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New Contributor
Posts: 58
Registered: ‎09-29-2010
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Auto loan and nfcu

A quick little back story, all my scores are just under 650 and should be getting up above there in the next couple months. I currently have one auto loan as a cosigner for my wife's car with a payment of 390 and on month 20 of a 60 month loan. Household income is about 65k. Credit history is splotchy and I have been building but as far as auto loans go, I have never missed a payment on our current loan but did have a car that was financed in 2007 and I gave it back after realizing in my young and stupid state I couldn't afford it. Car was sold and loan satisfied but after a 90 day late. That being said, I am looking to get a new chevy volt and was wondering if Navy Federal pulls auto enhanced scores and regardless of that, what are my chances of getting a loan in say, 2-3 months, with a slightly higher score? Thanks in advance!

-Ben

Starting Score: 500s
Current Score: EQ: 665 TU: 688
Goal Score: 720


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Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
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Re: Auto loan and nfcu

1- You should start building  arelationship with NFCI now, that involves setting up some kind of a direct deposit into your account. Although not that important it does help those who have creditissues.

 

2- NFCU will not finance anyone with less then a year left in their enlisted contract, or less then a year on their current job.

 

3- The Chevy Volt is currrently a 40K+ vehicle. As long as you have the income to pay the note it should not be a problem....BUT

 

Currently dealerships are puting a "premium' on the Volts, that is they are charging more then sticker for the vehicle because they can.  Banks extend loans based on a loan to value, that is how much they are lending as a percentage of what the vehicle is worth. Adding taxes and fees on top of the dealer premium you may need to come to the table with money down to get under a LTV.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Established Contributor
Posts: 610
Registered: ‎09-13-2009
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Re: Auto loan and nfcu

 


usmc58555 wrote:

1- You should start building  arelationship with NFCI now, that involves setting up some kind of a direct deposit into your account. Although not that important it does help those who have creditissues.

 

2- NFCU will not finance anyone with less then a year left in their enlisted contract, or less then a year on their current job.

 

3- The Chevy Volt is currrently a 40K+ vehicle. As long as you have the income to pay the note it should not be a problem....BUT

 

Currently dealerships are puting a "premium' on the Volts, that is they are charging more then sticker for the vehicle because they can.  Banks extend loans based on a loan to value, that is how much they are lending as a percentage of what the vehicle is worth. Adding taxes and fees on top of the dealer premium you may need to come to the table with money down to get under a LTV.


I heard about this before, but spoke to a Rep a couple days ago and they told me that this would not be the only reason for an auto loan denial.  Can anyone clarify?

 

Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
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Re: Auto loan and nfcu


JagerBombs89 wrote:

 


usmc58555 wrote:

1- You should start building  arelationship with NFCI now, that involves setting up some kind of a direct deposit into your account. Although not that important it does help those who have creditissues.

 

2- NFCU will not finance anyone with less then a year left in their enlisted contract, or less then a year on their current job.

 

3- The Chevy Volt is currrently a 40K+ vehicle. As long as you have the income to pay the note it should not be a problem....BUT

 

Currently dealerships are puting a "premium' on the Volts, that is they are charging more then sticker for the vehicle because they can.  Banks extend loans based on a loan to value, that is how much they are lending as a percentage of what the vehicle is worth. Adding taxes and fees on top of the dealer premium you may need to come to the table with money down to get under a LTV.


I heard about this before, but spoke to a Rep a couple days ago and they told me that this would not be the only reason for an auto loan denial.  Can anyone clarify?

 


Ok well, what did they say? What parameters did they put on it?


My information comes from personal experience in 2004/2005 Things do change.

 

But if they are saying it is no longer that way  what way is it now?- were you able to find that out?

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
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