Navy Fed auto approval $70k

[disdreamin]

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@Thermionic_E wrote:

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.

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First - 6500 miles in almost three years? Is that accurate, because that's some seriously low miles there.

Second, agreed about the term. We purchase a truck last year and went with 72 month financing since it was 0%, so why not take out the longest term. It doesn't mean it can't be paid off sooner, it just means a lower minimum required monthly payment. There's a lot to like about having that flexibility.

[RobynJ]

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@Sikilla wrote:

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. 

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Maybe, but maybe it's getting the foot in the door and letting scores increase to be able to refi it at a better rate in the near future with Navy. Not everyone has the scores to allow for the best rates and that doesn't mean they can't afford it, it means they have to pay a premium to have what they desire more so then others with better scores. So I humbly disagree with your post. 

[Jnbmom]

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@RobynJ wrote:

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@Sikilla wrote:

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. 

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Maybe, but maybe it's getting the foot in the door and letting scores increase to be able to refi it at a better rate in the near future with Navy. Not everyone has the scores to allow for the best rates and that doesn't mean they can't afford it, it means they have to pay a premium to have what they desire more so then others with better scores. So I humbly disagree with your post. 

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You can certainly get your foot in the door with a lower car loan amount  though 96 months 😳

[RobynJ]

That I agree with but the Poster didn't say they took 96 they just gave us rates for 84 and 96.  Plus with the cost of cars these days I can understand but not agree with a 96 month term. I know the most I would personally go would be 60 and that is pushing it but that is just me as everyone is different. 

[pizzadude]

Another potential positive to using NFCU is that they're one of the few lenders that will refi their auto own loans, so you can possibly lower your interest rate if you qualify after a certain number of payments. 

[CreditCuriosity]

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@pizzadude wrote:

Another potential positive to using NFCU is that they're one of the few lenders that will refi their auto own loans, so you can possibly lower your interest rate if you qualify after a certain number of payments. 

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never knew this.. good information as with nfcu at 3.79 now, although don't see interest rates going down anytime soon it is always good to know that @pizzadude !  Can't think of any other lenders that do that to themselves.