Navigating an Auto Loan through a Credit Union.

[hankfit247b]

I'm moving soon, ~400 miles.  There are 2 easily accessible CU's in my new town.

CU#1 UCCU

Has 3 locations within the city, and 1 more in a neighboring state.
My New Employer is listed on the CU's Business Page
Auto - 5.49% to 13.74%

CU#2 MFCCU

Has only one location.

Offers a MM Checking Count which requires a min BAL of $2,500.  Which I will be opening.

Auto - as low as 5.99%, does not detail the high-end.

"Little Credit? No Credit? Past Credit Issues? Just ask about our Fresh Start Auto Loan Program!"

My move satisfies the residence/eligibility requirements for both CU's.
I will be opening a number of basic accounts at both to establish these relationships.

Right now I am just under 700 CS, while my recently PIF'd Collections accounts (non-auto) finish posting to my CRs. 
Shortly after the move, I will need to finance a 2020/2021 used car, as I am moving without owning a vehicle.  

My question is: 
How long after establishing this new relationship with the CU should I wait before applying?

If I go through a dealer, I'm anticipating 12%-15%.
Regardless, I'm prepared to pay 20% down plus taxes & fees.

Lastly, due to Inventory, my purchase would be at my former town, 400 miles away or Carvana or similar.

Any Insights or Advice in how best to tackle this would be most appreciated.

[FireMedic1]

Welcome @hankfit247b 

Ask the CU's when you join whats needed to get approved. CU's beat banks at APR's.

[hankfit247b]

Agreed, lower APR.  While others elsewhere (outside of MyFico) state that approval through a CU is harder to get, due to their smaller liquidity pool.

I searched for "Members "First" Community Credit Union" and "United Community Credit Union" here on MyFico, but found no posts.

[dunn2500]

i wouldnt buy from carvana or carmax.....really high pricing and int rates

buy from a dealership and use your own financing from CU, ive applied for auto loans same day as joining a CU but am sure some have different guidelines....auto prices can change drastically from one place to another

ive used Pen Fed and dont even have a branch close to me, they mail the check

[pizzadude]

If the CUs require a HP to join ( many don't but some do ) you should inquire if you can use that same inquiry to apply for an auto loan.

You'll almost certainly qualify for better rates via a CU versus going to the dealership. 

[Gollum]

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@hankfit247b wrote:

I'm moving soon, ~400 miles.  There are 2 easily accessible CU's in my new town.

CU#1 UCCU

Has 3 locations within the city, and 1 more in a neighboring state.
My New Employer is listed on the CU's Business Page
Auto - 5.49% to 13.74%

CU#2 MFCCU

Has only one location.

Offers a MM Checking Count which requires a min BAL of $2,500.  Which I will be opening.

Auto - as low as 5.99%, does not detail the high-end.

"Little Credit? No Credit? Past Credit Issues? Just ask about our Fresh Start Auto Loan Program!"

My move satisfies the residence/eligibility requirements for both CU's.
I will be opening a number of basic accounts at both to establish these relationships.

Right now I am just under 700 CS, while my recently PIF'd Collections accounts (non-auto) finish posting to my CRs. 
Shortly after the move, I will need to finance a 2020/2021 used car, as I am moving without owning a vehicle.  

My question is: 
How long after establishing this new relationship with the CU should I wait before applying?

If I go through a dealer, I'm anticipating 12%-15%.
Regardless, I'm prepared to pay 20% down plus taxes & fees.

Lastly, due to Inventory, my purchase would be at my former town, 400 miles away or Carvana or similar.

Any Insights or Advice in how best to tackle this would be most appreciated.

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I don't think there is any benefit to waiting after joining a credit union before applying for a loan from that credit union.

I recently bought what I initially thought was a 2023 new car, but at closing/whatever with the dealership, at the last second it was disclosed that the car that I was puchasing was a Certified Pre-Owned Vehicle (a used car, even though it only had 112 miles on the odometer.)

I suggest that you pay for an inexpensive monthly membership to caredge.com in order to get data about current market conditions. The Car Edge YouTube videos are fun/interesting, but the data is more useful.