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.
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
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.