NFCU, DCU, or Penfed!

[Anonymous]

Hello again! My head has been spinning reading through the different credit unions recommended for an auto loan. I'm in between NFCU, DCU, or Penfed, and was wondering how the application process for those has been for y'all! Also if you have a recommendation based off of my eq of 755 and income of 55,000. Thank you! 

[Anonymous]

Also it would be for a used car under 15,000!

[Credit_Master]

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@Anonymous wrote:

Hello again! My head has been spinning reading through the different credit unions recommended for an auto loan. I'm in between NFCU, DCU, or Penfed, and was wondering how the application process for those has been for y'all! Also if you have a recommendation based off of my eq of 755 and income of 55,000. Thank you! 

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I can only speak from my experience with NFCU. Their process was the easiest I have ever been through. The whole entire process was done online and I had a check in the mail within a reasonal amount of time (keep in mind this was pre COVID-19). Thought I got a great rate at the time but I has read others getting superior rates from DCU. I signed up with them just this month and will wait until I have built a relationship with them to do any type of credit seeking with them. I am sure others with chime in on their experiences with the other two credit unions. I am sure with that score you should get the best possible rate.

[simplegirl]

I approved with NFCU with score in low 500s with a co-signer who scores were not that great either but my apr was 11%. Also I only had a membership with them for a few days before I applied.

[Anonymous]

@Anonymous  welcome to the community!

Last week I applied for a used car loan at Navy. Didn't know what I was going to buy and so I asked for $30K just to cover my purchase. Instant approval, offered $30K and the opportunity to borrow $33K instead. I chose $30K including GAP. Paid for Priority Mail for the documents to arrive and had them in 3 days. I now have a check to shop at a dealer and Navy even gave me two free car-fax reports to help me shop. 

I have until mid-June to use the draft. Pulled EQ 9 (730 at the time). No POI or other hoops. Easy-peasy. 

[Shooting-For-800]

I highly recommend NFCU.

I am happy with PenFed but I had a rough start.

GL!

[Anonymous]

Congrats on the loan! Do you know if I'm able to use my the same hard pull to join to get the auto Loan?

[Gmood1]

Normally Penfed's rates are better. But lately Navy has been competitive. So go with the one that gives you the best rate.

[Anonymous]

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@Anonymous wrote:

Congrats on the loan! Do you know if I'm able to use my the same hard pull to join to get the auto Loan?

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I'm sure others with more experience will weigh in but as an interesting side note....I applied for the auto loan on April 23rd. A few days later I decided to try for the emergency loan ($5K, 24 months, 6%, deferred until July). Approved and no HP. I pay to monitor my reports through myFico and I would have had a notice by now. So perhaps they used the same HP? 

I have found Navy to be awesome with questions. If you don't get a definitive here, consider calling to ask. Hold times on the 23rd for auto loans/questions were under 5 minutes! GL! 

[Brian_Earl_Spilner]

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@Anonymous wrote:

Congrats on the loan! Do you know if I'm able to use my the same hard pull to join to get the auto Loan?

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Rarely. With navy, you should expect a hard pull for everything they do. They've been giving CLIs with soft pulls for a while, my last 2 were SP, but due to the way they are, I always assume I'm going to get a HP.