topic Re: Congressional FCU Approval 35.5k in Auto Loans

Congressional FCU Approval 35.5k

Anonymous — Wed, 27 Jul 2016 16:42:18 GMT

Been wanting to get back into a pickup for a while as we've outgrown our mid-size SUV and a Vette doesn't cut it to haul around myself, DGF and our daughter. Looking to app for a mortgage in the next year so I don't want a huge payment reporting and factoring into DTI (Vette is paid off and so is DGF's car). Looked at Congressional FCU's Flex Loan which is a balloon type loan but would keep my payment very low. Approved for 35.5k at 4%. I've always seen Congrassional as an EQ puller but I forgot I had EQ on ice but turns out they pulled TU my best score so that's interesting that they also appear to be a TU puller. Haven't signed my loan docs yet but payment should be in the low 200's which is what I wanted. Current SUV is paid off and should sell outright for about 9k so I'm setting that aside in savings and after we're in a house I'll probbaly refi this into a conventional loan and use that to further drive down the balance owed. They have been great to deal with so far and called me to notify of approval less than an hour after I submitted. Hopefully hoping a plane to go pick this bad boy up on Friday.

Re: Congressional FCU Approval 35.5k

sccredit — Wed, 27 Jul 2016 18:43:05 GMT

CONGRATS!!!

Re: Congressional FCU Approval 35.5k

pipeguy — Wed, 27 Jul 2016 19:59:55 GMT

Congrats on the new PU.

As far as Congressional FCU, they are my "back up" CU, web site is stuck in a 10 year old design (inside the welcome page), and they are kinda "local" to DC area (yeah I know about shared ATM's, etc) and their terms for longer than 36 months are not as good as DCU for auto loans but I have no real issues with CFU. I think PenFed also offers the balloon payment option on auto loans, at least they used to.

Since you got approved for an auto loan you should ask if you qualify for a Visa - the no rewards one has a low APR (they rewards one is really nothing special).

Re: Congressional FCU Approval 35.5k

Anonymous — Wed, 27 Jul 2016 21:38:40 GMT

Yeah they are somewhat local to the DC area. I've got a branch about 15 minutes from my house. While not huge they have a decent size membership base. If I'd gone for just a straight 60 or 72 month I'd have used NFCU or probably Penfed. Penfed does have a similar type loan but they won't do it on certain vehicles including pickups. Congressional does have a LOC and their no rewards is pretty low APR. Do they use the same pull for multiple credit products or new pulls for each.

Re: Congressional FCU Approval 35.5k

pipeguy — Thu, 28 Jul 2016 01:10:29 GMT

@Anonymous wrote:
Yeah they are somewhat local to the DC area. I've got a branch about 15 minutes from my house. While not huge they have a decent size membership base. If I'd gone for just a straight 60 or 72 month I'd have used NFCU or probably Penfed. Penfed does have a similar type loan but they won't do it on certain vehicles including pickups. Congressional does have a LOC and their no rewards is pretty low APR. Do they use the same pull for multiple credit products or new pulls for each.

I don't know, but most credit unions will use the same pull within a short period of time. Only thing as far as credit products I've done with CFU is a $15k CL Visa (second mortgage through PenFed and both cars through DCU). I'm surprised that PenFed won't cover pickup's - maybe they expect them to get beat up, but considering that most pickups, at least in DC area are basically used as SUV's I would think they would just require a bedliner....oh well, learn something new everyday.

We don't use PenFed for anything anymore, other than the the second mortgage. DCU is my primary and CFU is my secondary mainly because they are a 5 minute walk from my office - no complaints.

Re: Congressional FCU Approval 35.5k

jeffm4688 — Thu, 28 Jul 2016 04:14:04 GMT

Hey i just bought one of these, although new because I got 15% and couldn't find a good enough deal on a used one.

4% is great! as is the truck. Wish I had payments in the low 200's but I'm @ low 400's with $0 down on a balloon. Congrats

Re: Congressional FCU Approval 35.5k

Anonymous — Mon, 01 Aug 2016 19:47:45 GMT

@pipeguy wrote:
@Anonymous wrote:
Yeah they are somewhat local to the DC area. I've got a branch about 15 minutes from my house. While not huge they have a decent size membership base. If I'd gone for just a straight 60 or 72 month I'd have used NFCU or probably Penfed. Penfed does have a similar type loan but they won't do it on certain vehicles including pickups. Congressional does have a LOC and their no rewards is pretty low APR. Do they use the same pull for multiple credit products or new pulls for each.
I don't know, but most credit unions will use the same pull within a short period of time. Only thing as far as credit products I've done with CFU is a $15k CL Visa (second mortgage through PenFed and both cars through DCU). I'm surprised that PenFed won't cover pickup's - maybe they expect them to get beat up, but considering that most pickups, at least in DC area are basically used as SUV's I would think they would just require a bedliner....oh well, learn something new everyday.

We don't use PenFed for anything anymore, other than the the second mortgage. DCU is my primary and CFU is my secondary mainly because they are a 5 minute walk from my office - no complaints.

They do use the same pull and I went for the LOC and Rate Saver Visa. Both approved!

Re: Congressional FCU Approval 35.5k

Anonymous — Tue, 02 Aug 2016 17:02:40 GMT

NICE!

I'm rather partial to black trucks myself.