topic Re: Bank for auto loan in Auto Loans

Bank for auto loan

Anonymous — Mon, 31 Aug 2015 00:17:35 GMT

Trying to decide which bank I will go through to get an approval and best rate. Equifax is about a 710 tu and ex are in 650 range. I have 17500 credit card and my checking and savings thru nfcu. I have paid off another loan thru fsg bank. Which would be preferred. The car books for about 22 23 and the loan is 15k. 6 months in Job make roughly 7 to 9k per month. Not much debt other than a few grand in credit card balance. Any reason why I would be shot down

Re: Bank for auto loan

Anonymous — Mon, 31 Aug 2015 00:54:39 GMT

Use a credit union instead and have a check in hand when you go car shopping. Start with DCU and Penfed.

Re: Bank for auto loan

Anonymous — Mon, 31 Aug 2015 00:56:28 GMT

Navy fed is a credit union and I seem.to have a good relationship with them. Do you think they would approve me. They approved me for a credit card higher than the value of the car loan I'm wanting

Re: Bank for auto loan

Anonymous — Mon, 31 Aug 2015 01:00:57 GMT

@Anonymous wrote:
Navy fed is a credit union and I seem.to have a good relationship with them. Do you think they would approve me. They approved me for a credit card higher than the value of the car loan I'm wanting

If you have NFCU then try them. Whether you get approved will depend on your credit profile and base on the info. provided your chances are strong.

Re: Bank for auto loan

Anonymous — Mon, 31 Aug 2015 01:18:13 GMT

Been paying on all my cards perfect. All my derogatory marks are 3 to 4 years old and paid off. 2 mature auto loans no late payments. Plus I'll have about 7k in equity in the loan

Re: Bank for auto loan

Gmood1 — Mon, 31 Aug 2015 01:24:00 GMT

Sounds like a winner! Penfed pulls EQ fyi. Chances are you'll be approved by any of them DCU, Penfed or NFCU. I know Penfed gives the best rate regardless of your score, as long as you are approved. By that I mean a person with a 680 will get the same great rate as a individual with a 800 score.

Re: Bank for auto loan

Anonymous — Mon, 31 Aug 2015 01:25:31 GMT

Well I have about a 10k paycheck coming on the 15th of september. Is it worth it to wait till 15th to apply for loan or just do it now.

Re: Bank for auto loan

Gmood1 — Mon, 31 Aug 2015 01:32:47 GMT

Only you know your finances. That depends on if you plan to make a down payment or not. It really shouldn't matter. The approved loans are normally good for at least 30 days.

Re: Bank for auto loan

Anonymous — Mon, 31 Aug 2015 01:40:03 GMT

Mainly just to up my proof of income. I'm financing 15k on 2010 camaro ss 40k miles. The down payment I'm working out with seller

Re: Bank for auto loan

Gmood1 — Mon, 31 Aug 2015 01:46:21 GMT

Being the vehicle is nearly 6 years old. You'd definitely want to drop how much you finance on it. That means either talking the seller down or putting down more money.

Re: Bank for auto loan

Anonymous — Mon, 31 Aug 2015 01:48:54 GMT

Financing 15k on a 22k vehicle won't look good to bank?

Re: Bank for auto loan

Gmood1 — Mon, 31 Aug 2015 01:50:57 GMT

Vehicle is still nearly 6 years old. They're going to look at how old the vehicle is before anything else. It is much easier to get a new vehicle financed than a older/used vehicle.

Re: Bank for auto loan

Anonymous — Mon, 31 Aug 2015 01:52:02 GMT

That is true. Well hopefully they do it!

Re: Bank for auto loan

Gmood1 — Mon, 31 Aug 2015 01:55:23 GMT

Good luck! Hope it works out for you. You have to understand, they want collateral that they can get their money out of if things go south.

Re: Bank for auto loan

Anonymous — Mon, 31 Aug 2015 04:29:41 GMT

You will have no problem at all, you have an established relationship with NFCU they take care of their customers, 6-7 year old cars are not a problem, you will pay slighly higher intrerest for older used cars than new though. Let us know how it goes.

Re: Bank for auto loan

Dj4Money — Thu, 03 Sep 2015 03:38:07 GMT

I just have to ask -

What is special about this particular car?

Since the '16 are just about available, you can get crazy deals on '15's.

Re: Bank for auto loan

Anonymous — Thu, 03 Sep 2015 03:51:45 GMT

Do you have to have a membership with PenFed to get refinanced?

Re: Bank for auto loan

Gmood1 — Thu, 03 Sep 2015 04:19:43 GMT

Yes you do. If not military related. It cost $20 to become a member. $5 goes to open the account and the other $15 is donated to a fund.

Best $20 I've spent!

Re: Bank for auto loan

Anonymous — Thu, 03 Sep 2015 09:24:18 GMT

I'm only Financing 14 to 15k. My eq went up to 728 too so I'm sure I will get approved. I want this one because I got it 3500 below book and I want a car I can pay off in about a year and half 2 years right when I'm ready to buy a home.

Re: Bank for auto loan

sccredit — Thu, 03 Sep 2015 13:09:13 GMT

I think you're solid with all 3. If you like your relationship with NFCU I would just app there. When i bought my truck I could have saved .25% going to DCU over PenFed but I like dealing with PenFed so i just went through them.