cancel
Showing results for 
Search instead for 
Did you mean: 

Auto Refinance

tag
KJT
Contributor

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 8/9 Scores EQ 750/812 EX 722/742 TU 725/715 AMEX BCE $20K, Delta AMEX $10k, AMEX Everyday $5K, AMEX Gold NPSL, AMEX Platinum NPSL, AMEX Marriott Bonvoy $9.3K, AMEX Hilton Aspire $9.3K, Apple Mastercard $9K, BOA Unlimited Custom Cash Visa $5K, BOA Travel Rewards Visa $5K, BBT Travel Reward Visa $7.5K, BBT Brightstar Visa $7.5K, Target $5k, Banana Republic $7k, CITI Custom Cash $3K, NFCU eSignature Visa $40k, NFCU CLOC $15k, NFCU AMEX Rewards $25k, NFCU Classic Visa Signature Flagship Reward $15k, Comendity NFL $25.4k, PayPal $10k, Capital 1 Wal-Mart $7k, Amazon Prime $10k, CITI-Double Cash $3k, PENFED Power Cash Reward 20k, PENFED AMEX $20K, PENFED Platinum $10k, PENFED Credit Union CLOC 1.5k, PENFED New Car Loan 6% APR 33k 72 MTHS-Paid Off, PENFED Signature Loan 19k 48 MTHS, Nordstrom 15K; Raymour $5.3, USAA AMEX Reward $14.5K, USSA Visa Reward $9.5K, Target $5K, Infiniti Q50 2019 $44K-1.9% APR 72 months-Paid Off. Total CC Limits $346K.
Message 1 of 7
6 REPLIES 6
medicgrrl
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
Message 2 of 7
Anonymous
Not applicable

Re: Auto Refinance

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

Message 3 of 7
Anonymous
Not applicable

Re: Auto Refinance


@Anonymous 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
Anonymous
Not applicable

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.

Message 5 of 7
medicgrrl
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
KJT
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 8/9 Scores EQ 750/812 EX 722/742 TU 725/715 AMEX BCE $20K, Delta AMEX $10k, AMEX Everyday $5K, AMEX Gold NPSL, AMEX Platinum NPSL, AMEX Marriott Bonvoy $9.3K, AMEX Hilton Aspire $9.3K, Apple Mastercard $9K, BOA Unlimited Custom Cash Visa $5K, BOA Travel Rewards Visa $5K, BBT Travel Reward Visa $7.5K, BBT Brightstar Visa $7.5K, Target $5k, Banana Republic $7k, CITI Custom Cash $3K, NFCU eSignature Visa $40k, NFCU CLOC $15k, NFCU AMEX Rewards $25k, NFCU Classic Visa Signature Flagship Reward $15k, Comendity NFL $25.4k, PayPal $10k, Capital 1 Wal-Mart $7k, Amazon Prime $10k, CITI-Double Cash $3k, PENFED Power Cash Reward 20k, PENFED AMEX $20K, PENFED Platinum $10k, PENFED Credit Union CLOC 1.5k, PENFED New Car Loan 6% APR 33k 72 MTHS-Paid Off, PENFED Signature Loan 19k 48 MTHS, Nordstrom 15K; Raymour $5.3, USAA AMEX Reward $14.5K, USSA Visa Reward $9.5K, Target $5K, Infiniti Q50 2019 $44K-1.9% APR 72 months-Paid Off. Total CC Limits $346K.
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.