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I recently applied to DCU for loan and credit card prior to joining.
Best experience ever at any financial institution. They hard pull twice once for loan and once for CC. They actually pulled 3 times for me because EXP, EQ, and TU had inserted a new fraud alert saying to call before issuing new credit. I ended up leaving it on there but DCU Security would not allow approvals till 3rd pull with new phone so they could tele verify with me for ID. They soft pull the other two. HP only Equifax. Be around 700 for best rate. They told me 675 for best rate.
To avoid unneccesary HP at any CU, be aware that they will pull hard one or more Reports even if you are just joining with no credit app. So the time to join is after the loan is approved and they won't run another because the section that talks to you about the loan takes care of your membership which is strange but ok with me.
Current Scores:
MyFico 10/1 EQ 748, TU 699, EXP 685
As of 10/14/2014 All clear-- no negatives.
APPROVING BANK: Capital One
BUREAU PULLED: TU and EQ
CREDIT SCORE: 596
CUSTOMER STATE OF RESIDENCE: FL
NEW/USED: New
YEAR OF VEHICLE: 2015
MAKE: Toyota
MODEL: Corolla S Plus
MILEAGE: 3 (After Test Drive)
RETAIL/LEASE:RETAIL
AMOUNT OF LOAN: 23,000
TERM CONTRACTED: 72 MO
APR/LEASE RATE: 15%
MONTHLY PAYMENT: 450
ANNUAL INCOME: 32K
DEBT TO INCOME RATIO: DUNNO
Was woring on bring my scores up to purchase in about 3 months. Transmission was going out on a car i was upside down on. They took the trade and paid it off and charged me almost sticker price. Needed the car ASAP that why i did dealer financing. Getting rate jacked but I will refinance by my credit union in a few months when my lowered util and DTI start showing plus i just got a decent raise.
Thanks to everyone whos posts, even with bad credit it is possible to get a new car !!
APPROVING BANK: Corporate Family America Credit Union
BUREAU PULLED: Transunion
CREDIT SCORE: 689
CUSTOMER STATE OF RESIDENCE: Illinois
NEW/USED: Used
YEAR OF VEHICLE: 2011
MAKE: Chevy
MODEL: Malibu
MILEAGE: 39,129
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 12,000
TERM CONTRACTED: 72 Months
APR/LEASE RATE: 4.14
MONTHLY PAYMENT: 173
ANNUAL INCOME: 36,800
DEBT TO INCOME RATIO: 15%
MISCELLANEOUS COMMENTARY:
APPROVING BANK: Capital One
BUREAU PULLED: Equifax
CREDIT SCORE: 698
CUSTOMER STATE OF RESIDENCE: Alabama
NEW/USED: Used
YEAR OF VEHICLE: 2008
MAKE: Porsche
MODEL: 911 Carrera [997 series]
MILEAGE: 20450
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 33k
TERM CONTRACTED: 60 months
APR/LEASE RATE: 5.3 %
MONTHLY PAYMENT: $626.00
ANNUAL INCOME: $62,000
DEBT TO INCOME RATIO: 5%
MISCELLANEOUS COMMENTARY: Car listed for 45k and I put 14k down. Compass bank were only going to loan me 25k. I have been with them for over 15 years and the equity 14k generates as a downpayment should yield more of a loan offer. I will be closing my accounts with them soon as they obviously dont value my money or time spent with them. Capital one took the loan within 5 minutes at the dealership. Thinking about refinancing in 6 months with another downpayment of at least 5k to try and get at least 3% APR.
@hatetheordinary wrote:
APPROVING BANK: Capital One
BUREAU PULLED: Equifax
CREDIT SCORE: 698
CUSTOMER STATE OF RESIDENCE: Alabama
NEW/USED: Used
YEAR OF VEHICLE: 2008
MAKE: Porsche
MODEL: 911 Carrera [997 series]
MILEAGE: 20450
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 33k
TERM CONTRACTED: 60 months
APR/LEASE RATE: 5.3 %
MONTHLY PAYMENT: $626.00
ANNUAL INCOME: $62,000
DEBT TO INCOME RATIO: 5%
MISCELLANEOUS COMMENTARY: Car listed for 45k and I put 14k down. Compass bank were only going to loan me 25k. I have been with them for over 15 years and the equity 14k generates as a downpayment should yield more of a loan offer. I will be closing my accounts with them soon as they obviously dont value my money or time spent with them. Capital one took the loan within 5 minutes at the dealership. Thinking about refinancing in 6 months with another downpayment of at least 5k to try and get at least 3% APR.
With your credit score you should be able to get 1.99% (w/o direct deposit, or 1.49% wth direct deposit) wth DCU. I asked for $27k, was approved and only make $42k/yr.
APPROVING BANK: Capital One
BUREAU PULLED: Transunion
CREDIT SCORE: 645 FAKO (Credit Karma) 544 Auto Enhanced FICO
CUSTOMER STATE OF RESIDENCE: GA
NEW/USED: New
YEAR OF VEHICLE: 2015
MAKE: Nissan
MODEL: Rogue SV
MILEAGE: 20
RETAIL/LEASE: $28,750
AMOUNT OF LOAN: $27,750
TERM CONTRACTED: 72 months
APR/LEASE RATE: 14.2
MONTHLY PAYMENT: $596
ANNUAL INCOME:$60,000
DEBT TO INCOME RATIO: 10%
MISCELLANEOUS COMMENTARY: I was just discharged from a Ch 7 Bankruptcy today and I will be surrendering my present car. The APR is high which I expected but I plan to refinance with my credit union in 6-12 months.
APPROVING BANK: Honda Financial
BUREAU PULLED: Equifax
CREDIT SCORE: 679
CUSTOMER STATE OF RESIDENCE: MS
NEW/USED: New
YEAR OF VEHICLE: 2015
MAKE: Honda
MODEL: Accord LX
MILEAGE: 5
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 19.8K
TERM CONTRACTED: 60 months
APR/LEASE RATE: 0.9%
MONTHLY PAYMENT: 337
ANNUAL INCOME: 45k
DEBT TO INCOME RATIO: >10%
MISCELLANEOUS COMMENTARY: I thought I wouldn't be able to get the special interest rate that Honda had with my credit score. Used TrueCar and knocked off 3.3K right off the bat. Put down $1500 along with the $500 military rebate. I'm glad with my overall purchase though.
APPROVING BANK: Honda Finance
BUREAU PULLED: Equifax - Auto Enhanced
CREDIT SCORE: 651 - Auto Enhanced (609 Regular)
CUSTOMER STATE OF RESIDENCE: SC
NEW/USED: NEW
YEAR OF VEHICLE: 2015
MAKE: Honda
MODEL: Accord LX CVT
MILEAGE: 6 miles
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $24,538
TERM CONTRACTED: 60 Months
APR/LEASE RATE: 3.9%
MONTHLY PAYMENT: $452/month
ANNUAL INCOME: $55K
DEBT TO INCOME RATIO: 13%
MISCELLANEOUS COMMENTARY: Thankful for having an auto loan in my past with good history. It improved my FICO Auto Enhanced Equifax by 42 points. The negative side of my history is one $5k card charge off and my credit card usage is 90%. Old car died so it was time for a new one.
I waited and went on New Years Eve and my dealer negotiated a great deal to close out 2014. Very excited about the APR because I would have thought I'd be north of 10% given my history. The manager said working for 4 years at the same employer and living at the same residence for 2 years helped me out too.
Thankful for all the advice in the forum. I learned a lot and felt prepared.