Navy Approved, But Not High Enough Loan Ammt...

[Andy77]

I am going to be getting a new, used car soon. I applied for a 46k loan with Golden 1, where I only have one Visa and was approved for 46k at 4.19, which I am happy about.

I applied for a loan with Navy, where my dd is, three credit cards and was flat out declined

I did an appeal app and was approved for 30k. 

My issue now is, I can't get them to increase by the 16k needed for my loan. I sent in my paystub, bank statements with Navy and a regular supr in lending won't increase.

I would like to try to get the 16k with Navy approved as Navy is my main bank. I have zero relationship with Golden 1 other than 1 Visa that I always PIF

I did send a long email to EO with attachments and I had success through that route in the past in getting a CLI on my Amex when a front line underwriter would not approve a cli in the past. Waiting on reply to this.

Any advice ?

Has anyone else been in this same situation with Navy  and if so what did you do? 

Here are my DP's

76k in available credit

Fico Auto Score 9 TU 699

2 % debt across the board 

No house payment or car payment 

All open trade lines paid on time

176k income

Bk discharged May 2020

Have a paid off TL of 2010 Lexus

[Harvey26]

@Andy77  I would look else where honestly I used to bank with Navy and they quoted me a almost 7% rate on my car went to my other credit union and got 2.75%. Bank of America seems to have good rates right now but also look at Penfed , DCU or other local credit unions. Especially with having POI you should have no problem getting that loan amount. Have you looked at manufacter financing ? 

[pizzadude]

I agree with @Harvey26 comments, you can probably find another lender who'll up the loan amount.   Seems strange that NFCU wouldn't budge, since your income would fully support, but the BK is likely one factor. 

[Loquat]

I agree with all that has been mentioned. Is Navy giving you a rate that you think can't be obtained elsewhere? I'm a NFCU member and have several credit cards with them but they've never presented me with a decent rate and I've never financed a car with them.

I've have better luck with PenFed...much better and without all the hoops that sometimes NFCU wants to put you through.

I understand the need for wanting to keep everything in one house but not at the expense of paying a higher interest rate or begging them to close the gap...and 16k is a LARGE gap to overcome.

Best of luck to you but as others have mentioned, I'd look elsewhere for much better rates....even with a BK. I've financed several vehicles with PenFed, during my BK13 and post discharge and I've never had a rate over 4%.

[Anonymous]

Navy is being really weird lately they won't increase my

platinum either even though I have over 800 no debt and 20k less in credit than income, a person below you got approved for 40 with a way worse profile and less income, they make no sense, I feel like they punish you for having excellent credit and think it's not worth the risk to collect the low interest

[Andy77]

I got a call back from the EO yesterday. They are standing by their max 30k loan amount. They want to see more time since my bk discharge. I get it. Does it make complete sense no, since I have the cash flow every month to pay the loan payment multiple times a month and they gave me a 10k limit Visa card a few weeks ago, (so they trust me with a high limit unsecured card, but not on a secured loan, the car loan) and more so they have a tangible item to secure the loan, the car so this should have been a no brainer. Lastly, I even told them, in a year and a half or so I must have made 70 + playments on my Visa with them, none the less they won't budge. I am happy I have the Golden 1 loan to fall back on, but I am disapointed in Navy. From a purely logical lens I should have been approved for the entire 46k.

[pizzadude]

NFCU can be finicky at times with auto loans and this looks like another example.  Maybe after the BK ages a bit you can try a refi, otherwise I'm certain you can find another lender who will work with you.

[Loquat]

OP this is one of those, it is what it is moments. Don't let it upset you. They're a financial institution and they have quirky ways...well they all do.

But at least you have another CU to fall back on and are still able to get your new set of wheels.

[Anonymous]

Contact info for EO please?

[Anonymous]

Yeah. forget navy, they are completely OVERRATED.  Their rates are not nearly as good as other CUs and they are very stingy with their loans.  They really became the new Penfed and Penfed became the new Navy.  Penfed used to be strict, but they flip flopped.