2021 otherwise it will be considered used. My Forte GT was built in Oct of 2019 and sold to me June of 2020. 

 

 Is that true? 

 

 Current EX FICO is 628 but I am paying off my cards this month so I was looking at the end of the month or start of next month. 


Someone correct me if I am wrong, but it's now "anymore" ................................. Once it's titled and basically driven off the lot it wouldn't be considered new I don't think. The lender you are refinancing with will still consider it "newer" but used.


Some credit unions will still consider it new as long as it's within a certain time period and under a certain mileage. IIRC, NFCU would consider a car new if it's 2020 or newer with less than 7500 miles.




Message 3 of 6
sccredit
Valued Contributor

Re: Refinance while car is still considered new?

Is it a 2019 or 2020 model year? If 2020 and under certain liles like posted above you could probably get new loan rates from some CU's. Others will look at it as used.

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Message 4 of 6
Dj4Money
Established Contributor

Re: Refinance while car is still considered new?

 It's a 2020, it was built in Oct 2019 and shipped to the dealer.

 

 Logix CU which is my former bank refi'ed my 2014 Hyundai Accent as a new vehicle. Mileage didn't matter to them it wasn't too high anyway, the car was about a year old and had less than 30K on it.

 

 I know credit unions generally will do that. However my scores are EX 628 and TU 593.

 

 Does anybody know what Consumers Credit Union pull? My BK7 is officially over a year old (Sept 2019) so I don't know how that would factor in I think DCU wanted me to be post BK two years before consideration for a vehicle loan. I would assume that extends to refi as well. 

 

 

 

 

Message 5 of 6
dunn2500
Frequent Contributor

Re: Refinance while car is still considered new?


@Brian_Earl_Spilner wrote:

@Jnbmom wrote:

@Dj4Money wrote:

 I read in another post that I would need to refi my car by the end of April 2021 otherwise it will be considered used. My Forte GT was built in Oct of 2019 and sold to me June of 2020. 

 

 Is that true? 

 

 Current EX FICO is 628 but I am paying off my cards this month so I was looking at the end of the month or start of next month. 


Someone correct me if I am wrong, but it's now "anymore" ................................. Once it's titled and basically driven off the lot it wouldn't be considered new I don't think. The lender you are refinancing with will still consider it "newer" but used.


Some credit unions will still consider it new as long as it's within a certain time period and under a certain mileage. IIRC, NFCU would consider a car new if it's 2020 or newer with less than 7500 miles.


this is exactly what my CU did when i refinanced my truck.....under 7500 miles is still new

Message 6 of 6
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