Auto Loans

[nateohio]

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.

[Timothy]

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

[debtisgood]

Is your DTI including just your CC debt or is that including your lease or mortgage payment?

[nateohio]

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.

[cobra19]

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.

[Rdennis]

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.