Seeking Financing - Comparison of CU's?

[patz2009]

So, I started shopping around for auto loans for a 2007 Toyota Highlander Hybrid. I've got a young credit history and really wasn't expecting any kind of approval; student loans starting at the end of 2009 are my oldest accounts, and I've opened 11 cards since then (all with perfect payment history), income of just over $28k, been with my current employer less than a year (!). Scores located in my signature. This is my first time looking to purchase a car from a dealership.

 

I wanted to get something with a decent rate for 48 months, and the first one I called was Alliant. They sent me a couple mailers about a preapproval for a 2.24% APR loan and a $100 bonus for getting the loan (which I would just throw at the principal anyway). The loan officer there preapproved me for $15,000 @ 1.99% for 48 months, pending income verification. I was kind of shocked, and very ecstatic.

 

I'm currently a member at 5 credit unions - Alliant, DCU, PenFed, Visions (local), and FIGFCU (employer based). The last two are Experian pullers, and a bit more conservative from my experience (plus Visions' best rate can't touch the offer Alliant just gave me). DCU's lowest advertised rate on their website is 1.99%, so I don't see an advantage of going through them (unless anyone else here has anything that might change my mind). PenFed does offer a rate a little bit lower at 1.74%, but I'm not sure if PenFed is as conservative with their auto loans as they are with their credit cards. If they are, then it's not worth my time to explore. If they're a bit more lax on them... it might be something worth exploring. Plus, the multiple inquiries won't hurt my score (from what I understand) since they're all ones for auto loans.

 

 

My questions are:

1. Should I bother submitting an application to DCU?

2. Is it possible that PenFed might give me a better offer than the one Alliant did? Are PenFed auto loans more conservative?

2b. Would PenFed use the same pull from an auto loan to also apply for a credit card, or would that not be possible due to the different loan types?

3. Is there something else I should be considering when making My First Car purchase?

[BRBiz]

I would stick with what you have and when you find a car see if the dealer can beat it which I doubt they can. That is a excellent rate for a first time buyer in my non professional opinion .

 

I think in terms of the amount approved for it is right in line with your income.

[patz2009]

I would stick with what you have and when you find a car see if the dealer can beat it which I doubt they can. That is a excellent rate for a first time buyer in my non professional opinion .

 

I think in terms of the amount approved for it is right in line with your income.

I've been talking to a dealer lately. After I told him that I already have financing secured from my credit union for a vehicle when I need it, he said "Are you sure you don't want to try financing through us? We can often times beat credit union rates!". I then told him "I'm confident in the rate they gave me, but if you think you might be able to beat it you're more than welcome to try." He then asked me the rate I got, and when I said 1.99% he paused for a long second and then said "well... never mind then."

 

I honestly had no idea what to expect when putting in my application. Alliant had been sending me mailers, but I didn't think they were serious

[BRBiz]

 

I would stick with what you have and when you find a car see if the dealer can beat it which I doubt they can. That is a excellent rate for a first time buyer in my non professional opinion .

I think in terms of the amount approved for it is right in line with your income.

I've been talking to a dealer lately. After I told him that I already have financing secured from my credit union for a vehicle when I need it, he said "Are you sure you don't want to try financing through us? We can often times beat credit union rates!". I then told him "I'm confident in the rate they gave me, but if you think you might be able to beat it you're more than welcome to try." He then asked me the rate I got, and when I said 1.99% he paused for a long second and then said "well... never mind then."

 

I honestly had no idea what to expect when putting in my application. Alliant had been sending me mailers, but I didn't think they were serious

Credit unions are the best! What do you have on mind for a car?

[patz2009]

 

 

 

I would stick with what you have and when you find a car see if the dealer can beat it which I doubt they can. That is a excellent rate for a first time buyer in my non professional opinion .

I think in terms of the amount approved for it is right in line with your income.

I've been talking to a dealer lately. After I told him that I already have financing secured from my credit union for a vehicle when I need it, he said "Are you sure you don't want to try financing through us? We can often times beat credit union rates!". I then told him "I'm confident in the rate they gave me, but if you think you might be able to beat it you're more than welcome to try." He then asked me the rate I got, and when I said 1.99% he paused for a long second and then said "well... never mind then."

 

I honestly had no idea what to expect when putting in my application. Alliant had been sending me mailers, but I didn't think they were serious

Credit unions are the best! What do you have on mind for a car?

I was needing something a bit bigger like an SUV due to my large size and hauling requirements, but have gotten quite sick of the 17MPG I had on my GMC Envoy. I've got a Toyota Highlander Hybrid on the mind. Can't haul as much as my Envoy (Envoy's towing capacity of 6500lbs, Highlander's towing capacity is 3500lbs) but it should be enough to suit my needs. The older models don't have as much of a price gap from the Highlander v. the Highlander Hybrid, so with my soon to be increase in driving, I figure it might be worth the investment.