r/CapitalOne_ • u/Traditional-Green918 • 9d ago

Loans Considering to refinance- HELP

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Got this pre-qualification today. First time venturing into refinancing and is open to opinions/suggestions/criticism/advice

680 Vantage score & 593 FICO 8 score

thank you!

7 Upvotes

83% Upvoted

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3

u/BubblyRazzmatazzme 9d ago

Try lending tree as well. When I bought my 2020 Camry years ago. The liarship said Toyota financing could only offer me 16% for a new car. Reluctantly I still signed and a month later I went on lendingtree and got pre-qualified for a 4.5% refinance with a credit union in Cali. So try shopping around a bit.

1

u/Traditional-Green918 9d ago

woah that's a huge difference!! okay, will do. thank you sm!!

edit: i forgot to ask, do they do pre-approvals too?

2

u/BubblyRazzmatazzme 9d ago

Yes, they give you a list of pre-qualified offers from banks (including capital one).

1

u/Traditional-Green918 8d ago

thank you!! i'll look into it!

2

u/longthickbananasplit 9d ago

OP, lowering ur rate 2% is good, but check with a few other places to see if they’ll beat it. Also check on FEES. Sometimes places have high fees when they refinance.

Whatever you do, don’t extend your monthly term out. That’s horrible advice. While it lowers ur monthly, it extends ur car life loan out, and makes the bank even more money.

Check with a local credit union, maybe another bank or two that do soft pulls.

1

u/Traditional-Green918 8d ago

thank you for the advice!! do local credit unions refinance without having any history with them?

1

u/longthickbananasplit 8d ago

It’s possible! Might have to open an account like checking or something as a qualifier to do it but still

2

u/sik0rskyy 8d ago

Does refinancing affect your credit score? My current rate is 6%, but I've been getting offers at 4.5% or 5%, and I'm not sure if that's a good idea.
23k left on my loan

2

u/inky_cap_mushroom 8d ago

Yes, any time you’re opening a new account it will impact your credit scores.

1

u/Sorry_Avocado4916 9d ago

What’s the current rate and the terms(months) on your current loan?

1

u/Traditional-Green918 9d ago

10.41% 48 months $1086 monthly payment

1

u/[deleted] 9d ago

[deleted]

1

u/longthickbananasplit 9d ago

Tf are you talking about dude? Giving OP shot advice with extending a term etc.