Student / First Loan Success! (Hughes FCU)

[edavis]

Hello all!

After months and months of searching for an auto loan, I was finally able to receive an auto loan of a great interest rate and loan amount!

The credit union is Hughes Federal Credit Union, and it is located in Tucson, Arizona. Everything was handled via phone/fax/FedEx. I live in Florida, so this was great! The representatives were awesome! I had a great experience altogether. You can gain membership by donating $20 to the Arizona public library system.

I bought a BMW X3

Interest: 4.5%

Loan Amt: $30,000

Term: 72 months

I believe they pulled EQ, which returned ~660.

The program I was accepted for was a "first time student buyer" program. The requirements were:

- 580+ credit score      (not a typo)

- 15% down payment

- 100% KBB value

- must be first auto loan

- 40% DTI  (with car payment) 

The interest rate is 4.5% no matter what your credit score returns. This rate is offered to all members of the credit union. This isn't good for people with great credit that can get a lower rate elsewhere, but this is great for those with less than a 700 credit score! Feel free to PM me for the name and number of the representative I spoke with. She was very pleasant and made the entire process much easier! Best of luck to everyone and their first car loan!

[09Lexie]

Congratulations and thank you for the information!

[Exonumist]

Congrats! I've always had positive experiences with everyone at Hughes. They're pretty great.

[Cheryla18]

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@edavis wrote:

Hello all!

After months and months of searching for an auto loan, I was finally able to receive an auto loan of a great interest rate and loan amount!

The credit union is Hughes Federal Credit Union, and it is located in Tucson, Arizona. Everything was handled via phone/fax/FedEx. I live in Florida, so this was great! The representatives were awesome! I had a great experience altogether. You can gain membership by donating $20 to the Arizona public library system.

I bought a BMW X3

Interest: 4.5%

Loan Amt: $30,000

Term: 72 months

I believe they pulled EQ, which returned ~660.

The program I was accepted for was a "first time student buyer" program. The requirements were:

- 580+ credit score      (not a typo)

- 15% down payment

- 100% KBB value

- must be first auto loan

- 40% DTI  (with car payment) 

The interest rate is 4.5% no matter what your credit score returns. This rate is offered to all members of the credit union. This isn't good for people with great credit that can get a lower rate elsewhere, but this is great for those with less than a 700 credit score! Feel free to PM me for the name and number of the representative I spoke with. She was very pleasant and made the entire process much easier! Best of luck to everyone and their first car loan!

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That's great!! What do you have to verify for Student Status?

[edavis]

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@Cheryla18 wrote:

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@edavis wrote:

Hello all!

After months and months of searching for an auto loan, I was finally able to receive an auto loan of a great interest rate and loan amount!

The credit union is Hughes Federal Credit Union, and it is located in Tucson, Arizona. Everything was handled via phone/fax/FedEx. I live in Florida, so this was great! The representatives were awesome! I had a great experience altogether. You can gain membership by donating $20 to the Arizona public library system.

I bought a BMW X3

Interest: 4.5%

Loan Amt: $30,000

Term: 72 months

I believe they pulled EQ, which returned ~660.

The program I was accepted for was a "first time student buyer" program. The requirements were:

- 580+ credit score      (not a typo)

- 15% down payment

- 100% KBB value

- must be first auto loan

- 40% DTI  (with car payment) 

The interest rate is 4.5% no matter what your credit score returns. This rate is offered to all members of the credit union. This isn't good for people with great credit that can get a lower rate elsewhere, but this is great for those with less than a 700 credit score! Feel free to PM me for the name and number of the representative I spoke with. She was very pleasant and made the entire process much easier! Best of luck to everyone and their first car loan!

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That's great!! What do you have to verify for Student Status?

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Student status proof wasn't required. They did check my credit report to ensure that I've never had an auto loan though.

[1083690]

Congrats.

4 years ago I bought my first (financed) car through HFCU. I didn't have an y credit cards at the time, and some dings on my credit report, but they were great to deal with for the same reasons you explain. Back then, they could only finance up to $15K if I recall correctly.

[pip3man]

I'm a little confused as to how u were able to finance from out of state... What documents did they require and how long did the process take??? And after approval did they like send you a check or something?? I qualify for the program as a first time buyer or a college student/graduate either ways. My scores are in the low 700s (EQ 738) and I'm looking to purchase a brand new 2014 Hyundai Veloster, Nissan Juke SV or Nissan Sentra SL. one of these cars but most likely the Juke or Veloster.... I have no negatives, utilization is 7%, income $45000, 2 INQ, AAoA 3yrs. PLEASE pm me the info of this creditor too if you can thank you!

[edavis]

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@pip3man wrote:

I'm a little confused as to how u were able to finance from out of state... What documents did they require and how long did the process take??? And after approval did they like send you a check or something?? I qualify for the program as a first time buyer or a college student/graduate either ways. My scores are in the low 700s (EQ 738) and I'm looking to purchase a brand new 2014 Hyundai Veloster, Nissan Juke SV or Nissan Sentra SL. one of these cars but most likely the Juke or Veloster.... I have no negatives, utilization is 7%, income $45000, 2 INQ, AAoA 3yrs. PLEASE pm me the info of this creditor too if you can thank you!

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Out-of-state financing is the same as in-state! The only thing is that the process may take a bit longer due to most of the documents needing to be FedEx'd between each other. The financing was still very convenient for me, and I had no hassle on my end. (Most of the documents were sent to me next-day at 10:00am, so I didn't even have to wait that long).

The required documents were the same that you could expect with any type of financing:

* Last two paystubs

* Copy of DL

* Proof of employment

After approval, they send the dealer the check. They don't send you the check.

I purchased a brand new BMW X3 without car credit, so you should have no problem purchasing a Nissan or Hyundai.

I will PM you my representative's information. And I will provide my name to you. (I won't get any type of referral credit, but if you tell her I suggested her to you, it may expedite the process for you).