Some of you know my turmoil with my old car and paying 19% on a 10 year old car. . . Not only did i just buy a new truck with them as a lien holder but they also just refied my old car loan and dropped it from 19% to 9% ... .

I am happier than a pig in slop right now. . .

Congrats!!!

So let me get this straight (little slow right now) you got a new wip and refied your old wip at the same time??

If so, You da man!

That is correct, I bought that car 5 years ago when my credit was really bad and I was paying 514 a month at an interest rate of 19%. The car has been giving me nothing but problems for the past year but I still had to make the payments. I decided that I need to get a new car of get out of this 19% payment.

So I called Patelco, opened up an account and started out with their card, that was 3 weeks ago. Then just for the heck of it I wanted to see if they would finance me for a new car just a few days later. Sure enough they gave me the loan that I asked for 30,000.

I bought my car and decided that I should try to refi my old car with them and see if I can get the rate lowered, once again they said O.K. .. they dropped my interest rate from 19% to 9% .
So for those of you that don't think that you will ever get out of the red, THERE IS HOPE, JUST STICK TO IT AND YOU WILL EVENTUALLY END UP ON TOP.

What's even better is that they usually don't refi cars as old as mine and as high a mileage, but they did it anyway. .

How many payments did you have left when you refinanced the old car?

16 payments remain on the car. At the rate that I was going I would have ended up paying 33976.14 and the loan was for 21,000, THAT IS ALMOST 13,000 dollars in interest. I was young and stupid, and wanted a car badly. Now I make sure that I do my research on ANY PURCHASE THAT I AM GOING TO MAKE.

Refinancing will save me more than 3000 in interest.

Good moves!!!

Congrrrrrrrrrrrrrrrrrrats!

Thanks Marv, this will definitely help out my finances ALOT. . .

Way to go!!! Patelco sure is spreading the love around these days. Just bought a new Dodge Magnum at 6.2% for 72 months and decided to see if they would refi my truck that I had with Chrylser Financial at 8.9%. They said sure and now I have both my vehicles at 6.2% and saving alot because of them. Needless to say I am now moving all of my banking to them and leaving Bank of America. They deserve my business...

Congrates to everone!!!

I am still a newbee and working on increasing my credit. But I will be needing a new car soon.... What are the min. scores for PATELCO?? Does anyone know??
Thanks,
Ashesid

They are more concerned with the debt to income ratio, then your score. From what they have told me, they do a manual review of your report and not just let some computer decide.

Don't get me wrong, they do look at your score, but that is not the end all with them, they take a look at your overall history.

Good luck

Thanks Tyson..