topic Re: Navy auto loan success in Auto Loans

Navy auto loan success

TC1212 — Wed, 12 Aug 2020 18:10:12 GMT

8/12/20 UPDATE:

Several people asked about my husband's credit score at the time of our approval for the 2.09% interest rate. I finally found a copy of the credit score letter we received from Navy. His Equifax was 566. It didn't show an internal score. Also, we picked up the car about 10 days ago and love it. Thanks again for all the advice and suggestions that are always provided.

DH got approved for a Navy auto loan today. Requested 47.5k towards a 2020 Tesla Y (59k including all fees). They countered with $52,250. Planning to put 20% down so will only use about 46k. Interest rate is 2.29% for 72 months.

Been working on increasing scores since April. FICO scores started in the low 500s. They are currently 570 Transunion 8 and Experian FICO 8 is 576. Don't know Equifax FICO. Equifax Vantage is 565. She told me they used Equifax, but I don't know the score they came up with or the internal score.

Have had a checking account with them for over 25 years. Have a 7k CLOC for about 12 years (never 30 days late, but over the limit twice). Had a 7k credit card with Navy that they closed in 2015. Card was open for 2 years and had 5 30 days late over the years and was almost always maxed out. When card expired they didn't send new card and closed account. I just paid off the balance last month. Had a previous Navy auto loan that was paid off in 2010.

I paid down 2 maxed out credit cards to only one having a $15 balance and the other one zero; got one collection account deleted; and paid down LOC from 7k to 2700. Still have a USAA credit card that was charged off (due to come off in April 2021) in the amount of $2208. Sold home and paid off car loan, so score took about a 35 point drop after that happened.

Recently paid off a Cap One Auto that had about 30 lates, and a mortgage with similiar lates due to some serious illnesses and surgeries over the past 4 years.

Income 105k, DTI 5.7%.

Super excited. All the great advice helped out!!

Probably will be a while before he's out the 500's because of recent lates (fall of 2019 through March 2020).

Re: Navy auto loan success

Anonymous — Sat, 04 Jul 2020 10:41:35 GMT

WOW!

Congrats!
That is an excellent rate!

Long history with them I guess wins!

And congrats on working on the credit and digging yourselves out!

Re: Navy auto loan success

Gladius — Sat, 04 Jul 2020 12:15:31 GMT

@TC1212 wrote:
DH got approved for a Navy auto loan today. Requested 47.5k towards a 2020 Tesla Y (59k including all fees). They countered with $52,250. Planning to put 20% down so will only use about 46k. Interest rate is 2.29% for 72 months.

Been working on increasing scores since April. FICO scores started in the low 500s. They are currently 570 Transunion 8 and Experian FICO 8 is 576. Don't know Equifax FICO. Equifax Vantage is 565. She told me they used Equifax, but I don't know the score they came up with or the internal score.

Have had a checking account with them for over 25 years. Have a 7k CLOC for about 12 years (never 30 days late, but over the limit twice). Had a 7k credit card with Navy that they closed in 2015. Card was open for 2 years and had 5 30 days late over the years and was almost always maxed out. When card expired they didn't send new card and closed account. I just paid off the balance last month. Had a previous Navy auto loan that was paid off in 2010.

I paid down 2 maxed out credit cards to only one having a $15 balance and the other one zero; got one collection account deleted; and paid down LOC from 7k to 2700. Still have a USAA credit card that was charged off (due to come off in April 2021) in the amount of $2208. Sold home and paid off car loan, so score took about a 35 point drop after that happened.

Recently paid off a Cap One Auto that had about 30 lates, and a mortgage with similiar lates due to some serious illnesses and surgeries over the past 4 years.

Income 105k, DTI 5.7%.

Super excited. All the great advice helped out!!

Probably will be a while before he's out the 500's because of recent lates (fall of 2019 through March 2020).

I see you posted in the Auto Approval thread also. Congrats on the rate! I don't know how that happened considering your score is in the 500s. They quoted me a ridiculous rate of 8% last December when my scores are well above 700 (with no lates) and was asking for $35K. I have one of my pay checks direct deposit with them and also a $15k CC and have been with them for about 2 years.

Re: Navy auto loan success

TC1212 — Sat, 04 Jul 2020 14:05:56 GMT

@Anonymous
Thank you.

Yes, I think the long history plus the previous car loan with no lates, the CLOC with no lates and the credit card with a few lates helped.

Re: Navy auto loan success

TC1212 — Sat, 04 Jul 2020 14:12:38 GMT

@Gladius

I was expecting at least a manual review or a co-signor. When she said we have a counter offer I was certain it was for a lower amount, but pleasantly suprised when it was higher. They are mailing the check overnight so I should have it by Tuesday or Wednesday. Really made my weekend!

8% with your score does seem insane.

Re: Navy auto loan success

Brian_Earl_Spilner — Sat, 04 Jul 2020 15:04:24 GMT

Nice, congrats! Instant approval, they didn't ask for proof of income?

Re: Navy auto loan success

TC1212 — Sat, 04 Jul 2020 15:26:35 GMT

@Brian_Earl_Spilner

Thank you. Yes, instant approval. His paycheck and VA disability go into his Navy checking account so I'm guessing that's why we didn't have to submit POI.

Re: Navy auto loan success

Gladius — Mon, 06 Jul 2020 14:48:22 GMT

@TC1212 wrote:
@Gladius
I was expecting at least a manual review or a co-signor. When she said we have a counter offer I was certain it was for a lower amount, but pleasantly suprised when it was higher. They are mailing the check overnight so I should have it by Tuesday or Wednesday. Really made my weekend!

8% with your score does seem insane.

Yes, I was quite offended. But fortunately I was offered a much better rate from the manufacture.

Re: Navy auto loan success

RootDet — Mon, 06 Jul 2020 15:05:12 GMT

Right now Navy has some sweet APR's. I have tried finding a CU that comes close to them which is hard. Penfed is on the heals but still higher.

Re: Navy auto loan success

Brian_Earl_Spilner — Mon, 06 Jul 2020 15:14:58 GMT

@RootDet wrote:
Right now Navy has some sweet APR's. I have tried finding a CU that comes close to them which is hard. Penfed is on the heals but still higher.

Indeed. Cap1 was offering 4.3 - 5.8% on 50k, navy offered me 3.99% on 49.5k with a 680 fico9

Re: Navy auto loan success

Anonymous — Tue, 07 Jul 2020 04:55:18 GMT

@Brian_Earl_Spilner wrote:
@RootDet wrote:
Right now Navy has some sweet APR's. I have tried finding a CU that comes close to them which is hard. Penfed is on the heals but still higher.
Indeed. Cap1 was offering 4.3 - 5.8% on 50k, navy offered me 3.99% on 49.5k with a 680 fico9

gdang man. I was waiting on my gold card to report zero tomorrow before applying to maximize score lol. Im at 780s across the board w 1% util reporting but have 15k on amex gold I forgot to pay off last bill cycle (too busy). But I think I couldve just applied and hopefully been approved at the lowest rate

Re: Navy auto loan success

Gmood1 — Tue, 07 Jul 2020 11:12:10 GMT

Congratulations OP to your DH!! That's a fantastic rate for any credit range!!

@RootDet

The only CU or bank I've found that comes close to Navy rates is AOD.

Navy bests them on new by the skin of the teeth.

On used 2018 or older, AOD rates are the best I've found so far.

Re: Navy auto loan success

TC1212 — Tue, 07 Jul 2020 13:29:45 GMT

@Gmood1 @Thank you.