Good morning my fellow MyFico members!
*Admin/Mods - Please feel free to move as you see fit.
A little backstory here:
We have been actively considering a new RV/Bumper Pull. However, my scores have been lacking to say the least. Not to the point where we couldn't get approved, but to a point whereas it would make it almost impossible to acquire a respectable/affordable rate and term. This is really the thing that made me aware of MF scores/message boards. My scores have drastically increased, and my profile is looking better and better by the day.
With that being said... I'm looking for some datapoints from various lenders. What your experiences were or have been during the course of your buying experience? What lenders or credit pools did you throw your name in the hat of? Terms & Rates? What type of down payment, and how did the down payment reflect your overall loan status/rate?
Also, would you suggest that I start a relationship now with potential lending CU. I have a few in mind, and have recently started a relationship with NFCU. However, their RV loan rates don't seem to be that impressive. And as an added concern, I tried to refi my current auto loan with them, and they came back to me with an absolutely ridiculous rate (18.5%). That in itself, has me thinking I need to shift gears and start a relationship with another CU for a purchase planned for next spring. I do already know, that we will be seeking a 15 year term unless some sort of used unit falls into our lap at an outstanding price.
If possible, provide the scoring models used.
Banking Relationships currently:
Huntington Bank/TCF - 15 years
NFCU - 3 months
CU/Lenders I have been considering:
Alliant CU
Genisys CU
NFCU
Current 8's - 687TU/687EQ/686EX
Annual Income: 80k
DTI: Very low obligation
Price point: 30-40k after DP of 10-20%
Starting Score: 547EX
@CCrew wrote:Look into Connexus Credit Union out of Wisconsin. They financed a TT through a dealer we bought it from in MI and when we replaced it I went to them directly. Good experience. Dunno what their rates are now, we're paying 5% but I remember at the time NFCU which we have a strong relationship with wanted near 9%. Hope that helps.
Yes, it absolutely helps. And it doesn't hurt that I'm in MI as well. So, geographically... it seems like this lender would work. And it's one that wasn't on my radar. I'm starting to grow a little concerned with my Plan A, of using NFCU. Seems like their auto & RV lending rates are nothing to get excited about. Bummer... I just switched everything over to NFCU! I'm not going to speak too loudly... at the end of the day they still might be the chosen one.