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NFCU auto loan chances

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Established Member

NFCU auto loan chances

I’ve been a NFCU memeber since June. My scores have been 640 but recently I was hit with a 30 day late notice and my score dropped 80 points ouch! I have some credit card debt my utilization is high. I plan on paying about 1500-200 to get my scores up to atleast 620. What are my chances of getting a auto loan for only about 12k I make about 22,000 a year
Message 1 of 8
7 REPLIES 7
Regular Contributor

Re: NFCU auto loan chances

I think you have a pretty good chance. You may have a high interest rate. But with 3 collections and a recent late, I was approved 3 years ago.. I was approved for $22k with 5.09 APR. and just recently approved for 35k, and my report still isn’t clean.
Message 2 of 8
Established Member

Re: NFCU auto loan chances

So 562 was my capital one fako score . I pulled my real score and it’s 592. In a couple of months I should be fine. That’s the only baddie on my credit history. My balances is what’s keeping me from having my highest potential.
Message 3 of 8
New Contributor

Re: NFCU auto loan chances

Welcome to the forums! 

 

I would work on that with the banks, and maybe you can ask for advice from the credit rebuilding section of the forum on how to fight these collections. Once you get them knocked off you will be able to drive away with a dream car at a really good rate. 

 

5.09% on 22,000 IS A BEAUTIFUL RATE at this current time. Rates have gone up due to the federal rates being increased by over 1.00% in 2018. Hopefully it will stay the same this year. 

Message 4 of 8
Valued Member

Re: NFCU auto loan chances

    Did they ask for POI?

 

***Edit, I was just approved with NFCU for $23k 6.59% EQ 619, no POI, Ive been a member for 4 months, I have a $500 secured card with them 

  


@SpartanGirl924 wrote:
I think you have a pretty good chance. You may have a high interest rate. But with 3 collections and a recent late, I was approved 3 years ago.. I was approved for $22k with 5.09 APR. and just recently approved for 35k, and my report still isn’t clean.

 

Message 5 of 8
Established Member

Re: NFCU auto loan chances

Went ahead and pulled the gun got approved with a 680 with a 8.69 for used. Definitely not the rate I was looking for honestly a little discouraged.
Message 6 of 8
Valued Contributor

Re: NFCU auto loan chances

You mean trigger?

Don't be discouraged, that's pretty good rate for your profile. The rate could have been higher.






Message 7 of 8
Established Member

Re: NFCU auto loan chances

I called back and they said if I do choose a newer vehicle my rate would be around 5%
Message 8 of 8
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