1. Minimum loan amount for 60 month term is $3001. Was quoted 2.25% APR.
2. Application is by phone or in branch.
3. No pressure to take autopay.
4. No hard pull.
5. So far, prepayment does not appear to advance payment dates. Next payment due December 2022. If anything changes I will post update and bump this thread.
I am going to Bump.
As I am Going to apply for The Navy (NFCU) SSL
I plan on doing The 60 Month for $3001, as soon as The funds Transfer.
I want to Pay forward, and disable auto-pay.
I have read just about every thread I could search for on myFICO regarding SSL
thanks to @SouthJamaica for this one!
any advice or suggestions are welcome?
I did it for $3010 rather than $3001. Everything's working swimmingly. My next payment due date is still years off.
Thanks for the update!
may i ask how much you paid forward?,
I am assuming that one would want to pay it forward to optimize less than 8.9% Utilization.
I still Have option's as I am waiting the ACH to fund to NFCU
I immediately brought it down to 9%.
NFCU SSL Approved This Morning, All papers Signed $3010.00 For 60 Months. it was Easy App over The phone.
E-Signed Documents and off To The Garden.
again Thanks @SouthJamaica
Did you ask why the next payment is Dec. 2022 when the term is 60 months? That happened to me and they couldn’t give an explanation.
It's because there are additional payments after the 12/22 payment; 12/22 is the next payment date, not the last payment date.
I know there are additional payments. If you look at the payment amount and the number of months left it probably doesn’t add up. I know mine doesn’t.
It's about 2 months off; i.e. at this rate the loan will last around 58 rather than 60 months. It doesn't bother me.
It's probably because the monthly payment was calculated based on the total amount of projected interest. But since we prepaid most of the loan, the total interest to be paid will be less.
Can I ask what it says the next monthly payment will be? Dec 2022 pushes it out 41 months no?
that's about 52 or 53 months from when the loan started
I love NFCU but compared to USAA they are kind of high with some rates. For instance just did a consolidation with USAA. Navy Fed's rate started @ 14% compared to USAA started @ 9.4%.
So my deposit was just accepted by NFCU and is on hold for 2 days.
Is the $3010 figure guaranteed to get 5 years? I’ve heard of them offering 3 year terms to people sometimes so I took a $3500 BT from Disco but if I can get away with less, I would gladly do that.
This is pretty much the last piece of my credit rebuild so I want to do it right.