Navy Fed auto approval $70k

[Exbro]

I appreciate all the help I've been given on this forum. I don't usually write but this may help someone else. 

I signed up for a Navy Fed checking account three weeks ago. It only has $10 in it. 

I applied online for an auto loan three weeks later. My transunion score is 654 just above the 650 minimum. I was approved instantly for the amount I asked for which was $70,000

They sent me the check overnight so I had it the next day. My local credit union wasn't even interested in talking to me. 

Thank you everyone and thank you Navy Federal. 

[pizzadude]

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@Exbro wrote:

I appreciate all the help I've been given on this forum. I don't usually write but this may help someone else. 

I signed up for a Navy Fed checking account three weeks ago. It only has $10 in it. 

I applied online for an auto loan three weeks later. My transunion score is 654 just above the 650 minimum. I was approved instantly for the amount I asked for which was $70,000

They sent me the check overnight so I had it the next day. My local credit union wasn't even interested in talking to me. 

Thank you everyone and thank you Navy Federal. 

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Congrats on the approval !   What terms / interest rate did they offer ?

[Exbro]

Interest rates were 9.9% at 96 months

and 8.7 at 84 months

[CreditCuriosity]

Congrats on the approval hopefully you can refinance that in a few years as that term loan and that rate; interest will eat you alive.  Least you got what you wanted though.

[Sikilla]

Okay I'm going to say it, if you need 96 months for a 70k car at 10% interest, you can't afford it, Period. 

[cashorcharge]

Congratulations on your NFCU approval!

[CaptainConcorde]

Congratulations.  Was 654 your FICO AUTO SCORE 8 for TU or your regular FICO 8?   If not what was your auto score?

[Gladius]

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@Exbro wrote:

Interest rates were 9.9% at 96 months

and 8.7 at 84 months

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OMG!!!!  Uhhh....ookaayyy.......

[Thermionic_E]

I got a 90k truck I paid 35 down for and have paid it to 19k since November of 2019. I want a cash out refinance because I was screened over by many external factors including attempted and continued fraud from sps. My point however is that 84 months isn't needed st times so much as it is a safety net. I am years ahead of my payments and now I have tons of equity in a truck that only has 6500 miles and has hardly depreciated.

[Thermionic_E]

Wait, my interest rate was a third of that and I've done double and triple payments as a rule