Reply
Established Member
texaspete2012
Posts: 61
Registered: ‎04-27-2012

USAA Pre-Approved up to 50k

I have had this offer sitting on my log in screen for a month, and just so happens that my car is getting very very old(170k miles). I was looking for anybody who has had any experience with this offer, and any other pre-approved USAA auto loan. If you could share any info, it would be greatly appreciated. The rate on my offer is 4.19. 

 

 

 

Amex Gold (NSL) 9/12
Chase Freedom (2200) 5/12
Citi Thank You Pref. (7000) 4/12
USAA AMEX (4000) 11/12
BOA VISA SIG CASH (5000) 12/12
Amex Gold Small Biz (NSL) 11/12
Community Leader
Valued Contributor
HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009

Re: USAA Pre-Approved up to 50k

USAA preapprovals are almost a guaranteed credit approval as long as your credit situation has not drastically changed since the offer first appeared. The only thing that might disappoint you is the amount approved for. The up to $50,000 does not mean you will be approved for all of that unless your income justifies that amount of loan and of course it is also dependent on the vehicle you select. If you buy a $20K Ford then USAA is not going to cut you a check for $40K. But you probably already knew that. Just said it for the benefit of someone who may not know or be new to auto financing. Best of luck in your car shopping process.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


Take the FICO Fitness Challenge

Established Member
texaspete2012
Posts: 61
Registered: ‎04-27-2012

Re: USAA Pre-Approved up to 50k


HoldingOntoHope wrote:

USAA preapprovals are almost a guaranteed credit approval as long as your credit situation has not drastically changed since the offer first appeared. The only thing that might disappoint you is the amount approved for. The up to $50,000 does not mean you will be approved for all of that unless your income justifies that amount of loan and of course it is also dependent on the vehicle you select. If you buy a $20K Ford then USAA is not going to cut you a check for $40K. But you probably already knew that. Just said it for the benefit of someone who may not know or be new to auto financing. Best of luck in your car shopping process.


My scores havent moved, if anything they have approved a bit (710 +/- 10 pts). The car I have an eye on is 40k. Hopefully  I will get approved...maybe even at a better rate

Amex Gold (NSL) 9/12
Chase Freedom (2200) 5/12
Citi Thank You Pref. (7000) 4/12
USAA AMEX (4000) 11/12
BOA VISA SIG CASH (5000) 12/12
Amex Gold Small Biz (NSL) 11/12
Regular Contributor
mahiven
Posts: 176
Registered: ‎04-19-2011

Re: USAA Pre-Approved up to 50k

Hey Pete

 

Have you applied yet? We talked previously -- my purchase last month for my Mercedes through USAA was flawless.



03/19/2011 EQ: 627 EX: 602 TU 590 (lender pull) 07/16/2011 EQ: 646 EX: 629 TU 647 Fell off the wagon in 2012. Starting over in 2013.Current Score: 01/07/2013 EQ: 646 EX: ??? TU 608 Goal Score: 700 club

Take the FICO Fitness Challenge
Established Member
texaspete2012
Posts: 61
Registered: ‎04-27-2012

Re: USAA Pre-Approved up to 50k


mahiven wrote:

Hey Pete

 

Have you applied yet? We talked previously -- my purchase last month for my Mercedes through USAA was flawless.


Nope. I was worried about income vs loan (120k vs 45).....I might pull the trigger next month. I have another 60 days left on the so called pre-approval. Not sure if i will even get that kind loan.

Amex Gold (NSL) 9/12
Chase Freedom (2200) 5/12
Citi Thank You Pref. (7000) 4/12
USAA AMEX (4000) 11/12
BOA VISA SIG CASH (5000) 12/12
Amex Gold Small Biz (NSL) 11/12
Established Member
texaspete2012
Posts: 61
Registered: ‎04-27-2012

Re: USAA Pre-Approved up to 50k

Got it....72 months at 4.19 for 45k

Amex Gold (NSL) 9/12
Chase Freedom (2200) 5/12
Citi Thank You Pref. (7000) 4/12
USAA AMEX (4000) 11/12
BOA VISA SIG CASH (5000) 12/12
Amex Gold Small Biz (NSL) 11/12
Frequent Contributor
dabrian
Posts: 271
Registered: ‎12-10-2012

Re: USAA Pre-Approved up to 50k

Congrats. What did you get?
NFCU Sig Cash-20k, Amex BCP-8k, Amex Costco-1.2k,CSP-8k, Freedom-5k, Discover IT-11k,NCSECU-5k,Walmart-10k,Lowes-8.5k
Valued Contributor
tooleman694
Posts: 2,260
Registered: ‎08-25-2011

Re: USAA Pre-Approved up to 50k

Yeah congrats

 

Typically the bank will let you go to 75 percent of your income for the loan amount.

 

So a person who earns 100k, could buy a car for 75k.

Established Member
texaspete2012
Posts: 61
Registered: ‎04-27-2012

Re: USAA Pre-Approved up to 50k

I got a brand new Audi. Great car.

 

Love USAA

Amex Gold (NSL) 9/12
Chase Freedom (2200) 5/12
Citi Thank You Pref. (7000) 4/12
USAA AMEX (4000) 11/12
BOA VISA SIG CASH (5000) 12/12
Amex Gold Small Biz (NSL) 11/12
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: USAA Pre-Approved up to 50k

Did they request income verification or anything along those lines? What was the process like? I have the same offer sitting in my USAA account, but I am self employeed and don't like dealing with income verification.

 

What were your scores and history like?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+