USAA's Current Track Record

[Anonymous]

I'm looking at buying a new car later this year.

My top choice for my auto loan is USAA, but I've heard some negative feedback about their loan services. Namely that rates are high and/or approval odds are low despite positive credit history. Most of what I've read seems to be from a few years ago. Any feedback on this? Has anyone had any recent experiences!?

[Appleman]

I have been with USAA a long time (decades). I have purchased way too many autos over the years and many of them were with USAA, often using the blank check method (pre-approved up to x amount).

USAA is a solid bank but you can beat their rates fairly readily. Customer service and ease of use is worth something. If you have nearly perfect credit and great overall lending criteria you will get their lowest rate. My bet still is that PenFed or DCU is going to beat their rate.

If you do not belong to PenFed, worth a look for the 1 EQ pull. With that you can apply for membership, a CC, PLOC and a car. USAA is going to HP for each product you apply for BTW.

I take the best of all worlds and am a member with PenFed, USAA and NFCU.

Good luck and let us know what you do.

[jeffm4688]

USAA has never offered myself or any of my family members (except for my mother) prime rate on a vehicle purchase for some reason. I have taken the pull once or twice and usually don't even bother anymore as I know I can easily qualify for best rate at my local CU or penfed

[Anonymous]

Thanks guys. I was considering applying with Penfed since I've heard more positive stuff about their loans than USAA's.

How long after I apply (and get approved) would I be eligible for their auto loan?

[jeffm4688]

You can apply anytime after joining. If you do so within the first 90 days it uses the initial hard pull usually.

[Appleman]

Heck, call them on the phone. Super nice people and imagine they could help you right then.

[Anonymous]

Thanks so much for the feedback. I think I'll wait until when I'm ready to buy before I apply.