Just thought I would share a navy federal approval story with question.

[Anonymous]

So I am a recent member to both navy fed and myfico. They approved me for a cash rewards card and 2k limit. They sent me a letter stating I have a 632 eq score. I applied for 12000 for a 2002 corvette with 94 k miles. I got approved at 9.09%. A bit higher but I don't show any auto loans on credit at all. Last one I had I repoed in 2008 and is now off my credit. I just got back in the credit game in August and I show 670ish ficos for ex and TU and 630is eq. Just super stoked that I got approved for a older model @ 48 months and I could have gone as long as 72 for financing. I did however opt into the life insurance disability and loss of employment coverage. It adds 20/ month to the loan but I am the main breadwinner. Good move or sucker move? Thanks in advance.

[Grafton88]

Sometimes you have to take some extra charges to get into the game.

You now have your foot in the door to a great CU.  Perhaps after 1 year you could refinance at a lower rate.

Work on getting your scores up.  Watch for the times that NFCU will let you do a CLI on your card.  You will notice posts on the CC forums telling you when this happens.  

Enjoy your Vette.

[Anonymous]

Congrats.. Enjoy your new ride..

[surferchris]

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@Grafton88 wrote:

Sometimes you have to take some extra charges to get into the game.

You now have your foot in the door to a great CU.  Perhaps after 1 year you could refinance at a lower rate.

Work on getting your scores up.  Watch for the times that NFCU will let you do a CLI on your card.  You will notice posts on the CC forums telling you when this happens.  

Enjoy your Vette.

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+1

[Anonymous]

I'm glad that I saw this post because I've been wondering who might finance me on an older (2005) M3. Just curious though if there are mileage caps, because most of the cars I'm looking at have over 120k miles?

Congratulations btw on your purchase!