Looking at getting an auto loan with tower FCU. They are offering the best rates currently that I've been able to find. 2.2-2.99 depending on term. Tropical is another one with great rates but seems limited to south Florida.
there isn't much info available about tower and their requirements that I can locate. Just blips on Reddit about their great rates
does anyone know the credit score requirements for tower to qualify for the best rates ? What scoring version and bureau they pull ?
many info on those who are self employed ?
currently have an 783. Another CU required a 785 when I called to inquire so I'm like right at that edge potentially. Hoping that tower isn't quite as strict.
thanks
I re-financed my car with Tower Federal CU through Caribou so they handled most of what was required. My scores were in the mid 600s and my auto scores were even lower but grateful to have secured a loan with 5.5% interest rate.
Starting Score: 512
@Shadowfactor Spoke with rep today and they pull TU. couldnt say which verison of the score or what score would get you the best rates.
@cargurufrank wrote:What the HELL happened to Towers Auto rates? Feb 1st 2023 the Fed raised federal funds rate by 0.25%, but that doesn't really affect auto rates. On February 8th Tower rates for a 60 month used car loan were as low as 2.99%, best in the nation. Now? 8.49%, one of the Worst in the Nation.
This... exactly. They had 84 months at 4.99% as well. I submitted my application on January 29th. All documents were uploaded at the time of application. I called a week later and was told they were extremely backlogged with their applications and I asked why? The rep said there were WAY TOO MANY TESLA AUTO LOAN REQUESTS and laughed at me. They took FOREVER processing and just two days ago replied to my message to sign in and sign documents and of course, the rates jumped way way way up! 84 months is 10.49% now. I'm an 850 FICO accross all three and nope, no sir... there ain't no way I'm signing for that.
