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May be getting financed through a CU!


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We're looking to get an '06 Suburban. We are eligible for a GM discount and currently there is a $5000 rebate on this vehicle. Am I correct in understanding that if the CU will only finance 70% then the roughly 10k in discounts can be applied to the 30% we have to pay? Do CU usually only finance a portion? We have never dealt with a CU before and our credit, though much improved from just a year ago, still isn't where we intend to get it (EX 624-647). We have a 5 yr old bk7 and were offered 8% interest, which compared to our 16% Americredit loan sounds wonderful!! A step in the right direction anyways!

 

Can anyone offer any advice or input on this, such as how we can lower our out-of-pocket portion or if we can negotiate any better financing w/ the CU? Thanks so much!

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If you are approved for 70% LTV then in the Credit Union's eyes they must consider you a risky loan therefore the low LTV.

 

The ones I use, calculate the LTV from the MSRP on a new vehicle.

 

So for a 10K MSRP they would loan you ~7K. However you make up the difference is up to you.

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