NAVY instant approval

[Anonymous]

Just want to share my experience because I literally look to this forum for others advice and experiences before I app for any of Navy's products.

In market to purchase a new truck so three days ago I pull the trigger and applied for an auto loan with Navy. I was instantly approved for $33k with 3.89% interest. I originally asked for used (and only $30k) but called to see if I could use it in on a new vehicle and if yes what would interest be. Told yes and if new interest is 2.19%. They hard pull Equifax and my current score is 643. Been banking with Navy for two years. Two credit cards with Navy. Had a shared loan they was actually PIF in same day I app for auto. 

So excited. And since I travel for my job I was concerned about how long I had to use my loan and lady said 90 days due to COVID-19. 

Hope this information helps somebody else. 

[Anonymous]

WoooHooo, congratulations and excited for you!! 🚘 💙🛳

[AllZero]

Congratulations on your approval!

[Anonymous]

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@Anonymous wrote:

Just want to share my experience because I literally look to this forum for others advice and experiences before I app for any of Navy's products.

In market to purchase a new truck so three days ago I pull the trigger and applied for an auto loan with Navy. I was instantly approved for $33k with 3.89% interest. I originally asked for used (and only $30k) but called to see if I could use it in on a new vehicle and if yes what would interest be. Told yes and if new interest is 2.19%. They hard pull Equifax and my current score is 643. Been banking with Navy for two years. Two credit cards with Navy. Had a shared loan they was actually PIF in same day I app for auto. 

So excited. And since I travel for my job I was concerned about how long I had to use my loan and lady said 90 days due to COVID-19. 

Hope this information helps somebody else. 

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Oh man does this help a lot! I have just about all the same data points you do and I am looking at getting a loan though NFCU. Been with Navy a little more than two years and I also have two cards with them. With the 90 days to actually use the loan, I might apply on the 1st. 

[Anonymous]

Congrats on your approval! This info is very helpful, I am in the process of gearing up to purchase a new car and will be applying to NFCU for an autoloan as well. My credit score is a 678 , but waiting to pay off my current lease with Audi (have 2 more months) before I apply for the loan.

[Anonymous]

@Anonymous 

Congrats on the approval!!!

[Anonymous]

I look forward to seeing your approval post in the next few weeks. @Anonymous good luck!

[Anonymous]

I'm sure in the next two months I will see your approval post because Navy is the best. Good luck hunting for your new ride @Anonymous 

[Anonymous]

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@Anonymous wrote:

I look forward to seeing your approval post in the next few weeks. @Anonymous good luck!

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@Anonymous I just went ahead and applied just now through the app. (It's amazing that it's possible to apply for a car loan through my iPhone) and I got approved for $34,000 for 72 months at 3.99%. Super happy! Now I get to see what Hyundai is going to offer. 

[Anonymous]

Congrats

I had roughly the same experience. Applied at NFCU for ~$29,000 and got an instant approval (well, 30 seconds). The dealership had previously told me the day before they were having problems getting a good rate for me (and for them I'm sure )

Rate was 3.89% for 60 months. I pay off auto loans around the 4.5 year mark

Then the dealer they came back with a higher rate - 5.49% - from a bank in New York ( Canandaigua National Bank & Trust)

I ended up taking that rate for the following reasons:

1) Get a .50% rate reduction if I open an account and have the payment deducted from a checking account at their bank. Plus several other perks that average to about ~$75/year at no charge

2) COVID-19 has knocked the socks out of this area (upstate NY). As much as possible I wanted to keep the business local. I had an auto loan with the bank several years ago and they were good to work with. The same with the dealer - I know they made money on the car and loan - I want them to. I can remember going to the dealer for car service in mid-late April and thinking "man, this place is empty." There were NO car sales and limited service hours. It was not a good situation.

3) The bank has a branch much closer to where I live than they did 10 years ago. The distance to the branch was one of the reasons I closed an account with them at that time - too far to drive and on-line banking was not where it is now.

Will take the difference between 4.99% and 3.89% and make a lump sum payment to principal on the loan, then continue paying the loan as-is. The bank confirmed I could do that as long as the account is current.

NFCU did nothing wrong and did everything right. I don't care much about HP counts - if I need/want to use credit, I do so. They will age over time.

I suppose some of the reasons (see #2) are sentimental, perhaps corny. But I wanted to do.

NFCU impresses me greatly. Very easy to deal with. I felt bad calling them to cancel the loan.

Oh, 2017 M-B C300 ~19,800 miles. I drive like my Mom did so at least the car won't break from being beat on!