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Navy Federal’s offer was beat on auto loan

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GirlMelanie89
Established Contributor

Navy Federal’s offer was beat on auto loan

Hi guys!!

Soooo I just purchased a 2021 Chevy Tahoe last week. Dealership financing stresses me out so I always secure my financing beforehand. Penfed wouldn't approve me due to short payment history on an installment loan and probably extended credit with them, (2) $20k limit credit cards and a $20k loan. DCU didn't approve me due to open installment debt even though my previous loan was with them on the vehicle I traded in. Navy Federal approved me for the full $60k amount I was asking for but at a whopping 9.89% interest rate on a 84 month term and 7.59% on a 72 month term. 😅 So I took that check to the dealership to get the vehicle but immediately started looking at other banks for a refi ASAP! I found Abound credit union and they approved me for the full amount at 4.54% on an 84 month and 3.78% on a 72 month. Talk about some amazing savings!! Just waiting for Navy to give us a payoff so we can move forward!! So excited!

I don't know what score they pulled just yet though. 

 

Bankruptcy discharged: May 2014 Starting Score: 571 Goal Score: 700
Current Score: 676 (EQ FICO) 674 (EX FICO) 662 (TU FICO)

Mortgage Loan Originator in Kentucky
Message 1 of 14
13 REPLIES 13
AllZero
Mega Contributor

Re: Navy Federal’s offer was beat on auto loan

Congratulations on your approval and new ride!

Message 2 of 14
blindambition
Senior Contributor

Re: Navy Federal’s offer was beat on auto loan

Congrats on the new car!! They've been beat a few times recently. Always smart to shop around.

Message 3 of 14
Mr_Mojo_Risin
Senior Contributor

Re: Navy Federal’s offer was beat on auto loan


@GirlMelanie89 wrote:

Hi guys!!

Soooo I just purchased a 2021 Chevy Tahoe last week. Dealership financing stresses me out so I always secure my financing beforehand. Penfed wouldn't approve me due to short payment history on an installment loan and probably extended credit with them, (2) $20k limit credit cards and a $20k loan. DCU didn't approve me due to open installment debt even though my previous loan was with them on the vehicle I traded in. Navy Federal approved me for the full $60k amount I was asking for but at a whopping 9.89% interest rate on a 84 month term and 7.59% on a 72 month term. 😅 So I took that check to the dealership to get the vehicle but immediately started looking at other banks for a refi ASAP! I found Abound credit union and they approved me for the full amount at 4.54% on an 84 month and 3.78% on a 72 month. Talk about some amazing savings!! Just waiting for Navy to give us a payoff so we can move forward!! So excited!

I don't know what score they pulled just yet though. 

 


Good on you for shopping around!!

Congratulations Melanie!!

NFCU More Rewards 28K CL
NFCU Cash Rewards 16K CL
Citi Custom Cash 7.5K CL
AODFCU Visa Sig 5K CL
Discover IT 2.5K CL
Capital One QS 3600 CL
Message 4 of 14
GirlMelanie89
Established Contributor

Re: Navy Federal’s offer was beat on auto loan

Thank you alll so much!! It definitely helps to shop around! 

Bankruptcy discharged: May 2014 Starting Score: 571 Goal Score: 700
Current Score: 676 (EQ FICO) 674 (EX FICO) 662 (TU FICO)

Mortgage Loan Originator in Kentucky
Message 5 of 14
Credit4Growth
Senior Contributor

Re: Navy Federal’s offer was beat on auto loan


@GirlMelanie89 wrote:

Hi guys!!

Soooo I just purchased a 2021 Chevy Tahoe last week. Dealership financing stresses me out so I always secure my financing beforehand. Penfed wouldn't approve me due to short payment history on an installment loan and probably extended credit with them, (2) $20k limit credit cards and a $20k loan. DCU didn't approve me due to open installment debt even though my previous loan was with them on the vehicle I traded in. Navy Federal approved me for the full $60k amount I was asking for but at a whopping 9.89% interest rate on a 84 month term and 7.59% on a 72 month term. 😅 So I took that check to the dealership to get the vehicle but immediately started looking at other banks for a refi ASAP! I found Abound credit union and they approved me for the full amount at 4.54% on an 84 month and 3.78% on a 72 month. Talk about some amazing savings!! Just waiting for Navy to give us a payoff so we can move forward!! So excited!

I don't know what score they pulled just yet though. 

 


20200919_194550.gifway to go!!!

Message 6 of 14
M_Smart007
Legendary Contributor

Re: Navy Federal’s offer was beat on auto loan

Congratulations on your Approval and New Chevy Tahoe!!!.

 

I have had a couple of them, always felt safe.

Traded the last one in on a New Cadillac Escalade,

after a Deer decided to bounce off the front grill.

Message 7 of 14
Svthhvn
Contributor

Re: Navy Federal’s offer was beat on auto loan

Jurist curious what Is the payment on 60k @3.84%?

Message 8 of 14
Girlzilla88
Valued Contributor

Re: Navy Federal’s offer was beat on auto loan

@Svthhvn    0 Down and at 72 Months probably around 950/month.







Message 9 of 14
Jnbmom
Credit Mentor

Re: Navy Federal’s offer was beat on auto loan


@Girlzilla88 wrote:

@Svthhvn    0 Down and at 72 Months probably around 950/month.


950 a month yikes

EXP 780 EQ 791TU 795
Message 10 of 14
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