Someone has financed with federal navy

[Cautionary Tale]

Navy federal is great. If you are close to or above 800 you will get those advertised numbers or lower for retirees or active duty, .75 points cheaper. Best rates for sure. 60 months now is at 4.29 - .75 = 3.54 (cannot beat that)

To piggyback on that, if you do joint finance with spouse then just know they do use both scores and this CAN be a negative.

For example, my wife was at 760ish and putting her on did bump my interest (~$30 per month) but worth it to get something flowing on her end. (We haven't had an auto or home loan in many years, so the stagnant credit hurt).

 

[cavey]

Got my check today and it was very much not blank, LOL. down to the penny but I also didn't give myself a buffer, because I didn't need it.

Did you request the actual check amount be mailed to you? If so then that's why it's not blank. I went to the local NFCU and got the blank check for the dealer to complete. Either way is fine, but not sure how they will handle it if the purchase price is less than the check amount. Maybe the dealer will cut you the difference once it clears the bank.

 

[Cautionary Tale]

Did you request the actual check amount be mailed to you? If so then that's why it's not blank. I went to the local NFCU and got the blank check for the dealer to complete. Either way is fine, but not sure how they will handle it if the purchase price is less than the check amount. Maybe the dealer will cut you the difference once it clears the bank.

I don't have a local branch conveniently close to me, so I did the online process.

The online app required me to put the VIN, total purchase price, amount I wished to finance, exact mileage on odo, and bunch of other stuff. I didn't see a pick your loan amount blank check option

 

[halftendril]

I want to apply for it but I have seen many comments on the internet from the truspilot page about a series of irregularities, for example that the interest they advertise is not correct despite having good credit.

NavyFed is a pretty great for its auto loans, I have used them 4 times so far and every time its been a great expierence. I have gotten the advertised loan rate each time. For the last 4 vehicles I have went with the 36 month option for the lowest rate. For the RHO they were able to direct deposit the loan amount into my NavyFed account vs picking it up or mailing me a check, its only something they do for guys stationed overseas.

 

[RAM-Ranch-MT]

NavyFed is a pretty great for its auto loans, I have used them 4 times so far and every time its been a great expierence. I have gotten the advertised loan rate each time. For the last 4 vehicles I have went with the 36 month option for the lowest rate. For the RHO they were able to direct deposit the loan amount into my NavyFed account vs picking it up or mailing me a check, its only something they do for guys stationed overseas.

Awesome man!! heck yeah. i am going to use navy federal and ordered through mark dodge, i dont have a local branch and our postal service mail has been extremely delayed (like a month) , do they offer an option to pay mark dodge directly since i will be purchasing out of state?

 

[frogjbm]

When applying for a loan with Navy Federal, how long is it good for until the actual purchase transaction of the vehicle?

 

[MattH89]

Awesome man!! heck yeah. i am going to use navy federal and ordered through mark dodge, i dont have a local branch and our postal service mail has been extremely delayed (like a month) , do they offer an option to pay mark dodge directly since i will be purchasing out of state?

I was wondering this too. I keep seeing about them mailing checks which seems an absurdly inefficient option in the year of our Lord 2025.

 

[Irongoats]

When applying for a loan with Navy Federal, how long is it good for until the actual purchase transaction of the vehicle?

90D

 

[frogjbm]

90D

So basically we should apply now since our trucks are in production, would you agree? Or will you wait a little longer?

 

[MattH89]

So basically we should apply now since our trucks are in production, would you agree? Or will you wait a little longer?

I'd wait. Never know if rates continue to come down and the approval takes literally 15 seconds. Unless you're anticipating a rate hike, no reason to do it early.

 

[Cautionary Tale]

So basically we should apply now since our trucks are in production, would you agree? Or will you wait a little longer?

Definitely wait. No point in getting a double credit ding. Now a days the loan processes are so fast that I see zero benefit in pre-approval prior to vehicle being on its way to or at the dealer or ready.

 

[frogjbm]

I'd wait. Never know if rates continue to come down and the approval takes literally 15 seconds. Unless you're anticipating a rate hike, no reason to do it early.

The only issue is I just got laid off, so I think either I apply now or add my wife.

 

[frogjbm]

I think I’ll just add my wife, her and I both are over 800 with very little debt.

 

[MattH89]

Fwiw I just ran my pre approval through NFCU. Ran it for $50k just to have a big safety ( don't think I'll finance nearly that much)

800+ credit
17% DTI
5.79% @ 72 months

Shits crazy these days.

 

[MattH89]

The only issue is I just got laid off, so I think either I apply now or add my wife.

Shit man I'm sorry to hear that. Went through that 2 years ago and it sucks.

 

[frogjbm]

Shit man I'm sorry to hear that. Went through that 2 years ago and it sucks.

Thanks brother, yea it’s awful, had a great gig running PMO/Delivery for North America Satellite/Space products and services for an Israeli company. Networking as much as I can to find another similar role or general telecommunications.

 

[Cautionary Tale]

Fwiw I just ran my pre approval through NFCU. Ran it for $50k just to have a big safety ( don't think I'll finance nearly that much)

800+ credit
17% DTI
5.79% @ 72 months

Shits crazy these days.

LOL, I feel ya! I ran it by myself and 4.79 but adding wife jumped me to 5.79.

Our issue was different, we hadn't had ANY loans since paid off our mortgage in 2017 and she wasn't on that (can't recall why not). Essentially, she only had a VISA and AMEX as open lines since 2010 ish. Her score was still good but apparently mattered little because not much in terms of installment history. Kind of a crazy system that punishes people for being overly fiscally responsible, LMAO. My wife would argue that I'm no where near realm of any kind of responsible, but I was lucky not to have to finance my hopes and dreams

 

[halftendril]

When applying for a loan with Navy Federal, how long is it good for until the actual purchase transaction of the vehicle?

Normally 90 days.

 

[halftendril]

Awesome man!! heck yeah. i am going to use navy federal and ordered through mark dodge, i dont have a local branch and our postal service mail has been extremely delayed (like a month) , do they offer an option to pay mark dodge directly since i will be purchasing out of state?

No you need to pick it up at a branch or get it mailed, I guess if you live somewhere that's very far away they would direct deposit it to your account. I'm not sure where mail takes a month to deliver other than overseas, in which case its a direct deposit.

 

[halftendril]

I was wondering this too. I keep seeing about them mailing checks which seems an absurdly inefficient option in the year of our Lord 2025.

You can pick it up at a branch next day as well.