Reply
New Visitor
Posts: 1
Registered: ‎12-25-2012
0

Auto Load with a local credit union what question to ask

Hello everyone:

 

 I am in the market to buy a new car. I walked into a local credit union to ask for auto loan information.

The financial service staff told me that their loan doesn't have APR, application fee and service fee, the loan only has inerest rate.

 

1. Could you give me some suggestions as to  what kind of qustions to ask to ensure that I receive a good deal from the credit union / lender?

 

2. the credit union pulled my credit score by using CREDCO (a hard inquirey) my score dropped by 2 points. I am wondering if it is possible by ask the credit union to pass my report to the dealersship, so they can share my credit report without make another hard inquirey.

 

Your insights are greatly appreciated. Thanks!

 

Valued Contributor
Posts: 2,110
Registered: ‎12-29-2011
0

Re: Auto Load with a local credit union what question to ask

I wouldn't get a car loan with this credit union! Try looking for no documentation fee applications. Also avoid interest only loans. The car will never be yours and you are paying interest only and nothing toward the principle balance. What does your credit profile look like?

The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Mastercard (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)






Valued Contributor
Posts: 2,270
Registered: ‎07-23-2012
0

Re: Auto Load with a local credit union what question to ask

the apr is the interest rate! doh. 

i would stay away from them as well. 

 

what are your reports looking like? aaoa? inquries? score? accounts? etc... 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$6,400
Citi DC $10,000
Citizens Mastercard$7,000
Frequent Contributor
Posts: 260
Registered: ‎08-29-2011
0

Re: Auto Load with a local credit union what question to ask


creditnocash wrote:

the apr is the interest rate! doh. 

 


That is wrong http://en.wikipedia.org/wiki/Annual_percentage_rate

 

Stay away from them, you will end up paying a lot more.

They won't share the report, they will require a new hard pull. Do some research before going to the dealership. Look for credit unions with the best APR, easy to find online. And once you found one, get pre-approved. Only then you should go to the dealer.


Starting Score Myfico EQ: 676 08/11/2011
Current Score: Amazon EQ Pull: 781 Walmart TU08: 782 AMEX EX Pull: 745 08/03/2014 Goal Score: 780+
Hover over image to see limits

NPSL$1,000$18,000$9,500$5,000$5,000$5,500$8,000$5,300$9,000$5,500$4,200$1,900$4,000$1,600
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.