Penfed - DCU or Alliant Credit Union

[urluckypenny1]

I currently have auto loan at 7.99% at Penfed. Still owe two years 5k negative equity.

Pre- approved at Penfed for 7.99% at up to 35k... only looking to upgrade to 25k because I have to roll the 5 k into the loan.

of should I join and submit applications to DCU credit union or alliant to see if they give me a better rate.

To be honest I also want to know should I just keep the current truck.

My Fico Equifax score 772

[Gollum]

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@urluckypenny1 wrote:

I currently have auto loan at 7.99% at Penfed. Still owe two years 5k negative equity.

Pre- approved at Penfed for 7.99% at up to 35k... only looking to upgrade to 25k because I have to roll the 5 k into the loan.

of should I join and submit applications to DCU credit union or alliant to see if they give me a better rate.

To be honest I also want to know should I just keep the current truck.

My Fico Equifax score 772

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It seems likely that you'd be better off (financially) keeping and paying off the current truck.

[Vinjints]

re: keep the current truck or not? Is it giving you problems? Why are you looking to get rid of it when you still haven't paid it off yet?

[cashorcharge]

If you got in at PenFed...are you also eligible for Navy Federal?  Their rates are usually some of the best.

I would also suggest checking out Affinity FCU.  As long as your shopping CU's.....might as well check those too

https://www.navyfederal.org/loans-cards/auto-loans/auto-rates.html

https://www.affinityfcu.com/about-us/rates

[urluckypenny1]

My Current Truck is a 2009 Silverado 1500 with 158k miles. I haven't had any trouble until recently the radiator and water pump had to be replaced. That's what caused me some concern and the reason a started looking. 
I've seen a couple trucks locally that's in the $24k range that's 2015 and 2017 with 66 & 77 k miles. 
So I'm wondering if the newer vehicle with almost 100k less miles is better off in the long run. Granted I'll be adding more years and money but in the long run would I be better off. 

[urluckypenny1]

I appreciate the advice and thoughts. 

[urluckypenny1]

Bump

[pizzadude]

DCU's rates are showing as low as 5,49 / 4.99 for purchase / refi, obviously it will depend on your term and credit as well. 

It looks like your scores might be in a position that you'd be able to qualify for their better rates?

[Harvey26]

@urluckypenny1 With a 772 EQ score you should qualify for better rates , I would look at local CUs in your area that pull EQ. 

[Kforce]

Because you are 5k upside down and in the last 2 years of a loan, you are at a point where most of the payment is going to the principal.  

This means over the next 5-9 months you might be right side up. 

* (Would need all real numbers to calculate if you want)

If your truck is not it current need of a lot of money being put into it, I say stick it out for another year, then get a newer truck.

Not taking on extra rolled over money in a new loan where most is going into interest this next year will save you money if the truck will stay together.  Only you know what condition the truck is in.