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
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
Are you suggesting not to use USAA at all?
No - was just suggesting some alternatives.