cancel
Showing results for 
Search instead for 
Did you mean: 

Refinancing question...

tag
MoreInfo1
Regular Contributor

Re: Refinancing question...

Thanks everyone! I was able to get 1.99% with DCU and I'm taking it! I believe I had read that if you set it up with auto pay, that you're able to also get a .05% discount so I will definitely do that if it's available. I appreciate everyone's help!!!

Message 11 of 20
Anonymous
Not applicable

Re: Refinancing question...


@MoreInfo1 wrote:

Thanks everyone! I was able to get 1.99% with DCU and I'm taking it! I believe I had read that if you set it up with auto pay, that you're able to also get a .05% discount so I will definitely do that if it's available. I appreciate everyone's help!!!


Congrats! 

 

We just got approved today with DCU too. My understanding the discount is for direct deposit, e-statements, and having a loan. The best rate they offer without that is 2.24% and it drops to 1.74% with that, so a 1/2% or 0.5% discount. Maybe the 1.99% figure is with a .25% discount prior to having direct deposit? 

 

ETA: The guy on the phone said you've got 90 days to get your direct deposit lined up. I wonder if that means that you get the best rate for 3 months and then you have to have your ducks in a row to maintain it?

 

Message 12 of 20
MoreInfo1
Regular Contributor

Re: Refinancing question...



Congrats! 

 

We just got approved today with DCU too. My understanding the discount is for direct deposit, e-statements, and having a loan. The best rate they offer without that is 2.24% and it drops to 1.74% with that, so a 1/2% or 0.5% discount. Maybe the 1.99% figure is with a .25% discount prior to having direct deposit? 

 

ETA: The guy on the phone said you've got 90 days to get your direct deposit lined up. I wonder if that means that you get the best rate for 3 months and then you have to have your ducks in a row to maintain it?

 


Congrats to you too Tortoisewins! You know, I'm not sure. When I apped, it didn't give me an option to choose refinance so I applied as an auto loan hoping I could explain to someone later. When I called this morning to explain that I wanted a refi, not a new auto loan, the lady seemed a bit rushed, asked me to hold and then came back on the line and told me I was approved and I'll get an email about what documents I needed to submit to complete the process. I actually had to stop her from hanging up to ask about the rate and she responded 1.99. Since she seemed in a hurry, I didn't ask about anything else. However, I haven't received any paperwork regarding the rate so hopefully, what she told me was accurate? I've already uploaded all my documents so maybe I'll call again tomorrow to "check up" on the loan clarify with the rate and discount again.


Message 13 of 20
ando35
Frequent Contributor

Re: Refinancing question...

Go to Space Coast Credit Union. They gave me 3.3% with a 703 auto adjusted.

Message 14 of 20
Luscher
Valued Contributor

Re: Refinancing question...

OP you only get there lowest rate which is 1.49% or at least it used to be if you sign up for direct deposit with them and meet there requirements. Talk to a CSR for more/better info if you are looking to go that route
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Message 15 of 20
MoreInfo1
Regular Contributor

Re: Refinancing question...

Thanks for all the information everyone. Since I couldn't wait, I had to call again to clarify my rate and how the discount works. The guy I spoke to was also much more helpful and told me I was approved for 2.24%. He said if I enroll in direct deposit, opt to receive statements electronically, have an existing loan with them and pay for it through auto payments, I would be eligible for a .5% discount bringing it down to 1.74%, which is their current lowest auto loan rate. I will opt to do that- I am psyched about the decrease from 8.39 to 1.74! That's a savings of $50 per month for me!

Thanks again everyone!

Message 16 of 20
creditnocash
Valued Contributor

Re: Refinancing question...


@Anonymous wrote:

You just donate to one of their affiliate organizations. Can be as little as $10 

 

Go thru their green tabs. 

https://www.dcu.org/infodesk/membership/eligibility.html


i did this, and went to a branch, the woman didnt even ask to verify membership. 

i guess its only an online thing. 

i drove to the branch (60 miles) to do it all in person and got approved on the spot for the lowest rate and membership. 



Current: Fico ScoresEQ~706 TU~719 EX 709 4/28/23

Inquiries (24 Months): EQ 0 TU 0 EX 0| Most Recent: A LONG WHILE
Over 12 Months:0


2023 Goals:
Buy A Home
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000

Message 17 of 20
creditstalker
Frequent Contributor

Re: Refinancing question...

which credit bureau do they pull from? and which FICO modeling system would that be?

Current FICO 08 as of 06/01/2015 TU 648 EQ 624 EX 602
FICO Mortgage Scores TU 594 EQ 540 EX 642

Message 18 of 20
Anonymous
Not applicable

Re: Refinancing question...

I know EQ, but don't know which model. One HP for membership and one for loan. If you do loan first and for some reason don't continue and don't want to join, it'd be one. But if you accept, it'll be a second pull for membership. 

Message 19 of 20
Luscher
Valued Contributor

Re: Refinancing question...

+1 to all that was said above. The HP's are well worth it though
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Message 20 of 20
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.