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All,
I am in the market for a new car and would like to see what the best CU to go to for auto loans, and while I am at it CC too. Last I checked I am at 675+ FICO EQ
And I don't qualify for NFCU, types of CU's and i'm in AZ.
Thanks!
How much car do you want to buy? Also what is your income like pre-tax? Rent/mortgage?
If it's not too much car, DCU might be a good place to try. Another recommendation I often give is BofA esp. if it's a bigger loan amount.
If you go the BoA route, let the dealer do it for you. they can get you a better rate than if you do it yourself. With DCU its best to become a member first before you apply for your loan or else the process will become painfully slow. Happened to me and I almost dump them last minute because you have to send doc a million times. The dealer could not beat their 1.24% APR, but they could get me a 1.9. with BOA. BOA offered me a 2.9 instant approval on their web site. Go figure.
The only reason the dealer offered you 1.9% was because you had a lower rate he had to compete with. If you hadn't applied to DCU or BofA ad walked in he'd probably give you a higher rate and profit off of the difference.
I still recommend applying to DCU and BofA (BofA esp. if you're looking for a higher amount of money). Then have the dealer beat the rates you get. Just because dealers can get a lower rate through BofA doesn't mean you shouldn't apply imo. It means you should apply AND have the dealer beat what you get.
The DCU experience was painless for me. YMMV though. There are quite a few threads here about big delays in the approval process with DCU. Mine was very quick. Became a member, applied for the loan a few days later, and was instantly approved online (and they gave me a credit card offer the same time). When I purchased my car a week ago, the dealer tried to beat their rate (1.24) but they could only do .9% for 36 months, which is out of my price range on the monthly payment. Having more options is never a bad thing, so Remember0's advice is solid. Do not pigeonhole yourself into having to get financing @ the dealership, as they will most likely try to pad their pockets on the rate, using a "preferred" lender. Having negotiating power is important in the process.