Navy Federal: As pre-approved for a car loan?
So my father is in the Navy and has an account with Navy Federal. I want the loans approved for a car so I can buy a used car. I’m 18, student, and I gradually establishing credit. How hard will get a loan? Any advice? Thank you.
March 6th, 2010 at 12:03 pm
I doubt you will get a loan by yourself. It is actually easier to get a loan for a house than a car, because with a house, if you don’t make payments, the bank knows exactly where the house is and will take it back, however with the car it’s different…once you drive off, the bank may never see you or the car again.
you are 18 so you are not going to have any real credit. I hope you don’t have credit cards and are in debt…..anyway, if you get your dad to co-sign with you, they will probably give you a loan. Getting a loan by yourself though is nearly impossible.
March 6th, 2010 at 12:42 pm
The lender will have criteria you must meet in order for you to qualify such as minimum credit score, income and debt to income ratio. You’ll probably need someone co-sign since you are still establishing credit.