topic Re: How lenient is a CU? in Auto Loans

How lenient is a CU?

Anonymous — Fri, 23 May 2008 14:38:37 GMT

Some people on here recommend going through a CU for an auto loan. Are they going to be more lenient as far as bad credit is concerned, than a traditional auto lender? My employer is affiliated with one. Will that help with getting approved? If I offer to have the loan payment deducted from my paychecks so they are guarenteed to get it on time will that secure me a lower interest rate? Thanks!

Re: How lenient is a CU?

Anonymous — Fri, 23 May 2008 19:54:46 GMT

Courtney_scott wrote:
Some people on here recommend going through a CU for an auto loan. Are they going to be more lenient as far as bad credit is concerned, than a traditional auto lender? My employer is affiliated with one. Will that help with getting approved? If I offer to have the loan payment deducted from my paychecks so they are guarenteed to get it on time will that secure me a lower interest rate? Thanks!

I just called one regarding a motorcycle loan. They told me even with 550 score, they will approve for a loan for 16%.

Not sure how they deal with open collections or BK.

Re: How lenient is a CU?

Anonymous — Fri, 23 May 2008 21:26:46 GMT

In my experience, CUs will be more lenient when it comes to low scores, but less lenient when it comes to outstanding debt.

Re: How lenient is a CU?

atlastontheroad — Fri, 23 May 2008 22:55:24 GMT

I went to my CU today assuming that I would have to beg.

Approved in less than 60 seconds of submission of the loan request.

They only pull TU, which was 678 according to myFICO this morning. The CU told me that they saw 690. Got the lowest IR for a "used" car (2 years old, 28k miles) on a 36 month loan which I will pay off in less than 30 months. Plus, instant approval for an unsecured 5k visa that takes on the history of my secured card! Sure, it's only 4 months history but I'll take what I can get.

Are they more lenient? I don't know. I do know that I have only been banking with them for 4 months but have made a huge effort to establish a personal relationship with the folks at the CU.

They still won't give me a "Casual Friday" hat that they all wear. I'll wear them down (grin).....

atlast....

Re: How lenient is a CU?

Anonymous — Sun, 25 May 2008 12:54:16 GMT

I have no outstanding debt, and my score pulled by my credit union was 592. All other banks denied me but they approved me for an auto loan (60 months, $11,500, 13%). Decent rate considering the baddies on my score and i can refi in a year I had a great experience and would highly recommend checking out a credit union for an auto loan.

Re: How lenient is a CU?

Anonymous — Sun, 25 May 2008 13:50:04 GMT

My cu approved me recently with one paid collection. They pulled experian. My interest rate is 4.49%. Needless to say, I am very happy.

Re: How lenient is a CU?

Anonymous — Sun, 25 May 2008 16:16:52 GMT

atlastontheroad wrote:
I went to my CU today assuming that I would have to beg.

Approved in less than 60 seconds of submission of the loan request.

They only pull TU, which was 678 according to myFICO this morning. The CU told me that they saw 690. Got the lowest IR for a "used" car (2 years old, 28k miles) on a 36 month loan which I will pay off in less than 30 months. Plus, instant approval for an unsecured 5k visa that takes on the history of my secured card! Sure, it's only 4 months history but I'll take what I can get.

Are they more lenient? I don't know. I do know that I have only been banking with them for 4 months but have made a huge effort to establish a personal relationship with the folks at the CU.

They still won't give me a "Casual Friday" hat that they all wear. I'll wear them down (grin).....

atlast....

HUGE Congrats!!!!! Ready to sail thru the summer now?

Re: How lenient is a CU?

atlastontheroad — Mon, 26 May 2008 01:20:16 GMT

WhirledPeasPlease wrote:

atlastontheroad wrote:
I went to my CU today assuming that I would have to beg.

Approved in less than 60 seconds of submission of the loan request.

They only pull TU, which was 678 according to myFICO this morning. The CU told me that they saw 690. Got the lowest IR for a "used" car (2 years old, 28k miles) on a 36 month loan which I will pay off in less than 30 months. Plus, instant approval for an unsecured 5k visa that takes on the history of my secured card! Sure, it's only 4 months history but I'll take what I can get.

Are they more lenient? I don't know. I do know that I have only been banking with them for 4 months but have made a huge effort to establish a personal relationship with the folks at the CU.

They still won't give me a "Casual Friday" hat that they all wear. I'll wear them down (grin).....

atlast....

HUGE Congrats!!!!! Ready to sail thru the summer now?

Thank you I'm pleased as punch.

Sailing through the summer? Not hardly. Teaching summer school to pay down another chunk o' debt and replace old back windows (can you say "Energy Deduction" on next year's 1040?). Oh, and there's that stinking 600 hour internship that needs to be done by February.

Nonetheless, August is looking mighty fine.

atlast.....