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To make a long story short, I'm real close to having a clean report if I can just get a cap one charge off, off my reports. I want to buy a car here in about 2-3 months. Currently I bank a BofA, though I like their bank, the only thing I really ever need is my acct number and routing for paying bills.
The reason I'd want to join the CU is to try and take advantage of the loan apr on auto loans. I don't see any reason why I shouldn't join, but, with an auto loan at a credit union can a cosigner be used? The rates they are offering are at 2.56%, if my cosigner has a great credit score, could I use them to get this rate?
I've heard that credit unions are the best at giving low apr's for auto loans, but also that dealers have several lenders that they can go through. However, I want to have the money on hand to try and get the lowest price too.
I'd take a CU over a bank any day.
Me too. Make sure they're NCUA insured. It's the CU version of FDIC.
My CU approved me for a car loan at 2.99% (Their lowest option was 1.99%). The dealer got me financed through their financing (Toyota Motor Credit) at 1.90%. I would definitely recommend walking in with financing in place.
Then I called my CU and asked for a CLI on the Visa I have through them based on the HP they did for the car loan. They took my card limit from $5k to $10k. So 2 birds, one stone.
As soon as I feel my house is appraisal-ready, I'm apping for a refi through their mortgage partnership. I have shopped around, and their rates are competitive plus they have more options even than other CUs I checked.
Oh, and my CU has some other cool features, like
- usually no waiting period on deposits (if it's a really big / unusual deposit that's a personal check, there's a slight wait)
- overdraft protection - $2 fee if a check clears when my checking balance isn't sufficient and they have to pull from savings. Can also get cash advances from the cc like it's an account without some special cash advance fee.
- 0 fee balance transfers from any credit card to my CU credit card, which is my lowest-rate card.
- 0 fees on foreign ATMs - if I want to use a major bank ATM, I am only charged by that bank. Not that I would need to - I can use an in-network CU ATM without charge from either entity.
- No fee auto bill pay, whether it is an ACH or a mailed check. I sometimes send my people I know checks this way.
@mauve wrote:Me too. Make sure they're NCUA insured. It's the CU version of FDIC.
My CU approved me for a car loan at 2.99% (Their lowest option was 1.99%). The dealer got me financed through their financing (Toyota Motor Credit) at 1.90%. I would definitely recommend walking in with financing in place.
Then I called my CU and asked for a CLI on the Visa I have through them based on the HP they did for the car loan. They took my card limit from $5k to $10k. So 2 birds, one stone.
As soon as I feel my house is appraisal-ready, I'm apping for a refi through their mortgage partnership. I have shopped around, and their rates are competitive plus they have more options even than other CUs I checked.
They are NCUA approved.
So the dealer was lower, did you take the dealer financing or the CU? Yes Id like to come in the dealer with money in hand so that I can get the lowest price.
I went with the dealer financing. Couldn't pass up that 1.09% discount.
Yes, credit unions are better to do business with than banks...IMO.
That being said, be advised alot of CUs will HP upon joining. I joined 3 and they all did (suppose you could just ask them up front if they do). My words of advice would be to research exactly what FICO they are looking for (and which CRA they use if exclusive) to extend credit (if youre wanting an auto loan, or CC, or whatever), and wait until you hit that score before joining. That way, when you join, you can ask them to use that same pull for the loan/cc you want. Worse case scenario...they say no but you lose nothing with an additional HP.
@mauve wrote:Oh, and my CU has some other cool features, like
- usually no waiting period on deposits (if it's a really big / unusual deposit that's a personal check, there's a slight wait)
- overdraft protection - $2 fee if a check clears when my checking balance isn't sufficient and they have to pull from savings. Can also get cash advances from the cc like it's an account without some special cash advance fee.
- 0 fee balance transfers from any credit card to my CU credit card, which is my lowest-rate card.
- 0 fees on foreign ATMs - if I want to use a major bank ATM, I am only charged by that bank. Not that I would need to - I can use an in-network CU ATM without charge from either entity.
- No fee auto bill pay, whether it is an ACH or a mailed check. I sometimes send my people I know checks this way.
Who's your credit union.
On a side note, I use DCU as one of my primary checking accounts. They are consistently touted as one of the top CU's in the country, but from their web site, it looks like they are not NCUA insured. Got my car refinanced at 1.99% there.
I have been looking for a good credit union, but its hard to find a good local one because so little information is available about them.