GF is refinancing a very high % interest (close to 10%) with about $6000 left on her car loan. Credit score is at or near 700 from my understanding.

Looking for any recommendations in any banks/credit unions/individual to go meet.... currently with Citibank. Richardson/Plano/Allen/Frisco area preferred.

Also, is it not even worth it at this point?

Been looking to pay off debt and lower monthly payments to save more money. Already adjusted a few things like car insurance and cell phone plan, and this is another...

Thanks in advance!

Maybe look at Pentagon Federal Credit Union. I used them when I purchased a car out of college, the rate was 1.4 I believe.

Just pay it off. If you can't. Take the savings you highlighted and put it directly into this or the highest interest you have.

$6k loan is pretty damn small... try credit union though.

The Pilot said:

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Maybe look at Pentagon Federal Credit Union. I used them when I purchased a car out of college, the rate was 1.4 I believe.

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Highly recommended -- financed 3 cars with them since 2005.

Assuming it's 2015 or older, rates are 2.49% for 36 mos. (max loan term for that small of an amount). Payments should be ~$175/mo at that rate -- may not seem to save that much per month, but it adds up over those 3 years. Not sure what credit score is needed for that rate.

https://www.penfed.org/auto/refinance

Just have to pay a one-time membership fee if she doesn't have a military connection.

drewser95 said:

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The Pilot said:

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Maybe look at Pentagon Federal Credit Union. I used them when I purchased a car out of college, the rate was 1.4 I believe.

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Highly recommended -- financed 3 cars with them since 2005.

Assuming it's 2015 or older, rates are 2.49% for 36 mos. (max loan term for that small of an amount). Payments should be ~$175/mo at that rate -- may not seem to save that much per month, but it adds up over those 3 years. Not sure what credit score is needed for that rate.

https://www.penfed.org/auto/refinance

Just have to pay a one-time membership fee if she doesn't have a military connection.

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Thank you all...

Drewser95 is a wizard.

She literally lowered her payments to about $185/mo for 36 months using the Credit Union I use (CU of TX). Rate went from double digits to close to 3%. She's going to take the extra $200 a month and put it towards paying off remaining school debts.

Definitely going to look at Pentagon when I'm ready for the next vehicle as a comparison.

Edit: Sorry. Didn't see you had your solution already. I finance my vehicles through the manufacturer for the cash-back options then refi at credit union (last two have been EECU) after 3 months at much lower rate.

agcrock2005 said:

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Edit: Sorry. Didn't see you had your solution already. I finance my vehicles through the manufacturer for the cash-back options then refi at credit union (last two have been EECU) after 3 months at much lower rate.

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Happened to be on the board today and saw the reply. Thanks for posting. When she's ready for a new car, I might bring that up as an idea too...

I like it when a dilemma gets solved. Good work Ags!