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Car Loan PenFed?

Brickbybrick
Regular Contributor

Car Loan PenFed?

Hey guys so I am looking to get a car but I heard credit unions give the best APRs. I have an EXP of 679, TU and EQ of 630ish Smiley Sad

Should I sign up for PenFed and get a checking account so I build a relationship until I am ready to purchase? OR

Try and strengthen my score THEN apply for a checking account that way 1 HP gets me the auto loan and a nice CC? 

I see some 5ish% with the Capital One Auto Loan site so idk what to do. 

Thanks.

5/27/17 Experian: 679 Equifax: 628 TransUnion: 630
Cap1 QS:600 Credit One: 600 Merrick Bank: 550 Amex: 500 JCrew: 250
Message 1 of 13
12 REPLIES 12
CO_NATIVE
Valued Contributor

Re: Car Loan PenFed?

For the best rate on the car loan and 1 HP (1 for membership, checking and auto loan), I would wait until your EQ is a little higher. Also you may want to look into DCU as well. 


Message 2 of 13
Brickbybrick
Regular Contributor

Re: Car Loan PenFed?

Thank you for the response, I always heard PenFeds the way to go. Yeah my EQ and TU are miserable, just paid down ALL CC debt down to $0 except one card reporting sub 10%.

I just wish there was a CU that pulled EX, then maybe I'd be finally be loved Smiley Tongue

5/27/17 Experian: 679 Equifax: 628 TransUnion: 630
Cap1 QS:600 Credit One: 600 Merrick Bank: 550 Amex: 500 JCrew: 250
Message 3 of 13
Tigers09
Valued Contributor

Re: Car Loan PenFed?

PenFed is a great way to go, but I agree your scores may be low for them (EQ).
DCU approved me when I had similar scores to yours with 3.99% apr. They dropped it by 1% with direct deposit and 6 months on time payments
State Farm Rewards (3,000) ~ Marvel MC (8,000) ~ PenFed Power Cash (10,000) ~ PenFed Promise (1,000) ~ PenFed OLOC (500) ~ Discover ($1,100) ~ Citi DC (2,200) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (2,700) ~ NFCU CLOC (15,000) ~ Venture (10,300) ~ DCU Visa (5,000) ~ Chase Freedom (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG (1,000) ~ Amex BCE (1,000) ~ Care Credit (15,000)
Current Scores (6/6/18): 697 Transunion, 659 Equifax, 674 Experian
Message 4 of 13
youdontkillmoney
Valued Contributor

Re: Car Loan PenFed?

PenFed is not always the lowest  for auto loans.

I got apporved for 2.74% but dealer financing offered 1.9%.

Godo to have a pre approved auto loan before walking in to dealer to have options though and gives dealer financing something to beat.

Message 5 of 13
Brickbybrick
Regular Contributor

Re: Car Loan PenFed?

Tigers, do you think I should go to DCU if they're more leniant? Also, youdontkillmoney going to a dealer I feel would be bad because they'd do multiple HPs trying to beat it I bet.
5/27/17 Experian: 679 Equifax: 628 TransUnion: 630
Cap1 QS:600 Credit One: 600 Merrick Bank: 550 Amex: 500 JCrew: 250
Message 6 of 13
Tigers09
Valued Contributor

Re: Car Loan PenFed?

I'd call and talk with DCU. They may be able to give you some guidance. They can approve for great rates with lower scores than others.
I went in with a preapproval for leverage, dealership couldn't beat what I already had offered. I INSISTED they not run credit and shotgun it if they couldn't beat what I walked in with
State Farm Rewards (3,000) ~ Marvel MC (8,000) ~ PenFed Power Cash (10,000) ~ PenFed Promise (1,000) ~ PenFed OLOC (500) ~ Discover ($1,100) ~ Citi DC (2,200) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (2,700) ~ NFCU CLOC (15,000) ~ Venture (10,300) ~ DCU Visa (5,000) ~ Chase Freedom (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG (1,000) ~ Amex BCE (1,000) ~ Care Credit (15,000)
Current Scores (6/6/18): 697 Transunion, 659 Equifax, 674 Experian
Message 7 of 13
dabrian
Frequent Contributor

Re: Car Loan PenFed?

Have the cards you paid off updated you're credit reports yet? If they haven't all updated I would wait until they do, you may see a nice bump in your scores.
NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k
Message 8 of 13
Brickbybrick
Regular Contributor

Re: Car Loan PenFed?

They haven't updated yet. Sounds good Tiger, thanks again and the rest of you fantastic peeps!

5/27/17 Experian: 679 Equifax: 628 TransUnion: 630
Cap1 QS:600 Credit One: 600 Merrick Bank: 550 Amex: 500 JCrew: 250
Message 9 of 13
bigpoppa09
Established Contributor

Re: Car Loan PenFed?

And to add DCU uses fico 04 and PenFed uses Next gen.  so with out knowing your EQ 04 score cant really give advice and u cant get your Next gen score nowhere Penfed is the only one that uses it so it would have to come from them.

Message 10 of 13
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