Bank Advice (personal checking and loan refi) - KCSR

SlowTA · 2015-09-15, 08:33 PM

Ok so I have had the same checking bank for going on 15 years now and have had a few issues here and there but I feel like I could benefit from going elsewhere. I also have 3 student loans (one medium-ish from AES and 2 small from Navient) that I would like to refinance. I have good credit and I am trying to get things paid off sooner and hopefully save myself some money.

I have looked online but its really hard to trust some of the banks I have found especially with my refinancing. Is there a good local option to look into?

tim_ws6 · 2015-09-15, 09:22 PM

See JT (ItallionStallion) at Usbank /thread

69Mach351 · 2015-09-16, 08:56 AM

Look online and at credit unions too.

Our local credit union offers as good of rates on checking, as some other banks do on 5year CDs. There is very minimal criteria for it.

As far as the student loans go, look at the rates and know if they are fixed or variable. You won't necessarily want to refi something that is at a lower fixed rate or even variable if you plan on paying it off quick.

SlowTA · 2015-09-16, 09:40 AM

Quote:

Originally Posted by 69Mach351

Look online and at credit unions too.

Our local credit union offers as good of rates on checking, as some other banks do on 5year CDs. There is very minimal criteria for it.

As far as the student loans go, look at the rates and know if they are fixed or variable. You won't necessarily want to refi something that is at a lower fixed rate or even variable if you plan on paying it off quick.

I have been told to check out a credit union by a friend of mine. I'll look more into that as I know very little about them.

My biggest student loan is a variable interest loan that is small enough too pay off in the next 5-6 years instead of the nearly 10 that the loan is setup for. I've already paid so much into it that I should be over halfway done but it's not even paid down to the original loan amount yet which is why I want to refinance into something more manageabl time wise.

sleek98 · 2015-09-16, 10:37 AM

If they are federally backed student loans I think you are allowed to refinance one time and it is to the average loan rate of your current loans. I don't know if normal banks or credit unions will even refi them anymore due to new regs.

Also one other item to note is if they are federally backed and you die they are forgiven. Something most people don't realize when they refinance them privately through other means. If you are single and have no other assets then it does not really matter anyways. There is nothing in your estate that will have to be sold to settle the debt.

I personally use Community America Credit Union. They seem to have better rates than most banks. However JT has helped me out before on items that CACU was just too conservative to lend on. If I am not able to get what I need from CACU JT is my first call.

**ItalionStallion888** · 2015-09-16, 11:31 AM

I have checking and refi options available. I'm not allowed to post bank stuff where the public can see, if you want to pm me, I can give you more information.

jasman18 · 2015-09-16, 11:55 AM

I had some graduate degree loans.
I refinanced and it was easy.
I wholeheartedly endorse SOFI
SOFI took me from 7.5 to 3%

LINK:
https://www.sofi.com/refer/4/29485

SlowTA · 2015-09-16, 02:31 PM

Quote:

Originally Posted by jasman18

I had some graduate degree loans.
I refinanced and it was easy.
I wholeheartedly endorse SOFI
SOFI took me from 7.5 to 3%

LINK:
https://www.sofi.com/refer/4/29485

I will contact them tonight after work but I might not qualify because I never graduated college. They make it Senn like that is one of their main criteria they look for.

Billy Mild · 2015-09-16, 03:55 PM

I use a credit union. Just ensure they are part of the Co-op network. That allows you to use over 30,000 ATM's nationwide. Also you can utilize a Shared Branch to do anything you need in person.

SlowTA · 2015-09-17, 02:01 PM

Quote:

Originally Posted by SlowTA

I will contact them tonight after work but I might not qualify because I never graduated college. They make it Senn like that is one of their main criteria they look for.

So yes, they will only refinance if you have graduated which makes zero sense to me. Screw that.

2015-09-15, 08:33 PM	#1
SlowTA Join Date: Feb 2004 Location: Lees Summit Posts: 7,051 Post Thanks / Like Thanks (Given): 34 Thanks (Received): 43 Likes (Given): 121 Likes (Received): 132 Dislikes (Given): 2 Dislikes (Received): 9	Bank Advice (personal checking and loan refi) Ok so I have had the same checking bank for going on 15 years now and have had a few issues here and there but I feel like I could benefit from going elsewhere. I also have 3 student loans (one medium-ish from AES and 2 small from Navient) that I would like to refinance. I have good credit and I am trying to get things paid off sooner and hopefully save myself some money. I have looked online but its really hard to trust some of the banks I have found especially with my refinancing. Is there a good local option to look into? __________________ Insert witty something here.

2015-09-16, 03:55 PM	#9
Billy Mild Join Date: Jan 2010 Location: Pevely, MO Posts: 6,147 Post Thanks / Like Thanks (Given): 119 Thanks (Received): 74 Likes (Given): 2602 Likes (Received): 593 Dislikes (Given): 85 Dislikes (Received): 33	I use a credit union. Just ensure they are part of the Co-op network. That allows you to use over 30,000 ATM's nationwide. Also you can utilize a Shared Branch to do anything you need in person. __________________ 1991 Corvette ZR-1 #1599 of 2,044 airlid mod 2016 RAM 1500-Roll coal 1986 Yamaha RZ350-blown up 1971 Yamaha AT1c-In the middle of restoration

2015-09-16, 08:56 AM	#3
69Mach351 Join Date: Apr 2007 Location: NE KS Posts: 8,478 Post Thanks / Like Thanks (Given): 262 Thanks (Received): 234 Likes (Given): 1797 Likes (Received): 1701 Dislikes (Given): 37 Dislikes (Received): 44	Look online and at credit unions too. Our local credit union offers as good of rates on checking, as some other banks do on 5year CDs. There is very minimal criteria for it. As far as the student loans go, look at the rates and know if they are fixed or variable. You won't necessarily want to refi something that is at a lower fixed rate or even variable if you plan on paying it off quick.

2015-09-16, 10:37 AM	#5
sleek98 Join Date: Mar 2004 Posts: 2,836 Post Thanks / Like Likes (Given): 185 Likes (Received): 201 Dislikes (Given): 6 Dislikes (Received): 4	If they are federally backed student loans I think you are allowed to refinance one time and it is to the average loan rate of your current loans. I don't know if normal banks or credit unions will even refi them anymore due to new regs. Also one other item to note is if they are federally backed and you die they are forgiven. Something most people don't realize when they refinance them privately through other means. If you are single and have no other assets then it does not really matter anyways. There is nothing in your estate that will have to be sold to settle the debt. I personally use Community America Credit Union. They seem to have better rates than most banks. However JT has helped me out before on items that CACU was just too conservative to lend on. If I am not able to get what I need from CACU JT is my first call.