Long story short: I'm military, have horrible credit history due to wreckless spending and credit inquiry sprees. Recently my wife and I decided to trade in our jeep patriot. we had originally traded in a nissan armada and rolled over about 6k in neg. equity. to get the jeep. ended up rolling over 9k in neg. from the jeep to the new loan (2013 F150 XLT).
we first looked at a Chevy Sonic for 18.5k but couldn't get approved without $6000 downpayment due to the bank not wanting to finance more than 120% of the new purchase cost. that was when our salesman suggested a truck that had crazy amounts of rebates and discounts for military personnel that would basically eat up most of the negative equity.
told the salesman what we wanted to keep our payments at and he ran some numbers and got us within $40 of where we wanted. We ended up not going with that dealer but instead went to another dealership with quotes and explained our situation and they said that they could do even better with rebates and discounts to make our negative equity pretty much disappear to help us get out of the equity situation altogether. we ended up saying ok and they ran our credit and we were approved for a $40k loan with 6.5% interest rate through Navy Federal! (i know 6.5 is still really high but believe it or not it's one of the lowest rates we've ever had on an auto loan and it's almost double the financed amount of any other auto loan we've had)
So needless to say Navy Federal came through for us in the auto loan dept.
THEN....
We decided to apply for a credit card (goRewards Visa with my wife as an authorized user and not a co applicant) for balance transfer purposes because we had heard about their decent interest rates and amounts which meant we could transfer the balances and close our outrageously high rate cards.
BAM, approved. Highest interest rate i think they have at prime plus 13.74% but it's still our lowest interest rate card and one of our highest limit. Limit of $4500 
Also applied for the OD Line of Credit in case of emergencies and approved.
Navy Federal is definitely going to keep my business for years to come!
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mrslane713 wrote:
Long story short: I'm military, have horrible credit history due to wreckless spending and credit inquiry sprees. Recently my wife and I decided to trade in our jeep patriot. we had originally traded in a nissan armada and rolled over about 6k in neg. equity. to get the jeep. ended up rolling over 9k in neg. from the jeep to the new loan (2013 F150 XLT).
we first looked at a Chevy Sonic for 18.5k but couldn't get approved without $6000 downpayment due to the bank not wanting to finance more than 120% of the new purchase cost. that was when our salesman suggested a truck that had crazy amounts of rebates and discounts for military personnel that would basically eat up most of the negative equity.
told the salesman what we wanted to keep our payments at and he ran some numbers and got us within $40 of where we wanted. We ended up not going with that dealer but instead went to another dealership with quotes and explained our situation and they said that they could do even better with rebates and discounts to make our negative equity pretty much disappear to help us get out of the equity situation altogether. we ended up saying ok and they ran our credit and we were approved for a $40k loan with 6.5% interest rate through Navy Federal! (i know 6.5 is still really high but believe it or not it's one of the lowest rates we've ever had on an auto loan and it's almost double the financed amount of any other auto loan we've had)
So needless to say Navy Federal came through for us in the auto loan dept.
THEN....
We decided to apply for a credit card (goRewards Visa with my wife as an authorized user and not a co applicant) for balance transfer purposes because we had heard about their decent interest rates and amounts which meant we could transfer the balances and close our outrageously high rate cards.
BAM, approved. Highest interest rate i think they have at prime plus 13.74% but it's still our lowest interest rate card and one of our highest limit. Limit of $4500
Also applied for the OD Line of Credit in case of emergencies and approved.
Navy Federal is definitely going to keep my business for years to come!
@MRSlane713
If I may ask, what was your credit score at the time of approval?
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