Brand new NFCU member, how should I go about an auto loan?

[Affalterbach]

I applied to NFCU thanks to my brother last night. They are saying 3-5 days to process the info to get my account going. Will I have to open a checking or savings account before I can explore a used car loan? Would having these accounts for just a few days before looking for an auto loan help? My Equifax score is a 767 currently according to myfico.com and that seems to be who they pull. My TU is a 749 according to my walmart card account. Not sure about EX but they all have the same info so I imagine its right in the ballpark with the others. 

I just want to know the best way to proceed since I am brand new to NFCU and would like a used car loan in the 20-25 grand ballpark from them. Any advice is appreciated. I know quite a few people here have had great success with NFCU and I look forward to building a long relationship with them. I'll be looking for a C.C. from them probably 6 months or so after my loan gets going. 

[Elcid89]

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@Affalterbach wrote:

I applied to NFCU thanks to my brother last night. They are saying 3-5 days to process the info to get my account going. Will I have to open a checking or savings account before I can explore a used car loan? Would having these accounts for just a few days before looking for an auto loan help? My Equifax score is a 767 currently according to myfico.com and that seems to be who they pull. My TU is a 749 according to my walmart card account. Not sure about EX but they all have the same info so I imagine its right in the ballpark with the others. 

I just want to know the best way to proceed since I am brand new to NFCU and would like a used car loan in the 20-25 grand ballpark from them. Any advice is appreciated. I know quite a few people here have had great success with NFCU and I look forward to building a long relationship with them. I'll be looking for a C.C. from them probably 6 months or so after my loan gets going. 

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I applied for membership, for my credit cards and for Navcheck all on the same day. All were approved then and there. Auto loan about a month later. YMMV.

[quanva]

I applied online, once you have your access number your able to do whatever you need.. I applied for credit card and auro refi all within a few days of each other, they couldn't beat BOA rate but the process was very easy

[HoldingOntoHope]

With your score NFCU will be a piece of cake as long as you have the income to back it up. If you would like to make them your primary bank there is some anecdotal evidence on these forums that they offer better initial unsecured credit lines to those who have direct deposit with them. It's not convenient for everyone as they don't have physical branches all over, and some people don't like doing all internet banking.

I am fortunate to have a local branch and at least out west they just put ATM's in all the Walgreens drugstore locations.

[Affalterbach]

I can toss a few hundred or a grand into a checking or savings account with them before applying for a loan if anyone thinks it may help? I'm looking to get the loan in the next 1-2 weeks hopefully. 

I'm hoping for a $18-22,000 loan (thinking I'll ask for $25) for 48 months, or 60 if the APR will be the same and I will pay it off early, probably in 2-3 years. I make a bit over $50,000 a year and own my home. Never had a mortgage, but had 2 buildings left to me by my parents. Employed in the same place 15 years now. 

The only thing I worry about is a short credit card history. I have one card thats 1 year 5 months old, and 3 cards that will be 10 months old if I apply early next month. Highest limit is only $2000 from Chase. I was always a pay with cash person. I've had 3 car loans in the past that were all paid on time or paid off early. A 48 month loan with chase that went the full term for just under 20 grand, a 3 year loan that was paid off after about a year that was for 6-7 grand, and a third that I actually paid off after the first month which was for about 24 grand.

I'm hoping for a low APR but worry about the credit card thing, and the fact the cars are 6-7 model years old. It's a diesel pickup truck though and some banks recognize the added value retention of these vehicles. I'll be putting 13-16 grand down depending on the particular vehicle and financing I get. 

[quanva]

I'm sure you'll be fine, you shouldn't have an issue