Alliant, navy, penfed, us bank (new car auto loan)

[Anonymous]

Hello. Im new to the forum. I just wanted to get some input on a new car auto loan. I'm a member of Navy fed, Alliant, pended and us bank. I have a 750 credit score and have a income of 125k net. Im leaning towards a 72 month term. I would like to finance this with 0 money down. This is for a 2022 Toyota 4Runner ($51,600)

My question is, out of the 4 credit union choices, which one is the best to go with for a new car auto loan? Does putting money down vs not putting money down help with getting a lower interest rate? If so, how much? Should I have Toyota try and beat whatever rate I receive from my credit union? Just looking for some tips here. 

Thank you!!

[rostrow416]

Dealers will often give you the best rate for a new car loan since there are always incentives and offers going on.

[Loquat]

Welcome to the forum. Looks like you have a set of really good options to pick from. I’m very biased towards PenFed as they’ve been wonderful to work with on several auto loans. They’re actually my go-to when captive lenders aren’t offering some sort of 0% offer.

I know many around these here parts who would say the same thing about Navy Federal. I’m not sure about the other 2 but I’m sure with your stats you won’t have any issue.

By chance is Toyota offering any sort of finance offer?

[Anonymous]

No finance offers from Toyota 

[Gmood1]

Out of your choices, Penfed or Navy Fed would be the two I'd focus on. Their rates are pretty close to one another.

Navy is normally faster at auto loan approvals. Penfed could take longer, but it depends on if they've hired more people in the loan department recently.

I haven't messed with them in the last 5 months or so.

Us Bank auto loans aren't competitive, as most of the larger banks aren't IME.

And as you've stated, Toyota isn't offering financing specials with this particular model.

I'd secure my own financing and skip the shotgun pulls from the dealer.

You said your score is 750?

Where did you pull your scores from? Penfed uses FICO 9 Equifax.

Navy uses a similar FICO 9. But also has their own internal scoring system. 

I went back and looked at several of my CU's.

SECU MD has possibly the best rate from what you plan to finance.

1.99% from 48 to 84 months. Loan must be above $50,000.

https://www.secumd.org/rates-calculators/

Donate and join for membership before applying for auto loan.

They are on the slow side IME. But no hassle credit approvals IME.

[4sallypat]

Without any incentives offered, I'd go with a pre-approval from PenFed or Navy CU into the dealership and have the finance manager look at the terms.

If the finance manager says they can beat it (without incurring multiple / shotgun HP inquiries), otherwise use your pre-approval.

Sometimes the dealer has better rates / terms than your financing so it's worth an ask (without actually applying at the dealer).

[coreyb80]

I have a very recent personal experience with Penfed and I would definitely recommend them.  Their process is simple and straight to the point.  The GM of the dealership couldn't believe how easy it was for me to tell him what I want, give me the amount, and then give him a check for the vehicle.  I love Penfed.

[Loquat]

@coreyb80 I can echo your sentiment about PenFed as I feel the same way about them. As I’ve mentioned before, unless a captive lender is offering 0%, I’m going with PenFed every.single.time.