@Anonymous wrote:I just recently joined navy federal and would like to get an auto loan. I've read so much about dealers doing better at times if you have your own financing. What I don't know is if I'll be able to qualify with navy fed. Here are my stats and concerns:
1. Can I purchase through my LLC and use personal income?
2. My EQ FICO8 is 705 and auto enhanced 5 is only 640
3. Purchase price: ~$90k
4. DTI is 7% before closing on my house. It will jump to 32% after. When is a good time to apply?
5 . Current vehicle upside down $12k
6. planning on $9k down
7. Navy fed doesn't have 84 months on preowned. This is a 2017 and so not in they're late year category either. Is this a hard policy?
Is this worth a try or should and if not changing which of these variables would give me the best chance of approval.
@Anonymous, I can't answer all of your questions, but here's a few answers. Navy is either going to pull EQ 9 or EQ auto 9 for an auto loan. So I would look at those scores. I definitely wouldn't app for the loan until after you have the keys to your house in your hand. It will take a little time for the new mortgage to report anyway. So once you have closed, you should be safe to app. Navy can finance up to 150% of the new vehicle value. Or I think 125% of a used vehicle value. So the negative equity of your old car plus the otd price of the new vehicle couldn't be more than that. I looked at a new Mustang and had negative equity in my trade. The dealer discounted the car enough so I could get approved through Navy. ( I ended up not getting the car though). The 84 month rule is a hard rule. They'll only finance new car loans for that long. Hope this helps, good luck.
Goal Scores: 700 across all three