Will I get Approved for a $49K Auto Loan thru DCU or NFCU?

[Anonymous]

Hi Everyone,

I'm new to the board here, and was wondering if you guys could take a look at my info and provide some feedback if I could get approved for an auto loan through either DCU or NFCU (member at both for a little over 2 months).

Credit Score from myFICO:

FICO Score 8: EQ 660, TU 655, EX 687 (as of 5/4)

EQ Auto Score 8: 676 (as of 5/4)

AAoA: 4.62 Years

Have a NFCU Cash Credt Card - $24K limit, 14% and current balance of 8K

Credit History: EQ 16 years, TU 12 years, EX 12 years

# of positive trade lines: 33

# of negative trade lines: 2 (1 medical collection for $214 - last acivity Aug. 2014) and 1 revolving acct - Amex ( last activity June 2015, Charge Off $3576)

Credit Utilization = 15.24% 

Income: 144k/year

Length of Employment: 2 1/2 years, previous job 7 years - both in same industry (Computer Software)

Previous Loan Experience: Revolving, Installment (Mortgage paying on for 13 years to date, no lates) (2 auto loans previously paid, 1 for 36K and 1 for 35K, 1 loan currently open -paid 3 years so far - original amt 37k, down to 12.900 balance - no lates on any of these auto loans)

Debt-to-Income (DTI): 23% (without an auto loan)

Year of Car: 2016

Car Info: Dodge Charger Hellcat (fully loaded) Have seen Orig Window Sticker = $72,225

Miles: 9.500

Purchase/Refinance: Purchase

Price of vehicle $51K (purchasing from private individual) Total purchase is $55K which includes car, tax, tag, etc...

NADA Clean Trade is $57,200

Requested Loan Amount: 49,000

Requested loan term (84 Months)

Down payment amount: $6000

Co-borrower/Co-Signer: No

I hope I will get this loan at somewhere around 4 percent. Please let me know what you guys think. Much appreciated!

[EddieK]

I think you'll have a good chance.  I got a similar size loan(50K) a year and a half ago when their top tier would get you 1.74% w/ DD, income was similar.  They've since changed their tiers and rates went up .25%, top tier is now 730+ on EQ04 which is Score 5 on here(the one for mortgages) and 2nd tier is 700-729, 3rd tier is 675-699, this is from when I financed a different car with them last August.  Check what your Score 5 is and I think you'll be able to get the ~4% rate that you're looking for.  Good luck and love the car choice!

[Anonymous]

Tough to day, lenders tend to get tighter on qualifications as the terms lengthen so 84 months may be tougher to qualify for than a shorter term loan becuase you will be upside down for several years.  I won't comment on if this deal makes financial sense because that is not the question you have asked.  You may want to consider another credit union as a backup if DCU says know, also be prepared for a higher interest rate, you may get lucky but I think that fairly recent chargeoff might come back to bite you.  Finally with an 84 month loan you should ensure that you have protection in the case of a total loss because you are going to have negative equity for at least 4 years in all likilihood.  

[Anonymous]

Since you're a member of both, I would call and talk to each one. Personally I think DCU would give you the better rate, but I'm not sure about the term length. Explain to them what you'd like to do and either should be able to help guide you into the right decision.

I've had my car with DCU and they have been wonderful. Refinanced with similar scores to yours at 3.99%, which they have dropped to 2.99% with DD and paying on time for 6 months

[Anonymous]

I applied online with NFCU for an auto loan this afternoon and got the it's on hold and can't instantly for now. I also tried online for DCU, but the only options were up to 72 months and I need a but longer than that (want 84). So I guess I will have to call them on Monday. 

[Anonymous]

72K for a hellcat ???

SAVE YOUR MONEY, they are not holding value, its a Dodge product. 

Dodge products hold the least amount of value after they have been tilted vs any other auto manufacture 

very lighty used hellcats are going for mid 50's 

https://www.cargurus.com/Cars/inventorylisting/viewDetailsFilterViewInventoryListing.action?sourceCo...

[impactplayer]

I would try for 60 or 72 months. Can you make either of those work? If so, your chances of approval will go way up. 

If not, you have a chance at 84 months but I wouldn't call it a lock or guarantee. To be completely honest though, I would not buy any car for an 84 month term. To echo the other posters, you will have substantial negative equity and do you really see yourself in this car for over seven years? With a performance car like that, I would expect the maintenance to start getting pricey later in life (i.e., years 5, 6 and 7). Not to mention, it is already a model year old so when you are done paying it off, it will be an eight year old car. 

[dabrian]

He's paying 55k...

[Anonymous]

Hi Everyone,

So here;s what has happened so far with this auto loan request. Just to recap, I applied for a 50K loan for either a 2015 low mileage or 2016 Dodge Charger or Challenger Hellcat and submitted to DCU and NFCU. There are a handful of vehicles that I have found on the internet, and they range in price between $50K to $55K. I will put 10% as a down payment. 

Credit Score from myFICO:

FICO Score 8: EQ 660, TU 655, EX 687

EQ Auto Score 8: 676  

$144K per year gross salary.

NFCU gave me a couple of possibilities and overnighted me a check good for 60 days. They did not ask me to upload my most recent pay stub or any bank statements.

$50K  5.34% 84 Months

$50K  6.24%  96 Months

I also received an approval from DCU with the following (as long as I start direct deposit checking). If not, then .5 higher rate:

$50K  2.74%  65 Months

$50K 3.74% 72 Months

$50K 5.24% 84 Months

If I find a vehicle and go with DCU, I have to upload the purchsase order on their website. I also had to provide proof of income and upload my most recent pay stub.

I called NFCU back and asked if they could match or beat DCU's rate, and the loan specialist said they do not match rates. You basically get what you get. So I will probably go with DCU, unless the switching over of my current direct deposit ends up being a pain, then I'll stick with NFCU.