topic Re: Need Advice on Auto Loan - NFCU, PenFed, or USAA? in Auto Loans

Need Advice on Auto Loan - NFCU, PenFed, or USAA?

Anonymous — Sun, 04 Aug 2013 21:03:23 GMT

Good day, everyone! I am needing advice on what bank to go with for an auto loan. I have USAA for Checking, Savings, Renter's and Auto Insurance, and I am an authorized CC user for my wife's mastercard with them.

I am looking at the 2014 Subaru Forester 2.5i Limited, and with all the options/packages/accesories, it comes out to $31,000, but with the dealer internet price is about $28,500. This is before dealer fees or taxes. I am planning to use the $2,800 that I get back from my trade-in, and will put down an additional 2k just to lower the cost of the loan.

Even though my wife and I both have USAA, a few co-workers also informed us about looking into Navy Federal and PenFed - which I'm not opposed to. Anyone have any experiences with any of the three institutions? As of now, to be honest, I am more considering USAA and NFCU.

My Fico Scores right now: TU: 750, Experian: 734, Equifax: 742.

With those above scores, what APR can I qualify for with USAA or NFCU? I am asking because I showed the car salesman my score and told me that they can offer 2.5 to 2.9 APR.

Re: Need Advice on Auto Loan - NFCU, PenFed, or USAA?

Anonymous — Sun, 04 Aug 2013 21:54:10 GMT

Also I want to add the following CCs I have:

Amex Gold: NPSL - paid in full, NPSL.

Chase Sapphire Preferred (authorized user) - zero balance, 5K credit limit.

USAA Platinum MC (authorized user) - zero balance, 10.5K credit limit.

Discover (authorized user) - zero balance, 2.5K credit limit.

thjRe: Need Advice on Auto Loan - NFCU, PenFed, or USAA?

Anonymous — Sun, 04 Aug 2013 23:26:52 GMT

Go with NFCU

with those scores you should get there lowest rate.

My husband had a score of EQ 670 and recieved 3.29% apr, so with those scores you should get their lowest rate

Re: Need Advice on Auto Loan - NFCU, PenFed, or USAA?

Anonymous — Mon, 05 Aug 2013 02:01:20 GMT

I can only speak for mynexperience with usaa. Bought a ford escape for my daughter about a year ago. Appled online, took the approval check to the dealer and walked out with what i wanted and no more than 30 minutes.getting the paper work done. Rate was 2.9 think they have since lowered them even further. One thing though, thier car buying service was actually higher priced than i got from the dealer. Use usaa to see who they have to work with, but check out things like cars.com to be sure you are getting the best deal. Oh and it is so easy paying online from my usaa checking. I pay about four mknths ahead and throw additonal payments to principle every month. Just my opinion for what it is worth.

Re: Need Advice on Auto Loan - NFCU, PenFed, or USAA?

Ditovera — Mon, 05 Aug 2013 03:04:35 GMT

I was approved through USAA for a 3.49 % apr with 695 fico score at the tim eon equifax. Mind you just as you I have checking, saving, brokage and auto insurance with them for about 6 years now. I took my approval and blank check to the dealership and dealer beat USAA by offering me 0%!!. USAA at the time and im sure still have a promotion if you buy through their car buying service you get an additional 1% off you apr. All im saying is if you should have both NFCU and USAA compete on rates....USAA currently has a promotional rate for 0.89APR im sure with your scores you can get somewhere around that...

Re: Need Advice on Auto Loan - NFCU, PenFed, or USAA?

Shogun — Mon, 05 Aug 2013 04:24:58 GMT

I was approved through BOA at 1.74%. I told the finance guy that my CU had already offered me 1.9% and he had to beat that.

Re: Need Advice on Auto Loan - NFCU, PenFed, or USAA?

azguy13 — Mon, 05 Aug 2013 04:36:46 GMT

Lately, I have heard NFCU has been giving out the best rates. You can always shop around though. Remember that any inqs for an auto loan within 30 days counts as one. Allows you to shop a bit

Re: Need Advice on Auto Loan - NFCU, PenFed, or USAA?

2011beginnings — Mon, 05 Aug 2013 19:07:40 GMT

I have a Penfed auto loan. Just got it, actually. My credit scores are in the signature.

Seemless process. The check was sent to me and I took it to the dealership and was in and out shortly.

APR is 1.74%. Lowest I've seen.

Re: Need Advice on Auto Loan - NFCU, PenFed, or USAA?

Anonymous — Sun, 20 Jul 2014 01:28:02 GMT

I tried to get a loan with USAA of $40000 on late Oct 2013. My credit score on Oct 4th, 2013 was

EX 733

EQ 702

TU 733

However, on Oct 28th, 2013 USAA informed that because my credit score through Equifax was 650 I could only get a loan up to $20K with a 11.99% fixed APR loan.

36 months, $664.19

48 months, $526.58

60 months, $444.79

72 months, $396.12

I was not sastified with their inquiry and I soft pull my credit again on Nov 1st, it showed that I have 750 EX, 715 EQ and 750 TU. What is going on here????? At first I thought I had an identity theft but turned out that something was going on between Oct 28th to Oct 30th, 2013 that my credit score fluctuated in few days on the same total balancet! However on the detail report I couldn't find anything wrong. I sent multiple inquiries to USAA rep but only received few responses and finally the rep asked me to talk to equifax directly. I knew EQ is pretty shady when it comes to your credit report. I say, go with Credit Union because they are more lenient towards applicants even with lower credit score from EQ.

I want to apply another auto loan and this time I am going to use NFCU. My Fico report was EX 770, 750 TU and 725 EQ just last month. However, I just paid off more than $5000 debts and today score of EX is 778. I am hoping I can get a good loan with NFCU. My debt ratio is 14%. If I apply for $30K to $35K loan, do you think I will get approved?

Re: Need Advice on Auto Loan - NFCU, PenFed, or USAA?

TheFate — Sun, 20 Jul 2014 01:34:02 GMT

When I purchase a new car I'm going strait thru my CU.

Their lowest rate offer is 1.74% up to 84mo (Based on amount financed), I've never seen loans offered past 60mo

Re: Need Advice on Auto Loan - NFCU, PenFed, or USAA?

Remember0 — Sun, 20 Jul 2014 03:54:33 GMT

USAA can be quirky like that. Try NFCU, I think you'll experience far better results with them. In fact I'd pretty much expect you to get approved for the amount you want at NFCU's lowest rates.

Re: Need Advice on Auto Loan - NFCU, PenFed, or USAA?

Anonymous — Sun, 20 Jul 2014 23:19:53 GMT

Hi, thanks. I will definitely go with credit unions this time. I think it is safer compare to other creditors. I will just wait for few more months (4) and my Fico will go up again.

Re: Need Advice on Auto Loan - NFCU, PenFed, or USAA?

Anonymous — Tue, 05 Aug 2014 11:54:56 GMT

Ok. Around the East Coast, EQ seems to dominate the stage eventhough EQ has so many lawsuits or pending lawsuits regarding their business policy toward Consumers. I just found out I have TWO negative late payments on EQ on the same item eventhough on EX and TU only reported one. So basically, I am double screwed on the same thing from the courtesy of EQ. Capital One is sending letter to dispute the information on my behalf to three credit bureaus. If EQ is still not doing anything to fix my issue, I am going to sue the company for FCRA. My late payment is only $2.00 and it was because my automatic was stopped for some reason by Capital One system non-fault of mine. I resolved it with Capital One.

Updated: It was one negative on $2.00 late payment and another negative on $0.00 balance. However, there was never been any delinquent because the balance is usually $0.00.

Re: Need Advice on Auto Loan - NFCU, PenFed, or USAA?

Anonymous — Tue, 05 Aug 2014 08:50:05 GMT

USAA was offering auto loans at .49% for 36 months the other day when I logged in. Might want to ask them about that.

Re: Need Advice on Auto Loan - NFCU, PenFed, or USAA?

Anonymous — Tue, 05 Aug 2014 11:53:00 GMT

Ok, thanks. I will look it up. My last attempt to get a loan with USSA didn't work out (Nov 2013). They gave me $20K with 12% APR because of EQuifax score was 650.

Re: Need Advice on Auto Loan - NFCU, PenFed, or USAA?

Anonymous — Tue, 05 Aug 2014 12:55:22 GMT

Happy to try and help. Let us know how it turns out and most important good luck!

Re: Need Advice on Auto Loan - NFCU, PenFed, or USAA?

Anonymous — Sat, 09 Aug 2014 05:39:04 GMT

My FICO gone up a lot earlier than I expected since Equifax updated my report. Not sure about EX and TU. I think I will just hold on a bit longer from getting auto loan. I can still survive with my old vehicle for now. I am planning to drive it until it is done with its mileage even if I am getting a new truck.