marv...better rate at dealership?

[polelock]

I went to my local credit union to ask them if they thought I would qualify with a loan from them before putting a inq. on my credit report. Was going to try to get approved before going to dealerships lot.

 

She tells me that they do buisness with that dealership and that dealership can check on financing through them (the credit union) right from the lot. I explain that I was hoping to have check in hand to reduce the amount of hassles(scams) for me.

 

She then tells me, "I can tell you that you'll get better financing having them apply to us, then doing it directly yourself." Something about they have a different set of rules and restrictions, a "book they go by" when determining qualification.

 

Is it true?

[MarvBear]

I went to my local credit union to ask them if they thought I would qualify with a loan from them before putting a inq. on my credit report.  Was going to try to get approved before going to dealerships lot.

 

She tells me that they do buisness with that dealership and that dealership can check on financing through them (the credit union) right from the lot.  I explain that I was hoping to have check in hand to reduce the amount of hassles(scams) for me. 

 

She then tells me, "I can tell you that you'll get better financing having them apply to us, then doing it directly yourself."  Something about they have a different set of rules and restrictions, a "book they go by" when determining qualification.

 

Is it true?

<{POST_SNAPBACK}>

 

What you need to understand is that YOU are only ONE customer representing JUST YOURSELF when you apply directly at the CU.

 

We book LOTS of loans on an indirect basis with CU's and I believe they relax quidelines for us hoping to increase their loan portfolios and their membership bases. We may at any one time have 30+ loans working thru the CU's, so we exercise an inordinate amount of pull that you as a consumer cannot always leverage on your behalf.