topic Re: Best credit union or bank for car loan? in Auto Loans

Best credit union or bank for car loan?

ando35 — Mon, 09 Sep 2019 14:54:24 GMT

What are some of the lowest rate cu's or banks for auto loan? I know space coast here in Florida is great. I see DCU and USAA are mentioned.

Any others?

And, do you recoemnd I use money tree or just go to each website?

Re: Best credit union or bank for car loan?

Anonymous — Mon, 09 Sep 2019 15:53:13 GMT

Each credit union has different eligibility criteria, either based on where you live/work or based on some association (like your employer or any groups you belong to). Some credit unions, like DCU and PenFed, allow you to join by donating a small amount to a foundation. That's one of the reasons they're more popular on online forums. Since you're in FL, check out the rates for Suncoast, VyStar, and MIDFlorida too.

Re: Best credit union or bank for car loan?

Anonymous — Mon, 09 Sep 2019 15:55:32 GMT

And do you mean LendingTree rather than Money Tree? The problem with LendingTree is that you'll start getting calls from every lender you've never heard of for the next six months. It takes a little more time upfront, but personally I'd prefer to apply with a few credit unions than go the LT route.

Re: Best credit union or bank for car loan?

Anonymous — Mon, 09 Sep 2019 16:09:43 GMT

I would start by knowing all of your scores and the specific score each credit union you are interested in pulls.

DCU pulls Equifax Mortgage score.

My local NY/NJ credit union uses Experian Mortgage Score.

If I were going for a car loan and if one score was significantly higher and try the bank or credit union that uses that score first.

The difference between my Lowest FICO Mortgage score and highest FICO mortgage score is 56 points and that can make a very big difference in your rate.

Re: Best credit union or bank for car loan?

ando35 — Mon, 09 Sep 2019 20:06:06 GMT

DCU lists their lowest apr at 3.15%.

Re: Best credit union or bank for car loan?

ando35 — Mon, 09 Sep 2019 20:07:33 GMT

DCU lists their lowest apr at 3.15%. I thought that you could get loans as low as 1% with an 800 score. Am I wrong?

Re: Best credit union or bank for car loan?

jaxstraw — Tue, 10 Sep 2019 02:47:16 GMT

My local NY/NJ credit union uses Experian Mortgage Score.

What CU is that ?

Re: Best credit union or bank for car loan?

Gotham- — Tue, 10 Sep 2019 04:42:40 GMT

Hey All
I am intrigued now
So in the spirit of finding out the best CU
DCU seems to keep coming up do we know if they pull FICO 9, 8, “5,4,2”???
L

Re: Best credit union or bank for car loan?

jaxstraw — Tue, 10 Sep 2019 09:51:11 GMT

@Gotham- wrote:
Hey All
I am intrigued now
So in the spirit of finding out the best CU
DCU seems to keep coming up do we know if they pull FICO 9, 8, “5,4,2”???
L

DCu uses EQ 5.

Re: Best credit union or bank for car loan?

Anonymous — Tue, 10 Sep 2019 11:39:11 GMT

Visions FCU is my local credit union NY/NJ.

I received what I believe to be fantastic rates from them.

About 3 months ago I refinanced my used car loan to 3.75% for 72 months.

I also got their 0% for 6 month then 9.75% Visa and a 4.5% debt consolidation loan all with my Experian Mortgage Score around 690 at the time.

Re: Best credit union or bank for car loan?

Anonymous — Tue, 10 Sep 2019 11:40:32 GMT

If you appply at DCU consider maximize that hard inquiry as 1 inquiry is good for I forget 30 or 60 days.

You could get their Visa or a debt consolidation loan too.

Re: Best credit union or bank for car loan?

calyx — Tue, 10 Sep 2019 14:27:31 GMT

It'll just depend on the CU and the rate structure they have, what kind of car you want (used/new) and your terms (months)

Most of them have a "as low as" feature, but that's usually a new car at ~36months (SDFCU has that at 2.24%).

The lowest I managed for my terms (60m, new) was with my local CU at 3.19. Even NFCU and SDFCU couldn't be that for 60m. The dealership (through Chase) was offering 3.49 as their lowest for the vehicle I wanted.

Re: Best credit union or bank for car loan?

ando35 — Tue, 10 Sep 2019 20:27:31 GMT

Yeah I got 3.5% from Bank of Amercia because I am platinum customer I think.

I also got 3.4% from a local CU.

On lending Tree I got a bunch of 4% and 5%'s.

Re: Best credit union or bank for car loan?

Loquat — Wed, 11 Sep 2019 11:56:24 GMT

No experience with USAA but I have used applied and were approved at DCU, PenFed (Navy if you're a memnber) and of the 3 I think PenFed was the easiest, fastest, and offer a slightly better rate.

Re: Best credit union or bank for car loan?

Gotham- — Thu, 12 Sep 2019 03:53:42 GMT

NJ: Visions CU is close by me maybe I might need to stop in...I wonder how long of a member u have to be for that pricing @Visions

Re: Best credit union or bank for car loan?

Anonymous — Thu, 12 Sep 2019 14:04:21 GMT

I applied over the phone and they were great.

I frist just applied for a Visa but when they called me they suggested additional products like refinancing my car loan and a debt consolidation loan.

I was not a great customer. I had some paid overdrafts last year and only put a small amount in via direct deposit each month.

They approved me for all at their A tier with fantastic rates.

I prefer DCU for checking because I get paid much quicker. If Payday is Monday Visions pays me Monday. Capital One would have been Saturday. DCU is Friday at 4:00 PM. That's a big difference. If not for that I might use Visions as my day to day bank.