cancel
Showing results for 
Search instead for 
Did you mean: 

NFCU Auto Loan Process....

tag
Anonymous
Not applicable

NFCU Auto Loan Process....

Hello my fellow MyFico enthusiasts!!

 

Wanting some recent input on the process of applying and proceeding with a NFCU auto loan. 

 

My plan is, in the next month or so, get a new vehicle and I've read various threads regarding the ease of using NFCU to do this with. Just looking for some recent input on the process.. in branch or online, time it takes, method of payment, proof of POI, FICO scores etc.. so I can try and prepare as best as possible for this.

 

I have my last collection that will be payed Monday and as soon as that is removed I should be in the upper 600s low 700s. Just want to do my homework.

 

Any input or help would be greatly appreciated. 

 

Cheers!!!!

 

 

6 REPLIES 6
Anonymous
Not applicable

Re: NFCU Auto Loan Process....

Called and applied over the phone mid afternoon. Instant approval. No POI but I do have direct deposit with them so I guess they know what I make. Blank check was sent out that day and I received it not the next day but the following. Took blank check to dealer. He called NFCU to verify what they needed. He commented how he couldn’t believe how simple it was. Took maybe 30 mins tops. Made my down payment (wasn’t required) and signed the Navy check for the remaining amount. The dealer handled everything. I drove away in the new car within an hour and a half of arriving. Would have been quicker but we haggled a bit on the trade in and they put a big bow on it for my wife’s birthday.
Message 2 of 7
Anonymous
Not applicable

Re: NFCU Auto Loan Process....


@Anonymous wrote:
Called and applied over the phone mid afternoon. Instant approval. No POI but I do have direct deposit with them so I guess they know what I make. Blank check was sent out that day and I received it not the next day but the following. Took blank check to dealer. He called NFCU to verify what they needed. He commented how he couldn’t believe how simple it was. Took maybe 30 mins tops. Made my down payment (wasn’t required) and signed the Navy check for the remaining amount. The dealer handled everything. I drove away in the new car within an hour and a half of arriving. Would have been quicker but we haggled a bit on the trade in and they put a big bow on it for my wife’s birthday.

Well thank you for the response! Couldnt seem easier and makes me feel even better. I tend to get stressed out about things like this lol so reading that was a bit refreshing. I love Navy!! 

 

Again, thank you very much!

Message 3 of 7
IodineNightSky
Regular Contributor

Re: NFCU Auto Loan Process....

Armymed80, wanted to check in with you and see if you app'd for an NFCU auto loan b/c i might in the coming months. 

if so, can you provide data points and result? and in general how was the process. 

 

also, anyone else who reads this who's app'd to NFCU for an auto loan, please feel free to share you experience!

Current FICO 8s:
EQ: 712 - TU: 719 - EX: 707
Mortgage Ficos: EQ5: 708 - TU4: 729 - EX2: 700
Current Middle Mortgage Score: 708
Goal Scores: 740+


Message 4 of 7
cjc6464
New Contributor

Re: NFCU Auto Loan Process....

I am 18, very thin file. I have been using this forum for my build. I have been denied almost every where saying I have to small of credit history until one day I cold apped on NFCU's site and i was APPROVED for 21K w 6.1 for 72 mos. The APR is a little high but my credit profile is only going up and hope to refi it in the coming years. I also applied for their credit card which I have been denied for times before and was APPROVED for only $500 but based on NFCU's history I feel it will grow.

UTL= 5%
Chase Freedom Flex- $700
Navy Federal More Rewards Amex- $8,500
Navy Federal Cash Rewards- $1,000
PenFed Power Cash- $2,500
Macys- $800
Shell Mastercard- $800
Discover- $1,000
USAA Rewards Amex-$6,000
Best Buy-$6,000
AMEX BCP- $1,000
Target Redcard- $300
Navy Federal PLOC- $2,000
Penfed Auto- 4.04%
Discover Student Loan- 27k @ 26K
Message 5 of 7
Anonymous
Not applicable

Re: NFCU Auto Loan Process....

@HWill with the approval was there a HP or SP. If so what did they pull?
Message 6 of 7
Anonymous
Not applicable

Re: NFCU Auto Loan Process....

Here is my surprise experience with NFCU:
-Been a member for 10 years in good standing
-Have a 24K platinum card with them for 5 years used and paid off every month.
-Have CC score of 765 in their system, higher out
-Income is 120k a year
-Total credit lines over 3 cards 69K, practice full time azeo with 1% on one card reporting
-Bought house 7 years ago.
-AAOA 11 years

They flat out denied me. Asked for a review, came back full on denial again. Rep said it is because I haven't had a car loan before (have but it has fallen off and I paid cash for used vehicle since), no significant loan history and letter said my credit utilization was to high, negative reportings (none exist) and so forth. So, my experience with NFCU was a hard pull done twice and nada over made up bs I still don't understand. And I am not saying they wouldn't approve what I asked for, they said nothing. Not even 5k.

Popped over to Capital One Navigator, instant approval for 60K at interest rates in the 3% range for used vehicles. Will never go anywhere else now.
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.