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Approved by NFCU but horrible rate

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j_casteel
Valued Contributor

Approved by NFCU but horrible rate

Needing to get a second vehicle soon so I app'd for a loan with NFCU they approved me but for 10% apr!! My scores are decent, but I still have several derogs that are falling off this month, but just wanted to go the preapproval route to see what they offered. I couldn't believe it was so high. I have several accounts with them now and perfect history as well.

 

So, I would like to possiby rate shop a few places, but if I can't find anything I like then I will just hold off until Sept. or so (its just really convienent for us to try to get one here in the next week or so if we can.

 

Scores are in my sig...I'm joining a local CU (fairly large) that offers a 1.49% rate but waiting on them to process my membership and will possibly try with them, but also thinking about Chase or BoA. I have several accounts with both of them as well.

 

Which banks are known to pull TU or EX for auto?

 

Thanks again!

Learning from my past and rebuilding..

BK discharged 1/10/17
scores: EQ 659 | TU 630 | EX 659

QS 3.8K | WF 500 | Cabela's 3k | ACU 500 |

Message 1 of 15
14 REPLIES 14
Anonymous
Not applicable

Re: Approved by NFCU but horrible rate

10% on an auto loan. Holy Jeebus. That seems insane! Dealerships like Honda are offering 0% for 3 years now and days.
Message 2 of 15
Creditaddict
Legendary Contributor

Re: Approved by NFCU but horrible rate

Navy and rates lately have been irritating me... the computer Pre-Qual. partners and I auto loan at 3.89% but next day they approved it at 11%!!! they would not rate match Ally and we had to take our business with them...

Infiniti pulls TU

Carmax pulls EX

Tobyhanna FCU pulls TU but the membership process is SLOW!

Message 3 of 15
Nola_Bee
Contributor

Re: Approved by NFCU but horrible rate

I was just approved with Navy for new auto purchase. The rate was 2.79%. My score was 647.

 

However I went late model used (2013) which changed my rate to 3.99%. 

 

 

Message 4 of 15
j_casteel
Valued Contributor

Re: Approved by NFCU but horrible rate

Guess, I may just wait til Sept. and see how things are going then or at least until my reports update with those derogs aging off. Then I may either try dealer financing or the local CU. Not sure

Learning from my past and rebuilding..

BK discharged 1/10/17
scores: EQ 659 | TU 630 | EX 659

QS 3.8K | WF 500 | Cabela's 3k | ACU 500 |

Message 5 of 15
DaveSignal
Valued Contributor

Re: Approved by NFCU but horrible rate

I would suggest seeing what the dealer can offer.  With my current vehicle, I had higher quotes from 3 different credit unions before taking a 0% offer from Ford.  I could have saved a few inquiries if I would have just checked with the dealer first!

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Message 6 of 15
j_casteel
Valued Contributor

Re: Approved by NFCU but horrible rate


@DaveSignal wrote:

I would suggest seeing what the dealer can offer.  With my current vehicle, I had higher quotes from 3 different credit unions before taking a 0% offer from Ford.  I could have saved a few inquiries if I would have just checked with the dealer first!


That's what I'm beginning to wonder. Maybe just try the dealer, and go from there.

Learning from my past and rebuilding..

BK discharged 1/10/17
scores: EQ 659 | TU 630 | EX 659

QS 3.8K | WF 500 | Cabela's 3k | ACU 500 |

Message 7 of 15
Anonymous
Not applicable

Re: Approved by NFCU but horrible rate

You think thats bad. My interest rate is 29.99 on my car loan with Reliable Credit. Sucks because no other place would touch me.

Message 8 of 15
Creditaddict
Legendary Contributor

Re: Approved by NFCU but horrible rate


@Anonymous wrote:

You think thats bad. My interest rate is 29.99 on my car loan with Reliable Credit. Sucks because no other place would touch me.


work very fast on what is wrong with your credit and go join a credit union and start working with them to get that refi ASAP!

Message 9 of 15
j_casteel
Valued Contributor

Re: Approved by NFCU but horrible rate


@Anonymous wrote:

You think thats bad. My interest rate is 29.99 on my car loan with Reliable Credit. Sucks because no other place would touch me.


yikes thats horrible....you could've turned it down like I did mine.

Learning from my past and rebuilding..

BK discharged 1/10/17
scores: EQ 659 | TU 630 | EX 659

QS 3.8K | WF 500 | Cabela's 3k | ACU 500 |

Message 10 of 15
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