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I would suggest doing a loan with Capital One and then working very hard on your rebuild over the next 6 months and then when your over 600 and cleaned up your report then refinance with Navy. I don't believe Navy refinances their own loans, if they do that is great and makes it simple so I would ask that question first. It is a terrible APR but of course your scores and likely negative items in your profile are the reasons. Subprime loans suck but at least you got an approval. I had to go through Roadloans a nightmare lender several years ago, did my rebuild for 7 months and refinanced with Navy for 4.29% down from the 14.5% Roadloans charged.
Word of caution on this and any high interest car loan. Pay very close attention to the loan to value ratio and look closely at the depreciation of the car over the next year (Edmunds is a great source) . Many people get locked into a subprime loan they cannot refinace not becuase there scores are too low but because they have too much negative equity resulting in a high loan to value ratio. We see this all the time here. Buy smart, stay away from add on products because they hurt loan to value, If you live in a state that does not charge sales tax for private party cars consider private party cars over retail because again less cost that puts you in the hole.
@Anonymous wrote:I would suggest doing a loan with Capital One and then working very hard on your rebuild over the next 6 months and then when your over 600 and cleaned up your report then refinance with Navy. I don't believe Navy refinances their own loans, if they do that is great and makes it simple so I would ask that question first. It is a terrible APR but of course your scores and likely negative items in your profile are the reasons. Subprime loans suck but at least you got an approval. I had to go through Roadloans a nightmare lender several years ago, did my rebuild for 7 months and refinanced with Navy for 4.29% down from the 14.5% Roadloans charged.
Word of caution on this and any high interest car loan. Pay very close attention to the loan to value ratio and look closely at the depreciation of the car over the next year (Edmunds is a great source) . Many people get locked into a subprime loan they cannot refinace not becuase there scores are too low but because they have too much negative equity resulting in a high loan to value ratio. We see this all the time here. Buy smart, stay away from add on products because they hurt loan to value, If you live in a state that does not charge sales tax for private party cars consider private party cars over retail because again less cost that puts you in the hole.
Navy doesn’t refinance their own loans.