Refinancing auto loan

[empressj]

Good Day,
I’m planning to refinance auto loan currently with Cap One at 9.92 percent. I currently owe a little over 25k. Today I was approved by PenFed at 8.7 percent - not great but better than current rate and monthly payment.

Can anyone give some insight? Anyone have experience with PenFed? Should I continue to look around. I don’t want a lot of hard pulls but willing to take one more if I can get a lower rate than previously offered.

TIA!

[Remember0]

Could you help us a bit on what your profile looks like? What's your current score, income, etc?

Finally do you qualify for NFCU? THey're very BK friendly and have great rates but unfortunately not everyone qualifies for membership.

[empressj]

I’m a current member with NFCU since 2016. I tried with them last year and denied. So I’m a little reluctant to try again. 2 years post bk7 discharge No late payment with current creditors - Overstock, NFCU cc, AFCU cc & PayPal Master Card Income $66800 - husband salary not included 1 auto loan with Chase 1 auto loan with Cap One TU 661 Experian 655 Equifax: not sure

[Anonymous]

If you are a member of DCU CU I’d try them! I literally just refinanced my 7.4% loan from Chase to 5.99% with DCU four days ago and it was an instant approval. I am 3 years bk7 discharged this month and my annual income is half yours with similar scores as yours. They pulled EQ for me and I believe it was 669 on the approval notice.

[empressj]

I app’d with NFCU, approved at 16.59 percent 😧. That’s double what PenFed offered. At that rate, my payment will be higher than what it is now. I humbly declined. I’m so disappointed bc I’ve had nothing but a positive banking relationship with them. I have one credit card- no late payments. Paid in full each month. Oh well... It is what it is.

[empressj]

Congratulations on your refinancing!

[Remember0]

Sorry to hear but glad PenFed at least gave you something. Good luck and you can always re-fi again 12-18 months down the road if not sooner as your credit improves.

[Loquat]

PenFed is good folks and my experience on both the credit card and auto loan side has been nothing short of great.  I currently have my vehicle financed with them and have financed 4 vehicles with them previously.  They gave me decent rates even with a BK showing on EQ.