@Anonymous wrote:With NFCU you have to be a member correct? I called and they asked me if I was in the service or a family member, which I do not. So I could not join. I had to go the Self Lender way... I have McCoy and Fairwinds near me and do not know if they have the program.
Yes at NFCU you must be a member and have a military family member to join. I am sure there are other CU's that do this. They all have secured savings loans, the question is whether making a big early payment shortens the term of the loan.
Questions to ask a potential local CU
1. Is a portion of my savings released as I pay down the loan? (you might not want one that acts like a CD where they hold all funds until the final payment... most people don't anyway)
2. Will the term be shortened if I make more than one payment at a time? (Ask in such a way that does not inform them that you are going to pay 92% of the balance on day one)
There was another CU that everyone was flocking to that ended up changing their terms so that the loan term would shorten after a large payment. They were innundated by calls from people here asking directly the question (If I pay 92% up front, will the loan term stay at 60 months?)... that ended that option at that CU in a few weeks time. In other works, don't freak them out!
A side note... My daughter was going to purchase a car with cash after a total loss accident. I had her get a loan at a CU for 100% and then pay down 92% of the balance on day three. Her next payment on that 48 month term loan is now 3.5 years out! My little brat has a FICO score 175 points higher than me at 19 YO! (Thanks to my advice... 
McCoy has what seems to be a nice potential secured card as well as a share secured loan (3.5%)
Fairwinds has the highest rate for a share secored loan I have ever seen! 18.00%
@spiritcraft1 wrote:
@Anonymous wrote:With NFCU you have to be a member correct? I called and they asked me if I was in the service or a family member, which I do not. So I could not join. I had to go the Self Lender way... I have McCoy and Fairwinds near me and do not know if they have the program.
Yes at NFCU you must be a member and have a military family member to join. I am sure there are other CU's that do this. They all have secured savings loans, the question is whether making a big early payment shortens the term of the loan.
Questions to ask a potential local CU
1. Is a portion of my savings released as I pay down the loan? (you might not want one that acts like a CD where they hold all funds until the final payment... most people don't anyway)
2. Will the term be shortened if I make more than one payment at a time? (Ask in such a way that does not inform them that you are going to pay 92% of the balance on day one)
There was another CU that everyone was flocking to that ended up changing their terms so that the loan term would shorten after a large payment. They were innundated by calls from people here asking directly the question (If I pay 92% up front, will the loan term stay at 60 months?)... that ended that option at that CU in a few weeks time. In other works, don't freak them out!
A side note... My daughter was going to purchase a car with cash after a total loss accident. I had her get a loan at a CU for 100% and then pay down 92% of the balance on day three. Her next payment on that 48 month term loan is now 3.5 years out! My little brat has a FICO score 175 points higher than me at 19 YO! (Thanks to my advice...
McCoy has what seems to be a nice potential secured card as well as a share secured loan (3.5%)
Fairwinds has the highest rate for a share secored loan I have ever seen! 18.00%
Thanks for the advise and when I call the CU I am going to ask those questions. I would have went in blind before. I already opened a Self Lender just a few days ago since I could not qualify for Navy. Since I don't have open installments on my report till now I wonder if opening a second one would hurt me?
