topic Re: Navy Federal Auto Loan 2 Inquiries? Cash down? in Auto Loans

Navy Federal Auto Loan 2 Inquiries? Cash down?

Anonymous — Tue, 11 Aug 2020 17:10:51 GMT

I'm interesting in seeing what my rates are for Navy Federal. Will it run my credit twice if I do a pre-approval and then once I'm ready to buy (actually applying)?

Sadly, I have dropped points 20-40 points because Discover reported my balance within 15 days of having it. I haven't even hit my first statement with them.....I'm trying to not do that much damage to my score.

I'm curious if I have to put cash down? It is not a problem to put it down, but is there sort of percentage that it uses when putting cash down on it?

Re: Navy Federal Auto Loan 2 Inquiries? Cash down?

Scupra — Tue, 11 Aug 2020 23:43:07 GMT

All depends on loan to value ratio (LTV) and credit. Some banks allow you to finance a little more than 100%, usually to make room for TT&L. Will usually be a single pull that is valid for 30 days. Good luck!

Re: Navy Federal Auto Loan 2 Inquiries? Cash down?

adelphi_sky — Wed, 12 Aug 2020 00:20:28 GMT

@Anonymous wrote:
I'm interesting in seeing what my rates are for Navy Federal. Will it run my credit twice if I do a pre-approval and then once I'm ready to buy (actually applying)?

Sadly, I have dropped points 20-40 points because Discover reported my balance within 15 days of having it. I haven't even hit my first statement with them.....I'm trying to not do that much damage to my score.

I'm curious if I have to put cash down? It is not a problem to put it down, but is there sort of percentage that it uses when putting cash down on it?

Is there more to that story? A 20-40 point drop for opening one card and using it? Sounds excessive. A lot of people get reqards cards for SUBs and naturally spend to get the bonus. A 20-40 point drop sounds punitive.

Re: Navy Federal Auto Loan 2 Inquiries? Cash down?

Anonymous — Wed, 12 Aug 2020 01:15:56 GMT

It reported my balance twice. They reported $500 which made the credit utilization go up and then it reported my balance to $1k. Each time it went down and I only lost a few points for opening the card. Most of drop came because they reported a balance when they shouldn't have.

Re: Navy Federal Auto Loan 2 Inquiries? Cash down?

Anonymous — Wed, 12 Aug 2020 01:52:51 GMT

Thank you so much, I'm going to apply this week. My offer with Capital one ends on the 17th, so I want to see if Navy Federal can give me a better rate. God bless

Re: Navy Federal Auto Loan 2 Inquiries? Cash down?

Anonymous — Wed, 12 Aug 2020 02:41:21 GMT

Update: I got a better APR with Navy Federal by 1% than Capital one. I got a longer term with Navy Federal (72 months) compared to Capital One's 60 months term. It didn't pull my credit score to find my rates during the pre-approval process. It will pull it if you continue past step 2 or 3. Thank you and much love to all of you wonderful people.

Re: Navy Federal Auto Loan 2 Inquiries? Cash down?

TC1212 — Wed, 12 Aug 2020 02:51:10 GMT

@Anonymous @Due to Covid preapprovals are now good for 90 days. Good luck.

Re: Navy Federal Auto Loan 2 Inquiries? Cash down?

Anonymous — Wed, 12 Aug 2020 11:02:03 GMT

@TC1212 nice! I plan on making the purchase this week. It turns out they did pull my credit, but it only showed up on Credit Karma. I'll probably call to see what my APR would be for 60 months. Glad I decided to invest in MyFico because everyone has been very helpful. Have a wonderful day!

Re: Navy Federal Auto Loan 2 Inquiries? Cash down?

Scupra — Wed, 12 Aug 2020 17:28:32 GMT

I was going to tell you to look at that 60 month NFCU will probably push you towards it anyway. Congrats on the approval

Re: Navy Federal Auto Loan 2 Inquiries? Cash down?

Anonymous — Wed, 12 Aug 2020 17:35:32 GMT

@Scupra Thank you very much for your kind words. The difference between 60 months was 3.59% and 72 was 4.29%. I'll probably end up paying it off earlier, but I finally feel the weight off my shoulders. I wanted a good APR, but I kept waiting as I tried to build my credit score. First car ever and I didn't want it to be a burden. Navy Federal is awesome!

Re: Navy Federal Auto Loan 2 Inquiries? Cash down?

BmoreBull — Wed, 12 Aug 2020 19:35:01 GMT

Congrats on the approval. Did Navy pull EQ 9? Do you know what your score was to get that rate? Thanks and congrats again.

Re: Navy Federal Auto Loan 2 Inquiries? Cash down?

Anonymous — Wed, 12 Aug 2020 19:58:26 GMT

@BmoreBull Is there anyway for me to check which one? I know 100% sure that Equifax. Fico Score 8 is 635 and Fico Score 9 is 631 (Auto). Let me know if you are interested in the Fico 5

Re: Navy Federal Auto Loan 2 Inquiries? Cash down?

BmoreBull — Wed, 12 Aug 2020 20:08:54 GMT

I don't know if it's a way to check. It may be in your loan papers that they send for you to sign. I want to say they use EQ 9 for loans and TU 9 for credit cards. EQ 5 is the mortgage score but I think they are one of the cu's that only use it for mortgages.

Re: Navy Federal Auto Loan 2 Inquiries? Cash down?

Anonymous — Wed, 26 Aug 2020 13:24:05 GMT

@BmoreBull I got a piece of paper showing 664, but it didn't match Equifax or Transunion. I'm so confused on how they got that specific number. I'm not sure which one it is now, but the lady on the phone did mention they use Equifax mostly.

Re: Navy Federal Auto Loan 2 Inquiries? Cash down?

Brian_Earl_Spilner — Wed, 26 Aug 2020 13:30:07 GMT

@TC1212 wrote:
@Anonymous @Due to Covid preapprovals are now good for 90 days. Good luck.

I just got one last month. It's good for 60 days because of covid.

Re: Navy Federal Auto Loan 2 Inquiries? Cash down?

Anonymous — Wed, 26 Aug 2020 13:50:05 GMT

@Brian_Earl_Spilner Congrats! I hope you get a nice ride . Vroom vroom

Re: Navy Federal Auto Loan 2 Inquiries? Cash down?

Anonymous — Sun, 30 Aug 2020 06:21:04 GMT

@Anonymous , FYI in the future (or now too if applicable), you could pay down/off that Discover balance, and then call them and ask for an off-cycle report to the bureaus. They're one of the lenders that will do this. You'd likely regain most of that scoring drop, which would be reflected once the updated balances report. That in turn may help you with a lower APR on the car.

Re: Navy Federal Auto Loan 2 Inquiries? Cash down?

Anonymous — Sun, 30 Aug 2020 18:40:39 GMT

@Anonymous I hear what you are saying, but they shouldn't have reported twice though. It is not like I knew they would report or had a chance to pay it down. This is most likely a once in a lifetime situtation that won't occur again. I do appreciate the info, but there is nothing I could've done at the time. My score has gone back up.

Re: Navy Federal Auto Loan 2 Inquiries? Cash down?

Anonymous — Sun, 30 Aug 2020 18:49:33 GMT

Nope I understand completely where you're coming from on that. I only wanted to point out that Disco is one of the lenders that will report upon request in case you needed to still handle that situation.