Anyone approved for car loan w/ NFCU after a short sale?

[jeeplvr97]

A little background! My short sale closed 1/31/13 and thankfully was not w/ NFCU. My sister had them and had a short sale, repo (both divorce related) it wasn't pretty. I have had them 25+ years (since I was a child) and have had 2 auto loans w/ them prior. currently have credit card  and had multiple personal loans. Will pay off my current car loan in a few days. They have been amazing to me in the past. Am hoping to purchase a "new" used car this fall. Currently my score shows as a 673 and hoping it will continue to rise over the next few months. My credit was perfect before short sale (was sitting at 810) and I was never late on anything besides the home loan for years.

My question is has anyone gone threw a short sale and applied for a car loan w/ a credit union (NFCU would be better) soon after a short sale? I am nervous that I will get denied or will pay a high percentage rate on the next car loan. I don't have to get a car this fall but will have a nice down payment by then and want a newer car.

Thanks!

[pizzadude]

Has the short sale shown up on your reports yet? If not then I'd expect that your FICO score will drop when it does.

However, I doubt that NFCU will stick it to you, given your prior good history with them, and the fact that they are usually quite good with approvals.

[jeeplvr97]

Yes, all has hit my credit report. Shows debt has been settled. My score was 810 back in October when I stopped making the payments and went down to 630's now up to 673. I just wonder if 8-10 months after a short sale is too soon to apply for a new loan and get approved.

[Dustink]

I don't think you have much to worry about. NFCU will take care of.

Have a good down payment together and go with the shortest term you can afford. If you must go with a 72 month loan, it means you are buying too much car. At worst go with 60 months. The shorter term will also get you into a better rate.