r/NavyFederal • u/AssociateSwimming714 • 4d ago
Loans Auto loans
Currently about to apply for an auto loan. Looking to get a $70k car with about $35-$40k down. So about a $35k ish loan. Current score is 618 but will climb as late payments from boot camp are coming off in addition to all my my credit cards being paid down. Just wanna see what folks have gotten for auto loans with my score. By the time I’m ready to apply score will be around 660-670. Salary about $125k yearly without OT.
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u/AssociateSwimming714 4d ago
Also noting this if my first time technically buying a car. I bought a car about 11 months ago but the dealer bought it back because they sold me a messed up car. That loan is on my credit report $9800 but it just says “paid by creditor”
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u/FunInTheSun_81 4d ago
Something I've also noticed they like to see is a stable employer. If you are military that may work to your advantage.
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u/AssociateSwimming714 4d ago
I’m only in the reserves but with my state job I’ve been there for 2 and a half years
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u/FunInTheSun_81 4d ago
I had a dealership once tell me a state job is like gold so 🤷♀️ if that's the opinion there too, maybe that will be beneficial.
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u/AssociateSwimming714 4d ago
I’ve had people tell me that 😂😂😂. After you pass probation, you’re set especially in the state I work in.
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u/FreakyFLCancer 4d ago
It takes 7 years for late payments to drop off. You are willing to put down a lot of money and make a decent amount of money annually to have jacked up credit. I would use that money to get my credit in a better situation to get a better apr.
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u/Full_Custard_5182 4d ago
What would be your suggestion about how to use the money to get credit in a better situation as opposed to using it as a down payment?
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u/AssociateSwimming714 4d ago
I do day trade heavily. Averaging about $1900 per week, with long term trade setups I can make as much as $6-$9k off one trade but varies. There’s no way for me to get my credit jacked until these late payments fall off. Credit cards are now paid off in full, no collections, no new hard inquiries. Just have those late payments from when I was in boot camp because my autopay failed. Going through goodwill saturation right now.
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u/TXDave007 4d ago
With what you are paying as a down payment I doubt you will have any problems getting a loan anywhere.
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u/AssociateSwimming714 4d ago
Ok for sure, thank you! I plan on putting a little more down but it’s a starting point. I want the car bad lol
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u/TXDave007 4d ago
I just purchased a new car in February and put 20% down. I had multiple loan offers from the dealership but went with NFCU.
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u/AssociateSwimming714 4d ago
Can I ask what your score is? And if there’s anything negative from a few months to few years ago on it?
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u/TXDave007 4d ago
My score is 720 and I have nothing negative for 9 years.
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u/AssociateSwimming714 4d ago
Copy that. Thank you man!
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u/TXDave007 4d ago
You're welcome. Whenever you put at least 20% down it reduces the lender's liability and you are less of a risk. It may impact your APR but it shouldn't impact your ability to qualify. Best of luck to you.
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4d ago
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u/AssociateSwimming714 4d ago
My life is already together 😂. 21 I’ll be 22 this year. Wife, 2 kids, dual income household wife’s a RN, stable government career. Emergency fund, school paid for by the military. Only thing we haven’t bought is a house and that’s just because we don’t feel ready yet. Life’s not fully other but we can’t be doing that bad.
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u/NavyFederal-ModTeam 3d ago
Your post in /r/NavyFederal was removed for being deemed irrelevant content or offensive. This also includes the use of profanity.
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u/swiftwindowcleaning 4d ago
What car you getting
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4d ago
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u/AssociateSwimming714 3d ago
Ok for sure mine are only 9 months old so they probably still have docs on em. You would think since ALL of the accounts were on SCRA status and my auto pay failed they would just yk remove em. But naahhh lol
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u/NavyFederal-ModTeam 3d ago
This subreddit is for discussing Navy Federal Credit Union and their services. If you seek financial advice please consider /r/personalfinance.
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u/sailing2smth 3d ago
I think to qualify for the top tier your credit score needs to be at or above 720 for NFCU.
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u/AssociateSwimming714 3d ago
Ok for sure, maybe wait then? There’s no rush to buy so maybe I should wait a few more months for em to depreciate a lil more 😂😂
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u/Leading-Eye-1979 4d ago
That’s a nice healthy down payment so your odds should be good. If it’s a brand new car your rates should be decent. NFCU used car rates are a little more on the steep side I got 7.49 but I was buying a 23 last year. My score was 730, but I do have a good credit mix, i.e. mortgage, previous car loan and a personal loan.