Scores refinance DCU ?

[jaxstraw]

My stepson has got himself a predatory loan for his 2015 Mitsubishi Outlander.

Something like 28%.

His best score right now is Equifax and as of March that was 610.

Since DCU is a primary EQ puller and uses EQ 5 it would be an obvious choice to try for a refinance.

I'm wondering if they will do this at an approximate 610 EQ 8 ( EQ 5 is either 623 or 638)

His AooA is 9yr 11mo

AAoA 6yr 5 mo

But that is for two Cap One cards in good standing but cancelled years ago.

His most recent is Fingerhut 7 months....a 1 month old Cap One Secured.....and the Auto loan.....no lates on any of the closed or present accounts.

He has one collection account reporting for 400$.

5 Inq

Working on the LTV but need some more info from him first.....DCU will do 120% I believe.

Wondering if anyone has had scores in this range and got refinance from DCU ?

[Anonymous]

DCU will finance poor credit loans 11.99% to 14.49% depending on length of the loan.

LTV will do 120% not sure if they change that with a low score.

However DCU may have other standards for example they generally will not do a car loan prior to 2 years post discharge for a bankruptcy.

DCU is a wonderful credit union so it's worth a shot.  The lowest score I had when getting a car loan with them was 650.

[Harmony12]

jaxstraw,

Did you refinance your stepson car with DCU? Do you have any data points to offer?

[Anonymous]

Hey! 

I just got approved with for refinancing with DCU. My vehicles value is way below what I owed on it. They applied the 120% to my situation. My EQ score was 580 when they pulled it. My interest rate is down from 18% with the predatory loan I had before to now 11.49%. The whole process took 1 day.

[jaxstraw]

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@Harmony12 wrote:

jaxstraw,

Did you refinance your stepson car with DCU? Do you have any data points to offer?

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He tried. They stated his DTI was too high.

He makes approximately 30k a year so I see what they saw.

Ended up refi through Cap1 at 14%.

He'll try again in a year or so.