topic Re: Navy Federal Credit Union - Co-Signing for someone in Auto Loans

Navy Federal Credit Union - Co-Signing for someone

Anonymous — Sat, 11 Jul 2020 18:45:25 GMT

Hi i may co-sign for someone w credit in the 650's, will my score enable them to get the best APR? Ive read some lenders look past the applicants and just depend on the co-signers info or not.

Appreciate anyone who may have experience with this from NFCU. Also on call with them to see if they can clarify.

Re: Navy Federal Credit Union - Co-Signing for someone

ridgebackpilot — Sun, 19 Jul 2020 06:11:19 GMT

Having just applied for an auto loan with Navy Federal, they definitely offer the opportunity for a co-borrower to sign on as part of their online application. With your scores, I'm pretty sure this would result in a better loan rate being offered.

Re: Navy Federal Credit Union - Co-Signing for someone

Anonymous — Wed, 22 Jul 2020 09:26:58 GMT

@ridgebackpilot wrote:
Having just applied for an auto loan with Navy Federal, they definitely offer the opportunity for a co-borrower to sign on as part of their online application. With your scores, I'm pretty sure this would result in a better loan rate being offered.

i paid one of her cards off and it reports tomorrow. their credit should update from 30k owed on 2 nfcu cards to 0$/0% now lol.

We will apply on the 24th with them solo to see if they get bottom rate, if not ill co-sign and if that doesnt work ill put it under the business credit and keep it off our personal :-p

Re: Navy Federal Credit Union - Co-Signing for someone

BmoreBull — Sat, 25 Jul 2020 15:25:16 GMT

@Anonymous wrote:
@ridgebackpilot wrote:
Having just applied for an auto loan with Navy Federal, they definitely offer the opportunity for a co-borrower to sign on as part of their online application. With your scores, I'm pretty sure this would result in a better loan rate being offered.

i paid one of her cards off and it reports tomorrow. their credit should update from 30k owed on 2 nfcu cards to 0$/0% now lol.

We will apply on the 24th with them solo to see if they get bottom rate, if not ill co-sign and if that doesnt work ill put it under the business credit and keep it off our personal :-p

Good luck with the application. I just wanted to point out, which I'm sure you already know, that her credit reporting 0$/0% will result in a Fico penalty for not having any revolving credit use. You might want to let at least one of her cards report a small, less than 8.9% balance. Even if she is an AU on yours or someone else's cards, she can still get the Fico all 0 penalty.