Got denied from Navy Federal, how can I get approved elsewhere?

[Asmodai66]

      I want to get approved for $10k-20k for a private autoloan, and wanting to get a used hmwv/humvee. I am military; 2 yrs in & 1900/month income. I want to try for USAA, but I don't want too many Inquiries.  I never defaulted on a loan, and paid off car loans in the past for low amounts. My score as for right now is 560, I have 5 negative accounts against me. Two accounts in collections; one is paid off, and other is college loan 1. One public record being a tax lien $1300(by accident) which was paid off. This is the run down of my credit report.

College Loan 1: $1,763

College Loan 2: $1,120
Credit Card 1 : $1,080
Credit Card 2 : $472

Bad:  public record,accounts showing missed payments, collections, short credit history(6 years)

Good: 7 accounts in good standing.

[09Lexie]

Welcome to the forum. Sorry for the denial. There are a few lenders that might approve but for a better chance I would suggest working on those baddies. Send GW letters to your baddies. The other issue might be that its a private auto loan and not through a dealer.

Others might chime in with advice but I would definitely work in the negatives first.

Good luck.

[Asmodai66]

       So if I find a dealership that sells hmmwv/humveeI would have a better chance getting one? What are GW letters? Is it possible to obtain private auto loan if the title is put in escrow for the bank? I just went to Navy Federal, I feel like service was rude, treating me like a another number. All she did was type a few things in the computer that took less than 2 minutes, and told me I was disapproved. Didn't even give me a 'counter-offer'.So I'm going to give USAA a call.

 As for the baddies should I work on paying off the loans first or the credit cards? I want to increase my credit score, but I feel like I have to take out more credit to do so.

[09Lexie]

Your chances of approval are better once your score improves. That will not happen until you deal with derogs on your CR's. I would suggest posting in the a rebuilding Forum with the details on the negatives.

Private auto loans are a higher risk as far as UW is concerned. Based on your cr history you are most likely looking at a very high APR rate