Credit Union Auto Loans

Anonymous · ‎02-02-2021

We're going to be looking to get a new (or possibly used) auto loan in a few months and also refinance a travel trailer. We've gotten some recommendations that we might want to consider a local CU (in the past we've normally had auto dealer financing or Capital One).

I really want to be able to walk-in with an approval in-hand - it always just makes shopping less stressful since we will know our interest rate, terms, etc. We'll still let the dealer run his numbers and see if he can do better though.

So my question is - we're not currently CU members. Should we sign up now or just wait to become members when applying? Looking on most CU websites, they just make becoming members part of the loan application process. Just wondering if being members for only a few months is going to really help?

Also is it worth being members of more than one CU - primarily when looking for a loan to try and get the best rates?

AllZero · ‎02-02-2021

Yes, you should join now. Be cautious, some are ChexSystems sensitive so do your due diligence before applying for membership. You don't want to join a bazillion all at once. 😜

Look into DCU, PenFed, local etc.

CU's to join for Savings Rate now and possible Credit Products later!

Anonymous · ‎02-02-2021

OK, enlighten me on what it meant by being ChexSystems sensitive?

We would probably for now just open a minimum account to become a member, not sure if we'd move everything over to start (we've got 30+ years of relationship with US Bank but their auto loan rates aren't as good).

Thanks.

AllZero · ‎02-02-2021

@Anonymous wrote:
OK, enlighten me on what it meant by being ChexSystems sensitive?

We would probably for now just open a minimum account to become a member, not sure if we'd move everything over to start (we've got 30+ years of relationship with US Bank but their auto loan rates aren't as good).

Thanks.

https://ficoforums.myfico.com/t5/Personal-Finance/ChexSystems-Inquiries/m-p/5536979

You can just join now and deposit the minimum. No requirement to make that CU your main financial institution, unless you like their service and products. Some offer free checking accounts. Shop around and see which ones interest you.

Anonymous · ‎02-03-2021

I have loans with DCU and my local Visions credit union.

Both are great but the best part is I know exactly what score they look at.

DCU is EQ mortgage

Visions is EX mortgage

Both will run your credit when you open an account and can use the same hard pull for anything within 30 days sometimes more.

Time it right so you only get 1 hard pull.

Anonymous · ‎02-03-2021

@Anonymous wrote:
I have loans with DCU and my local Visions credit union.
Both are great but the best part is I know exactly what score they look at.

DCU is EQ mortgage
Visions is EX mortgage

Both will run your credit when you open an account and can use the same hard pull for anything within 30 days sometimes more.

Time it right so you only get 1 hard pull.

They use mortgage scores for auto loans?