topic Auto Loan-Navy Federal? in Auto Loans

Auto Loan-Navy Federal?

Anonymous — Mon, 16 Nov 2020 15:04:23 GMT

My Chevy Equinox lease ends on 12/13/20. Considering purchasing using end of lease purchase option. Very low mileage so a decent deal for me. Question, what's the auto loan process from NFCU like? Good rates? Easy or hard to qualify? I am already a member but just checking snd savings accounts. My score is 725. Also considering the Capital One Auto Navigator loan pre approval. Already approved for much more than I need but rate is 4.88% which seems a bit high. Thoughts? Advice/suggestions?

Re: Auto Loan-Navy Federal?

spiritcraft1 — Mon, 16 Nov 2020 15:11:59 GMT

@Anonymous wrote:
My Chevy Equinox lease ends on 12/13/20. Considering purchasing using end of lease purchase option. Very low mileage so a decent deal for me. Question, what's the auto loan process from NFCU like? Good rates? Easy or hard to qualify? I am already a member but just checking snd savings accounts. My score is 725. Also considering the Capital One Auto Navigator loan pre approval. Already approved for much more than I need but rate is 4.88% which seems a bit high. Thoughts? Advice/suggestions?

Both my Daughter and Son have NFCU auto loans. Son is on his second. They were seamless and easy, 120% LTV max if I remember correctly with thin files and scores from 650 (sons first) to 770. Their Auto loans act like their SSL, if you pay ahead the due date extends while the term remains. Daughter paid hers down to 4% and next payment is in 2023.

Re: Auto Loan-Navy Federal?

Anonymous — Mon, 16 Nov 2020 15:16:05 GMT

That's great. So I need to put down 20%? What is SSL? Student loans? Paying ahead just shortens term?

what were their rates?

Re: Auto Loan-Navy Federal?

spiritcraft1 — Mon, 16 Nov 2020 15:43:30 GMT

@Anonymous wrote:
That's great. So I need to put down 20%? What is SSL? Student loans? Paying ahead just shortens term?
what were their rates?

Son's last loan was late last year @ 3 something percent with a 680 FICO or something.

They never needed any down payment.

A SSL is referring to the famed NFCU Share Secured Loan that is used to show a nearly paid off installment loan that lasts as long as the initial term (say 48 months) even after paying it down to less than 8.9%. Their Auto loans work the same way. My Daughter's loan was 48 months for $12k. She decided to raid savings and pay it off short after getting the car. I suggested paying it down to $500 hearing that NFCU auto loans worked like the SSL. It did. She now has a 12k auto loan paid down to $500 with her next payment due February of 2023. That nearly paid off loan boosts her FICO score by 20-30 points.

Re: Auto Loan-Navy Federal?

Gladius — Mon, 16 Nov 2020 19:04:22 GMT

@Anonymous wrote:
My Chevy Equinox lease ends on 12/13/20. Considering purchasing using end of lease purchase option. Very low mileage so a decent deal for me. Question, what's the auto loan process from NFCU like? Good rates? Easy or hard to qualify? I am already a member but just checking snd savings accounts. My score is 725. Also considering the Capital One Auto Navigator loan pre approval. Already approved for much more than I need but rate is 4.88% which seems a bit high. Thoughts? Advice/suggestions?

Whe you say "my score is 725", which version and bureau are you talking about? And with the Capital One rate, how many months?

Re: Auto Loan-Navy Federal?

Anonymous — Mon, 16 Nov 2020 19:05:08 GMT

Experian Fico 725. Capital One is 4.88% for 60 months. Pre-pproved for $50,000 actually.