DCU and PenFed--Ford Motor Credit and Chrysler Capital

[Anonymous]

Just apped for DCU and PenFed both at the same time. Got an instant approval from DCU for $32k @ 4.99 only pending purchase and sale agreement. PenFed said it's been sent to a loan officer. I am looking at either an Explorer or Durango. Should I apply with FMC and/or CC online or go to the Ford and Dodge dealership and ask to only app with their captive lenders respectiively?

[jeffm4688]

I'd personally wait for the penfed decision, a loan officer reviewing is common. I'd also probably consider taking one of those loans instead over dealer financing unless you think they can beat it. However, even after asking some dealers have been known to "rate shop" and you can wind up with a lot of inquiries. 

[Anonymous]

Thanks for your reply. That rate with DCU is for 84 months. It'd be lower if I change the terms. 72 months would be 2.99 or 3.49. Ford is offering 1.9 for 72 months through Monday. DCU is currently offering no payments for 60 days.

[silkysean]

Excellent rates I doubt if the dealer could beat those terms.Its possible but I don't like how they pull your credit numerous times.I like stright foward deals and being honest.I say def wait for pe fed deal but either way go with credit union for relationship and future growth with them.Good luck !

[jeffm4688]

2.99 i think is their lowest, which is not bad for 72 months at all. Double check but depending on what vehicle you're looking at car manufactures usually offer an incentive to be used toward purchase OR a financing incentive. Not usually both & in a lot of situations it can sometimes be better to grab the cash incentive and finance yourself.

[Cellice]

Please most your scores with your approval and any information on your credit etc. That is helpful data points for others.

[Anonymous]

EQ: 692
TU: 707
EX: 700

No negatives on my credit
About 30-40% utilization
IDK DTI right now
I make $38000/yr

DCU is saying:
84 months- 5.49%
72 months- 3.49%
65 months- 2.49%

Still waiting on PenFed

I had gotten pre-approved with Cap 1 for $30660 but they give a range of 3.21% for 36 months for new to 6.16% for up to 60 months for new/0-3 years used to 9.11% for up to 72 months for used 4+ years old.

[Anonymous]

DCU may be able to get me the relationship rate without DD because I work for a financial institution that requires DD into our employee checking

[Anonymous]

Update: After some minor issues with PenFed, which were addressed excellently, I was approved with them at $32.5k @ 2.74% for 72 months for 2015 or newer models. Now if I can just get these dealers to come down on the price for my ideal truck, all will be well!!

[Cellice]

Hold the bus. You make 38K/year and trying to finance a 32K car? What is your DTI? A $500 payment a month is a lot. You might feel you will be able to afford it but with rent, saving etc its not the best idea.