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Car refinance questions ADVICE NEEDED

Jdmsuspect
New Member

Car refinance questions ADVICE NEEDED

Purchased a car over a year ago
Credit score was around 650 now it's at 747 according to capital ones credit tracker ....
Payments are 413 month with a interest about 7-8 not exactly sure what it was
Made 14 payments already

Wanna refinance to cut the interest currently owe about 15,250

Need advice ... 23 yrs old no late payments ever
Message 1 of 10
9 REPLIES 9
CGDefender
Regular Contributor

Re: Car refinance questions ADVICE NEEDED

If you have a steady job and a clean credit history, try establishing a relationship with a Credit Union. Few can beat CU rates when it comes to car loans, and you could probably reduce your monthly payment as well as the amount your paying on interest.

 

If your military, take a look at Navy Federal CU. It’s the largest CU in the country.

 

If your not military but want to join a larger credit union, take a look at Pentagon Federal CU. Anyone can join with a small donation to their charity.

 

Your credit scores are ripe for changing your rates. The thing you may bump up against is you may owe more than your car is worth at only 1 year out from purchase, and many wont give you a refi loan for much more than the car is currently worth.

Gardening Since: 21 Jan 2017
USAA FAKO "Plus" \ FICO Score 8 (1 Apr)
Eq: 729 \ 808
Tu: 710 \ 790
Ex: 770 \ 809
FICO NextGen V2: 781 (Dec 1st 2016 - from PenFed)
Message 2 of 10
Jdmsuspect
New Member

Re: Car refinance questions ADVICE NEEDED

Car is def worth about 19k right now
So that's not an issue
I was thinking more in the route of using td bank or Bank of America depending on rates or would it make that big of a difference if I went with a CU?
Message 3 of 10
Bluebonnet
New Contributor

Re: Car refinance questions ADVICE NEEDED

You would need to look at the rates that each is offering.  I have also found Credit Unions to offer very competitive rates.



Last app: 10/4/14
In the garden until Winter of 2016
Message 4 of 10
CGDefender
Regular Contributor

Re: Car refinance questions ADVICE NEEDED

When I re-financed my car a few months ago, I shopped all over. No one was able to beat the CUs on used car re-fi rates.

 

Bank of America is a big contender in the car loan buisness, but checking the CUs when car loan shopping is a must. 

Gardening Since: 21 Jan 2017
USAA FAKO "Plus" \ FICO Score 8 (1 Apr)
Eq: 729 \ 808
Tu: 710 \ 790
Ex: 770 \ 809
FICO NextGen V2: 781 (Dec 1st 2016 - from PenFed)
Message 5 of 10
Luscher
Valued Contributor

Re: Car refinance questions ADVICE NEEDED

DCU
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Message 6 of 10
Jdmsuspect
New Member

Re: Car refinance questions ADVICE NEEDED

Thanks for the info guys
Which CU do u guys recommend if you could list a few that'd be great
Message 7 of 10
CGDefender
Regular Contributor

Re: Car refinance questions ADVICE NEEDED


@Jdmsuspect wrote:
Thanks for the info guys
Which CU do u guys recommend if you could list a few that'd be great

When it comes to picking a CU for credit products, my take is "the bigger the better". Check out the list below for some useful info.

 

As I said in my earlier post, my recomendation is based upon if you qualify for NFCU or not. If not, I recomend PenFed.

 

http://www.creditunionsonline.com/top100creditunions.html

Gardening Since: 21 Jan 2017
USAA FAKO "Plus" \ FICO Score 8 (1 Apr)
Eq: 729 \ 808
Tu: 710 \ 790
Ex: 770 \ 809
FICO NextGen V2: 781 (Dec 1st 2016 - from PenFed)
Message 8 of 10
Jdmsuspect
New Member

Re: Car refinance questions ADVICE NEEDED

I'm not in any service so I guess that's a no no for me
Message 9 of 10
CGDefender
Regular Contributor

Re: Car refinance questions ADVICE NEEDED


@Jdmsuspect wrote:
I'm not in any service so I guess that's a no no for me
You dont have to necessarily be a member of a service to join NFCU. Check out the catagories.
 
Also, if any member of your immediate family is a member, you may also be eligible.
 
 
Gardening Since: 21 Jan 2017
USAA FAKO "Plus" \ FICO Score 8 (1 Apr)
Eq: 729 \ 808
Tu: 710 \ 790
Ex: 770 \ 809
FICO NextGen V2: 781 (Dec 1st 2016 - from PenFed)
Message 10 of 10
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