02-24-2009 06:08 PM
I took your advice and approached a new, local credit union that I'd heard such good things about, and for good reason. I was pleased with how they welcomed my business. DH TU score was 590 and we are "credit poor" which is why the score is lower and they approved him for an auto loan. They also were very thorough and understanding with the review of his CR. I am definitely pleased.
As a side note tho, DH is finding that auto market is very tight for used cars as dealers have too much money in them and aren't very easy to deal with. At least we know we can do something if need be.
Thanks for all your input!
02-25-2009 08:37 AM
Haven't found a vehicle yet, but was told due to credit score would be looking at 11% - and depending on year of auto, length of loan, etc., may differ. That was less than what my bank had quoted and they were offering about 13% for scores of 629 or less. My band even said to look for a credit union!
The CU uses TU for score and the bank uses Experian. Experian score was a lot higher, but yet the bank didn't want to loan us. Recently had officer go to prison for stealing, so they're being extra careful with the feds in their faces.
We may not even trade now, but at least I know I can with this economy. Everyone's scenario is special and has different measurement. We're credit poor with no credit cards to help, but have just got one and it will take a couple of months to make an impact on score. Cap 1 has a credit building program and we've gone from $300 starter limit to now at $750 and in 3 more months of pay on time, will have $1,000 limit. That will definitely help!!!
02-26-2009 04:07 AM
I just joined a CU last week when I bought a car.
The overall process was pleasant and stress free, and the interest rate that I got was 3.5% lower than the best rate I would have ever expected from a bank! I have decided to open a credit card with them and move all of my banking over. The credit card they just approved me for is 2% lower and double the limit of any of my current cards.
See ya later Chase, Target, WaMu and HSBC!
Credit Unions are the way to go Especially now with the traditional banks getting shadier by the minute.
Can you open a checking account with them?
If you can move your banking over you may be able to save yourself more on the interest. My new credit union offers an additional .25% off when you open a checking account, another .25% percent off if you direct deposit your pay and a additional .25% off if you have the payment automatically debited monthly. Saving .75% on my car loan just by making my life easier is definitely a good deal!
02-26-2009 06:14 AM
03-02-2009 10:12 AM
03-03-2009 05:09 AM
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