NFCU winning streak lost, approved at 7.49 :(

[19eighty5]

Congratulations on your approval!

[FirstAscent]

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@Loquat wrote:
OP, I'm a member of both NFCU and PenFed and I have to say that PenFed in my experience has beat NFCU every.single.time and I'm on #4 for auto loans with PenFed. Their process is just as fast and simple as NFCU.

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Thanks! I considered them as well. Their posted rates are slightly higher (for lowest rates) than NFCU right now but from my notes I believe they pull EQ9 which is at 718 right now. I've never applied with them before but might be worth a shot

[Anonymous]

Congrats on the approval....

no worries, you can refi to a lower rate in the future if/when needed.

[Traveler101]

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@Loquat wrote:
OP, I'm a member of both NFCU and PenFed and I have to say that PenFed in my experience has beat NFCU every.single.time and I'm on #4 for auto loans with PenFed. Their process is just as fast and simple as NFCU.

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+1.. Very pleased here with Penfed auto. Fast and simple. Op, look and compare rates with pfed. Consider the loan with them or refi and save yourself some money if a better rate is avail. Pick up the phone and discuss your options. I absolutley love navy for cc. I love penfed for auto. Pfed also has a rate reduction going on. Worth a shot. Good luck to you.

[Traveler101]

Also, use the car buying service. See if the dealer you are buying from is listed. It earns you an extra discount for doing so.

[Gladius]

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@mikesonthemend wrote:

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@FirstAscent wrote:

...

I asked for $65k which is how much I'm wanting after rebates and down payment. 
My current DTI is about 21% although they really didn't ask about my expenses, only how much my rent is. 

I have 4 credit cards. 3 of them have 0% utilization, the 4th one (NFCU Plat) I just realized has a high util, in my head I was thinking current balance not statement balance. It last posted at 66% but as of today is at 43%. So that could be a negative factor. Total aggregate util would be 28%.

...

One collection falling off in a couple months so it's very old. Most recent late payment 3 years ago. But these existed before when I got the first auto loan as well. 

...

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Frankly, I would be grateful they approved you for a $65k truck. I imagine it is a really nice truck and is quite important to you. You haven't stated the duration of this loan, I know they offer , what, 7 years now?

The way they look at it, by the time you get it to your driveway, it is a $55k truck in a good market. You are $10k upside down after your first drive as the owner. It is just risk management and nothing personal.

If your scores were a little higher, I would say sit tight and wait on crisis financing offers (0% apr) that are going to be coming from the manufacturers.

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The "shade" is quite prevalent in this post....lol

[KLEXH25]

My guess is the high reported utilization along with having two open auto loans for a high amount is giving you the higher rate. Also, all products are with the same lender so that they're increasing their own risk. I'm curious if Penfed (or other lender) would give you a lower rate. Good luck!

[FirstAscent]

Yeah could be, I was just hoping to continue to give NFCU my business because they had been treating me so well throughout my rebuild, and it's nice to not have a million accounts for payments etc. 

With that being said, things are looking up!

PenFed approved me at 4.29%! Their lowest posted rate for a 72 month term is 4.00%, so I'd say 4.29% is great from that perspective!

I feel much better now going into this with a 4.29% approved loan. Even if it's not the lowest 2.99% NFCU offers Gotta remind myself I'm still rebuilding and I don't have an 800 credit score haha

It was approved "conditionally". No worries though, just need two most recent pay stubs and a copy of the vehicle purchase order from the dealer. I'm not self employed and get a normal check so easy peasy. Thanks for the tips on PenFed. 

[AllZero]

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@FirstAscent wrote:

Yeah could be, I was just hoping to continue to give NFCU my business because they had been treating me so well throughout my rebuild, and it's nice to not have a million accounts for payments etc. 

With that being said, things are looking up!

PenFed approved me at 4.29%! Their lowest posted rate for a 72 month term is 4.00%, so I'd say 4.29% is great from that perspective!

I feel much better now going into this with a 4.29% approved loan. Even if it's not the lowest 2.99% NFCU offers Gotta remind myself I'm still rebuilding and I don't have an 800 credit score haha

It was approved "conditionally". No worries though, just need two most recent pay stubs and a copy of the vehicle purchase order from the dealer. I'm not self employed and get a normal check so easy peasy. Thanks for the tips on PenFed. 

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Congratulations on your "conditionally" approved offer!

[Traveler101]

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@FirstAscent wrote:

Yeah could be, I was just hoping to continue to give NFCU my business because they had been treating me so well throughout my rebuild, and it's nice to not have a million accounts for payments etc. 

With that being said, things are looking up!

PenFed approved me at 4.29%! Their lowest posted rate for a 72 month term is 4.00%, so I'd say 4.29% is great from that perspective!

I feel much better now going into this with a 4.29% approved loan. Even if it's not the lowest 2.99% NFCU offers Gotta remind myself I'm still rebuilding and I don't have an 800 credit score haha

It was approved "conditionally". No worries though, just need two most recent pay stubs and a copy of the vehicle purchase order from the dealer. I'm not self employed and get a normal check so easy peasy. Thanks for the tips on PenFed. H

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Happy it worked out for you, Congrats!