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Should I lease or finance? USAA or NFCU?

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ElleEsco
Member

Should I lease or finance? USAA or NFCU?

So I'm basically stuck on a few routes to take to get a new or pre-certified car.  I wanted to wait until my credit got a bit better and repaired which I just recently did and my score was brought up to:

 

FICO EQ- 605

TU - 644

EX - 660

 

I heard most lenders look at the equifax score instead? Well I'm active duty and someone told me it'll be better to lease a car because with our deployment orders we can just return the car with no fees or penalties.  And with being active duty they up the mileage we're allowed to drive yearly?  Anyone know if this is true or does it vary per dealer?

 

If I do finance, who would be better to app for a loan through?  USAA or NFCU?  I currently have an account NFCU with a $2k NavCheck and $2k Rewards CC.  According to my fico report my utilization is good.  Who would be more willing to give me a loan without a cosigner?  My fiance is willing to cosign but I really wanted to weigh my options first and use a cosigner as a last resort. 

 

Total income is $40K.  Those who are military or spouses do you know if BAH or other extra pays other than base pay will count as a income to put down? 

 

If it means anything, I debating between a pre certified VW Tiguan, Acura RDX or an Acura ILX no more than the low $30K's.  I have yet went to look at these cars personally since I want to wait until I approved in case the USAA/NFCU approves me for something lower.  I'm trading in a car that's worth no more than $3k and want to put down $3k. 


Starting: 554
Current: EX: 679
Goal: 700 all across
Stash: NFCU Rewards - $2K | NAVCheck - $2K
Last app: 3/12/13
Gardening until: 11/2013
Message 1 of 3
2 REPLIES 2
Dustink
Valued Contributor

Re: Should I lease or finance? USAA or NFCU?

Seems like NFCU would be your best bet since you already have accounts with them. Go ahead and apply for both maybe they will compete with eachother. NFCU gave me x% what will you [USAA] give me. Get pre-approvals in hand and take them to the dealer. Then give the dealer a shot at beating the rate.

 

I personally like the idea of financing. What if you put down a bunch of money on the lease, plus tax ect. then got deployed and had to return the lease? You would be out several grand.

 

If you buy the car, you can either sell it before being deployed or park it/let the fiance drive it.

 

Both NFCU and USAA have car buying services. Check out the price you can get through the service and start your negotiations there. Don't settle on the dealers first few offers, even drive off the lot a couple times. You will eventually reach a decent deal. Negotiate to lower the price on the car being purchase and raise the amount on your trade. Then put as much down as you can and get a shorter term loan like 36 months. This will create equity if you need to sell.

 

Also check to see if it makes more sense to buy new. Late model used cars are in short supply. New cars are being offered at low prices. All 3 of those cars can be purchased new for mid 20's low 30's.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 2 of 3
ElleEsco
Member

Re: Should I lease or finance? USAA or NFCU?

Thanks so much ! I heard about the car buying services but never knew what exactly it was but now I'll look into it more. And I didn't know that about late model cars. And that makes sense about a down payment on a lease. Thanks again

Starting: 554
Current: EX: 679
Goal: 700 all across
Stash: NFCU Rewards - $2K | NAVCheck - $2K
Last app: 3/12/13
Gardening until: 11/2013
Message 3 of 3
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