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Navy Fed Auto Loan

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Navy Fed Auto Loan

New to the forum. I would appreciate any and all input. My husband and I just joined NFCU. We are looking to purchase a car in a couple of months. My question is my credit score is 731 but I am on disability which is about 19k a year. My husband has a credit score of about 550 and his income is 55k a year. Looking to purchase a used car for about 12k. I have 2 credit cards with a total balance of 2200.00. Should have the balance down to 1000.00 by the time of the car purchase. Could we use household income or should I try to swing it myself.

Message 1 of 5
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Valued Contributor

Re: Navy Fed Auto Loan

Your scenerio is very similar to mine.  I wanted to refinance my vehicle loans with NFCU and was told we would need to have a joint account.  They would also use both our income and his scores Smiley Sad  I own both vehicle loans solo because my scores were higher and I was allowed to combine income w/o him.   Have you checked with CapOne Auto Navigator?  You could see what you prequal using all household income.   We would qualify for lower rates with NFCU but I don't think the credit pull is worth it to save $40 a month. 

I called NFCU and spoke with someone that gave me a lot of good info. that helped me make my final decision. 

 

Good Luck with your auto purchase! 

Message 2 of 5
Valued Contributor

Re: Navy Fed Auto Loan


@chargergirl wrote:

New to the forum. I would appreciate any and all input. My husband and I just joined NFCU. We are looking to purchase a car in a couple of months. My question is my credit score is 731 but I am on disability which is about 19k a year. My husband has a credit score of about 550 and his income is 55k a year. Looking to purchase a used car for about 12k. I have 2 credit cards with a total balance of 2200.00. Should have the balance down to 1000.00 by the time of the car purchase. Could we use household income or should I try to swing it myself.


You will want to use the household income.  They will help you out for sure.

Message 3 of 5
Frequent Contributor

Re: Navy Fed Auto Loan

Uhh... What?!?!

 

$40 p/month over the course of a five year loan = $2400

$40 p/month over the course of a six year loan = $2880

 

I disagree with your analysis. An HP is absolutely, positively worth saving that kind of money. In my opinion, an HP would be worth it at a fraction of that. 

 


@Hasselfree wrote:

We would qualify for lower rates with NFCU but I don't think the credit pull is worth it to save $40 a month. 


Message 4 of 5
Valued Contributor

Re: Navy Fed Auto Loan

As stated above a HP is well worth $40 a month, the impact of an HP is temporary, just a few months.  $40 a month for 6 years is real money flushed down the drain.  Heck I refinanced my car twice in a week because I could save interest.

Message 5 of 5
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