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So I got my first loan back in October of last year and it was an extremely high interest rate (18%!). The vehicle is older but low miles and in excellent condition. The worst part is the original loan was an installment loan, which I didn't know until after signing. The original loan amount had to have been around $26k, and my current payoff is still over $24k. When I originally got the loan, I had one card secured at $2k. By October, I'll have four unsecured CCs with a combined limit of over $6k, over a year of credit history, and a credit score in the 700s. I also opened a Self-Lender Credit Builder Loan a few months ago, so that's now reporting positively too. No balances on any of my cards.
I'd like to refinance it in October and I'm looking at my options. I'm a USAA member and just realized yesterday that they offer auto refinancing. Does anyone have any experience with it? What are my odds?
DCU, Logix, PenFed
Are you suggesting not to use USAA at all?
I have USAA, NFCU, PenFed and have had auto loans with all of them.
USAA use to be my go to for financing. Now prefer PenFed.
I would try PenFed and NFCU for a refinance first, just my 2 cents FWIW
@Anonymous wrote:Are you suggesting not to use USAA at all?
No - was just suggesting some alternatives.