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Started By
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Refinancing vehicle, help?
Posted on 7/10/17 at 7:38 pm
Posted on 7/10/17 at 7:38 pm
Howdy all,
I lost my truck in the flood last year and bought a new one. I financed it through Ford to get an additional rebate. Due to the flood, I built up an extreme amount of CC debt and have been paying it on it monthly. I have it almost down to nothing and my credit score back up. With my score approaching 740-750, its time for me to refinance.
In the past, I have used my local credit union at 2.5%. I am sure that I could get either the same, or close rates, but I have not confirmed this yet. I know this board loves Lightsteam and I will check with them, but I know there is another company as well that is highly recommended. What do yall think are some better options for me to explore?
Penfed? Is that the other company that usually offers good rates?
I lost my truck in the flood last year and bought a new one. I financed it through Ford to get an additional rebate. Due to the flood, I built up an extreme amount of CC debt and have been paying it on it monthly. I have it almost down to nothing and my credit score back up. With my score approaching 740-750, its time for me to refinance.
In the past, I have used my local credit union at 2.5%. I am sure that I could get either the same, or close rates, but I have not confirmed this yet. I know this board loves Lightsteam and I will check with them, but I know there is another company as well that is highly recommended. What do yall think are some better options for me to explore?
Penfed? Is that the other company that usually offers good rates?
This post was edited on 7/10/17 at 7:51 pm
6
Posted on 7/10/17 at 8:08 pm to Ice Cream Sammich
In the past I've used a credit union. I shopped around the most recent time at those two you mentioned and you're not going to believe this but Regions bank gave me the best rate. I'm at 2% on one car and 2.5 on another. Both were used vehicles. My point is: shop around at those two but check your local bank too.
Posted on 7/10/17 at 8:35 pm to GaryMyMan
I already compared Penfed and Lightstream. Pelican beats both, so far. I will continue to shop, thanks.
Posted on 7/10/17 at 8:42 pm to Ice Cream Sammich
Once you get down to the 2% range, the difference between 2% or 2.3% or whatever, isn't going to effect your payment by a lot. Without knowing anything about the places you mentioned, I'd use somebody local that will work with you if you ever have an issue with making a payment.
Posted on 7/11/17 at 7:58 am to Ice Cream Sammich
Try Keesler Financial CU.
Posted on 7/11/17 at 5:56 pm to Ice Cream Sammich
Check EFCU Financial
Posted on 7/12/17 at 7:04 am to Ramblin Wreck
quote:
Once you get down to the 2% range, the difference between 2% or 2.3% or whatever, isn't going to effect your payment by a lot. Without knowing anything about the places you mentioned, I'd use somebody local that will work with you if you ever have an issue with making a payment.
This. Even 2.5% from 2% is only a couple bucks a month on a $25,000 loan. I'm all about shopping around and I know that adds up, but it can also be worth $5/ month to build a book of business with a local brick and mortar.
Posted on 7/13/17 at 6:05 am to Ice Cream Sammich
If you are a Veteran, check out Navy Federal Credit Union. If you're not a Veteran but your spouse or one of your parents served, they can sponser you for membership.
Posted on 7/13/17 at 8:59 am to Ice Cream Sammich
Find a local credit union....and while you're checking out their car re-fi rates, see if their banking options aren't better than what your commercial bank is offering.
If you are USAA eligible, the refi rates are hard to beat. Very quick loan approvals & you can do all of the paperwork online.
If you are USAA eligible, the refi rates are hard to beat. Very quick loan approvals & you can do all of the paperwork online.
Posted on 7/14/17 at 2:37 pm to Ice Cream Sammich
I used Jefferson Financial Credit Union to refinance my truck a few years ago to cash out some equity to pay off some higher interest credit cards. Think it was a 2.9% rate on $20k loan for a 3-4 year old truck at the time.
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