Auto Refinance

[KJT]

Looking for best options to Refinance new car auto loan with 15 % interest rate. I'm currently 16 months post BK7 discharge. Is Navy Federal or PenFed best credit union option? FICO scores below and current credit.

[medicgrrl]

I'm not familiar with PenFed but I just had a great experience refinancing with NFCU.  They also had a promo going that you get $200 after 60 days of on time payments.  

[Anonymous]

PenFed WILL NOT finance over 120%, I belive Navy might from my converstaion I had with them.

[Anonymous]

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@Anonymous wrote:

PenFed WILL NOT finance over 120%, I belive Navy might from my converstaion I had with them.

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Navy uses KBB Retail to determine what 100% means - this is (quite) a bit more generous figure than other lenders use (private party sale), and thus Navy is quite a bit more generous, even though they technically still won't do more than 120%

Edit: thinking back on my conversation the rep might have actually said 'NADA Retail' - either way, quite a bit more than I could actually get for the car, so I'm grateful  

[Anonymous]

Does anyone know how many months past BK and what credit scored Navy Likes? If they do use retail value that's much better than other lenders. I know PenFed uses NADA.

Edit: ALSO, Another user shared using Blinker - which is an app to do refinance. I haven't used it but was looking into it today.

[medicgrrl]

They'll go over 120% with approval.  I'm pretty sure that's why my rate was a little bit higher than what they initially told me.

[KJT]

PENFED credit union approved me 33k 72 months 6.1% APR 2017 Camry. Navy Fed declined application.