topic Re: NFCU loan in Auto Loans

NFCU loan

Jnbmom — Sat, 27 Sep 2025 02:39:43 GMT

I was approved for used car loan 15K rate is 7.9% not sure that's a great rate?

Anyhow how easy is it to use the check from them at a dealership?

I have never done a loan like this , any help is appreciated.

Thank you

Re: NFCU loan

CreditCuriosity — Sat, 27 Sep 2025 11:19:25 GMT

Bit surprised with your profile you didn't get a better rate to be honest. Most dealerships it should be easy to use unless the F&I person is being a pain. Might want to shop rates at other CU's although a few point on 15k isn't huge difference on payment although ever penny matters

Re: NFCU loan

Jnbmom — Sat, 27 Sep 2025 11:52:05 GMT

@CreditCuriosity

Yes I was t thrilled with rate they pulled TU sitting at 799 . I may shop around to see

Re: NFCU loan

JoeRockhead — Sat, 27 Sep 2025 11:54:33 GMT

They'll send you a check (or you can pick one up in branch). Other than stating it's good for up to $15,000 in your case, it's blank unless you want it made out to a particular dealer. The dealer verifies the check is valid with NFCU, then they fill it out and that's it. I used one for a used motorcycle once. I think I had to sign the check.

Once the deal is done, NFCU will finalize the loan based on the exact check amount with you.

Re: NFCU loan

Jnbmom — Sat, 27 Sep 2025 12:08:43 GMT

I tired my commonwealth credit union flat out nope , Penfed came in at 7.04 not liking these numbers lol

Re: NFCU loan

JoeRockhead — Sat, 27 Sep 2025 12:18:02 GMT

Well, don't worry @Jnbmom whatever loan you go with I'm sure you'll start receiving regular offers to "lower your interest rate" by refinancing with xyz lender at a better rate.

I'd suggest looking at Capital One pre approvals too, as long as the vehicle is at an actual dealer and it qualifies. I did a small loan ($10k) on a Jeep a couple of years ago through them and the rate was around 4.5%

Re: NFCU loan

Jnbmom — Sat, 27 Sep 2025 12:27:50 GMT

I tried Capone navigator big fat no but approved by some other company I never heard of lol

Re: NFCU loan

cashorcharge — Sat, 27 Sep 2025 18:03:27 GMT

First off...congrats on the approval

I too align with @JoeRockhead in that I'm surprised the rate isn't lower unless you purposely took that long term option which aligns to your rate.

Some dealers will take their draft/check and allow you to pay it directly to the dealer and when the check is cashed, NFCU starts your payments. Other dealers may not take their check and require they do a HP on your CB and then write you an option contract....in other words, if NFCU doesn't come through, they will push a contract to their bank at the rate they put down. Since it's an option contract, as soon as they get the funds, the contract you signed, becomes obsolete....though it is HIGHLY recommended that you don't assume and you actually follow through to make sure they have their money and they are not sending that contract to their bank

Re: NFCU loan

pauldc73 — Sat, 27 Sep 2025 20:37:16 GMT

My wife was just approved for a 60 month loan at 4.49% from NFCU. The application process was smooth and there was a nearby branch that the check was picked up from. As previously mentioned, you are able to write the check up to the amount you have been approved for.

The application was for about $38k but was surprised when the check said that the approval was up to $46k. We already figured in taxes and fees and warranty but it seems that NFCU did on top of that also!

Even though my wife was not originally a NFCU member, no problems with applying for membership on one day and the car loan application was applied for the following day. No previous relationships. My wife does not really keep check of her credit scores but they seem to fluctuate around 830 or so based on Credit Karma. Altogether a very pleasant experience.

Re: NFCU loan

Benny2019 — Sat, 27 Sep 2025 21:49:51 GMT

The only issue I had was the Toyota dealership stated they still had to run my credit, even though I was going through Navy Federal and had a check. First, they said they could offer me a better interest rate. I refused, but they were still persistent. They then said they still had to make sure I wasn't on a terrost list and that I wouldn't run the car into a building, therefore, they still needed to run my credit. They said it was the Patriot act. I googled it in front of them and saw that it is scam that some dealerships do to run your credit. I told them what I read. I also called Navyfederal to let them know what was happening in front of them. They then let me buy the car with my Navyfederal check.

Re: NFCU loan

Jnbmom — Sat, 27 Sep 2025 23:02:43 GMT

Thanks all . Yes kinda perplexed about the rate but tried penfed and basically same terms and rate , not sure why I am getting higher rate . I am member of alliant too and they denied for inquires.

i may go with navy and refinance down the road , I honestly thought I would get a much lower rate given my scores but don't want to keep applying either .

Re: NFCU loan

Vinjints — Sat, 27 Sep 2025 23:03:56 GMT

I would have walked out of the door at that point. Probably place a call to Toyota as well.

Re: NFCU loan

Jnbmom — Sun, 28 Sep 2025 22:34:14 GMT

A little better PSECU

Re: NFCU loan

pauldc73 — Sun, 28 Sep 2025 23:54:17 GMT

Yay! The interest rate went down from what you were originally quoted. Congratulations!

Re: NFCU loan

cashorcharge — Mon, 29 Sep 2025 15:49:38 GMT

@Jnbmom wrote:
A little better PSECU

Approval and rate reduction!! Congratulations!!

Re: NFCU loan

pauldc73 — Thu, 02 Oct 2025 21:27:11 GMT

After all the paperwork was said and done on my wife's loan, the 4.49% originally quoted went down to 4.29% / 60 months when it came to signing the final paperwork online. Result!