How much do relationships matter?

[cjesser15]

Hello, I currently have an auto loan with Capital One Auto Finance.  I have a good rate (2.35%) so I wasn't exactly looking to refinance.  However, my local credit union called today and offered me 2.00%.  Over the remaining life of the loan this won't save me a ton, especially since they have a $90 origination fee, but hey money is money.  But what I'm really wondering is whether making this move now could help me secure great rates like this on future loans?  In other words, would it be worth making the move in order to build a relationship with the credit union?  Do banks and credit unions tend to operate this way or does it vary?  Or should I be thinking purely in terms of dollars, cents, and the hassle it would take?  Thanks in advance for the help. 

[Anonymous]

Somewhat but not necessary. I have no relationship with patelco credit union and I was about to get a 96k car loan with them for 2.49 and its 1.9 if i open a checking account and have it automatically deducted from account which I did

[RonM21]

A little. Sometimes they can be more giving because of the relationship. But I'm sure it's a case by case basis.

[nycplayboy78]

IMHO...When it comes to credit unions it is relationship based not so much when it comes to the big retail banks. 

[jim44]

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@nycplayboy78 wrote:

IMHO...When it comes to credit unions it is relationship based not so much when it comes to the big retail banks. 

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Usually because CUs are member owned.  However I was approved for a loan with WFDS months out of CH7 and had to wait two years before my CU that I have been banking with almost 20 years would refi the loan.  I knew a LO at WFDS and I knew a LO at my CU but her hands were tied with the CUs  2 year BK policy.  The WFDS loan officer was able to push the loan through for me.  I have to agree with RM21, IMHO it is on a case to case basis.