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New Contributor
Posts: 58
Registered: ‎03-15-2009
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Auto loan with USAA questions

[ Edited ]

I'm looking for people with experience with USAA auto loans. I will be looking for an auto loan in a few months and was thinking about applying to USAA. I have a checking account with direct deposit with them now along with auto and renters insurance. My Equifax credit score will be around 715, with UTI at about 9%, a AAOC of 3 years and my oldest account is 10 years old (old auto loan paid in full no lates) I have 5 open revolving accounts currently all paid on time no lates. I have 2 negative things on my credit report. I have a discharged Chapter 7 BK from 2002 and a $700 Charged off account with HSBC from a little over 5 years ago that was paid in collections. I have been at my job a little under 3 years and make $60,000 a year. I'd be looking to borrow aprox. $38,000 to purchase a new car. Should I have an issue???

 

Also, I was thinking about applying for a Credit Card through them too. Can I do this on the same credit pull and what do you think my chances are of getting approved for a credit card with them?

Valued Contributor
Posts: 2,682
Registered: ‎07-29-2009
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Re: Auto loan with USAA questions

With a car that expensive, they will look closely at your debt-to-income figures. They'll want to consider what you pay for housing and other expenses before approving a payment amount.

 

You may want to do some reading on the Credit Card forum about what you might expect for credit card approval.

New Contributor
Posts: 58
Registered: ‎03-15-2009
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Re: Auto loan with USAA questions

My rent is $500 a month. I don't have a lot of bills at all. VERY little credit card deb total around $300, no other loans. Just rent, car payment, cable and electric. I pay my Auto and renters insurance upfront for the 6 month policy. DTI isn't too tight. Gross income of $5000, and about $1300 a month (including a car payment) in bills.

Regular Contributor
Posts: 155
Registered: ‎11-11-2007
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Re: Auto loan with USAA questions

I love USAA and Navy Federal Credit Union.  Both are very competitive with their rates and service and I actually think USAA has the edge.  I have been with NFCU for over 20 years and USAA for about 6 years.  I think the first reply was right, they will look very closely at your DTI ratio for a car that expensive but it does help that you do  your business with them.  Have you paid any accounts with them over the last say 3 yrs or so?  My score is about what yours is and I just got a pre-approval for 17k for a good used honda accord.  They will probably approve you but not for nearly as much providing your DTI ratio is where they like to see it.  NFCU on the other hand is great but when you do an online pre-approval with those guys, their rates start at one thing at the beginning of the process but ends up much higher at the end of the online application.  I definitely prefer USAA.  Pay off a couple of small loans with those guys and you will earn their trust!!   Even in this economy when supposedly no one is lending.

Senior Contributor
Posts: 3,626
Registered: ‎10-13-2009
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Re: Auto loan with USAA questions

If you are not in a hurry to obtain a new car, you might apply for their CC first.  After a couple of months you'll probably find a pre-approval for an auto loan when you log in to their website. 

IAALBNYL
Valued Contributor
Posts: 1,413
Registered: ‎01-20-2008
0

Re: Auto loan with USAA questions

[ Edited ]

babbles wrote:

I love USAA and Navy Federal Credit Union.  Both are very competitive with their rates and service and I actually think USAA has the edge.  I have been with NFCU for over 20 years and USAA for about 6 years.  I think the first reply was right, they will look very closely at your DTI ratio for a car that expensive but it does help that you do  your business with them.  Have you paid any accounts with them over the last say 3 yrs or so?  My score is about what yours is and I just got a pre-approval for 17k for a good used honda accord.  They will probably approve you but not for nearly as much providing your DTI ratio is where they like to see it.  NFCU on the other hand is great but when you do an online pre-approval with those guys, their rates start at one thing at the beginning of the process but ends up much higher at the end of the online application.  I definitely prefer USAA.  Pay off a couple of small loans with those guys and you will earn their trust!!   Even in this economy when supposedly no one is lending.


Hi babbles,  I am just searching the used auto loan ... I may need it next year?  a few years later?  I have no idea when.  My car is 1998 and still running good so far.  

I do have banking accts and ccs with NFCU (20 yers) and just signed up for a member of USAA (I am disqualify for Auto Ins.  Smiley Sad  I may should not select "divorced" on the application form) but I have not opened any account yet.  I had used auto loan in 2004 with NFCU (8k/60 payments/APR 3.9%) and paid off on time.   I know NFCU will approve me for another used auto loan for me, nut not sure about USAA. 

Questions:

  • Should I open up the banking acct with them now for the future needs.
  • How/What is good about apply auto loan with USAA?

Thanks.

 

P.S.

Never mind ...  I received reply from USAA ...

 

In reference to a consumer loan for a used vehicleUSAA has chosen to limit the availability of the consumer loan products and services to the military community and their immediate families. Based on the information we have, you are not currently eligible for our consumer loan products.

 

You are eligible for our bank account products, MasterCard credit cards, investment products and life insurance products at this time.

 

 

Unfortunately, based on the information you provided so far you would not be eligible for insurance with USAA. To be the provider of choice for even more of the military community, USAA expanded eligibility, and now includes the following groups:

  • Active, retired and honorably separated officers and enlisted personnel of the U.S. military.
  • Officer candidates in commissioning programs (Academy, ROTC, OCS/OTS).
  • Adult children of USAA members who have or had a USAA auto or property policy.
  • Widows and widowers of USAA members who have or had a USAA auto or property insurance policy.
  • Former USAA Property & Casualty members.

After joining, spouses and children of the above may also be eligible to enjoy the benefits of membership. Learn more by entering "eligibility" in the search box above.

 

What I was doing ...  I should become a member of USAA long time a go ...  I wish I knew about their Auto Insurance Policy ...  too bad and too late ... Smiley Sad

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