etune90
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etune90
Posts: 1
Registered: ‎12-25-2012
Auto Load with a local credit union what question to ask

‎12-25-2012 02:31 PM

Hello everyone:

 

 I am in the market to buy a new car. I walked into a local credit union to ask for auto loan information.

The financial service staff told me that their loan doesn't have APR, application fee and service fee, the loan only has inerest rate.

 

1. Could you give me some suggestions as to  what kind of qustions to ask to ensure that I receive a good deal from the credit union / lender?

 

2. the credit union pulled my credit score by using CREDCO (a hard inquirey) my score dropped by 2 points. I am wondering if it is possible by ask the credit union to pass my report to the dealersship, so they can share my credit report without make another hard inquirey.

 

Your insights are greatly appreciated. Thanks!

 

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Established Contributor
maiden_girl
Posts: 1,157
Registered: ‎12-29-2011
Re: Auto Load with a local credit union what question to ask

‎12-25-2012 04:22 PM

I wouldn't get a car loan with this credit union! Try looking for no documentation fee applications. Also avoid interest only loans. The car will never be yours and you are paying interest only and nothing toward the principle balance. What does your credit profile look like?

The truth is out there...
FICO scores: 677 (EQ) 664 (EX) 681 (TU) | Goal scores: 750+ (all 3)
Open loans: Hyundai Motor Finance - $12k balance | 60 months @ 4.9% (First Time Buyer 12/2012)
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Valued Contributor
creditnocash
Posts: 1,922
Registered: ‎07-23-2012
Re: Auto Load with a local credit union what question to ask

‎12-27-2012 07:26 PM

the apr is the interest rate! doh. 

i would stay away from them as well. 

 

what are your reports looking like? aaoa? inquries? score? accounts? etc... 

Current: EQ FICO 690, TU FICO 692, Walmart TU 737 EX FICO 726 Amex Pull(1/1/13)

Starting total revolving credit: $2600 | Current total revolving credit: $21,600

Inquiries (12 Months): EQ 6 TU 4 EX 5 | Most Recent: 8/30/2012


2013 Goals:
Freedom Signature
Costco:True Earnings

Amex Zync(Unicorn)
Chase Freedom$1500
Citizens Mastercard$5000
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Frequent Contributor
xiownthisplacex
Posts: 254
Registered: ‎08-29-2011
Re: Auto Load with a local credit union what question to ask

‎12-27-2012 07:48 PM

creditnocash wrote:

the apr is the interest rate! doh. 

 

That is wrong http://en.wikipedia.org/wiki/Annual_percentage_rate

 

Stay away from them, you will end up paying a lot more.

They won't share the report, they will require a new hard pull. Do some research before going to the dealership. Look for credit unions with the best APR, easy to find online. And once you found one, get pre-approved. Only then you should go to the dealer.

Starting Score Myfico EQ: 676 08/11/2011
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