NFCU Preapproval

[NeverTubetheGoose]

I will need to add a new car to the household in the next few months. I was curious if Navy would preapprove me. Does the preapproval count as a HP? I didn't even finish filling out the info and all of my alerts starting going off (Credit karma, Cap1, NerdWallet, etc).

[Brian_Earl_Spilner]

An auto pre-approval is a HP. As far as I know, only cap1 and carvana do SP

[Anonymous]

@NeverTubetheGoose 

Yup preapproval for me was EQ HP. They overnighted a check that was valid for a dealer purchase for 60 or 90 days (sorry can't remember), it was easy-peasy. Found the car, got the price I wanted, handed the dealer the check. Done in record time. If you are shopping rates consider DCU as well. They start at 1.99% and you can ask for 60 days before the first payment if you want to go that way. Both are awesome! Happy Friday!!

[blindambition]

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@Anonymous wrote:

@NeverTubetheGoose 

Yup preapproval for me was EQ HP. They overnighted a check that was valid for a dealer purchase for 60 or 90 days (sorry can't remember), it was easy-peasy. Found the car, got the price I wanted, handed the dealer the check. Done in record time. If you are shopping rates consider DCU as well. They start at 1.99% and you can ask for 60 days before the first payment if you want to go that way. Both are awesome! Happy Friday!!

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This is pretty standard. Except they are pulling TU now.

[JSF1]

Hello @Anonymous 

Did you know the exact price of the car you wanted? How does it work if you're approved for more/less and the car you want is more/less. For example, NFCU approves you for 50k, but the car you've selected is only 45k---do you still give the 50k check to the dealership or do you go back to NCFU to issue a new check for the 45k? 

[Anonymous]

@JSF1 In my case I hadn't looked yet but knew I wanted to stay on the $22-25K range before fees. I asked for $30K to make sure I was covered. Instant pre-approval offer. Navy asked if I wanted a check for $30K or $33K (I assumed $33K was my max approval). I took $30K, shopped with the check about 7 weeks later. My total purchase was about $25K with tags etc. Dealer can write the check up to the amount you are approved for. Loved it cuz I knew my rate and max so I could play with different prices to see what payment was the best fit.

[JSF1]

@Anonymous 
thanks for the response! You said the check was for 30k, but the car was only 25k, right? What happened to the extra 5k? Forgive me if I misread. Did the dealership refund you the 5k? If so, did yoh have to give it back to NFCU? 

[ntx]

NFCU pre-approval check is good for up to the preapproval amount. You'll fill it in for the exact amount when you buy. 

[ldkcivilservant]

Agree with the above. I applied for $21k, was approved for up to $23k.

I made the assumption that this was to cover TTL.

The dealer wrote the check out for the total amount while we were there.

[JSF1]

Okay! Now I get it! Thank you!