10-17-2008 10:19 PM
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.
10-20-2008 03:52 PM
10-22-2008 02:37 PM
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.
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.