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PenFed or Navy

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
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Frequent Contributor

PenFed or Navy

Hi everyone!

 

In a previous post, I explained that my vehicle was totaled, and I owe a balance for the loan due to not having gap insurance.

I have to carry over the balance, or dip into my savings & pay off the loan (really don't want to if I can get a decent monthly payment that will include the carried over balance).

 

Before I make another stupid mistake LOL, I figured I'd ask MF's for some opinions/personal experiences with auto loans from CU's (particulary Navy, PenFed, USAA); Or, any other lenders that are fitting for my situation.

 

Income: over 70k/annually

Fico 8's:  EX 713 ; TU & EQ are high 600-low 700's

Fico 9: 731

 

**PERSISTENCE & PATIENCE** NFCU Amex $25K || NFCU GoRewards $24K || Macy's $20K || Amex Cash Magnet $10K || CO QuickSilver $8750 || PayPal MC $6K || Amex ED $5500 || USAA Pref. Cash Rewards $2.5K || HHFCU Plat. CC $2K || Victoria's Secret $3500 || Discover IT CB $3100 || Zales $2500 *TOTAL* $112,850.00

NLOC $6K
US Alliance Sig. LOC $2K

OVERALL: $120,850.00

FICO 8 - 4/25/17: EQ 648 - EX 654 - TU 632
FICO 8 - 8/27/18: EQ 684 - EX 696 - TU 713

Student Loans: ALOT!!
Message 1 of 4
3 REPLIES 3
Valued Contributor

Re: PenFed or Navy

I honestly think a dealer can take care of this for you without needing to dip into savings too much given your scores. Definitely get an approval from a CU / Cap One Auto Navigator to keep the dealer honest though.

 

I don't have a personal experience taking an auto loan from the 3 you listed but I'm sure someone will chime in.

Message 2 of 4
Frequent Contributor

Re: PenFed or Navy

Thanks Remember0. I’ll definitely apply for pre-quals before going to a dealer. I’ve been holding off waiting for my scores to (hopefully) increase since they paid off ~$12k of the auto loan. I’m hoping for a good, low interest rate.
**PERSISTENCE & PATIENCE** NFCU Amex $25K || NFCU GoRewards $24K || Macy's $20K || Amex Cash Magnet $10K || CO QuickSilver $8750 || PayPal MC $6K || Amex ED $5500 || USAA Pref. Cash Rewards $2.5K || HHFCU Plat. CC $2K || Victoria's Secret $3500 || Discover IT CB $3100 || Zales $2500 *TOTAL* $112,850.00

NLOC $6K
US Alliance Sig. LOC $2K

OVERALL: $120,850.00

FICO 8 - 4/25/17: EQ 648 - EX 654 - TU 632
FICO 8 - 8/27/18: EQ 684 - EX 696 - TU 713

Student Loans: ALOT!!
Message 3 of 4
Regular Contributor

Re: PenFed or Navy

If you what to save on interest go with Penfed, I bought a used car and finance it with them, they approved me with a APR of 3.99% for 36 months. First look for the car you what, then try to get the best price of it, when you have the numbers then go to the credit union.

 

if your future car costs $20,000 and you own $3,000 from the first loan, ask for 23000 + extras (If applies)

 

Good luck



Starting Score:EX: 713 EQ: 698
Message 4 of 4