pen fed auto refi

[dunn2500]

so i have auto loan with navy fed @7.89% but wanted to refi with pen fed

navy was easy as pie to get auto loan and at that time my score was 665.....my auto fico 9 is 743 now ....i have thin file but all good in every area.....another thing am considering is CC on same hard pull (i dont really use credit cards but since my file is thin i figured 1 more on top of the one i rarely use couldnt hurt).... auto loan i can shorten the term by 8 months, APR plus the payment ....a 743 should get me decent rate.....and do they reveal your terms before accepting?.....i love navy and feel bad for turning on them, they gave me a chance when no one else would....but business is business....and i could save alot of money

last summer i had no fico score whatsoever!!!!... so its been a good year for me.....

[Loquat]

PenFed is fairly easy. I've financed several vehicles with them when a captive wasn't offering 0% financing.

While you may not be able to see the actual terms until you submit and are approved, as long as you don't cash the check that they send then your account will remain with NFCU.

If you're interested in finding out all the details before proceeding then you can apply by phone with a representative.

I understand that you feel grateful to NFCU and thanks awesome but never let any of that cloud your judgement...especially when it may save you money.

Best of luck in whatever you decide to do.

[TheFIGuy]

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@dunn2500 wrote:

so i have auto loan with navy fed @7.89% but wanted to refi with pen fed

navy was easy as pie to get auto loan and at that time my score was 665.....my auto fico 9 is 743 now ....i have thin file but all good in every area.....another thing am considering is CC on same hard pull (i dont really use credit cards but since my file is thin i figured 1 more on top of the one i rarely use couldnt hurt).... auto loan i can shorten the term by 8 months, APR plus the payment ....a 743 should get me decent rate.....and do they reveal your terms before accepting?.....i love navy and feel bad for turning on them, they gave me a chance when no one else would....but business is business....and i could save alot of money

last summer i had no fico score whatsoever!!!!... so its been a good year for me.....

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FYI: NFCU allows you to refinance an internal auto-loan with them. They will do an HP on EQ (This could be changing to TU with more recent DP's in the Navy Federal Credit Union DP thread), and all the paperwork will be handled internally. The old loan will be closed, and a new tradeline opened with a new APR% rate.

My suggestion, wait until NFCU officially moves into TU pulling and then get a quote from NFCU (TU Pull) and PenFed (EQ Pull) to see who will give you the lowest APR%!

[dunn2500]

my EQ 9 is highest and TU 9 is lowest score.....when i went in to refi page they had a statement saying i had to use another lender.....maybe i should just go in there and talk to loan agent?

have heard on west coast navy pulls EQ 9 for auto which is best scenario for me...and they did on original loan

my payment history with Navy is exceptional....always 2-3 months ahead on my auto payments

[TheFIGuy]

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@dunn2500 wrote:

my EQ 9 is highest and TU 9 is lowest score.....when i went in to refi page they had a statement saying i had to use another lender.....maybe i should just go in there and talk to loan agent?

have heard on west coast navy pulls EQ 9 for auto which is best scenario for me...and they did on original loan

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I'm not sure when NFCU will start pulling TU until more DP's are collected. Presently it's EQ, but I'm not 100% on the FICO model as my auto-loan was pulled last year for them. Again, I cannot stress enough if you're not in a hurry, wait until more information is collected about NFCU internal switch to TU. It could save you an additional HP on the EQ report and build more time for the score to rise.

NFCU is 24/7 in all departments; I applied and was approved for my auto-loan ~0100hrs PST. It wasn't an instant approval either and was manually reviewed, so I was impressed! Give them a call and ask a loan specialist!