Loan help

[userdude]

USAA is a lot harder to get membership, since they want to keep that exclusive insurance pool. NFCU will probably take you as long as you know what the national flag looks like.

I mean... it is the Navy.

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[MtnTopComms]

Navy federal. If you have had a grandparent, sibling , parent, child in the military, alive or not, you qualify for membership. Their lowest rates were 4.54% vs 7-8.5% with local credit unions/ bank.

Another plug for Navy Federal, I recently set up a new account to see if I could use them to finance my Bronco when it gets here and totally forgot that I had an account with them like 30 years ago (damn 1991 was over 30 years ago!) when I was in the Navy and stationed back east.

I also have USAA and had financed a car with them about eight or nine years ago, process then was super easy and they were great to work with. My credit wasn't nearly as good then as it is now...

I have probably another month before mine gets here, hoping for even a small dip in the rates by the time mine gets here.

 

[Jo.S.]

Thank you. I secured my very tiny loan. They were shocked that I was paying for most of it. I pick it up Tuesday night!

 

[Jo.S.]

Finally home after 4 months of searching and then 8 months after ordering!

 

[Jo.S.]

I love it!

 

[LouisDixon]

I ended up using youland.com after comparing a bunch of rates and timelines. It was easy to check different loan options without getting dinged on my credit score right away. Felt more in control of the process instead of waiting around for banks to respond.

 

[CalvinT]

NFCU will probably take you as long as you know what the national flag looks like.

You have to be in their field of membership. It's expanded since I joined, but so has USAA.

Go to the appropriate websites for information. Family connections can help a lot.

I've been with NFCU for over 50 years. Haven't had a dealer beat them yet.

 

[GoHawks63]

I have always taken out a longer-term loan (60 or 72 months) just to keep the payments low in case I have a month where expenses are a bit high but always pay extra every month. I paid off my CTS-V in under 4 years and my Mustang in 2 years.

I had an account that I have been funding over the years that was meant to be for a future car purchase. It was never factored into my long-term retirement savings. I was going to take a bit more out of my investments and just pay the whole thing off, but my financial advisor suggested that if I can get a decent rate, that I take out a loan for the rest because he projected that the market this year was going to return at least 8%, and so far he has been right.

So with my car fund and the trade, I put down 65% when I purchased by Bronco last January. I took 72-month loan at 5.45% interest but have been paying extra on it every month. My credit score is north of 820. The dealer got it through BofA which was comparable to the credit union I used with my last two purchases. It probably didn't hurt that I've had accounts through BofA for over 20 years.

Recently I did check out the rates at the credit union to possibly refinance the loan if the rates were better, but they weren't. Still about the same, if not a little higher than where I'm at now.

 

[Reminnas]

Been there with my first new car, the taxes always sting more than expected. Since your credit score is solid, you’ve got options. I checked my bank first, then the dealer, and the bank beat it by a bit.

 

[michelle227]

The thing on a loan you do NOT want is your app being shotgunned around the countryside. When I bought my Mercury in 2005, I allowed them to send it ONLY to the captive (Ford Credit).

I went through Chase on the F-Type and paid an extra hundred or two each month, which took a five-year note and killed it inside of four years.

The Spider was a three-year note through Justice FCU. I've got accounts with four or five CU's right now but I'm always keeping my eyes open on rates. I've also considered putting the balance of my pending order on a card with a 0% deal. I always have those floating around and I've played the balance transfer game before. Some dealers will let you put as much on a card as your limit allows...

 

[Nibroc99]

I will say, the best rate I could find (I had an 807 credit score at the time) was Capital One, with a 5.4% interest rate on $30k. The original loan term was 72 months, but I pay ahead by over double when I can anyway. TD Bank was a close second at 5.59% though.
Typically, the finance department at your dealer handles these things, but I got pre-qualified through Capital One.

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