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Chances NFCU auto loan

Frequent Contributor

Chances NFCU auto loan

MyFICO 8 scores EQ658 TU670 EX663
My UTI is at 3% I have 3 cc and 1 charge off that is PIF
I have no installments loans on credit
I make 43k a year
Will I get approved for a NFCU loan and about how much?
Also my Age of accounts is about to be 1 year in a month. I don't need a car right this moment but I will be soon maybe by end of year
8 REPLIES
Frequent Contributor

Re: Chances NFCU auto loan

My wife and I was able to get approved for $35K back in January with our scores a wee bit higher then yours with a discharged Chap 13 still on our reports.

12/27/16 - Eq683 TU666 Ex681 04/05/17 Eq742 TU763 Ex757
Message 2 of 9
Contributor

Re: Chances NFCU auto loan


oldman425 wrote:

My wife and I was able to get approved for $35K back in January with our scores a wee bit higher then yours with a discharged Chap 13 still on our reports.


Did you have to show proof of income (W2, pay stubs, etc)?

Message 3 of 9
Frequent Contributor

Re: Chances NFCU auto loan


yreva22 wrote:

oldman425 wrote:

My wife and I was able to get approved for $35K back in January with our scores a wee bit higher then yours with a discharged Chap 13 still on our reports.


Did you have to show proof of income (W2, pay stubs, etc)?


Paystubs.

12/27/16 - Eq683 TU666 Ex681 04/05/17 Eq742 TU763 Ex757
Message 4 of 9
Regular Contributor

Re: Chances NFCU auto loan

You shouldn't have a problem at all, I refinaced a 6400ish vehicle with them, scores at the time about what yours are, utilization through the roof on cards lol and a lot of debt and an income of about 28k

Message 5 of 9
Valued Contributor

Re: Chances NFCU auto loan

Just contine to take care of your accounts and when your ready later this year you will be set.  I am sure you could get quailfied right now.  The amount is tough to call, I am sure 35k or so is possible depending on the number of years you want for the term.  Car sales are slowing so we will see good prices and incentives this year, I was just reading that car sales prices are down by 7% and are predicted to continue to fall a bit more.  Used car sales will also be great in term of pricing because this year we will see a flood of lease return cars.  Plenty of good options for buyers.

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
Message 6 of 9
Highlighted
Valued Contributor

Re: Chances NFCU auto loan

850 is spot on with his asessment of the market. One additional issue that may be in the future is the tightening of credit, which could mean less favorable terms for those needing auto loans.

Message 7 of 9
Established Contributor

Re: Chances NFCU auto loan

They will likely approve you.

 

Current Scores (9/9) - Equifax 542 - TransUnion 560 - Experian 563

$500
Message 8 of 9
Valued Contributor

Re: Chances NFCU auto loan


Appleman wrote:

850 is spot on with his asessment of the market. One additional issue that may be in the future is the tightening of credit, which could mean less favorable terms for those needing auto loans.


Very good point, I think those in the low 600's or lower are going to have a tough time getting deals done for a while, I have been reading about delinquncies and lenders getting nervous about non-prime and subprime loans.  

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
Message 9 of 9