I have an auto loan (60 months@19.75%) that I really really need to refinance. I took the loan because it was the best I could do right out of college without any prior auto-loan experiance. I've made all payments on time for 18 months. I have a Cap1 card (in good standing) and wanted to know what scores were required to refinance an autoloan through Cap1 (or eloan). The loan would be for about 80% of vehicle value. My scores--EQF=~600, EX=629, TU=? My debt to income ratio is fine (like 21%), with total fixed expenses (rent+debt) @ 34% of income. Would I be able to qualify for a re-fi??? Any reduction would, even to like 15% would be an improvement.
if you are talking abotu people first - they want a min 720 score cap1 auto refi i would guess would refi you but most likely it will be in the mid-teens rate. i hate cap1.
Hi, You may want to visit your local credit union to see what they can give you; they should be able to put you well into the single digits for interest rates, though they may require you to pay something "down" toward the car to reduce or eliminate the "negative equity" in the car. This is the difference between what you owe on the car and what the car is worth (i.e. kelly blue book or nada). I would sacrifice one inquiry to a credit union, but do some research on it first. Ask the loan officer questions about criteria. Cap One will be in the teens, but they will finance your complete payoff (negative equity included). Other sources who finance the complete payoff are: Generations Bank at 650 if your Trans Union is clean. They will finance complete payoff within reason. They financed the amount of *dealer resale value* for me, which we all know is a few grand above true value. People First and Household Finance. Wells Fargo Financial (they refinanced me with scores around 580). Lastly, USAA bank may help you as well, though I don't know much about them. They can put you in the single digits, too. I would research them after trying the Credit Union. Then I would move on to the finance companies.
I have positive equity in my car, not negative, so that's good. I think I owe about $12k, and it's worth at least $15k. (On account of the original $4500 I put down!)
In that case, 1. local Credit Union 2. PFCU (Pentagon Federal Credit Union) 3. USAA Bank 4. Generations Bank (ask for 5.9%)
Trade it in and take advatage of the deals going on right now. You should qualify for low intrest specials. thats my 0.02
avoid Cap One Auto like a plague, because i was approved with them at 17% with a FICO score of 690 and turned it down because Fleet, GM Card, and Discover approved me @0% for 1 yr right after CRap ONe auto WANTED to approved me.
Min score 540. they pull all three & take the average. COAF has a good refi dept. If you call the 800# on your statement you can get to the refi dept & apply. You can usually expect a good decrease in rate (about 6%). It needs to go through the internal scoring system so there is no guarantee. Hope this helps
I'll call them in the morning. Like I said, since I'm currently paying 19.75%, capital 1 could bend me over and give it to me to the tune of 17% and I'd still be happier than now. Does anyone know if they have big finance charges? Steve
You really should try first with a credit union, with your scores in the low 600's. You can join the PFCU by getting a "support the military" annual membership for $20. USAA Bank may approve you, too. Don't accept 17% b/c it's lower than 19%. Go for the best you can get. You might be surprised as to what happens, as I think you could get well within the single digits.
How does the Pentagon Fed. Credit Union work?? I'm a defense contractor in DC, so I always walk by it when I'm at the pentagon. I didn't think I was eligible to join since I'm not government or military.
Re: Re: Score needed for Cap1 Auto Refi? Check out this link: http://www.penfed.org/join/eligible.html And, if you aren't affiliated with military, check out this link: http://www.nmfa.org/ If you are a member of NMFA, PFCU says: "If you did not fall within any of the previous groups for qualification, you may still be able to join Pentagon Federal. Join the National Military Family Association, a leading advocate for military families, and you'll be eligible to join Pentagon Federal. You can join both the National Military Family Association and Pentagon Federal right now using our joint membership application or find out more about the National Military Family Association." So, you can do a joint application for membership for both entities on the PFCU homepage.
Re: Re: Score needed for Cap1 Auto Refi? I would definitely shop around also. I had a loan from Cap 1 in November 2001 and they charged me 9.95%. I sold that car last August and my new loan (through another lender) is 7.25%. The other day in the mail, I got an offer to refi at 10.95%. Have they been drinking? And believe me, my credit is MUCH better then it was back in 2001! Don't forget, auto loans (like home loans) only count as 1 inquiry no matter how many people pull your credit. I believe the window is 14 days.
Re: Re: Score needed for Cap1 Auto Refi? I signed up for that PFCU membership last night. I think I'll wait a couple months so that I can pay down some card balances, then apply. Just curious, what were you're scores when you refinanced? I know I should qualify on income.
Re: Re: Score needed for Cap1 Auto Refi? My TU score was 640 something when I refinanced with Generations Bank. They took me from a 17.25% car loan to a 7.9% car loan.
Try lending tree.com.. They referred me to WFS financial I was able to refinance a 19.9% auto loan down to 7.4% My scores are all between 600 and 615, with a ch.7 discharged in Nov.
I had a 17.99% through Cap One and did a refi with Household Finance for 9%. My credit score is somewhere in the 560-570 range.
