I have been with NFCU for 5 years and never even thought of applying for an Auto loan with them. I just started repairing my credits, and recently graduated from a secured credit card. I think I will get a pledge loan and pay it off within 6 months before I can apply for an auto loan.
Here is a hack that will definitely boost your internal score with Navy Federal as well as boost your credit score: get a pledge loan and pay 90% of it off as soon as you receive the funding. Pay the remaining 10% in payments each month for the next six months. Continue to do this with a pledge loan two or three times and you’ll definitely be approved for an auto loan with them And probably a high limit credit card as well.
My girl needed a bank statement and stub last week and I was worried about her loosing her not getting her car loan 😴 but everything good now only because of deelscafe good work 👍.
I have a question how do you know how much to ask for? Because the price that’s listed on the car with taxes and all the fees it will be more. Or just do the math on your own and calculate? How did you get the vin and did you test the car and then come back with the check if you liked it?
@@formerfosteryouth4882 I knew how much to ask for because I had a price range for how much I wanted to spend on a car and I made sure to ask for a little more incase of taxes. I brought the check with me but I kept quiet about it and went to go test drive a car. If I liked the price of the car and the car itself I just handed them the check right there on the same day and drove the car home. 🎉
I will be doing a pledge loan to build my relationship with them. So when the time comes for me to ask for any type of Loan I will have a better shot at getting approved.
Yeah that rate is a bit high. There are data points showing people with a score of 660 are getting approved for their lowest interest rate of 2.19%!! Relationship plays a factor in that.
@@MarcVargas in this video u stated you can negotiate the interest rate even though navy quoted me 8%. So the dealer doesn’t know . Would the dealer even know what real rate they quoted me. Because if the dealer can beat that 8% I still am within my 90 days lol
Great question! When you speak to the finance manager and show them your navy fed auto loan check there will also be a paper attached that shows your interest rate. The dealership knows what paperwork to ask for lol. You can start negotiating by saying if you can get me a interest rate lower than 8% let’s say 4-5% id do finance with you. You gotta be a smooth with it though lol.
Hi ive gotten an auto loan for $15k im in the process of looking for a a car but im kind of confused i just turned 20, im a girl im still learning how to do these things. Did you need a co signer ? Please help 😅
Hi man! I had borrowed an auto loan from navy federal but it has been a few months and they haven’t asked or send me any notification about my first payment, so is it a bad thing?
Hello! You should be able to see your auto account in the app, it would tell you what your payments are and when you would have to pay it. A few months is a while I’d definitely check your auto account in the app and see what’s up
I don’t know the exact amount, others have stated they make 60K and have only been approved for 20K max. Depends how comfortable Navy Federal feels lending fo you. I originally asked for 31K and they counter offered with a higher amount so I took it. I had very little debt compared to income so navy federal felt I could handle much more.
Ofcourse! I know someone personally who stated they make roughly 32K a year and we’re pre-approved for 35K so it all depends how comfortable navy feels lending to you. I did have my direct deposits going into my account weekly so that may have helped IMO.
It’s probably best to apply when you have a job and have stayed with your employer for atleast a year. Or if possible, have a co-signer who’s income you rely on.
In my opinion, I would say get a secured loan and build that relationship for 6 months and then go straight for the auto loan. Unless you really need a car at the moment. Navy Federal will give 2% auto loans even to someone with a 650 credit score because of their relationship with them. I did a pledge loan for 6 months and then right after applied for the auto loan and was approved!
@@dayna0370 how many inquiries did you have? And your credit score if you don’t mind me asking. I’m trying to apply but I want to see what you did to get approved
@@MarcVargas the dealership didnt ask for proof of income either? Do you have to bring any other documents with you like presidency? I have a preapproved navy loan check I want to make sure i have everything they ask for before going to a dealership
@@nicoleguess3890 The dealership I went to did not ask me for proof of income, it was all word of mouth but they will ask you fill out an online form of how much you make and who your employer is. No pay stubs were asked of me. I still went with Navy Federal!
@@MarcVargas would you be able to cash the check and buy a car from a private seller in cash? I want to buy a bmw off Craigslist but the guy only will take cash.
If you don’t use the check in the time frame they give you? The check will become invalid & expire and you’d have to apply for another auto loan again.
@@MarcVargas so let's say that I was accidentally approved for a loan, but found the car is not as good as it seemed. If I dont use the check, It would be like I never applied for a loan? Or would there be any repurcussions?
No repercussions! You’ll just have a hard inquiry for applying for it. Other than that, you don’t have to use the preapproved check if you don’t want too.
@@MarcVargas I really appreciate you taking your time to reply! You're a good person! So everytime you apply for a loan you'll get a hard inquiry regardless? Does it significantly affect your credit score?
@@edwarddelgado5928 Ofcourse, anytime! And every time you apply for their auto loans, yes it will be a hard pull. It only dropped my score 5points. Hard inquiries usually only drop you 5-10 points. Not a significant drop.
I am listening to you and you remind me of myself when I was that age. I protecting my credit like a hot girlfriend lol. When you get a little older, you learn that loans, credit cards, car notes, etc are all dumb. You will look back and think, what in the hell was I thinking 🤦♂️🤦♂️🤦♂️. Just imagine if you took five years of payments and set it in investments at 10%. That is a lot of money. I haven't used credit in probably 15 years. I don't know my credit score and don't care. My last vehicle purchase was a new Nissan Frontier last February. I came back with a cashier's check and drove away as the owner. The key to building wealth is no payments. Imagine getting paid and no mortgage, no credit card, or any loans.
Question - hypothetically speaking if you end up going with the dealership what happens with the check from navy federal credit union you con give it back to them ? With no interest since you have it back ?
Thank you so much for this video. You are truly a blessing. If you get approved for $38K and you find a car for $30K. The dealership will only charge you for the $30K correct. The remaining amount will be credited back to Navy Federal after the dealership completes the transaction. ••Also do you know if Navy Federal will accept a Rebuilt Title for the check (loan) that is being purchased through the dealership? I truly appreciate you.
Thank you! & yes that is correct! The remaining amount will be credited back to Navy Federal. Unfortunately, Navy Federal does not accept rebuilt, lemon law refurbished, or salvage titles. Hope this helped!
Yes this process works for a classic car as well! Only difference is your auto will be subjected to collateral loan rates. Which could mean you’d have a lower interest.
Good morning everyone. They will approve you with a 580 Transunion credit score because I am a witness. I got approved for a 25,000 auto loan in Nov. 2022. I have a good relationship with the Navy Federal Credit Union. I have been in both of my full-time jobs for 6 in a half years. I do direct deposits with my everyday checking and business accounts.
Hi Marc. Let say you already have a pre-approved check from NF. In order for the dealer to beat your pre approved rate, you have to let them run again your credit, right?
Not always the case! You can fight it and say I won’t take your rate if your going to run my credit. Other times, they’ll fínese you into saying they’ll give you a lower interest rate but they’ll have to pull your credit. So it’s pretty much how you finesse the finance manager.
That's the big question here.. How does one go about finessing a finance manager? Because I can't come up with a response for someone who needs to run my credit in order to see if they can beat the bank.
@@ChocDelight12 the answer was if you can’t guarantee me a better rate without doing a hard pull then stick with Navy Fed ESPECIALLY if you’re already comfortable with your rate from Navy Fed and I know this is a year old now but I’m just going through the process my first time specifically with Navy Fed 😂
Congratulations! It’ll cover everything. Price of the car, sales tax, & you will not have to pay anything out of pocket. Just make sure your approved amount is enough to cover everything.
You think being active duty military combined with a direct deposit under Navy Fed would help with my approval odds? My credit's fine, 750 ish range last time I checked.
How will I get a vin number of the car to put on the application? if I have not yet been pre-approved to know how much my auto loan will be in order to look for a car.
You can get a VIN number from a dealerships website of cars they are selling. You don’t need the cars VIN number to continue with the application though. I recommend leaving the VIN# blank if you don’t know what car you are wanting to buy. This is mostly used if you know the you are going to purchase a specific car. Like from a private seller (small dealership). The application will also allow you put in a number to finance. So you should already be expecting roughly the amount you need to purchase the car. 👍🏼
In my opinion, I believe it would be the same process! You would just need to refinance through Navy Federal, and if I’m not mistaken you would also receive a $200 credit for refinance with them as well! 👍🏼
You can contact navy federal once approved explain your situation and see if they can see increase amount you were approved for, and if you don’t use it within 90 days it will expire. And will have to reapply! 👍🏼
Do you know if you can qualify with Disability compensation $3,146 per month, and my side hustle, Amazon flex $3,400 per month? Or do they just count taxable income?
It’s definitely possible to qualify using both your incomes! I’d definitely talk it over with Navy Federal as financial institutions may be weary giving you a auto loan with Disability compensation alone. So having a higher credit score is needed but you do have income outside your disability compensation so you’re more than likely to get approved with both incomes! Because your incomes are different it would be best to apply over the phone with a representative so they can enter in your information correctly.
You’d have to negotiate with the dealership. Finessing your way through the deal. Telling them you’ll take the car for a lesser amount then they are advertising. 👍🏼
Great question, you wouldn't have to do anything on your end. In the app, it'll show you only have a 10K loan. Anything you don't use like the 5K will be like it never existed 👍🏻
Very helpful! Question about doing down payment with the loan: Did you do a down payment to reduce the loan amount? If so, at what point do you do the down payment? For example, if I wanted to purchase a $30k new car and was interested in putting a $10k down payment, would I be applying for a $20k loan at NFCU and paying the $10k down payment directly to the dealership?
I did not put a down payment but you are more than able too, It’s optional! When you fill out the auto loan application it’ll ask if you would like to put a down payment. I would recommend requesting the 30K just in case. If you only need 20K then the rest of the money from the check will be credited back to Navy Federal. You only use however much you’d like to spend. So you can have a check of 30K but only use 20K of it. That 10K difference that you don’t use will just go back to navy federal so no big deal. I recommend to request 30K only because you want to make sure the check covers the entire car, including taxes and all.
@@MarcVargas okay I just bought a car over the weekend but I want to try this route as well. For some reason when I try to open an account on the site it doesn’t have a section for an individual
@@Formulac3o You’d have to meet one of their requirements for eligibility. When you open the account it’ll ask which you’d like to open checking/savings and then you’ll make a deposit of $5 if I remember correctly.
Navy Federal has a loan specially for boats where you can finance up to 180 months. & yes you can buy from a person! All you’d need is the Hull ID...Value of the boat, year, make, model, footage of the vessel and weight.
Once you received the letter in the mail on your denial reasons I would suggest you send a message through the portal asking for a reconsideration to see if you can get it approved 👍🏼
Id say wait for the denial letter and see if you can get it manual reviewed. And if the reason for denial is you don’t qualify for 25K then you can ask them for less. But right now just wait till you receive your denial letter and fight those reasons 👍🏼
Your saying if the car is 20K and you have the check for 20K will you not have to pay anything out of pocket? Yes, when you give the dealership the check it’s like your paying in cash.
Ok thank was just wondering instead of paying a car note I can just pay for the car in full wit the loan and just worry about paying insurance and the loan back ..
@@lilquan8455 Yup! All you’d be paying is Navy Federal for the auto loan every month and your car insurance. Once you give the dealership your check your business with them is finished.
Hey one more question I'm looking at a brand new truck 2020 or 21 sliverado trail boss...in your case did u know what type of vehicle you was going to look at my question is did u tell them u had the approval from your bank and you want go thru with your bank...and was your approval was the amount of the vehicle...in my case I got approved for 35k and the is about 47
@@spiritualminded5448 I did a-little research before picking the car I wanted to get but wasn’t entirely set on it. The car I picked was 27K out the door & I was approved for 38K.
Hi! I just got approved for an auto loan through navy fed. I currently have a car that I owe 17k on, I have positive equity on it though. However I have to order the car as it’s back ordered. Am I able to negotiate with the dealership so I don’t exceed the check? Also I declined gap insurance through navy but it was a really good deal so I want to know if I even need it or how I can add it.
I’m not really sure if you can negotiate a back ordered car. Maby? If you explain how this is an inconvenience for you. And I think if you call Navy Federal they would be able to add the gap insurance right away.
@blainejudd5693 I am in kinda same situation I want to trade my car in but didn’t know if I should re-fi with navy 1st then make the trade in ?? Any tips on this
A down payment is a upfront payment so you wouldn’t be able to use a auto loan as such because you are financing the car overtime and the price of the car will remain the same.
Did they send you an email or text when the pre approval check you have is already available for pick up? I applied for pre approval check but its been 3 weeks and i havent gotten a notification that i can pick it up..
So once your approved it should have given you the option to pick up at nearest location or mailed. I didn’t get a email or text where they sent it. I’d suggest you call Navy Fed and see which option you may have chose. You most likely chose the option of pick up at location. If that’s not what you wanted you can call them and explain that you’d like it to be mailed 👍🏼
@@MarcVargas yeah so i chose to pick it up at the nearest branch… so im not sure if i should be receiving a notification that it is ready for pick up or not…
You won’t be able to deposit the funds into your checking account, you’d have to call Carvana and see if they accept Navy Federal preapproval checks and go from there with their lending department. 👍🏼
Please respond I need your help. I applied for pre- approval loan. 1 hour later I recieved an email saying my loan is approved. Does that mean I have to go to the nearest navy federal branch and get the check now? Or do I have to wait for another email update before I could pick up the check?
It should have given you the option to pick up at your nearest NF or have it mailed to you. You can call Navy Federal and ask them if they can do either or for you. Once your approved, your approved! No additional email needed, Congrats!
@@MarcVargas this is what it says on the email. Congratulations! Your loan is approved. Depending on the delivery method you selected during the application process, your loan documents will be available at a Navy Federal branch or mailed to you. If you selected branch pickup, you'll need to present a valid ID. If you applied with a co-applicant, you'll both need to show valid IDs. Can I wait until tomorrow to pick it up?
@@StiffShot Navy Federal branches are closed Sat-Sun. But you should call navy federal to make sure you selected in branch pickup and not mailed to you. If they say it’s branch pickup, you can go Monday morning as soon as they open.
I applied and was instantly approved…went to the Toyota dealership with check in hand. Process was quick and easy
I’m glad it was a quick and easy process for you! Congratulations!!!!🎊🎉
How much u pay a mouth
What was ur credit score?
I have been with NFCU for 5 years and never even thought of applying for an Auto loan with them. I just started repairing my credits, and recently graduated from a secured credit card. I think I will get a pledge loan and pay it off within 6 months before I can apply for an auto loan.
Congratulations on your graduation! I did the same, applied for a pledge loan before applying for my auto loan! Goodluck! 👍🏼
Here is a hack that will definitely boost your internal score with Navy Federal as well as boost your credit score: get a pledge loan and pay 90% of it off as soon as you receive the funding. Pay the remaining 10% in payments each month for the next six months. Continue to do this with a pledge loan two or three times and you’ll definitely be approved for an auto loan with them And probably a high limit credit card as well.
@@mistiervin3159 Have you done that before and how much did you pledge
My girl needed a bank statement and stub last week and I was worried about her loosing her not getting her car loan 😴 but everything good now only because of deelscafe good work 👍.
saw some comment about deelscafe also thought it was some scheme but i’m happy i tried him out
saw his page on i.g
Thanks for the info! I got approved for $8k with 5% interest. Wish Me Luck 💚
Congratulations!!! 🎊🍾🎉
8k is that what you asked for
Thank you Marc Vagas for sharing and dropping gems.
Clean Ride, Great Video 🔥
Thanks man, appreciate that! 💯 Glad your liking the content!
Nice car! Thanks for all you do and keep up the good work.
Thanks for watching! 🙂
appreciate the explanation. good solid video
Thank you!! 👍🏼
I’m happy for you. I can’t wait
Thank you! Your approval is coming 🤞🏼
I have a question how do you know how much to ask for? Because the price that’s listed on the car with taxes and all the fees it will be more. Or just do the math on your own and calculate? How did you get the vin and did you test the car and then come back with the check if you liked it?
@@formerfosteryouth4882 I knew how much to ask for because I had a price range for how much I wanted to spend on a car and I made sure to ask for a little more incase of taxes. I brought the check with me but I kept quiet about it and went to go test drive a car. If I liked the price of the car and the car itself I just handed them the check right there on the same day and drove the car home. 🎉
@@MarcVargas okay Thank you so much!
@@formerfosteryouth4882 Anytime! If you have any other questions don’t hesitate to ask!
This was AMAZING! I've been with NF for a year and I'm grateful. Setting up direct deposit now. New sub 👍🏼
Welcome! Having your direct deposit is definitely a step in the right direction, Navy Federal is amazing!
I will be doing a pledge loan to build my relationship with them. So when the time comes for me to ask for any type of Loan I will have a better shot at getting approved.
Sounds good!! 👍🏼
I have a 669 and they approved me but the interest rate was 8% . This was a trash rate. I never went to pick the check up
Yeah that rate is a bit high. There are data points showing people with a score of 660 are getting approved for their lowest interest rate of 2.19%!! Relationship plays a factor in that.
@@MarcVargas in this video u stated you can negotiate the interest rate even though navy quoted me 8%. So the dealer doesn’t know . Would the dealer even know what real rate they quoted me. Because if the dealer can beat that 8% I still am within my 90 days lol
Great question! When you speak to the finance manager and show them your navy fed auto loan check there will also be a paper attached that shows your interest rate. The dealership knows what paperwork to ask for lol. You can start negotiating by saying if you can get me a interest rate lower than 8% let’s say 4-5% id do finance with you. You gotta be a smooth with it though lol.
Great content you put out there !
Thank you!! 🙏🏼
what if they call the bank and it was closed? for example i go saturday night but navy fed don't open that late
Good vid lil dude
Thank you!
Can u purchase vehicle from person
Hi ive gotten an auto loan for $15k im in the process of looking for a a car but im kind of confused i just turned 20, im a girl im still learning how to do these things.
Did you need a co signer ? Please help 😅
What if your interested in a car with a private seller??
It’ll be the same concept. They’d have to call Navy Federal when they receive the check and navy federal will walk them through filling out the check.
Hi man! I had borrowed an auto loan from navy federal but it has been a few months and they haven’t asked or send me any notification about my first payment, so is it a bad thing?
Hello! You should be able to see your auto account in the app, it would tell you what your payments are and when you would have to pay it. A few months is a while I’d definitely check your auto account in the app and see what’s up
Thanks
Try get a paystub/ prove of income for your car loan today from
Is it normal when applying through the Navy federal app for them to put it under review and ask for a drivers license and social security number ?
Most likely wanting to verify your identity. I don’t see it often, but seems normal. 👍🏼
Thanks for this video!! If you don’t mind me asking, do you know the income requirement for the 38k?
I don’t know the exact amount, others have stated they make 60K and have only been approved for 20K max. Depends how comfortable Navy Federal feels lending fo you. I originally asked for 31K and they counter offered with a higher amount so I took it. I had very little debt compared to income so navy federal felt I could handle much more.
@@MarcVargas thanks so much for answering! Actually helped a lot.
Ofcourse! I know someone personally who stated they make roughly 32K a year and we’re pre-approved for 35K so it all depends how comfortable navy feels lending to you. I did have my direct deposits going into my account weekly so that may have helped IMO.
@@MarcVargas yea I’m hoping for at least 30k so fingers crossed 😂
I make 52k a year and was approved for 40k
What if you don’t have a job yet? Will I be able to apply?
It’s probably best to apply when you have a job and have stayed with your employer for atleast a year. Or if possible, have a co-signer who’s income you rely on.
@Jessa Employment/Income is needed.
Do you recommend doing a secured loan before a auto loan if you already have a 690 credit score but just open a NF account 2 weeks ago?
In my opinion, I would say get a secured loan and build that relationship for 6 months and then go straight for the auto loan. Unless you really need a car at the moment. Navy Federal will give 2% auto loans even to someone with a 650 credit score because of their relationship with them. I did a pledge loan for 6 months and then right after applied for the auto loan and was approved!
I have navy federal but I dont have a credit card through them but I want a auto loan what should I do
If your credit is good I would say apply! You don’t need a credit card with them to get an auto loan.
@@MarcVargas thank you
@@MarcVargas I have been with them for a year now I wasn't sure thank u for responding
@@brandyvann356 That’s when I applied for my auto loan! When I hit a year with them. I’d say give it a shot, your only risking a hard inquiry.
Does hard inquiries lower your chance of getting the loan? I tried in January and they did 10 hard inquiries 😔
Navy Federal did 10 hard inquiries or the dealership?
@@MarcVargas a dealership.. but I applied 30mins ago and got approved for 33k.. thks😁
@@dayna0370 how many inquiries did you have? And your credit score if you don’t mind me asking. I’m trying to apply but I want to see what you did to get approved
@@AJ-bl6kf 10 hard Inquiries and my internal score with Navy was 643
Do they need pay stubs from my job ?
If Navy Federal asks for income then yes a pay stub or taxes will do. There was no income verification needed when I applied.
@@MarcVargas the dealership didnt ask for proof of income either? Do you have to bring any other documents with you like presidency? I have a preapproved navy loan check I want to make sure i have everything they ask for before going to a dealership
@@nicoleguess3890 The dealership I went to did not ask me for proof of income, it was all word of mouth but they will ask you fill out an online form of how much you make and who your employer is. No pay stubs were asked of me. I still went with Navy Federal!
* residency
No residency documents where needed for me!
Was the check made out to you?
Yes it was
@@MarcVargas would you be able to cash the check and buy a car from a private seller in cash? I want to buy a bmw off Craigslist but the guy only will take cash.
Auto loan checks aren’t able to be cashed out unfortunately. Only financed
How much did you ask for the loan ? What fico score you had ? Thank you
722 fico score, I asked for 32K they gave me 38.5K
I have a question! Please answer
What happens if no party signs a promissory note within the time limit???
If you don’t use the check in the time frame they give you? The check will become invalid & expire and you’d have to apply for another auto loan again.
@@MarcVargas so let's say that I was accidentally approved for a loan, but found the car is not as good as it seemed. If I dont use the check, It would be like I never applied for a loan? Or would there be any repurcussions?
No repercussions! You’ll just have a hard inquiry for applying for it. Other than that, you don’t have to use the preapproved check if you don’t want too.
@@MarcVargas I really appreciate you taking your time to reply! You're a good person! So everytime you apply for a loan you'll get a hard inquiry regardless? Does it significantly affect your credit score?
@@edwarddelgado5928 Ofcourse, anytime! And every time you apply for their auto loans, yes it will be a hard pull. It only dropped my score 5points. Hard inquiries usually only drop you 5-10 points. Not a significant drop.
On IG
I am listening to you and you remind me of myself when I was that age. I protecting my credit like a hot girlfriend lol.
When you get a little older, you learn that loans, credit cards, car notes, etc are all dumb. You will look back and think, what in the hell was I thinking 🤦♂️🤦♂️🤦♂️.
Just imagine if you took five years of payments and set it in investments at 10%. That is a lot of money.
I haven't used credit in probably 15 years. I don't know my credit score and don't care. My last vehicle purchase was a new Nissan Frontier last February. I came back with a cashier's check and drove away as the owner.
The key to building wealth is no payments. Imagine getting paid and no mortgage, no credit card, or any loans.
There is a few keys to building wealth
How do I invest?
So could I get the check and buy multiple cars?
That’s a nice car man! Very motivational
Lots of information, thank you!
Thank you! If you have any questions about the auto loan or anything NF related, don’t hesitate to ask! 👍🏼
Great vid & nice whip! What was your credit score and which one does navy fed pull? I’m at 600 now
I had a 722 auto fico score & Navy Federal pulled Transunion
@@MarcVargas thanks bro! Hopefully i get approved for my auto loan here in the next few months
I’m sure you will! Congrats in advance, I’m claiming it 🙏🏼
@@_srtblack Did you get approved?
The guy I want to buy a truck from wants cash, but navy fed wants to give me a check. How do go about getting cash from the check
Question - hypothetically speaking if you end up going with the dealership what happens with the check from navy federal credit union you con give it back to them ? With no interest since you have it back ?
The check will just expire, there will be no need to give it back. Once it expires it’s voided. 👍🏼
What if I got a Navy fed check for 50k but I only bought a car worth 30k..??
Then the remainder goes back to Navy Federal, simple.
Congratulations on your loan and new car! Did they explain to you how the loan can turn into a personal loan?
Unfortunately navy federal auto loan checks are only for auto purchases. I’m sure people have turned it into a personal loan illegally though
@@MarcVargas ok thanks for the response
Applied for a auto loan and got approved for 32,340 about to go get my v8 sports car soon
Congratulations!!!! 🎉 I’ve been seeing a lot of recent approvals for their auto loan!!
How it go
Thank you so much for this video. You are truly a blessing. If you get approved for $38K and you find a car for $30K. The dealership will only charge you for the $30K correct. The remaining amount will be credited back to Navy Federal after the dealership completes the transaction.
••Also do you know if Navy Federal will accept a Rebuilt Title for the check (loan) that is being purchased through the dealership?
I truly appreciate you.
Thank you! & yes that is correct! The remaining amount will be credited back to Navy Federal. Unfortunately, Navy Federal does not accept rebuilt, lemon law refurbished, or salvage titles. Hope this helped!
@@MarcVargas Thank you so much for this information. I truly appreciate you. You Are The Best!
@@sophiafleming9614 Anytime! 👍🏼
Marc, do you know if this process works for a classic car as well? Thank you.
Yes this process works for a classic car as well! Only difference is your auto will be subjected to collateral loan rates. Which could mean you’d have a lower interest.
Good morning everyone. They will approve you with a 580 Transunion credit score because I am a witness. I got approved for a 25,000 auto loan in Nov. 2022. I have a good relationship with the Navy Federal Credit Union. I have been in both of my full-time jobs for 6 in a half years. I do direct deposits with my everyday checking and business accounts.
That's AWESOME!!! Congrats on your approval!!!!! 🎉🎉🎉🎉
Two full time jobs? God bless you!
Hi Marc. Let say you already have a pre-approved check from NF. In order for the dealer to beat your pre approved rate, you have to let them run again your credit, right?
Not always the case! You can fight it and say I won’t take your rate if your going to run my credit. Other times, they’ll fínese you into saying they’ll give you a lower interest rate but they’ll have to pull your credit. So it’s pretty much how you finesse the finance manager.
That's the big question here.. How does one go about finessing a finance manager? Because I can't come up with a response for someone who needs to run my credit in order to see if they can beat the bank.
@@ChocDelight12 the answer was if you can’t guarantee me a better rate without doing a hard pull then stick with Navy Fed ESPECIALLY if you’re already comfortable with your rate from Navy Fed and I know this is a year old now but I’m just going through the process my first time specifically with Navy Fed 😂
Can you use this for a sprinter van ?
Cyber Credible is helping people get a prove of income
Great info, but I wish you would've covered the other side like if the dealership gives you a better deal what does that process look like?
It's basically you telling ill do business with you if you can offer me a lower interest rate with NF but ill definitely do a video on that as well.
@@MarcVargas Thanks!
I just got approved for a auto loan with Navy Fed, But will the loan also cover the sales tax of the car or just the car price?
Congratulations! It’ll cover everything. Price of the car, sales tax, & you will not have to pay anything out of pocket. Just make sure your approved amount is enough to cover everything.
Thank you so much!!!
Bro, I love the Hyundai Sonata. Good video. I see that you are the Navy Fed expert. Which Navy Fed cards do you have?
The Platinum & the More Rewards 👍🏼
Nice car bro!😎💯
Thank you! I appreciate that 💯
You’re welcome!👍
Very helpful. Thank you for the detail experience
Glad you found the information helpful.
Insightful! Thanks for the video, I see I have my work cut out for me before applying. Wish me luck
You got this! Best of luck!🙏🏼 Let us know how it goes 👍🏻
You think being active duty military combined with a direct deposit under Navy Fed would help with my approval odds? My credit's fine, 750 ish range last time I checked.
Absolutely they know you have a guaranteed check coming in every 2 weeks, it definitely helps NF knowing that you have job security.
I have my pre-approval check (still shopping around for a vehicle), is that the same as an approval?
Yup, as long as everything on your credit remains the same, you are already pre approved for an amount and interest rate. 👍🏼
How will I get a vin number of the car to put on the application? if I have not yet been pre-approved to know how much my auto loan will be in order to look for a car.
You can get a VIN number from a dealerships website of cars they are selling. You don’t need the cars VIN number to continue with the application though. I recommend leaving the VIN# blank if you don’t know what car you are wanting to buy. This is mostly used if you know the you are going to purchase a specific car. Like from a private seller (small dealership). The application will also allow you put in a number to finance. So you should already be expecting roughly the amount you need to purchase the car. 👍🏼
I dont have any credit cards with NF but i do have a checking and savings with them. Does that help at all?
Absolutely! Your still building a relationship 👍🏼
What if i already have a car and it’s not paid off yet, Can i use the same process?
In my opinion, I believe it would be the same process! You would just need to refinance through Navy Federal, and if I’m not mistaken you would also receive a $200 credit for refinance with them as well! 👍🏼
What if your preapproved amount is not enough? If I don’t find anything within the 90 day period will I have to reapply?
You can contact navy federal once approved explain your situation and see if they can see increase amount you were approved for, and if you don’t use it within 90 days it will expire. And will have to reapply! 👍🏼
Can i get the navy federal check without having a vin and knowing what exact car i want?
Yes you can 👍🏼
re finance my new car loan thanks navy federal I just mail the payoff ck to CA
This is great news! Congratulations again!! 🎉
Did they put the check in your name or the dealerships name?
My name but the dealership will fill out everything on the check.
Do you know if you can qualify with Disability compensation $3,146 per month, and my side hustle, Amazon flex $3,400 per month?
Or do they just count taxable income?
It’s definitely possible to qualify using both your incomes! I’d definitely talk it over with Navy Federal as financial institutions may be weary giving you a auto loan with Disability compensation alone. So having a higher credit score is needed but you do have income outside your disability compensation so you’re more than likely to get approved with both incomes! Because your incomes are different it would be best to apply over the phone with a representative so they can enter in your information correctly.
Lol at trying to make a Hyundai look cool
Gotta set the stage for the video! Lol
Is it still possible to negotiate the price of the car? If so should I sweet talk before or after I tell them about the loan?
Either or, if there’s anyway to bring the price of the car down you want to bring that price as low as possible. 👍🏼
If I’m pre approved through navy federal how am I able to negotiate the car payment
You’d have to negotiate with the dealership. Finessing your way through the deal. Telling them you’ll take the car for a lesser amount then they are advertising. 👍🏼
go into branch got approve in 7minutes I re- finance love ya navy federal
Congratulations!!!🎉
So since its just a preapproval, do it effect ya credit score?
It will because it’s not a soft pull. The preapproval for a auto will result in a hard inquiry. 5-10 points.
Do you need check stubs for job. I do doordash and uber
They didn’t ask for income verification
Awesome car bro !
If I get approved for 15k but then I find a car for 10k
How would that work if the check is 15k?
Great question, you wouldn't have to do anything on your end. In the app, it'll show you only have a 10K loan. Anything you don't use like the 5K will be like it never existed 👍🏻
What’s the most you can get approved for an auto loan?
As high as your income allows 👍🏼
If u get denied how long do u have to wait to apply again
Depends on what the denial is, I’d fix the reasons on the denial letter before applying again.
What’s up my man. Quick question. Do they verify income at all upon receipt of the check?
No they didn’t for me. I had my direct deposit set up with Navy Federal though. Some people do have to show proof
Thank you as always for the excellent information and for always responding to questions!
Very helpful! Question about doing down payment with the loan:
Did you do a down payment to reduce the loan amount? If so, at what point do you do the down payment? For example, if I wanted to purchase a $30k new car and was interested in putting a $10k down payment, would I be applying for a $20k loan at NFCU and paying the $10k down payment directly to the dealership?
I did not put a down payment but you are more than able too, It’s optional! When you fill out the auto loan application it’ll ask if you would like to put a down payment. I would recommend requesting the 30K just in case. If you only need 20K then the rest of the money from the check will be credited back to Navy Federal. You only use however much you’d like to spend. So you can have a check of 30K but only use 20K of it. That 10K difference that you don’t use will just go back to navy federal so no big deal. I recommend to request 30K only because you want to make sure the check covers the entire car, including taxes and all.
@@MarcVargas Thank you!
Anytime! 👍🏼
Question do you think I could get approved an auto loan with it being my first time using navy federal and I have a good credit scorr
Yup many people open an account and apply for a auto loan same day and are approved! 👍🏼
@@MarcVargas okay I just bought a car over the weekend but I want to try this route as well. For some reason when I try to open an account on the site it doesn’t have a section for an individual
@@Formulac3o You’d have to meet one of their requirements for eligibility. When you open the account it’ll ask which you’d like to open checking/savings and then you’ll make a deposit of $5 if I remember correctly.
I can only recommend Cyber Credible when it comes to paystubs for your auto loan
Time for a new car great information video ☺️
With lower interest rates today, it's a great time!
I got 50 with a 575
Amazing!! 💯💯💯
Heavy ..is that the max on auto ?
Can this be done to buy a boat, even if it's from a person and not a dealer?
Navy Federal has a loan specially for boats where you can finance up to 180 months. & yes you can buy from a person! All you’d need is the Hull ID...Value of the boat, year, make, model, footage of the vessel and weight.
@@MarcVargas awesome thanks
I just applied and didn’t get approved
Once you received the letter in the mail on your denial reasons I would suggest you send a message through the portal asking for a reconsideration to see if you can get it approved 👍🏼
@@MarcVargas okay because my credit score is a 585 and I request $25,000. Should I request less money?
Id say wait for the denial letter and see if you can get it manual reviewed. And if the reason for denial is you don’t qualify for 25K then you can ask them for less. But right now just wait till you receive your denial letter and fight those reasons 👍🏼
Can you pay for the car in full if the car is same amount as the auto loan ?
Your saying if the car is 20K and you have the check for 20K will you not have to pay anything out of pocket? Yes, when you give the dealership the check it’s like your paying in cash.
Ok thank was just wondering instead of paying a car note I can just pay for the car in full wit the loan and just worry about paying insurance and the loan back ..
@@lilquan8455 Yup! All you’d be paying is Navy Federal for the auto loan every month and your car insurance. Once you give the dealership your check your business with them is finished.
I have a question do you give the dealership the letter or the check
You would give the dealership your check 👍🏼 when I went to the dealership I also brought the envelope/check just in case.
@@MarcVargas thanks
Anytime!
Hey one more question I'm looking at a brand new truck 2020 or 21 sliverado trail boss...in your case did u know what type of vehicle you was going to look at my question is did u tell them u had the approval from your bank and you want go thru with your bank...and was your approval was the amount of the vehicle...in my case I got approved for 35k and the is about 47
@@spiritualminded5448 I did a-little research before picking the car I wanted to get but wasn’t entirely set on it. The car I picked was 27K out the door & I was approved for 38K.
Hi! I just got approved for an auto loan through navy fed. I currently have a car that I owe 17k on, I have positive equity on it though. However I have to order the car as it’s back ordered. Am I able to negotiate with the dealership so I don’t exceed the check? Also I declined gap insurance through navy but it was a really good deal so I want to know if I even need it or how I can add it.
I’m not really sure if you can negotiate a back ordered car. Maby? If you explain how this is an inconvenience for you. And I think if you call Navy Federal they would be able to add the gap insurance right away.
@blainejudd5693 I am in kinda same situation I want to trade my car in but didn’t know if I should re-fi with navy 1st then make the trade in ?? Any tips on this
When you get the loan are you able to use some of that money to put a down payment on the car instead of getting it paid in full
A down payment is a upfront payment so you wouldn’t be able to use a auto loan as such because you are financing the car overtime and the price of the car will remain the same.
Did they send you an email or text when the pre approval check you have is already available for pick up? I applied for pre approval check but its been 3 weeks and i havent gotten a notification that i can pick it up..
So once your approved it should have given you the option to pick up at nearest location or mailed. I didn’t get a email or text where they sent it. I’d suggest you call Navy Fed and see which option you may have chose. You most likely chose the option of pick up at location. If that’s not what you wanted you can call them and explain that you’d like it to be mailed 👍🏼
@@MarcVargas yeah so i chose to pick it up at the nearest branch… so im not sure if i should be receiving a notification that it is ready for pick up or not…
@@Sy.Flores I didn’t receive a text message or anything. I just went into branch and told them I’m here to pick up my auto loan check and that was it.
@@MarcVargas i see. Thank you for this!!
Anytime!! Congratulations on your approval! 🎉
Could you deposit the check into your account and purchase a car online..such as carvana ???!! Got approved for $20K!!! Thanks
You won’t be able to deposit the funds into your checking account, you’d have to call Carvana and see if they accept Navy Federal preapproval checks and go from there with their lending department. 👍🏼
Please consider a shorter intro. Sorry it was absolutely annoying to sit there for 45 seconds to see your car and has nothing related to the video.
Please respond I need your help.
I applied for pre- approval loan. 1 hour later I recieved an email saying my loan is approved. Does that mean I have to go to the nearest navy federal branch and get the check now? Or do I have to wait for another email update before I could pick up the check?
It should have given you the option to pick up at your nearest NF or have it mailed to you. You can call Navy Federal and ask them if they can do either or for you. Once your approved, your approved! No additional email needed, Congrats!
@@MarcVargas this is what it says on the email.
Congratulations! Your loan is approved.
Depending on the delivery method you selected during the application process, your loan documents will be available at a Navy Federal branch or mailed to you.
If you selected branch pickup, you'll need to present a valid ID. If you applied with a co-applicant, you'll both need to show valid IDs.
Can I wait until tomorrow to pick it up?
@@MarcVargas I can wait until tomorrow to pick it up right?
@@StiffShot Navy Federal branches are closed Sat-Sun. But you should call navy federal to make sure you selected in branch pickup and not mailed to you. If they say it’s branch pickup, you can go Monday morning as soon as they open.
@@MarcVargas okay thanks