Just got 4.75% on my car loan!.....Just over a year post-discharge

[mijd]

@ Upsidedown and IBroke. Were either of you members of GTE prior to being approved for the car loan? I know GTE used to write for the dealership I work for and would sign up members when approved for car loans. I was wondering if being a member prior to apply for a loan would help with the process. Thanks for replies.

[pris72]

I am going to see about refinancing at a lower rate on my car as well after 12 months. I knew I'd have a higher than normal finance rate, due to the chapter 7. I am fine with it. I am just happy to be in a brand new car.

[IBroke]

2 months after discharge I got a new car loan from GTE FCU for 12.9%....Ouch!!!

GTE is great! We got our accounts with them as well (what a small world we're living in..). 12.9% is not that bad right after BK - and 4.75% is great!

[LSUTiger32]

Nice!!! $276 is a very reasonable payment and like you said you can now if you wanted to keep sending the $350 and pay it off at least a year early I would think. Well done!!!

[UpsideDown]

2 months after discharge I got a new car loan from GTE FCU for 12.9%....Ouch!!! But my wife needed a car and I needed to reestablish some credit, so I was stoked to get a loan at any rate. My score was 570 at the time. After making 12 payments (and getting my score up to 684), I called them and got it refinanced at 4.75%! They charged me a $50 application fee, but my payment went from around $350 to $276. Now I can use that extra money to pay it down quicker. Hopefully my score will increase significantly, by the time I pay it off.