I'm a long time lurker but first time poster. I'm looking at purchasing a new Mustang for approximately 36k. I will be putting at least 20% or more down if necessary to get a somewhat reasonable rate. I understand from previous posts that NFCU uses Equifax for their auto loan decisions. I've been focused on my credit for the last 12 months and have improved my Equifax from 480 last Oct. to just breaking the 600 barrier now. The only baddie is I was going through a separation and divorce about 3 years ago and had a few late payments and repo on an auto loan from Wells Fargo. All these were within a 4 to 6 month span. Nothing negative since that time on auto loan or credit card. My current income is approximately 75k and my current DTI is approximately 8%. I have no mortgage as I own my home. My Equifax scores are as follows Fico 8 (605), Fico Auto 8 (585), Fico Auto 5 (654), Fico Auto 9 (614). Is it reasonable to think I could get an approval from NFCU or a somewhat decent interest rate? I could go to 30% down without issue if it was necessary. If more information is needed, please let me know.
I have seen auto approvals with lower scores. Navy does not only look at scores when approving loan. Hope all goes well!
Are you already a NFCU member? If so, for how long, and have you had any negative issues with them? They seem to value your membership on a broader level than just your scores for approvals, i.e., look at your account history, recent inq's, past loans/acounts with them.
I by no means have totally cleaned my reports yet, but was approved for a 9% loan on a used car. Yes, they pulled EQ (in NC) for their Auto loans, TU for CC.
I have been a member for about 5 years with no negative issues with them. I would think you would get approval, but possibly a higher rate than your wanting, but don't quote me on that. Treat NFCU well, and they will do the same in return!
Good luck with your loan apps, let the forums know how it goes!
Did you apply with NFCU?
I have not applied yet. I have about 10 hards coming off my EQ on Oct. 13 from a car search 2 years ago. I also have couple credit accounts that update the middle of the month. Hopefully that adds a couple more points to my score. My plan is to apply with NFCU middle of next week and have that in hand to car shop the last few days of the month. Ford has some good customer rebates on the 2018 models but the color and options I want are getting more scarce.
I got approved today! Asked for 40,000 they countered offered $44,000/72 months/4.5 %
Equifax Auto 5 score is 656
Thats fantastic! Congratulations!! I had read that they used Equifax but wasn't sure what score version and I believe I read that they have their own scoring model. Your Auto 5 score is nearly identical to mine (654). My Auto 8 is lowest and Auto 9 is in the middle of the two. Did you apply online or by phone? I plan on asking for approximately 33,000 to be sure taxes, tags, etc. are covered, but will be putting down 20%.
You will not have a problem! I have to admit I was nervous. I even told the lady on the phone I was nervous and she was so friendly and told me not to be nervous. It took maybe 15min for them to explain everthing and just a few seconds when they entered everthing.
Great news!! Pre-approval from NFCU went flawless. Took about 20 minutes on the phone and the check is in the mail. Pretty suprised at the rate I received, but I'll take it.
APPROVING BANK: NFCU
BUREAU PULLED: EQ
CREDIT SCORE: Fico Auto 8 (585), Fico Auto 5 (654), Fico Auto 9 (614)
SOFT PULL/HARD PULL: Hard
CUSTOMER STATE OF RESIDENCE: NC
YEAR OF VEHICLE: 2018 (Better Rebates)
MODEL: Mustang GT Premium
MILEAGE: To be determined (Choosing between about 4 different cars at different dealers)
PURCHASE PRICE: Will be approximately 33k to 36K depending on one I choose.
AMOUNT OF LOAN: Asked for 30k, counter offered for 33k
TERM CONTRACTED: 72m
APR/LEASE RATE: 4.59
MONTHLY PAYMENT: Max of $525
ANNUAL INCOME: 74k
DEBT TO INCOME RATIO: Approx 12%
MISCELLANEOUS COMMENTARY: Plan on putting about 20% down, so payment expected to be around $475.