Auto refinance through a credit union?
That's a good point to bring up Panda.
When an institution runs your credit report, it's a hard hit to your credit, each time lowering it a few points. When you have your credit report run personally, like to freecreditreport.com or whatever, that is a "soft hit". I forget how/if that adversely affects your credit tho.
When an institution runs your credit report, it's a hard hit to your credit, each time lowering it a few points. When you have your credit report run personally, like to freecreditreport.com or whatever, that is a "soft hit". I forget how/if that adversely affects your credit tho.
You shouldn't worry so much about the inquiries on your credit when you are looking for specific financing. It is excessive inquiries that are the issue. When looking for a refi ALL banks or FCU's are going to need to run your credit to obtain your FICO score and determine your credit worthiness. Higher the FICO score the lower the APR. Most lending institutions may charge a minimal processing fee. $25-$50. Bottom line is this. If you have a high APR on your auto loan now refi it into a lower one, and when ever you can make additional principal payments to reduce the overall interest you pay for the loan itself. TIME IS THE ENEMY on any type of loan.
Joined: Feb 2006
Posts: 13,068
Likes: 101
From: Southern Cali --> 818
FYI, Regarding inquiries:
The credit bureaus will see multiple inquiries as one if they are done within (IIRC) a 14 day period. AKA, rate shopping. Don't be afraid to shop around for the best rate.
I'm not sure if they are local for you, but I recommend Premier America Credit Union. They have excellent customer service and offer great rates.
The credit bureaus will see multiple inquiries as one if they are done within (IIRC) a 14 day period. AKA, rate shopping. Don't be afraid to shop around for the best rate.
I'm not sure if they are local for you, but I recommend Premier America Credit Union. They have excellent customer service and offer great rates.
Hey Tae what did US Bank say?? Memeber foo i work there.. let me know i look into it for you.. and all of you that say credit unions is the shiet hahahaha they f'd me hard my apr my first car and my parents co signed way back and they have 800 scores.. so screw them
the homie Allan (nghiars) gave me an offer for 5.75%, but I only got like 10 paymens left so it aint worth it. Also they pay 1 month of car payment for you as a promotion!
Don't blame the CU for your bad credit or lack of credit when you were 18. You weren't getting an apr based on your parents score. They were just signing liability.
^truf.
When i was 18 I got a 10.9%, yes you read it right, 10.9% car loan from chase even though my dad cosigned. It's just lack of credit history....now, 6 years later, FCUs and banks are throwing themselve at me left and right for sub 6% aprs, it's just how the industry works.
When i was 18 I got a 10.9%, yes you read it right, 10.9% car loan from chase even though my dad cosigned. It's just lack of credit history....now, 6 years later, FCUs and banks are throwing themselve at me left and right for sub 6% aprs, it's just how the industry works.
I just checked my credit unions rates - penfed.org. See below. Anybody can join if you donate to one of their groups. These rates are internet only and I think you have to have direct deposit. But not sure. Need good to excellent credit!!!
Used Auto Loan Rates**
3.99% APR* 12 to 36 months less than $7,500
3.99% APR* 12 to 48 months $7,500 - $100,000
3.99% APR* 12 to 60 months $10,000 - $100,000
8.99% APR* 61 to 72 months $20,000 - $100,000
Disclosures
Maximum used car loan advance is NADA "Retail Value" or 80% of the purchase price where NADA "Retail Value" is not available. Amount financed determines loan term. Further restrictions apply on vehicles with 100,000 miles or more. Call 800-247-5626 for details. Up to 100% financing is available to qualified members. Call 800-247-5626 for details.
Rate and term are based upon loan amount and model year and are subject to change. If refinancing a Pentagon Federal Credit Union loan, you must net an additional $5,000. Other conditions apply.
"Smart" Car Collateral Restrictions: Total financing is limited to 100% of value and loan terms cannot exceed 60 months.
Internet Only Sale Rate: The 3.99% rate applies to used vehicles, financed for 12 to 60 months. Rate good only on Internet applications. Rate higher for non-Internet applications.
Loan Example: $10,000 at 3.99% APR; 60 monthly payments of approximately $195 each. Rate current as of July 2009 unless otherwise noted and is subject to change.
Used Auto Loan Rates**
3.99% APR* 12 to 36 months less than $7,500
3.99% APR* 12 to 48 months $7,500 - $100,000
3.99% APR* 12 to 60 months $10,000 - $100,000
8.99% APR* 61 to 72 months $20,000 - $100,000
Disclosures
Maximum used car loan advance is NADA "Retail Value" or 80% of the purchase price where NADA "Retail Value" is not available. Amount financed determines loan term. Further restrictions apply on vehicles with 100,000 miles or more. Call 800-247-5626 for details. Up to 100% financing is available to qualified members. Call 800-247-5626 for details.
Rate and term are based upon loan amount and model year and are subject to change. If refinancing a Pentagon Federal Credit Union loan, you must net an additional $5,000. Other conditions apply.
"Smart" Car Collateral Restrictions: Total financing is limited to 100% of value and loan terms cannot exceed 60 months.
Internet Only Sale Rate: The 3.99% rate applies to used vehicles, financed for 12 to 60 months. Rate good only on Internet applications. Rate higher for non-Internet applications.
Loan Example: $10,000 at 3.99% APR; 60 monthly payments of approximately $195 each. Rate current as of July 2009 unless otherwise noted and is subject to change.
not bad credit svkca i know u said lack of as well but dont use both hahahah