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How important is to have money in shares account on a CU

Regular Contributor

How important is to have money in shares account on a CU

Hi everyone!

Next year I plan on getting a new vehicle. I called to my local CU and they told me that with the amount of money that I have on my shares account would be good to get a new car with 0 down payment and low interest.

Right now I'm not in the plan of pre-qualifications and all that stuff but, how much the money on a shares amount can impact the posibility to get a new vehicle with low interest?

1 REPLY
Valued Contributor

Re: How important is to have money in shares account on a CU

I say none.  I have $10 in my DCU account since opening, been open for 8 months or so.  Just got a $5k Visa at 8.5% and offered a refi at 2.49%.  If your credit is shaky having a fat savings account can certainly help since cross-collatorilazation can come into play but I really don't think it'll make much of a difference at all.