Credit Unions? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

Ant · 02-27-2009, 11:06 AM

I'm 18 so I'm having a tough time getting a loan from the dealer...someone mentioned going to a credit union. Anyone know how this works? I'm new to this lol.

nol300 · 02-27-2009, 11:15 AM

The problem is not the dealers they/we use credit unions also. But if you don't have any credit history or if your credit history is limited. Basically they usually want a high credit line of 10k plus and to be in the credit report for 2 years. Honestly depending on how much you are putting down you will probably need a cosigner.

Ant · 02-27-2009, 11:16 AM

Quote:

Originally Posted by nol300

The problem is not the dealers they/we use credit unions also. But if you don't have any credit history or if your credit history is limited. Basically they usually want a high credit line of 10k plus and to be in the credit report for 2 years. Honestly depending on how much you are putting down you will probably need a cosigner.

I put my Grandparents as a co-signer and they both got denied. But they have excellent credit, so I don't know why it got denied.

UCF w00t · 02-27-2009, 11:24 AM

Quote:

Originally Posted by Ant

I put my Grandparents as a co-signer and they both got denied. But they have excellent credit, so I don't know why it got denied.

Low income? Are they retired? It's not all about the score.

Ant · 02-27-2009, 11:55 AM

Quote:

Originally Posted by UCF w00t

Low income? Are they retired? It's not all about the score.

My Grandma is retired and she got denied. My Grandpa still works though (he owns his own Masonry business), he's in the Union and he got denied when I put him as my co-signer as well.

trudawg660 · 02-27-2009, 12:01 PM

Do you have a job?

diddiyo · 02-27-2009, 12:46 PM

I'm 25yo, have an average paying job (I guess), zero debt, pay my credit card off every month. A month ago I had a 10k down payment for a 29k car, a +750 score but limited credit history with a 2k limit on my student credit card and got denied for a car loan (without a co signer). A few days ago I replaced my student credit card with a regular one and my limit has been increased as well, but I still doubt I'll be able to get a loan any time soon.

That should give you an idea.

Mr_Draco · 02-27-2009, 03:13 PM

I'm going though the same thing but I won't be buying until summer '10 when I can order an '11 MY. I went to my credit union (state employees to be exact) last week just to see what all I need to do to be able to qualify for a loan when it comes time.

What they told me is that REGARDLESS of your credit score, in this rough economy they will not loan out to any one with over 50% owe/make rate. What that means is you have to add up ALL of your monthly bills (and future bills) and figure out approximately what you make a month and if your monthly bills is over 50% of what you make you will not qualify for the loan even with a 800 credit score. On new cars they also require a minimum of 50% down payment. They also said that with a co-signer, their credit rate only affects your APR but the calculations above is based on the main signer.

trudawg660 · 02-27-2009, 03:31 PM

that sux, i have USAA i hope they dont try that with me. i get about 3300 a month before taxes i think thats way over enough anyway

carfansince73 · 02-27-2009, 03:47 PM

Hey, what are you worried about, everyone is getting a tax cut this year equal to $13/week. That should cover it right?

Really though, it's going to be a lot harder to get a loan these days even for those with excellent credit. I am going to go with my local credit union unless GM has some better rates at the time. Currently my CU has 3.75%/3 yrs (I coudn't afford that payment though :() and 5%/5ys. I am going to wait until I know when my car is being delivered because I don't know how long the pre-approval will last, and I don't want to apply more than once because that lowers your credit score each time.

DDustiNN · 02-27-2009, 03:49 PM

Quote:

Originally Posted by Mr_Draco

I'm going though the same thing but I won't be buying until summer '10 when I can order an '11 MY. I went to my credit union (state employees to be exact) last week just to see what all I need to do to be able to qualify for a loan when it comes time.

What they told me is that REGARDLESS of your credit score, in this rough economy they will not loan out to any one with over 50% owe/make rate. What that means is you have to add up ALL of your monthly bills (and future bills) and figure out approximately what you make a month and if your monthly bills is over 50% of what you make you will not qualify for the loan even with a 800 credit score. On new cars they also require a minimum of 50% down payment. They also said that with a co-signer, their credit rate only affects your APR but the calculations above is based on the main signer.

Wow, your credit union sounds crazy. I hope I don't run into that when the time comes :(

Ant · 02-27-2009, 04:28 PM

Quote:

Originally Posted by trudawg660

Do you have a job?

Yes, but I work off the books.

GOLDDOG · 02-27-2009, 04:34 PM

I am the President of a credit union in Chicago. All credit unions have different policies regarding lending. It is true that your debt ratio should be below 50%. With a young borrower with little credit history, our credit union requires a co-signor. This should usually be a parent. If the co-signors credit is above 680+, their would be no issues with us doing the loan. But again, thats just us. Look around your area. If your credit union wont do it, see if you can join another that will. Community chartered credit unions are everywhere. One other point, unfortunately I feel that the credit unions are being biased toward your grandparents due to their age. They are probably assuming that if something happens to them, there goes the loan which is totally wrong.

02-27-2009, 11:06 AM	#1
Ant Drives: 2017 Camaro 1LT/RS (V6) Join Date: Dec 2008 Location: Long Island, NY Posts: 911	Credit Unions? I'm 18 so I'm having a tough time getting a loan from the dealer...someone mentioned going to a credit union. Anyone know how this works? I'm new to this lol.

02-27-2009, 03:47 PM	#10
carfansince73 Drives: Carefully Join Date: Mar 2008 Location: Florida Posts: 1,210 View My Garage	Hey, what are you worried about, everyone is getting a tax cut this year equal to $13/week. That should cover it right? Really though, it's going to be a lot harder to get a loan these days even for those with excellent credit. I am going to go with my local credit union unless GM has some better rates at the time. Currently my CU has 3.75%/3 yrs (I coudn't afford that payment though :() and 5%/5ys. I am going to wait until I know when my car is being delivered because I don't know how long the pre-approval will last, and I don't want to apply more than once because that lowers your credit score each time. __________________ 2010 1SS RS, LS3, SIM/Black, painted rally stripes, AAC sidemarkers, Sunroof, B.A. sound sys; 20x9.5 & 20x11 SV1-C5's; MGW short shifter; Hotchkis Track Pack; Corsa catback; Kooks 1 7/8"; ADM Street; Magnacharger TVS2300 - 548rwhp/512rwtq 1100- 2/18/09; 3800- 6/15/09 VIN#18308; Delivered 6/29/09!!!!! 2014 CTS-V Sedan, Black/Black, Auto, Recaros, Ultra-view, Red Brembos. Stock

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02-27-2009, 11:15 AM	#2
nol300 Drives: 92 300ZX TT 2007 Silverado Join Date: Jan 2009 Location: Denver, CO Posts: 328	The problem is not the dealers they/we use credit unions also. But if you don't have any credit history or if your credit history is limited. Basically they usually want a high credit line of 10k plus and to be in the credit report for 2 years. Honestly depending on how much you are putting down you will probably need a cosigner.

02-27-2009, 12:01 PM	#6
trudawg660 Drives: 2006 Dodge Charger / 2SS IOM Join Date: Dec 2008 Location: United Kingdom Posts: 1,640	Do you have a job?

02-27-2009, 12:46 PM	#7
diddiyo Drives: . Join Date: Jun 2008 Location: . Posts: 3,048	I'm 25yo, have an average paying job (I guess), zero debt, pay my credit card off every month. A month ago I had a 10k down payment for a 29k car, a +750 score but limited credit history with a 2k limit on my student credit card and got denied for a car loan (without a co signer). A few days ago I replaced my student credit card with a regular one and my limit has been increased as well, but I still doubt I'll be able to get a loan any time soon. That should give you an idea.

02-27-2009, 03:13 PM	#8
Mr_Draco Drives: 2SS/RS Join Date: Sep 2008 Location: Western North Carolina Posts: 7,344	I'm going though the same thing but I won't be buying until summer '10 when I can order an '11 MY. I went to my credit union (state employees to be exact) last week just to see what all I need to do to be able to qualify for a loan when it comes time. What they told me is that REGARDLESS of your credit score, in this rough economy they will not loan out to any one with over 50% owe/make rate. What that means is you have to add up ALL of your monthly bills (and future bills) and figure out approximately what you make a month and if your monthly bills is over 50% of what you make you will not qualify for the loan even with a 800 credit score. On new cars they also require a minimum of 50% down payment. They also said that with a co-signer, their credit rate only affects your APR but the calculations above is based on the main signer.

02-27-2009, 03:31 PM	#9
trudawg660 Drives: 2006 Dodge Charger / 2SS IOM Join Date: Dec 2008 Location: United Kingdom Posts: 1,640	that sux, i have USAA i hope they dont try that with me. i get about 3300 a month before taxes i think thats way over enough anyway

02-27-2009, 04:34 PM	#13
GOLDDOG Drives: 2010 2LT/RS & 08 JSB Corvette Join Date: Aug 2008 Location: Indiana Posts: 275	I am the President of a credit union in Chicago. All credit unions have different policies regarding lending. It is true that your debt ratio should be below 50%. With a young borrower with little credit history, our credit union requires a co-signor. This should usually be a parent. If the co-signors credit is above 680+, their would be no issues with us doing the loan. But again, thats just us. Look around your area. If your credit union wont do it, see if you can join another that will. Community chartered credit unions are everywhere. One other point, unfortunately I feel that the credit unions are being biased toward your grandparents due to their age. They are probably assuming that if something happens to them, there goes the loan which is totally wrong.