topic Re: Navy Fed auto approval $70k in Auto Loans

Navy Fed auto approval $70k

Exbro — Fri, 12 Aug 2022 16:40:28 GMT

I appreciate all the help I've been given on this forum. I don't usually write but this may help someone else.

I signed up for a Navy Fed checking account three weeks ago. It only has $10 in it.

I applied online for an auto loan three weeks later. My transunion score is 654 just above the 650 minimum. I was approved instantly for the amount I asked for which was $70,000

They sent me the check overnight so I had it the next day. My local credit union wasn't even interested in talking to me.

Thank you everyone and thank you Navy Federal.

Re: Navy Fed auto approval $70k

pizzadude — Fri, 12 Aug 2022 17:03:20 GMT

@Exbro wrote:
I appreciate all the help I've been given on this forum. I don't usually write but this may help someone else.

I signed up for a Navy Fed checking account three weeks ago. It only has $10 in it.

I applied online for an auto loan three weeks later. My transunion score is 654 just above the 650 minimum. I was approved instantly for the amount I asked for which was $70,000

They sent me the check overnight so I had it the next day. My local credit union wasn't even interested in talking to me.

Thank you everyone and thank you Navy Federal.

Congrats on the approval ! What terms / interest rate did they offer ?

Re: Navy Fed auto approval $70k

Exbro — Fri, 12 Aug 2022 23:06:40 GMT

Interest rates were 9.9% at 96 months

and 8.7 at 84 months

Re: Navy Fed auto approval $70k

CreditCuriosity — Sat, 13 Aug 2022 00:17:39 GMT

Congrats on the approval hopefully you can refinance that in a few years as that term loan and that rate; interest will eat you alive. Least you got what you wanted though.

Re: Navy Fed auto approval $70k

Sikilla — Sun, 14 Aug 2022 00:38:21 GMT

Okay I'm going to say it, if you need 96 months for a 70k car at 10% interest, you can't afford it, Period.

Re: Navy Fed auto approval $70k

cashorcharge — Sun, 14 Aug 2022 21:09:36 GMT

Congratulations on your NFCU approval!

Re: Navy Fed auto approval $70k

CaptainConcorde — Mon, 22 Aug 2022 18:52:38 GMT

Congratulations. Was 654 your FICO AUTO SCORE 8 for TU or your regular FICO 8? If not what was your auto score?

Re: Navy Fed auto approval $70k

Gladius — Thu, 25 Aug 2022 18:51:47 GMT

@Exbro wrote:
Interest rates were 9.9% at 96 months
and 8.7 at 84 months

OMG!!!! Uhhh....ookaayyy.......

Re: Navy Fed auto approval $70k

Thermionic_E — Tue, 30 Aug 2022 22:30:04 GMT

I got a 90k truck I paid 35 down for and have paid it to 19k since November of 2019. I want a cash out refinance because I was screened over by many external factors including attempted and continued fraud from sps. My point however is that 84 months isn't needed st times so much as it is a safety net. I am years ahead of my payments and now I have tons of equity in a truck that only has 6500 miles and has hardly depreciated.

Re: Navy Fed auto approval $70k

Thermionic_E — Tue, 30 Aug 2022 22:31:11 GMT

Wait, my interest rate was a third of that and I've done double and triple payments as a rule

Re: Navy Fed auto approval $70k

disdreamin — Thu, 01 Sep 2022 16:07:52 GMT

@Thermionic_E wrote:
I got a 90k truck I paid 35 down for and have paid it to 19k since November of 2019. I want a cash out refinance because I was screened over by many external factors including attempted and continued fraud from sps. My point however is that 84 months isn't needed st times so much as it is a safety net. I am years ahead of my payments and now I have tons of equity in a truck that only has 6500 miles and has hardly depreciated.

First - 6500 miles in almost three years? Is that accurate, because that's some seriously low miles there.

Second, agreed about the term. We purchase a truck last year and went with 72 month financing since it was 0%, so why not take out the longest term. It doesn't mean it can't be paid off sooner, it just means a lower minimum required monthly payment. There's a lot to like about having that flexibility.

Re: Navy Fed auto approval $70k

RobynJ — Mon, 05 Sep 2022 18:45:02 GMT

@Sikilla wrote:
Okay I'm going to say it, if you need 96 months for a 70k car at 10% interest, you can't afford it, Period.

Maybe, but maybe it's getting the foot in the door and letting scores increase to be able to refi it at a better rate in the near future with Navy. Not everyone has the scores to allow for the best rates and that doesn't mean they can't afford it, it means they have to pay a premium to have what they desire more so then others with better scores. So I humbly disagree with your post.

Re: Navy Fed auto approval $70k

Jnbmom — Mon, 05 Sep 2022 18:55:51 GMT

@RobynJ wrote:
@Sikilla wrote:
Okay I'm going to say it, if you need 96 months for a 70k car at 10% interest, you can't afford it, Period.
Maybe, but maybe it's getting the foot in the door and letting scores increase to be able to refi it at a better rate in the near future with Navy. Not everyone has the scores to allow for the best rates and that doesn't mean they can't afford it, it means they have to pay a premium to have what they desire more so then others with better scores. So I humbly disagree with your post.

You can certainly get your foot in the door with a lower car loan amount though 96 months 😳

Re: Navy Fed auto approval $70k

RobynJ — Mon, 05 Sep 2022 19:02:26 GMT

That I agree with but the Poster didn't say they took 96 they just gave us rates for 84 and 96. Plus with the cost of cars these days I can understand but not agree with a 96 month term. I know the most I would personally go would be 60 and that is pushing it but that is just me as everyone is different.

Re: Navy Fed auto approval $70k

pizzadude — Mon, 05 Sep 2022 19:03:26 GMT

Another potential positive to using NFCU is that they're one of the few lenders that will refi their auto own loans, so you can possibly lower your interest rate if you qualify after a certain number of payments.

Re: Navy Fed auto approval $70k

CreditCuriosity — Mon, 05 Sep 2022 19:07:10 GMT

@pizzadude wrote:
Another potential positive to using NFCU is that they're one of the few lenders that will refi their auto own loans, so you can possibly lower your interest rate if you qualify after a certain number of payments.

never knew this.. good information as with nfcu at 3.79 now, although don't see interest rates going down anytime soon it is always good to know that @pizzadude ! Can't think of any other lenders that do that to themselves.