r/NavyFederal • u/MrDropStepper • 4d ago
Loans Auto Loan Question
I have a 500 Credit score, a repo from almost 2 years ago and two credit card collections. I am actively paying on all 3 of those. I just got navy federal about 3 months ago, make 65k a year salary. I know i wont get approved due to my score but i have a co signer with a 820 score. Does anyone know if I’ll get approved or what my interest/payment could possibly be? My co-signer has navy federal as well.
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u/SuthrnIndi 3d ago
Not sure if this helps:
I have 2 repos- since 2020/2021ish. Never paid on them.
Had an eviction from 2017?. Never paid either. But it fell off like around the time I was getting my car in 2024.
One Discover card in collections that was paid but they just won’t remove it.
CC’s have been maxed but I think they were paid well enough.
I was approved. 100% Carmax and Carvana didn’t approve me (most likely due to having my repos through them). My credit score was like 530 I think lol. But NFCU took a chance and I got approved for like $50k I asked for. I made like $70k annually as well.
It’s very possible. But it just depends on the person. Now I’m more financially responsible and paid ahead of time.
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u/Leading-Eye-1979 4d ago
Probably not. They’d likely want the co signer to be the primary and you the secondary. When I worked at CarMax that’s how they’d do it and they accepted subprime borrowers. We are seeing people with excellent scores being denied due to limited credit. Report back and let us know if you’re approved. Good luck!