@Anonymous wrote:
Many CU’s offer SSL’s.
The big question is whether anyone can become a member, that doesn’t seem to be the case for the CU you mention.
The other thing is if paying down the loan below 9% will shorten the loan period.
These are the big issues. The others are if hard pull is required to join or for the SSL itself. The good thing is that most member service reps have the time to talk and you can call them and get general details about all of the above, except perhaps, the loan term question. I would guess there are more like NFCU but they are likely local with limited membership avenues. Nearly everyone has local CU's and some might work well.
I would also pick one that releases funds as you pay it off.
First Tech CU: can only pay 3 months ahead unfortunately.
Tested with an unsecured loan.
@Anonymous wrote:
If the loan was unsecured anyway, why didn’t you use Alliant? They’ve only discontinued their secured loan, right?
Because the point was to test another lender (and a secondary one of maintaining the First Tech relationship).
I still have a mortgage north of 80% and a car note about to drop at 100% basically. There's no reindeer games for me unfortunately with those ratios, and not for another decade or more.
At that time if we can't find anyone else that I have access to, yeah I'd just do Alliant. Really surprised, Alliant was literally the first one I tried with it, I'd have to double-check my old statements but USAA did similarly, and therefore 2/2 but we haven't found anyone else except NFCU that does it?
Seems patently unlikely statistically but maybe I was just lucky. I also guess I'm one of the few people who undestands credit doesn't matter to me right now, and as such I can do some silly things like testing lenders. Happy happy joy joy.
@wdkwang wrote:Hi All,
I'm thinking of opting in for the 144 month secured loan through Andrews CU, instead of the 60 month loan. This would set me up for 12 years which is quite a long time if things go smoothly.
What I wanted to ask you all is if any of you know if there is a drawback to having a loan this long, or if there are any products/services that would prevent me from getting approved if I had a 144 month loan. I'm basically being paranoid and thinking of hypothetical products/services that would not approve someone if they have outstanding loans.
Thank you.
Go for as long of a loan as possible when talking SSL tricks: there's literally no downside and the fewer times you have to fuss over your credit report the better.
Banks don't care on term, they do care on DTI, and actually longer loans typically come with slightly higher APR's but lower payments, and from the DTI perspective that's actually a good thing.
For reindeer games (SSL trick) we don't care about the APR because done properly the interest is pennies anyway.