Credit Unions

[MachNU]

I have been hearing from alot of people that for car loans credit unions are the best ones to go with. I am curious as to if anyone on here uses them and what are some good ones to go with?

Thanks

[henryjkim]

the first question is before even considering a CU is do you have good credit? do you have 4-5 lines of credit? also you high credit is important too. they arent going to give someone with a score of 500 and their HC is only 500 or so. also does your job have a credit union theyre connected to?

[DieselNuts]

what year car are you looking at? My Credit Union will only loan on a car that is >5yrs old and once you get to the 5 year mark, they will only loan NADA trade in value. Thats why I had to come up w/$5k ontop of what they would loan me for my Cobra....damnit...

[BanginJimmy]

If you are only looking to goto a credit union for a car loan its relly not worth it. I've purchased 3 cars from dealerships and the new cars I paid 0% in 06, 3.9 in 99 and 4.9 for the used car in 04.

Credit unions are VERY nice though for things like personal loans, savings (compared to regular banks) and even everyday banking.

[MachNU]

i have good credit, and i would be going to one to get a personal loan! also dieselnuts yours is an 03, they only do right to 5 years or greater than 5 years?

[1.8turbin75]

To get a loan from a credit union you need to be a member first. Then you can get a loan. The 5 year mark is from what year they are selling now. Once the make you want comes out with the 09 model then 05 is the last year they will lend you mode them NADA list for it. They include 09 as a year. You can go online to just about any credit union an see their current rates. My credit union ( Delta Credit Union) give you a .5% discount to apply online. You can be a member of any credit union you want. The Feds passed a law a few years back that will allow you to do so.
Here is a link to the current rates at DECU.


https://www.deltacommunitycu.com/Per...nter/rates.asp


I hope this info helps you in any way. I have a few friends that work a different banks, so if you need more info just PM me.

[Slomaro Z28]

I used Credit Union of GA, just got my car like 2 months ago......its a 95 and they give up to 125% of the cars NADA.

[slowinmidga]

Credit unions are the best choice for financing if the car manufacturers arent running some type of 0% or super low financing options on a vehicle you want. If your going used car route then CU will be your best bet if your not paying straight cash.