Navy Federal Auto Loan 2 Inquiries? Cash down?

[Anonymous]

I'm interesting in seeing what my rates are for Navy Federal. Will it run my credit twice if I do a pre-approval and then once I'm ready to buy (actually applying)?

Sadly, I have dropped points 20-40 points because Discover reported my balance within 15 days of having it. I haven't even hit my first statement with them.....I'm trying to not do that much damage to my score. 

I'm curious if I have to put cash down? It is not a problem to put it down, but is there sort of percentage that it uses when putting cash down on it?

[Scupra]

All depends on loan to value ratio (LTV) and credit. Some banks allow you to finance a little more than 100%, usually to make room for TT&L. Will usually be a single pull that is valid for 30 days. Good luck!

[adelphi_sky]

---

@Anonymous wrote:

I'm interesting in seeing what my rates are for Navy Federal. Will it run my credit twice if I do a pre-approval and then once I'm ready to buy (actually applying)?

Sadly, I have dropped points 20-40 points because Discover reported my balance within 15 days of having it. I haven't even hit my first statement with them.....I'm trying to not do that much damage to my score. 

I'm curious if I have to put cash down? It is not a problem to put it down, but is there sort of percentage that it uses when putting cash down on it?

---

Is there more to that story? A 20-40 point drop for opening one card and using it? Sounds excessive. A lot of people get reqards cards for SUBs and naturally spend to get the bonus. A 20-40 point drop sounds punitive. 

[Anonymous]

It reported my balance twice. They reported $500 which made the credit utilization go up and then it reported my balance to $1k.  Each time it went down and I only lost a few points for opening the card. Most of drop came because they reported a balance when they shouldn't have. 

[Anonymous]

Thank you so much, I'm going to apply this week. My offer with Capital one ends on the 17th, so I want to see if Navy Federal can give me a better rate. God bless

[Anonymous]

Update: I got a better APR with Navy Federal by 1% than Capital one. I got a longer term with Navy Federal (72 months) compared to Capital One's 60 months term. It didn't pull my credit score to find my rates during the pre-approval process. It will pull it if you continue past step 2 or 3. Thank you and much love to all of you wonderful people. 

[TC1212]

@Anonymous @Due to Covid preapprovals are now good for 90 days. Good luck.

[Anonymous]

@TC1212  nice! I plan on making the purchase this week. It turns out they did pull my credit, but it only showed up on Credit Karma. I'll probably call to see what my APR would be for 60 months. Glad I decided to invest in MyFico because everyone has been very helpful. Have a wonderful day!

[Scupra]

I was going to tell you to look at that 60 month NFCU will probably push you towards it anyway. Congrats on the approval

[Anonymous]

@Scupra Thank you very much for your kind words. The difference between 60 months was 3.59% and 72 was 4.29%. I'll probably end up paying it off earlier, but I finally feel the weight off my shoulders. I wanted a good APR, but I kept waiting as I tried to build my credit score. First car ever and I didn't want it to be a burden. Navy Federal is awesome!