The Best Finance Rates & Hacks! Submit your CU recommendations!

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1223

That’s a lot of money paid out in interest over six years, you can do much better.

1224

any recommendations of lenders/credit union?

1225

There are over a thousand messages in this topic for recommendations. There’s also a spreadsheet that was created initially. Read through and you’ll come out way ahead. In my case, which i don’t recommend, went through tower federal credit union. Their advertised rate is 2.99 up to 60 months but requires a ridiculous credit score. Ended up slightly higher. Also took a month as their customer service sux.

1226

Question… If my rates expiring from IFCU 12/22 and they will only extend it a few days, but my car got delayed again in transit to tentatively end of the month (was 11/28 originally), what should I do? Rate will go up almost 3%. No Payments for 90 Days. Thanks

1227

If you can close on the loan, I’d say do it now (assuming they will let you do it with a vehicle that’s still not there - which they might not). Otherwise look for another credit union with low rates - @tpgh mentioned Tower Federal has rates as low as 2.99%

1228

IFCU required the purchase order with OTD amount, Proof of insurance and shipping address to FedEx the check. I think you probably could delay a week or two post check issue.

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1229

Thanks all. The dealer is giving me a buyers order for IFCU tomorrow, but advised that I wait for the vehicle to arrive first before closing on the loan. I think it might be best to close on the loan and pay an extra week or two of interest. I’m just nervous it keeps getting delayed. Tower looks to be 4.99% for 84 months. That’s 1.50% more than my rate.

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1230

anyone have any experience with parsons FCU ?
thanks

1231

I did tower fcu for my friend.
2.99% 60 months

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1232

Was this for new or used?

I wanted to know if there were limitations on used loads about how old the car could be.

1233

new 2023 hyundai palisade

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1234

Same new or used. Be careful though, took a month from start to finish and you have to have ridiculous credit to get the 2.99. Loan Rates - Tower Federal Credit Union

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1235

Thanks, some of the CUs have a 10 year limit on used cars and even then it is at a worse rate.
I have an 800+ credit score so I hope I can beat PenFeds 6.5%

I assume they work in all states as well?

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1236

Mine was 843 and apparently you have to be above 850 to get the 2.99. Ended up 3.74. Hopefully you have better luck than me.

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1237

Still a great rate considering what is out there. I will update this thread when/if I find out. Thanks for the feedback!

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1238

The issue I had was once you apply for the loan, it’s assigned to a loan officer and they’re the only one who can assist. They’re clearly spread thin and communication I literally had to call/email 10 times each to receive a response. My advice is provide everything and more as she would review and then say I needed to provide something else with no explanation on why what I submitted was insufficient. Then a week later would identify something else…

At times I would have rather squirted lemons in my eyes.

1239

I may apply. What did you have to provide to get the loan? Which credit bureau did they pull? Thanks

1240

All the standard stuff, fico I believe. You have to become a member first - $15 donation to tower cares. Call and they’ll walk you through how to become a member. That’s the easiest part.

1241

Let me know how it goes please. I am eyeing an older car too but don’t want to pay the ridiculous 6-7% interest.

1242

OK, some updates from Tower:

  1. The loans are for any car up to 20 years old. Anything over 20 years old needs an independent assessment done.
  2. They state 2-5 days to approve a loan (I know others have stated it takes much longer)
  3. Applying for a loan does not automatically apply for membership, so if they approve your loan you will then need to apply for membership. (Which can take 2 days, I guess it is a $35 gamble if you want to do this in advance)
  4. They base your loan rate on more than just credit score. They include your earning, debt ratio etc etc. So it might not be clear cut as to why one person gets one rate and another gets a different one.
  5. I called, their phone system stated it would take 15mins on hold. I was connected through to a very informed and helpful person in less than 5mins.

I will update this thread as the process continues.

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