topic Re: NFCU question in Auto Loans

NFCU question

Anonymous — Thu, 06 Aug 2020 02:18:24 GMT

If on my last letter (2mos ago) from NFCU stating that i've reached my maximum unsecured limit when I was countered on my NFCU More Rewards CLI, does that also include auto loans? I don't want to waste a hard inquiry for nothing.

Thanks

Re: NFCU question

AllZero — Thu, 06 Aug 2020 02:20:41 GMT

To my understanding, CC, CLOC, loans are separate.

However, that loan may impact your DTI.

Re: NFCU question

Anonymous — Thu, 06 Aug 2020 02:20:42 GMT

No. Auto loans are secured loans.

Re: NFCU question

Anonymous — Thu, 06 Aug 2020 02:29:09 GMT

@Anonymous wrote:
No. Auto loans are secured loans.

Thanks! I am planning on getting a new car for a 36 month lease term, with putting down 50% of the car's value at the time of securing the loan. Navy will ask me if I want to make a downpayment or deposit or whatever it's called, right?

Re: NFCU question

Shooting-For-800 — Fri, 07 Aug 2020 13:06:41 GMT

Huh?

50% down on a lease?