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Since I received my tax forms from my accountant today, I figured I'd go ahead and put in a pre-approval for a new auto loan with NFCU. I was expecting to get a 'processing' message and have to wait a few days, but to my surprise they approved the pre-approval instantly. I *think* they pulled my EQ report, although I won't find out for a few days I suppose (once my CMS beeps at me).
What they approved me for was:
Term: 60 months
Amount: up to $27,600
APR: 2.79%
It's not the lowest rate they offer (1.79%) but I'm really happy with that low of a rate - I was expecting at least double that. And they said that no downpayment is required either. I have under a year and a half of credit history and no real installment loan history (small deferred student loan from a few months ago). My taxable income was lower this year than I expected (thanks to writeoffs), so that was with a $43k income. What surprised me was that even though I'm self-employed, they didn't ask for proof of income or tax forms or anything like that. I'll have the draft for the loan delivered by Fedex on Thursday.
So I guess this is, yet again, proof that NFCU is good to their members once you build some history with them. Figured I'd post this up in a separate thread to sing their praises and since I haven't picked the actual vehcile yet (hence, pre-approval) it doesn't really fit in the approval thread.
Congrats !! That's a fantastic rate !
I see that you are shopping for a new car, but did you get a feel for what their rates would be for used ?
@pizzadude wrote:
Congrats !! That's a fantastic rate !
I see that you are shopping for a new car, but did you get a feel for what their rates would be for used ?
I actually asked them that just in case I find a great deal on a used car. The rep on the phone said that for a late-model (2011-2013) used vehicle with less than 30k miles, my rate would go up to 3.79%. If it's an older model or has more than 30k miles, it would 4.99%.
Not sure if those are the standard rate increases, but it seems like a 1% or 2.2% increase in APR for a used vehicle. Which still isn't bad, imo. I've been reading the horror stories here about people stuck with credit-card level APRs, so I'm happy.
Yeah, I agree ~ 5% is a pretty decent rate on a used loan. Good luck with your car shopping !
It also gives you more leverage at the dealer. No the hard part starts, picking the car.
me and the dw got approved for 30k at 2.2 lol i went to this one dealer here where i live did not want to budge on price kept me waiting for 3 hours told them what i wanted. soo i put a down payment of 500 to get the car here... got hot the next few days went and drove 2 hours got the same car we wanted for 2600 less plus a few free items thrown in and pryed my 500 out of their hands. my advice just go in there like you own the place if they don't wanna deal walk away don't let them tell you they can get a better rate its a load of crap!
@cableguy123 wrote:me and the dw got approved for 30k at 2.2 lol i went to this one dealer here where i live did not want to budge on price kept me waiting for 3 hours told them what i wanted. soo i put a down payment of 500 to get the car here... got hot the next few days went and drove 2 hours got the same car we wanted for 2600 less plus a few free items thrown in and pryed my 500 out of their hands. my advice just go in there like you own the place if they don't wanna deal walk away don't let them tell you they can get a better rate its a load of crap!
Yeah, I'm actually thinking of using NFCU's car buying service and seeing if they can get me a decent price. Having the pre-approved loan (just got the draft check in from Fedex today!) will definitely make it easier to negotiate with the dealers if I have to. After all, I'll already have guaranteed financing so they're really not going to be doing me any 'favors' by doing anything except getting me the car I want at a lower price.
Honestly, unless the dealer offers me some kind of 0% financing through the manufacturer, I'll probably still stick with NFCU. I'd rather pay a few bucks more per month and deal with NFCU than have a slightly lower rate and have to deal with some awful second-class lender.
@webhopper wrote:
Congrats! I wAs recently able to refinance my current loan through them with a 4% savings on interest. After sent in my financials and got the approval, I preapproved for a cashrewards visa. I apped for the visa, got the crazy CL listed in my signature. I will be using NFCU for all my future auto needs! They really took care of me!
See, I was expecting to have to send them financial docs. Since I'm self-employed, I was waiting for my accountant to finish my taxes and file them so I'd have a copy of the forms to give NFCU. And then they instantly approved me without asking for any financial documents. That was just another surprise.
I got the notification today that they pulled TU for the application. The draft and other papers that came in the envelope don't mention anything about my score (even though I didn't get the "best rate"), so I'm not sure if they used an auto-enhanced score or not.
What if you end up wanting to buy from an individual and not a dealer? All the language on this draft NFCU sent me states what the 'dealer must do' to get paid. Well, I decided to buy my dad's Lexus because no dealer could touch his family offer. Does the draft check work the same when purchasing from an individual and not a dealer?