I just got my approval email for my navcheck and I called and was approved for the full amount. I did ask for the full 15k and got it. The interest rate is 17.9 but I don't mind lol. I'm so excited right now. I originally applied to refinance my car but was denied so I asked if I applied for navcheck would it be the same hard pull and they said yes so I said lets go for it and got it. Can't believe I got it yah!!!!! My interest rate on my car loan right now is 20% should I just use this new credit line and pay it off or should I try to refinance else where for a lower rate. I know I would be paying 17.9 interest rate but it's better then 20 and I would have my car title free and clear.
Congrats
I just went into a branch this morning to sign my promissory note for my navcheck and I asked the rep why wouldn't my auto loan go through and she said its cause my credit score was 2 points lower then what they required. She also told me that if it would have went through my interest rate would have been 17.3 so she suggested that I wait a little more time possibly getting my score above 620 and that way I could get a decent rate. I really would like to keep all my stuff with navy federal as they are a very good credit union and I've never had a problem with them. I just try again after my 6th payment on my current auto loan which would be in April.
I did forget to mention that my car is a 2012 Toyota Corolla and they said they could loan up to 16500 on it and I owe 14500 on it. That's the reason I bought a Toyota so it would be easier to refinance.
Congrats. Remember you are building a financial relationship with them. I would expect that several months down the road you will be able to re-finance your Toyota at a very good rate. Best of luck.
