Credit Union Loan Process? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

tmac1granger33 · 01-31-2010, 02:16 AM

So i want to see what kind of APR I can get with my credit union....13.25% from GMAC at my dealership seems a little too high for putting 17 k down on a 24 thousand dollar car...

Do I go to my dealer and get the price of the car all drawn up etc?

Or do i just go into the credit union and tell them the amount of the car im looking to get and the amount I want to put down?

What paperwork would I need? If any.

Mr_Draco · 01-31-2010, 06:00 AM

You don't need any paperwork from the dealer to get preapproved.

But yea, talk to a loan officer and be sure to tell him what car it is, approximate out the door price, and the amount you are putting down. If you only qualified for 13% at the dealer then most likely you will need a co-signer.

Scrappy Doo · 01-31-2010, 08:57 AM

They want over 13.25% on a 7k loan? LOL. Jesus, I'd finance you at 10%.... LOL

Just go to the credit union and tell them what you have and what your deal is going to be. New car loans from a credit union here is 4.0% to 6.0% here depending on credit and terms.

Blade · 01-31-2010, 09:29 AM

Pentagon Federal Credit Union is offering 3.99% for 60 months and 4.75% for 72 months on new auto loans.

www.penfed.org

If you are not affiliated with military, there is a one time fee of $20 that you can pay to join. I was approved in 10 mins. All they need now is the bill of sale and 2 paystubs.

jonnyb · 01-31-2010, 01:24 PM

Quote:

Originally Posted by Scrappy Doo

They want over 13.25% on a 7k loan? LOL. Jesus, I'd finance you at 10%.... LOL

If ya don't pay a friend will be seeing you to collect

LOL just kidding!

mikel441 · 01-31-2010, 02:10 PM

GMAC 13.25%! Wow that is a rip off. My credit union gave me 6.94% with less than perfect credit. Their lowest rate is 5.99% Debt to income ration plays a big role in all this too. All I needed was to join up, bring in 2 paystubs, proof I paid off some medical debt I had, and the sales contract for the car. Took me a little longer than 10 min. But, was relativly painless. Compared to financing through the dealer. Was kind of cool walking into the dealer and paying cash for a car. I had my check for the down payment and the check WSECU gave me for the rest. Plus going through the fleet department cut out a lot of BS too. Got my GMS with no extra crap I didn't want. Had money left over for a road trip to break the car in.

tmac1granger33 · 01-31-2010, 04:26 PM

I have no credit... My debt to income.. I dont have any debt...1400 a month income

But 17k down.... If i default the bank is gonna get their money's worth

Rickey · 01-31-2010, 06:09 PM

I was able to get a pre-approved loan for 72 months at 4.9% from my Credit Union

Scrappy Doo · 01-31-2010, 07:36 PM

Quote:

Originally Posted by tmac1granger33

I have no credit... My debt to income.. I dont have any debt...1400 a month income

But 17k down.... If i default the bank is gonna get their money's worth

Well you will have no problem paying the car off then. Worst case scenario, do it at 13.25% and then just pay it off in a year.

However, I think that if you go to a bank with 17k down on a 24k car, you will get a much better rate.

tmac1granger33 · 01-31-2010, 10:51 PM

Quote:

Originally Posted by Scrappy Doo

Well you will have no problem paying the car off then. Worst case scenario, do it at 13.25% and then just pay it off in a year.

However, I think that if you go to a bank with 17k down on a 24k car, you will get a much better rate.

dude your spot on thats what im planning on doing just send 700 a month..then at 6 months refinance for a better rate even also is what im thinking...

*Milk 1027* · 01-31-2010, 11:00 PM

Quote:

Originally Posted by Blade

Pentagon Federal Credit Union is offering 3.99% for 60 months and 4.75% for 72 months on new auto loans.

www.penfed.org

If you are not affiliated with military, there is a one time fee of $20 that you can pay to join. I was approved in 10 mins. All they need now is the bill of sale and 2 paystubs.

found it, thanks

Blade · 01-31-2010, 11:27 PM

Quote:

Originally Posted by Milk 1027

found it, thanks

hmmm......?

*Milk 1027* · 01-31-2010, 11:28 PM

Quote:

Originally Posted by Blade

hmmm......?

i couldn't find how to join if not military affiliated. But I'm good now.

tmac1granger33 · 01-31-2010, 11:29 PM

i could not find it either???

01-31-2010, 02:16 AM	#1
tmac1granger33 NM HT5 Drives: COTW 3/5/12 Join Date: Jul 2009 Location: los lunas, New Mexico Posts: 1,986 View My Garage	Credit Union Loan Process? So i want to see what kind of APR I can get with my credit union....13.25% from GMAC at my dealership seems a little too high for putting 17 k down on a 24 thousand dollar car... Do I go to my dealer and get the price of the car all drawn up etc? Or do i just go into the credit union and tell them the amount of the car im looking to get and the amount I want to put down? What paperwork would I need? If any. Last edited by tmac1granger33; 01-31-2010 at 02:26 AM.

01-31-2010, 09:29 AM	#4
Blade Drives: 2016 Camaro 2SS BVM Join Date: Dec 2009 Location: Charlotte Posts: 4,689 View My Garage	Pentagon Federal Credit Union is offering 3.99% for 60 months and 4.75% for 72 months on new auto loans. www.penfed.org If you are not affiliated with military, there is a one time fee of $20 that you can pay to join. I was approved in 10 mins. All they need now is the bill of sale and 2 paystubs. __________________ Formerly owner of: 2012 2SS/RS Build Thread - Totaled by red light runner 2010 LT/RS Build Thread - Traded in for 2012 2SS 2007 Acura TSX 1992 Oldsmobile Achieva V6 1992 Mercury Sable

01-31-2010, 02:10 PM	#6
mikel441 Drives: 2014 Sonic, 2010 Camaro SS Join Date: Jan 2009 Location: Gig Harbor, WA Posts: 2,453 View My Garage	GMAC 13.25%! Wow that is a rip off. My credit union gave me 6.94% with less than perfect credit. Their lowest rate is 5.99% Debt to income ration plays a big role in all this too. All I needed was to join up, bring in 2 paystubs, proof I paid off some medical debt I had, and the sales contract for the car. Took me a little longer than 10 min. But, was relativly painless. Compared to financing through the dealer. Was kind of cool walking into the dealer and paying cash for a car. I had my check for the down payment and the check WSECU gave me for the rest. Plus going through the fleet department cut out a lot of BS too. Got my GMS with no extra crap I didn't want. Had money left over for a road trip to break the car in. __________________

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01-31-2010, 06:00 AM	#2
Mr_Draco Drives: 2SS/RS Join Date: Sep 2008 Location: Western North Carolina Posts: 7,177	You don't need any paperwork from the dealer to get preapproved. But yea, talk to a loan officer and be sure to tell him what car it is, approximate out the door price, and the amount you are putting down. If you only qualified for 13% at the dealer then most likely you will need a co-signer.

01-31-2010, 08:57 AM	#3
Scrappy Doo Drives: Callaway Rogue Join Date: Jul 2009 Location: W8n 4 Snow, Minnesota Posts: 4,738	They want over 13.25% on a 7k loan? LOL. Jesus, I'd finance you at 10%.... LOL Just go to the credit union and tell them what you have and what your deal is going to be. New car loans from a credit union here is 4.0% to 6.0% here depending on credit and terms.

01-31-2010, 04:26 PM	#7
tmac1granger33 NM HT5 Drives: COTW 3/5/12 Join Date: Jul 2009 Location: los lunas, New Mexico Posts: 1,986 View My Garage	I have no credit... My debt to income.. I dont have any debt...1400 a month income But 17k down.... If i default the bank is gonna get their money's worth

01-31-2010, 06:09 PM	#8
Rickey IOM4EVR Drives: 2010 Camaro LT1/RS Join Date: Jan 2010 Location: Jacksonville, NC Posts: 254 View My Garage	I was able to get a pre-approved loan for 72 months at 4.9% from my Credit Union

01-31-2010, 11:29 PM	#14
tmac1granger33 NM HT5 Drives: COTW 3/5/12 Join Date: Jul 2009 Location: los lunas, New Mexico Posts: 1,986 View My Garage	i could not find it either???