Putting my two cents in on my experience with nfcu
Hey guys i wanted to make this video today just to give my experience i had so far with navy federal credit union for their car loans uh back in may 2020 i did an emergency car loan because of when i had previously just died on me all of a sudden on the highway and i was meaning to look for a car alone for a while but i wasn’t anticipating it to be that soon
Anyways i didn’t know at the time what exactly i wanted to get i was just concerned of just getting approved for one um this was my first one ever i never got in a car loan beforehand and i was already a little weary that i wasn’t going to get approved reckoning i don’t have a big mix credit history this one uh it went about going through a pre-approval portal
So the difference between my pre-approval well pre-approval portal and um between just going straight up for a car loan i didn’t know what i had in mind at the time so i ended up calling federal reckoning when you think pre-approval you think of soft inquiries i wanted to clarify that with the rep and they told me no well you are going to get a hard pull for
Pre-approval but the only difference between your pre-approval and going for a regular uh application is you don’t know what you have in mind at that time which um i was in that same predicament they uh ended up pulling my my credit and initially i only wanted to spend about eight thousand and i expressed that to the person at the time like hey i don’t wanna i
Don’t really don’t need that much money um i know you usually need four thousand as a minimum to get a car loan and uh she’s like oh you could try anything beyond your your budget so you can go up to 15 or maybe 20 000 they approve you for it you get it you don’t have to utilize the whole thing just utilize what you want and then the rest of it goes right back
To the bank so i’m like okay no problem i’ll i’ll do it and um my my 8 000 originally i i times it by two still knowing in the back of my mind i only wanted to use eight thousand and after she pulled my information and she got back to me within i’ll say less than five minutes saying congratulations we gave you about 16 000 at your disposal i’m like oh amazing um
The check came in it was a blank check it came in within 24 hours from me doing the application um that all together took about i’ll say 30 minutes over the phone it wasn’t uh as complex as i thought it would have been um to run some data points credit score wise they ended up pulling equal facts which is you know surprising i didn’t expect the equifax but that
May vary on what state you live in and it uh i can’t tell you this will be the same experience for everybody but my data point was equifax they pulled it around at a 677 or so and the apr was 5.59 which is high but understandable i knew for a fact i was not buying a new car i was going to get something used so i didn’t view i’m not viewing it as a very negative
Aspect like others would so um i uh ended up buying a car spent a little bit over my budget nothing crazy close to maxing out the check but i i got about 10 000 on the car loan and uh the term loan was 60 months the amazing thing that i i found out but i’m not sure if any other car financing does this regarding uh your your your contract but navy federal gave
Me two months to uh solidify that contract so what i ended up doing was making a deposit of 2000 onto the the loan itself so i knocked that down to 8 000 and i also shortened up the loan because over time 60 months i’ll be paying more interest at the end of the day compared to 48 months but mind you yes my payments will be a little higher but at least i know
Most of my money is going to go straight towards the vehicle and not towards interest and this is not to say i won’t refinance later in the future i might just to lower it down to maybe like three or four percent something that i could uh be more comfortable at but i felt it was a good deal overall now going to the dealership is a different story your story may
Vary depending on the dealer some dealers understand this concept of just showing up with a blank check and some of them um do not like it at all that was my case i i had a dealer he didn’t like the fact i brought the check at all it basically killed his whole sale he still got commission at the end of the day but he couldn’t add on his little perks and and
Uh features where it would boost up uh his commission at the end um i’ll make another video in the future this one will be more explaining of a credit card i took out with navy federal and uh hopefully i can make more videos in the future on other aspects of credit as well but this for now if you uh enjoyed what you saw right now just leave a comment down below
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Transcribed from video
Navy Federal Credit Union PreApproval car loan By Jorge Credit
