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Friendliest Lending Institutions

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Member

Friendliest Lending Institutions

My wife and I will be purchasing a new car in January. Her scores are all above 700 and mine are in the 660-680 range. Our utilization is about 50%, but our DTI is really low (10-15%). I am planning on applying with USAA, PENFED, and NFCU.

 

I would like know what other financial institutions you guys would recommend given our situation. I also would like to know the timeline for notification of approval if you guys can give me that information.

Message 1 of 6
5 REPLIES
Moderator Emeritus

Re: Friendliest Lending Institutions

A liitle OT- but if your DTI is so low- why is your UTL so high?

 

Yes- credit Unions are the best place for the best auto rates

Message 2 of 6
Valued Contributor

Re: Friendliest Lending Institutions

Is your DTI including just your CC debt or is that including your lease or mortgage payment?
Message 3 of 6
Member

Re: Friendliest Lending Institutions

I am Active Duty Military, my wife and I are living overseas and the CC debt is the only debt that we have. That is how our DTI is so low.
Message 4 of 6
Valued Contributor

Re: Friendliest Lending Institutions

My numero uno choice is NFCU - a no brainer for me. When I was looking around for lease rates, NFCU beat the Lexus dealer (my 2nd choice), and Chase by a mile.
New York Yankees - 2009 World Series Champions. 27... and counting.....
Message 5 of 6
Member

Re: Friendliest Lending Institutions

For me, the best choice was PenFed. 

 

I was reading one of the threads and saw someone say something about PenFed offering a low interest rate.  I immediately went to their website and became a member (actually, had to become a member of a preferred association before I can become a member - did not work for the pentagon or any other military branch/installation).

 

As soon as I became a member, I submitted an application for a $ 28,000 loan.  Was approved withing 30 seconds.  They pulled EQ, which was 672 at the time.   They are currently offering a 4.75% APY rate for online application submission only.

 

I have been extremely impressed with PenFed from the start (becoming a member, submitting application, receiving new membership information to getting a check cut for the purchase of the vehicle in less than 10 minutes.

Message 6 of 6