NFCU Approval

[Anonymous]

DW's car was totalled during a hail storm recently. We were really worried about financing something new. Called NFCU to see about pre-approval as that is the only way to buy, IMO. After about 10 minutes on the phone, APPROVED (not conditional) for $22,000 @ 5.94%!!!!!!!!!!!!!!!!!!

As always, THANK YOU forum friends for showing me the way to Navy and teaching me more about finances in general than I could ever imagine. I am IN CONTROL of my own finances and life now. And it's due to ALL OF YOU!!!!!!!!!!!!!!!!!!!!!

[Anonymous]

Congrats!!!!

[AllCredit]

Congrats!

[Anonymous]

Congrats, NFCU is great.  Keep working on your scores and when they get to the upper 600's consider refinancing, NFCU doesn't refinance they own car loans (unless that has changed recently) but Penfed would be a great option to lower that APR and save some significant money over the life of the loan.  I have one car loan with Penfed and one with NFCU, both are great rates I went to Penfed on my newest car because they had slightly better interest and I wanted to build a relationship with them also. I encourage refinancing when your scores have had significant improvement because there is no sense in spending any more money on interest costs then you have to, just make sure you don't extend the loan for example you finance for 72 months and then 12 months later you refinance for another 72 month loan because that will cancel out some of your savings. 

[Anonymous]

Yep, this is basically my plan at this point. I wanted to wait until scores were higher initially to get a new car but DW's and mine were both totaled in a recent hail storm. Luckily, my employer has offered a corporate lease in lieu of some cash raises over the next year or two. Still waiting to see how that shakes out but looks like I may only be paying for/insuring/maintaining one vehicle out of my pocket soon! 

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@Anonymous wrote:

Congrats, NFCU is great.  Keep working on your scores and when they get to the upper 600's consider refinancing, NFCU doesn't refinance they own car loans (unless that has changed recently) but Penfed would be a great option to lower that APR and save some significant money over the life of the loan.  I have one car loan with Penfed and one with NFCU, both are great rates I went to Penfed on my newest car because they had slightly better interest and I wanted to build a relationship with them also. I encourage refinancing when your scores have had significant improvement because there is no sense in spending any more money on interest costs then you have to, just make sure you don't extend the loan for example you finance for 72 months and then 12 months later you refinance for another 72 month loan because that will cancel out some of your savings. 

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[sonicchris8]

Congrats on the Navy auto approval. They really are great.

[Anonymous]

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@Anonymous wrote:

Congrats, NFCU is great.  Keep working on your scores and when they get to the upper 600's consider refinancing, NFCU doesn't refinance they own car loans (unless that has changed recently) but Penfed would be a great option to lower that APR and save some significant money over the life of the loan.  I have one car loan with Penfed and one with NFCU, both are great rates I went to Penfed on my newest car because they had slightly better interest and I wanted to build a relationship with them also. I encourage refinancing when your scores have had significant improvement because there is no sense in spending any more money on interest costs then you have to, just make sure you don't extend the loan for example you finance for 72 months and then 12 months later you refinance for another 72 month loan because that will cancel out some of your savings. 

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They will refi their own loans on a hardship basis. ie change of income, divorce, or other life changing event. 

[enjoimorenow]

If you wouldn't mind sharing what bureau they pulled from and what you scores were?

Thinking about applying for an auto loan with NFCU today.

[Anonymous]

Looks like they pulled TU. Sorry for the delay in answering.

[enjoimorenow]

no worries... just applied so we will see what happens.