01-31-2010, 02:16 AM | #1 |
NM HT5
|
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, 06:00 AM | #2 |
Drives: 2SS/RS Join Date: Sep 2008
Location: Western North Carolina
Posts: 7,178
|
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 |
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, 09:29 AM | #4 |
|
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, 01:24 PM | #5 |
If ya don't pay a friend will be seeing you to collect LOL just kidding!
__________________
Searching for traction!
|
|
01-31-2010, 02:10 PM | #6 |
Drives: 2014 Sonic, 2010 Camaro SS Join Date: Jan 2009
Location: Gig Harbor, WA
Posts: 2,453
|
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.
__________________
|
01-31-2010, 04:26 PM | #7 |
NM HT5
|
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 |
IOM4EVR
|
I was able to get a pre-approved loan for 72 months at 4.9% from my Credit Union
|
01-31-2010, 07:36 PM | #9 | |
Drives: Callaway Rogue Join Date: Jul 2009
Location: W8n 4 Snow, Minnesota
Posts: 4,738
|
Quote:
However, I think that if you go to a bank with 17k down on a 24k car, you will get a much better rate. |
|
01-31-2010, 10:51 PM | #10 |
NM HT5
|
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...
|
01-31-2010, 11:00 PM | #11 | |
Camaro➎ moderator
|
Quote:
|
|
01-31-2010, 11:27 PM | #12 |
|
__________________
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, 11:28 PM | #13 |
Camaro➎ moderator
|
i couldn't find how to join if not military affiliated. But I'm good now.
|
01-31-2010, 11:29 PM | #14 |
NM HT5
|
i could not find it either???
|
|
|
Thread Tools | |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
Love my credit union | BigDaddy | Off-topic Discussions | 2 | 10-28-2009 12:20 PM |
CURRENT CREDIT UNION DISCOUNTS? | rakman | Camaro Price | Ordering | Tracking | Dealers Discussions | 3 | 09-15-2009 10:26 AM |
Mid-West Credit Union League offers loans, supplier discounts | ZombieEatsYou | Camaro Price | Ordering | Tracking | Dealers Discussions | 1 | 12-10-2008 07:26 PM |
Pre-packaged chap11, sounds like a good plan | Design1stCode2nd | General Automotive + Other Cars Discussion | 2 | 11-26-2008 10:03 PM |