Refinancing question.

[itsxluigi]

I financed an auto loan through the Mitsubishi dealership about 3 years ago, WITH a co-signer, at about a 4.9% interest rate. I'm thinking about refinancing through a credit union, but I want to do so alone, instead of with a co-signer. According to my Discover statement, my FICO score is about a 703 (it was about 725 2 months ago but I recently opened 2 new cards). I'm going to wait until it gets to at least a 720 again before I try. Would that be high enough for me to refinance alone? And what type of rate would I be looking at through a credit union?

[ambivalent]

You can definitely refinance without a co-signer.  Your rate would depend on the particular credit union and what they are offering.  You can always call around and ask. 

[Creditaddict]

Are you member at a credit union already or know which one you are going to go with? might not need to wait.

[itsxluigi]

I'm not a member, no, but I do know which one I'm going to. It's right down the block from me and from what others say, it's one of the best around. You think I should go try now instead of waiting for my score to go back up a bit?

[Creditaddict]

---

@issues636 wrote:
I'm not a member, no, but I do know which one I'm going to. It's right down the block from me and from what others say, it's one of the best around. You think I should go try now instead of waiting for my score to go back up a bit?

---

1. I would find out if they use 1 credit pull to join and for any credit or loan applications within a 30-90 day period or if membership and loans will be a seperate pull.

2. I would ask if they go off score alone for interest rates but other factors for approvals... my local credit union Burbank City has a chart for interest rate so once you are approved then the only thing that sets the rate is the credit score so if it was like that then you would have to see what bracket you are in now and if it will be better once your score goes up to get you into another bracket or not... if they don't use score for rates, and just overall then you might not need to wait.

[itsxluigi]

I'll head down this weekend and check it out. I didn't even think of the fact that it may be 2 separate pulls. I'll go just to ask some questions, and try to decide if it's worth it at this time or not. Thanks for the advice.

[p-]

---

@Anonymous wrote:

You can refinance your loan alone. As a person that has been in the auto lending business for over 15 years I would advise that you use a service to place your loan. 

---

What?  You're kidding, right?  I did a straight refi with Penfed for 1.49 percent at 60 months with no fees whatsoever.  The app was done online and took just a few minutes, including the time to get a payoff letter generated by my previous lender.  Why would I pay a service to do that for me?  Most CU's post their rates online these days anyway.

I've used Penfed as well as USAA for car loans in the past few years (including when my scores were barely over 700) and it was simple, straightforward, and I had a check in my hand the next business day.  

Your second link dead ends, and your first one is for a site that has terrible reviews, allegations of cramming warranties and gap, and is listed as a rip off in countless reports.  

Based on that, and your tiny post count, I hereby declare shennanigans.  You, "Jenny" are a spammer.  Go away.

[Anonymous]

Other factors that are going to play a part are your DTI and LTV for the car, do you happen to know what these would be?

[Remember0]

As long as DTI and LTV are reasonable, you're looking at 1-3% for a refi by yourself. I highly recommend starting with DCU if you don't have a local bank/CU you want to try with first.