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Contributor
Posts: 89
Registered: ‎12-05-2016

NFCU Approval

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!!!!!!!!!!!!!!!!!!!!!


In the garden since 6/2017 Total Credit Lines: $21,000
Established Contributor
Posts: 593
Registered: ‎06-04-2015

Re: NFCU Approval

Congrats!!!!

Ch 7 Discharge May 2015: EQ 588/TU 552/EX 570
Sept 2017: EQ 679/TU 660/EX 668 w/ 24% CC util reporting
Discover/Target/NFCU CLOC/NFCU Cash Rewards/PenFed Power Cash Rewards - $45k total revolving
Frequent Contributor
Posts: 294
Registered: ‎02-24-2017

Re: NFCU Approval

Congrats!

Valued Contributor
Posts: 1,616
Registered: ‎12-16-2014

Re: NFCU Approval

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. 

Gardening till 2018, Goal of 700's by the end of 2017
MyFico Scores Aug 2017: EQ 675 TU 695 EXP 698
Contributor
Posts: 89
Registered: ‎12-05-2016
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Re: NFCU Approval

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! 

 


workingfor850 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. 


 


In the garden since 6/2017 Total Credit Lines: $21,000
Regular Contributor
Posts: 106
Registered: ‎02-03-2017
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Re: NFCU Approval

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

In the garden since 5/30/17
Starting scores: 538 EQ, 552 TU, 520 EX Current scores (8/10/17): 685 EQ 751 TU 678 EX
Valued Contributor
Posts: 1,151
Registered: ‎01-24-2016
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Re: NFCU Approval


workingfor850 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. 


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


EX: 745 TU: 753 EQ: 720
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Regular Contributor
Posts: 231
Registered: ‎12-07-2016
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Re: NFCU Approval

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.

 


BK 7 Scores (12/2016): EQ-528. TU-486. EX-530.
Current Scores (9/2017): EQ-665. TU-661. EX-669.
Goal for 2017: 650's. - made it!! next stop 680's. www.cartkingz.com
Contributor
Posts: 89
Registered: ‎12-05-2016
0 Kudos

Re: NFCU Approval

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

In the garden since 6/2017 Total Credit Lines: $21,000
Regular Contributor
Posts: 231
Registered: ‎12-07-2016
0 Kudos

Re: NFCU Approval

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


BK 7 Scores (12/2016): EQ-528. TU-486. EX-530.
Current Scores (9/2017): EQ-665. TU-661. EX-669.
Goal for 2017: 650's. - made it!! next stop 680's. www.cartkingz.com

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