Navy Federal

[Anonymous]

Credit is about 675 and I am looking for a loan around $38000. What are the odds that they will approve me? I just became a member. what interest rate should I look for? Should I apply in a branch or online, or is it the same regardless? Do I need to put anything down or can I just get it with 0 down? Also, say I get approved for $38000 and I get the vehicle for $35000, what happens to the remaining $3000?

sorry for all the questions, but I'm new to the credit union world. 

[Brian_Earl_Spilner]

Works like a blank check with an upper limit. I applied online with a 680-something and got 50k, 4.99% new. Changed my mind and wanted to buy used instead. They gave me the new Apr over the phone of 7.99% used. Said I could use it for new or used at those rates. I chose to pick up my check instead of having it mailed to me. Go to the dealer and negotiate. Pull out the check and they'll fill it out for whatever the amount is. Someone might tell you there's an automated system for finalizing, but there isn't, so don't go on a Sunday or when branches are closed. The FI guy will need to speak to someone. Lexus wouldn't release the car until they did, but I went with captive financing instead because the rate was better so it didn't matter for me.

[Anonymous]

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@Brian_Earl_Spilner wrote:

... I applied online with a 680-something and got 50k, 4.99% new ...

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Good intel -- thank you.  Was that a HP or SP?

[Brian_Earl_Spilner]

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@Anonymous wrote:

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@Brian_Earl_Spilner wrote:

... I applied online with a 680-something and got 50k, 4.99% new ...

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Good intel -- thank you.  Was that a HP or SP?

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HP. 

[Anonymous]

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@Brian_Earl_Spilner wrote:

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@Anonymous wrote:

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@Brian_Earl_Spilner wrote:

... I applied online with a 680-something and got 50k, 4.99% new ...

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Good intel -- thank you.  Was that a HP or SP?

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HP. 

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Thanks yall. Just got approved for $3100 on their cash rewards card. 
things are looking bright!

I wonder if I should apply now with being a new member or wait a bit. 

[pizzadude]

Congrats on the Cash Rewards Approval !!

Have you already found a car or are you still looking?  If you're looking for a used car, inventory is tight and it might take a while to find what you're looking for.

[Anonymous]

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@pizzadude wrote:

Congrats on the Cash Rewards Approval !!

Have you already found a car or are you still looking?  If you're looking for a used car, inventory is tight and it might take a while to find what you're looking for.

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Yeah, it is going to be NEW. 2021 Ford Ranger XLT 4WD. They're like$36,000 so I think I should be good if I ask for $40,000. I wonder if I could shmooze the dealer into a better price

[Loquat]

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@Anonymous wrote:

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@pizzadude wrote:

Congrats on the Cash Rewards Approval !!

Have you already found a car or are you still looking?  If you're looking for a used car, inventory is tight and it might take a while to find what you're looking for.

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Yeah, it is going to be NEW. 2021 Ford Ranger XLT 4WD. They're like$36,000 so I think I should be good if I ask for $40,000. I wonder if I could shmooze the dealer into a better price

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@Anonymous Never hurts to try.  Some dealers are still slowing on the overpricing of vehicles...at least in my area.  They may still be holding to MSRP but at least they're not pricing over like they have been in the past few months. 

[Anonymous]

So I applied Sunday night, it went to under review, and they (the lending team for NFCU) got back to me this evening (Monday night) stating for further consideration they need a photo of my ID and 2 proofs of address. 

should this be a positive sign? 

id assume if I was going to get a denial, it would've happened rather than them asking to verify my address. 

anyone have insight on this?