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USAA Refinance? OPINIONS PLEASE :D

New Contributor

USAA Refinance? OPINIONS PLEASE :D

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? 

Message 1 of 5
4 REPLIES
Valued Contributor

Re: USAA Refinance? OPINIONS PLEASE :D

DCU, Logix, PenFed

Ch 7 Discharge 3/12/2018
Credit One $700, Wayfair $3,500, Blaze MC $2,500

AU Cards: CSP $37.7k; Chase Marriott $20k; Citi TY $8.5k; Barclays Arrival+ $15k
Message 2 of 5
New Contributor

Re: USAA Refinance? OPINIONS PLEASE :D

Are you suggesting not to use USAA at all? 

Message 3 of 5
Valued Contributor

Re: USAA Refinance? OPINIONS PLEASE :D

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

Message 4 of 5
Valued Contributor

Re: USAA Refinance? OPINIONS PLEASE :D


@Krissi wrote:

Are you suggesting not to use USAA at all? 


No - was just suggesting some alternatives.

Ch 7 Discharge 3/12/2018
Credit One $700, Wayfair $3,500, Blaze MC $2,500

AU Cards: CSP $37.7k; Chase Marriott $20k; Citi TY $8.5k; Barclays Arrival+ $15k
Message 5 of 5