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Beneficial Auto

Regular Contributor

Beneficial Auto

I applied for a siggie loan on to consolidate my CCs.  I am self employed and I am having a hard time proving income, but Beneficial offered to refi my car instead of giving me a siggie.


Heres the deal:

Currently with Cap One Auto Finance (I hate them)

Bought the car in Feb 08.  Made one pmt 15days late, got a $40 fee and they refuse to waive it.  Couldn't get approved thru CU cuz I rolled over some negative equity.

The rate is 13.91% for 6 years.  =$707.80 monthly


Offer is from Beneficial

Next pmt is 45 days out (which saves me $1420 right now, so I can apply that towards my CCs)

APR 13.80% BUT they will only do 5 years, so the pmt is $770.

They are saying they can approve me with bank statements and my tax return (there is about a 40k difference between the statements and returns).


Should I do it???

The 770 pmt won't be a problem.  If I  can apply the 1420 towards my CCs that will actually save me $150 on monthly bills because I am sending large pmts to this CC every month currently.


Anyone with Beneficial???

Likes or dislikes????



I have a Sears card with a promo balance of 2300.  1350 of that expires in Nov 08, I will put the 1420 in saved car pmts towards the Sears balance.  Which brings my CC util down to  64.5% from 87%

Util for the card will go from 75% to 31%.

Will I be helping or hurting myself by refinancing???


My util would be lowered due to the money I save on car pmts getting applied to CC debt, but my Cap One Auto account would be PIF after only 8 months and a new auto account would be created. 

Message Edited by scottie_mommy on 10-08-2008 04:28 PM
Message Edited by scottie_mommy on 10-09-2008 10:39 AM
Message 1 of 7
Regular Contributor

Re: what would you do?


advice please on Beneficial

Message 2 of 7
Established Contributor

Re: what would you do?

I used them years ago. They were nice and easy to deal with. Now I believe you have to own a home to work with them.



But I don't know that this is the best action for you. I'll let other chime in on that.

FEB '08 FAKOs: TU 628 | EX 650 | EQ 584
JAN'09 FAKOs TU 686 | EX 705 | EQ 664
EQ FICO: FEB '08 646 | APR '08 678 | SEP '08 679
Message 3 of 7
Moderator Emeritus

Re: what would you do?

Shnapple wrote:

I used them years ago. They were nice and easy to deal with. Now I believe you have to own a home to work with them.


Oh, so that is why they stopped sending me the fake checks. I felt unloved when they stopped writing me. At least I have Citifinancial sending me their $5k checks.

Message 4 of 7
Moderator Emeritus

Re: what would you do?

OP, I personally wouldn't do it. I think Beneficial scores as a CFL.
Message 5 of 7
Regular Contributor

Beneficial Auto

I do own a home, and I have been approved, just waiting for my proof of income to clear.


Has anyone, looked at your FICO scores after having a loan with them?

I'm afraid of my score plummeting.

I'm trying to boost my score by lowering my CC util, but if this reports as a CFL and hurts me, it defeats the purpose of the refi.




Message 6 of 7
Regular Contributor

Re: Beneficial Auto


anyone know how an auto loan with Beneficial affected your FICO???

Message 7 of 7