When I originally got my car loan the best I could do was thru Cap One which gave me a 73 month 10.98% loan... I had put a nice down payment down so my monthly payment was pretty reasonable...
I waited until my 12th payment during the time working on my credit ( my scores rose about 100 points) some over 700 now...
I applied to lending tree and was approved for a 60 month loan @ 3.97% apr....
my payment dropped by 83.00 per month, $4980.00 in savings ( plus I skipped a payment and dropped a payment ) for a total savings of $5976.00!! Just proves that if you keep your credit in good standing the lifetime savings in interest rates is astronomical.
Lending Tree offered me 3 lenders and terms I chose the 60 month term...
Here is the letter...
Drum Roll, Please.
Hi XXXXXXX,
You are now the proud holder of a new auto loan with CREDIT UNION 1 and your first payment date is 06-17-2019. And we are proud you chose us to help you with your auto refinancing.
We've sent a payoff check to your old lender and notified them to close your old loan. Just so you know, some lenders take longer than others to process these checks (Believe us... we've tried to speed 'em up), so it could take up to a couple of weeks to get things finalized.
- Thank you and enjoy the savings.
