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Best CU for New Auto Financing

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BawstinMike
Member

Best CU for New Auto Financing

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!

5/2/14 EQ 688 EX 663 TU 671
10/5/13 LP EQ 655 EX 653 TU 618

Goal: 700's in all three
Message 1 of 5
4 REPLIES 4
Remember0
Valued Contributor

Re: Best CU for New Auto Financing

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.

Message 2 of 5
nathan
Frequent Contributor

Re: Best CU for New Auto Financing

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.

Message 3 of 5
Remember0
Valued Contributor

Re: Best CU for New Auto Financing

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.

Message 4 of 5
DevotionToU
Regular Contributor

Re: Best CU for New Auto Financing

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.  

$18000 Discover IT / $6000 Chase Freedom / $5000 DCU Visa / $3900 Fifth Third / $2500 Capital One Quicksilver / $2000 AMEX Blue Cash Everyday / $500 Chase Slate
Message 5 of 5
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