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Credit Unions for New Vehicles
Posted on 7/6/15 at 4:43 pm
Posted on 7/6/15 at 4:43 pm
Need some advice, OT.
Background: I just moved back to Houston after graduation and I'm looking to buy a new/used truck (technically, anything is "new" to me
). My dad has suggested getting involved with a credit union for things like that instead of financing through a shifty dealership or worse...a private seller. My idea is to find a truck that I like, and ask the dealership for a cash price, then have my cash down-payment (will be between $3,000 and $5,000 plus trade value of my current vehicle) and a check from the CU for the rest, and I pay the remainder of the "loan" through the CU instead. Truck prices I'm looking at are between $25,000 and $35,000.
Question: Does anyone know of a CU that would enroll and work with a recent grad for this type of purchase? I've heard that there are Credit Unions that work with people in specific industries, and if that's true, I work in commercial/industrial construction. Thanks in advance
Background: I just moved back to Houston after graduation and I'm looking to buy a new/used truck (technically, anything is "new" to me
). My dad has suggested getting involved with a credit union for things like that instead of financing through a shifty dealership or worse...a private seller. My idea is to find a truck that I like, and ask the dealership for a cash price, then have my cash down-payment (will be between $3,000 and $5,000 plus trade value of my current vehicle) and a check from the CU for the rest, and I pay the remainder of the "loan" through the CU instead. Truck prices I'm looking at are between $25,000 and $35,000. Question: Does anyone know of a CU that would enroll and work with a recent grad for this type of purchase? I've heard that there are Credit Unions that work with people in specific industries, and if that's true, I work in commercial/industrial construction. Thanks in advance
This post was edited on 7/6/15 at 5:27 pm
11
Posted on 7/6/15 at 4:45 pm to TexasTiger90
Sure
Posted on 7/6/15 at 4:46 pm to TexasTiger90
Yep pick one and go set up an account to become a member and get your loan
Posted on 7/6/15 at 4:46 pm to TexasTiger90
I've heard of some people at work have success with Navy Federal. It is a different process entirely, though. You work everything through them, the type of car you want, downpayment, tradein, etc. They find a local dealer with the car, do the haggling for you, and offer you a price. You drive to dealer, sign papers, and pick up car with no hassle whatsoever from salesbitches.
I also had one coworker say they used Navy Federal just for leverage to go to the dealer to haggle for an even cheaper price. Could be a good starting point for you.
I also had one coworker say they used Navy Federal just for leverage to go to the dealer to haggle for an even cheaper price. Could be a good starting point for you.
Posted on 7/6/15 at 4:48 pm to TexasTiger90
Credit unions are a great place to start. Also, ask dealerships about recent grad deals... Most have a program for you to take advantage of.
Posted on 7/6/15 at 4:49 pm to TexasTiger90
Ask around at work. Many companies have credit unions they have relationships with or ask coworkers. They generally have as good or better interest rates than large banks.
Do you have decent credit though?
Do you have decent credit though?
Posted on 7/6/15 at 4:50 pm to Agforlife
Ag: My dad is a member of People's Trust from when he worked with Shell. I believe they have a membership eligibility for me to join since he is a member. Do you have any other suggestions, possibly in the Houston area?
Darno: Probably a stupid question, but NFCU isn't reserved just for active/former military, is it?
Darno: Probably a stupid question, but NFCU isn't reserved just for active/former military, is it?
Posted on 7/6/15 at 4:50 pm to TexasTiger90
Pentagon Federal is the answer. It's online and the entire process takes 15 minutes tops if you have a car picked out. 1.99% for 60 months.
Penfed
Penfed
Posted on 7/6/15 at 4:52 pm to CajunAlum Tiger Fan
quote:+1 I did Penfed for my car last year. I believe I had to open a savings account and put $10-20 in it or something and that was it. Easy peazy and best rates out there.
Pentagon Federal is the answer. It's online and the entire process takes 15 minutes tops if you have a car picked out. 1.99% for 60 months.
Penfed
Posted on 7/6/15 at 4:57 pm to Neauxla
PenFed and NFCU processes are similar. I believe State Dept Credit Union has one as well. All three are eligible to the public, there's normally a fee (10-$20) for membership to some organization. I know that is the case for State Dept and NFCU.
Posted on 7/6/15 at 4:58 pm to TexasTiger90
Go to Fairwinds. I recommend form personal experience with an auto loan.
Posted on 7/6/15 at 4:58 pm to Neauxla
I think all you have to do is donate $20 to a charitable organization supporting the military to qualify for membership. If I remember correctly, there is a link on the Penfed site to the options.
I did a mortgage refi with them after the truck financing and it was almost as easy.
I did a mortgage refi with them after the truck financing and it was almost as easy.
Posted on 7/6/15 at 5:01 pm to bhtigerfan
Fair credit (high 600s). The only debt I have are student loans, and from what I understand, they take into consideration that it is Student Loan debt and kind of out of your control. I can easily show them I make around $70k a year and that my loans are under control . That whole thing is another topic in itself though 
. That whole thing is another topic in itself though 
Posted on 7/6/15 at 5:08 pm to TexasTiger90
Penfed is what you are looking for
Posted on 7/6/15 at 5:11 pm to TexasTiger90
SACU - San Antonio Federal Credit Union
Posted on 7/6/15 at 5:20 pm to CajunAlum Tiger Fan
quote:
I think all you have to do is donate $20 to a charitable organization supporting the military to qualify for membership. If I remember correctly, there is a link on the Penfed site to the options.
When I joined a couple years ago it was either a $15 donation to one specific charity or a $20 donation to another specific charity. Your choice. Then you have to have a savings account with them that has at least $5 in it.
I joined to get their platinum rewards credit card. 5% cash back at all gas stations. Pretty damn good card.
Posted on 7/6/15 at 5:24 pm to TexasTiger90
I financed a car through a CU before. Talk to them before shopping. I told the guy at the CU what I wanted to buy and he sent me to a salesman that he had done business with before who gave me a better price than any other dealer had given me when I priced them on my own.
Posted on 7/6/15 at 5:29 pm to Trout Bandit
quote:
I financed a car through a CU before. Talk to them before shopping. I told the guy at the CU what I wanted to buy and he sent me to a salesman that he had done business with before who gave me a better price than any other dealer had given me when I priced them on my own
Which CU?
Posted on 7/6/15 at 5:33 pm to TexasTiger90
Yeah
Posted on 7/6/15 at 9:33 pm to TexasTiger90
70k eh? Oil company?
For those that have went with Penfed, is the rate on the website the one you you got, or does it vary by your credit score?
For those that have went with Penfed, is the rate on the website the one you you got, or does it vary by your credit score?
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