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Old 01-31-2010, 03:16 AM   #1
tmac1granger33
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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.
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Old 01-31-2010, 07:00 AM   #2
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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.
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Old 01-31-2010, 09:57 AM   #3
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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.
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Old 01-31-2010, 10:29 AM   #4
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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.
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Old 01-31-2010, 02:24 PM   #5
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Quote:
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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!
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Old 01-31-2010, 03:10 PM   #6
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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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Old 01-31-2010, 05:26 PM   #7
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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
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Old 01-31-2010, 07:09 PM   #8
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I was able to get a pre-approved loan for 72 months at 4.9% from my Credit Union
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Old 01-31-2010, 08:36 PM   #9
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Quote:
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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.
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Old 01-31-2010, 11:51 PM   #10
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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...
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Old 02-01-2010, 12:00 AM   #11
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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
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Old 02-01-2010, 12:27 AM   #12
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found it, thanks
hmmm......?
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Old 02-01-2010, 12:28 AM   #13
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hmmm......?
i couldn't find how to join if not military affiliated. But I'm good now.
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Old 02-01-2010, 12:29 AM   #14
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i could not find it either???
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Old 02-01-2010, 12:40 AM   #15
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i could not find it either???
Go to, "how to join" it's option number 7
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Old 02-01-2010, 12:45 AM   #16
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i could not find it either???

https://www.penfed.org/howToJoin/overview.asp

look at option #7

I will have to remember this also, I don't think my current credit union can match/beat 3.99% for 60!
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Old 02-01-2010, 01:08 AM   #17
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https://www.penfed.org/howToJoin/overview.asp

look at option #7

I will have to remember this also, I don't think my current credit union can match/beat 3.99% for 60!

so you are gauranteed that rate??
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Old 02-01-2010, 01:13 AM   #18
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so you are gauranteed that rate??

not sure...have to find the fine print, but i doubt it's guaranteed rate... will depend on your history... if you have none, you wont get that good.
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Old 02-01-2010, 06:45 AM   #19
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It's 3.99 for 60 months or 4.75 for 72 months. If they give you something higher, it will be likely because you have horrible history not because you have no history.
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