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CU Auto Check

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Anonymous
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CU Auto Check

Occasionally I see people posting asking about using credit unions, or how getting a car loan through a CU works.

 

Here's how it worked for me.

 

I had no idea about credit unions.  I read on this board about them, decided to investigate.  Searched on the internet for "credit union" and my county name.  (Tried a number of other methods as well, that's the one that worked the best.)  Found a credit union, joined them.  Applied for an auto loan.  Was denied.  Talked to someone about it.  Found out what the problem was.  Paid off a couple of insignificant collections that I was barely aware of in the train wreck of my credit report.  Got my utilization to under 5%.  Applied again, three months later, FICO score of EQ 674, TU 678,  was approved for 25K, 5%, new or used car of my choice.

 

Picked up my "auto check" today.  It is essentially what looks like a printed check that you can write a total into, up to the amount of the loan.  It says it expires 30 days from today.  They gave me two other pieces of paper, one with incredibly easy instructions for me to follow at deal time, one with incredibly easy instructions for the dealer to follow at deal time.

 

Although it is "easier" to walk into a dealership and throw your wallet at them, and yes, they'll make getting a loan pretty easy, this was really very easy, and the results are outstanding.  I can't wait for finish the purchase process.  This check gives me the power, for a change.

 

 

 

 

 

 

Message 1 of 2
1 REPLY 1
henryla
Member

Re: CU Auto Check

thanks for this post kinda gave me hope  for a loan from the CU , i spoke with a CU rep and i told them my situation with my length of credit history (8-9 months) only thing she could say to me is try and see what the result is , im going to try to apply next month so my credit to rise up , im planning on making a good chunk of pay off on my CC's

Message 2 of 2
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