How do they base your interest rate NFCU

[bsal]

Need some guidance on how do the banks NAVY FEDERAL especially come up with your rate % when approved for auto loan.

I'm in the market for a late model used vehicle my scores as of today are 700EQ 680TU 700EX. My D.T.I ratio is front end 15.2% and backend is 0% will be putting 10k down and my income is 95k a year been with navy fed since 2009. What are my best chance of 1 getting approval for 50k and at least 3.99 %

[Gmood1]

It also depends on the number of months you plan to finance. I'd go PenFed if I were you. Right now if you use their free car buying service through the site. The rates on 48 and 60 month loans are 1.49%. .9 % on a 36 month loan. Even without the car buying service it's 1.99%.

[bsal]

I do have a penfed account but I heard they are pretty strick as far as getting the rate at 1.99% would think your scores would have to be in the upwards of 750 with no baddies and I was looking for a 60 to 66 month term

[Gmood1]

No not really strict. They approved me when my EQ was around 670 with foreclosure reporting.
DCU is doing 1.74 up to 65 months. I'm not sure on there criteria.
I know PenFed gives you a standard rate. They don't use tier ratings like most places.
I'm in the process of looking for an auto loan myself.
So far PenFed and DCU are giving some great rates if you qualify.

PenFed will welcome you IME with open arms. 700 will get you the best rate they offer. 2.74% on 72 months.

[bsal]

Well thank you for the heads up I will definitely give them a call then