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For those of you who are rebuilding your credit and need a car loan, there's hope if you're with Navy Federal. I'll try not to make this too long. About 5 years ago I blew my credit up due to relocating and having a job offer fall through. Everything went into collections except for my car. And a little over two years ago I voluntarily surrendered it because it blew up and I couldnt afford to fix it. So in addition to my mounting collection accounts, I now also had a repossession on my report. Before it showed up on my reports though, I bought 2 cars from Carvana and they were financed at 24% OUCH! Saying things looked bad was an understatement.
About 15 months ago I got sick and tired of being a credit criminal and started addressing the things on my credit report. I paid for deletions, settled accounts, and tried to remove what I could through the dispute process. I still have 4 bad things on my reports including the repo. At the same time I opened a few secured cards, used the SCT to open a few store cards, and also picked up a few sub-prime cards. And while I was doing this I also joined NFCU about 6 months ago.
Fast forward to the present.
So about a week ago I decided to apply for a car loan with NFCU. I thought I had a good shot of getting a loan because I have direct deposit with them, I earn 140k a year, I have a very low DTI and my credit usage was under 4% on all of my revolving accounts. I also have a secured card with Navy for $300 that I took out when I joined, and then 3 months ago they approved me for another unsecured card with a $7,000 limit. So I went online and filled out the app for a new car loan for $55,000 and BOOM...they countered with a loan for $60,500. The interest is a bit high at 6.8% but it's because I chose the longest term they have. And this gave me the ability to roll one of the 24% loans into the deal as a trade in and I was only upside down by a few grand. So I basically got out of a car that had a retail value of 17k that I was paying 24% interest on and upgraded to a new 2021 Audi that's $56,000 with an interest rate of 6.8%. Wow what a difference a few years can make.
If any of you are in similar shape and need DP's from me just let me know.
@Anonymous wrote:For those of you who are rebuilding your credit and need a car loan, there's hope if you're with Navy Federal. I'll try not to make this too long. About 5 years ago I blew my credit up due to relocating and having a job offer fall through. Everything went into collections except for my car. And a little over two years ago I voluntarily surrendered it because it blew up and I couldnt afford to fix it. So in addition to my mounting collection accounts, I now also had a repossession on my report. Before it showed up on my reports though, I bought 2 cars from Carvana and they were financed at 24% OUCH! Saying things looked bad was an understatement.
About 15 months ago I got sick and tired of being a credit criminal and started addressing the things on my credit report. I paid for deletions, settled accounts, and tried to remove what I could through the dispute process. I still have 4 bad things on my reports including the repo. At the same time I opened a few secured cards, used the SCT to open a few store cards, and also picked up a few sub-prime cards. And while I was doing this I also joined NFCU about 6 months ago.
Fast forward to the present.
So about a week ago I decided to apply for a car loan with NFCU. I thought I had a good shot of getting a loan because I have direct deposit with them, I earn 140k a year, I have a very low DTI and my credit usage was under 4% on all of my revolving accounts. I also have a secured card with Navy for $300 that I took out when I joined, and then 3 months ago they approved me for another unsecured card with a $7,000 limit. So I went online and filled out the app for a new car loan for $55,000 and BOOM...they countered with a loan for $60,500. The interest is a bit high at 6.8% but it's because I chose the longest term they have. And this gave me the ability to roll one of the 24% loans into the deal as a trade in and I was only upside down by a few grand. So I basically got out of a car that had a retail value of 17k that I was paying 24% interest on and upgraded to a new 2021 Audi that's $56,000 with an interest rate of 6.8%. Wow what a difference a few years can make.
If any of you are in similar shape and need DP's from me just let me know.
Nicely done, Congrats!
Wow! Nice work! Congrats on the approval
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Congratulations on your purchase with NFCU. I plan to apply for a loan with them at the end of this month. If I may, what were your scores? Thank you 😊
NFCU uses TransUnion for their auto loans. My TransUnion Fico Score 8 was 707 at the time of application.
@Whew wrote:Congratulations on your purchase with NFCU. I plan to apply for a loan with them at the end of this month. If I may, what were your scores? Thank you 😊
My Fico Score 8 was 707 at the time of application. They pull TransUnion for their auto loans.
@Whew wrote:Congratulations on your purchase with NFCU. I plan to apply for a loan with them at the end of this month. If I may, what were your scores? Thank you 😊
Perfect. Thank you and congratulations again.