Navy Federal Auto Loan Questions

[Anonymous]

Hi guys,

DW and I are planing to buy a new car next month and would probably go with Navy Federal for financing. We want to finance in the range of 50k-55k. We are looking at the Jeep Grand Cherokee, Ford Edge Sport, Accura MDX and Lincolm MKX. I make 78k and DW makes 49k and would like to apply jointly. My credit score according to Amex, BOA and Barclay is 797. DW is around 760. I have a paid off car loan and another one currently open however they were both under 25k. DW has no car loan history. I have a mortgage and credit cards with CL raging between 10-25k, same for DW. Utilization is not an issue.

1. Is there a difference if we apply online vs in person? Any one better than the other?

2. Will they request proof of income?

3. How long does the approval last?

4. Do you think we will qualify for thier lowest rate?

5. Do we need to have an exact car picked out before we apply?

6. Are we allowed to roll in tax and extended warranties and such into loan?

7. Do we get a blank check to take to the dealrship or how does it work?

Thanks for your help.

[Appleman]

Approval does not look to be a problem. With your scores they are not likely to request POI but never say never.

I would just call them and go through your list of questions.

Usually the financing is good for 30 days and yes, you should qualify for their lowest rates.

You may want to also check out PenFed. 1 EQ pull and you can get in with Penfed, get an auto loan, credit card and even a PLOC if you like. Not bashing NFCU (I am a member at both) but NFCU and USAA would require a HP for each loan product.

Good luck and please let the community know how it goes!

[Anonymous]

Just an FYI, Navy Federal uses your equifax mortgage score for auto loans which i believe is your equifax fico score 5 on myfico and should be listed under mortgage scores.

[Anonymous]

You should be fine. Go in and apply in person. I applied online for my refi and had payroll stubs and bank statements requested, as well as a bunch of other crap. I cancelled the app and went in to a branch, and walked out with checks for both of my cars 30 minutes later, no docs requested.

[Anonymous]

Thanks for the feedback guys. We will stop by our local branch this Friday and see what happes. Will post back to add data points.

[unc0mm0n1]

My credit score is near 800, I'm a homeowner and make nearly 200k and no debt besides the house and a 12k car loan.I didn't qualify for their lowest rate on a used car. I got 2.49 (their lowest was 2.39. Money was available 24hrs later for in branch pick-up. They didn't ask for POI. I ended up going with another lender.