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Auto Refinance

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Auto Refinance

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.
BK Filed 06/15 and D/C 09/15 Current FICO 8 December 2019 EQ 664 EX 647 TU 663 CAP 1 Venture MC 11.2 k, Target $2.2k, Banana Republic $6k, NFCU $30k, NavChek CLOC $15k, NFCU AMEX Rewards $13.5k, NFCU Visa Signature Flagship Reward $5.5, Barclays NFL $14k, Discover IT Cash Back $7.9k, Discover IT Travel $15k PayPal $5.9k, Wal-Mart $6k, Amazon Prime $6k, Belk 1k, PENFED Power Cash Reward 20k, PENFED AMEX $20K, PENFED Credit Union CLOC 1.5k, PENFED New Car Loan 6% APR 33k 72 MTHS-Paid Off, PENFED Signature Loan 19k 48 MTHS, Nordstrom 7.5k; Care Credit $12k, Raymour & Flannigan $5.7, Infiniti Q50 2019 $44K-1.9% APR 72 months. Total CC Limits 230K.
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Valued Contributor

Re: Auto Refinance

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.  



EQ 778 EXP 782 TU 729
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Frequent Contributor

Re: Auto Refinance

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

Ch7 BK filed 7/5/16, DC 10/12/16
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Established Contributor

Re: Auto Refinance


@harleygirl1987 wrote:

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


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  Smiley Very Happy

Message 4 of 7
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Frequent Contributor

Re: Auto Refinance

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.

Ch7 BK filed 7/5/16, DC 10/12/16
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Valued Contributor

Re: Auto Refinance

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.



EQ 778 EXP 782 TU 729
Message 6 of 7
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New Contributor

Re: Auto Refinance

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

BK Filed 06/15 and D/C 09/15 Current FICO 8 December 2019 EQ 664 EX 647 TU 663 CAP 1 Venture MC 11.2 k, Target $2.2k, Banana Republic $6k, NFCU $30k, NavChek CLOC $15k, NFCU AMEX Rewards $13.5k, NFCU Visa Signature Flagship Reward $5.5, Barclays NFL $14k, Discover IT Cash Back $7.9k, Discover IT Travel $15k PayPal $5.9k, Wal-Mart $6k, Amazon Prime $6k, Belk 1k, PENFED Power Cash Reward 20k, PENFED AMEX $20K, PENFED Credit Union CLOC 1.5k, PENFED New Car Loan 6% APR 33k 72 MTHS-Paid Off, PENFED Signature Loan 19k 48 MTHS, Nordstrom 7.5k; Care Credit $12k, Raymour & Flannigan $5.7, Infiniti Q50 2019 $44K-1.9% APR 72 months. Total CC Limits 230K.
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