I went into a branch yesterday to get some info on ACU's auto loans/refinancing/ etc. For those of you who haven't heard about them, anyone can be a member! I've had an account with them for years, but never use it. In fact, I only remember about the account once I get a quarterly statement in the mail from them.
So, pretty much most of the auto loan details are listed online as far as the a.p.r., a.p.r. reduction for ontime payments, etc. But I was curious about a possible auto loan or auto refinance for my SO. They'll refinance an auto 2006 or newer. On time payments can get a 1% a.p.r. reduction every 12 months. What surprised me in my visit talking to the area branch manager/head loan officer (Grayson hwy, Lawrenceville) was that anyone with a 600 EQ can get their top tier financing. Most of the CU's I have an account with say that you need 680+ for the top tier. She also told me that they can finance people with EQ as low as 490, however those in the 575-490 range will probably need a downpayment (which is understandable)...and they can work with the person if they have stable employment (12+ months.) CU's have definitely changed in the past 10 or 15 years. I remember way back when, when family members with fresh collections, bk, scores in the high 3's/low 4's were able to get personal and auto loans from CU's...not anymore. It was just refreshing to see that places are still looking a person's whole picture rather than a low score.
