Any good rates for auto loans out there? Used 2015...

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USAA at 2.25%
Penfed at 1.99% or 2.99% not sure which they would give for a used 2015....

Anything better?
I think I got an email from Chase for like 2.54% with checking account and direct bill pay for the loan from that checking account...

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I joined via USCHS for $50. And I didn't need to have a checking account for any amount of time to get the advertised ra... (more)

jayK (Sep. 22, 2016 @ 6:12p) |

Is anyone familiar with the Penfed auto refinance process? Do they handle everything like title transfer, etc? Some cr... (more)

gremln007 (Dec. 18, 2016 @ 11:56a) |

folks,

Looking for an auto loan for a new vehicle that I would buy in next few months.

I've excellent credit and can open ... (more)

asterix007 (Feb. 26, 2017 @ 11:27a) |

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Check your local community, school, or workplace affiliated credit union.  I can get 1.49% from mine.  I'd mention it here, but it is employer-specific and has a very small field of membership.  Lots of deals out there though.


Lightstream is 1.99% if it's used from a dealer (not private party). Their loan is unsecured if your credit is good so you keep the title. They also have rate match so you could try having them match to DCU. I'm going to try that next week when I purchase a used Leaf from dealer.

Also since loan is unsecured I wonder if I can get a cash out loan from DCU after purchasing the car or does Lightstream make you sign something saying you won't do that.

I second DCU. Rates are hard to beat and their folks are super easy to work with.

Kinda reminds me of how Penfed used to operate.

I refinanced my two penfed car loans to DCU and they made it real easy. For joint loans with Penfed you have to fill in a form and fax it in. DCU uses docusign for electronic signatures making it so much easier.  Also I was able to apply for checking and 2 auto loans with only one credit check done which was nice.

Snezz said:   Lightstream is 1.99% if it's used from a dealer (not private party). Their loan is unsecured if your credit is good so you keep the title. They also have rate match so you could try having them match to DCU. I'm going to try that next week when I purchase a used Leaf from dealer.

Also since loan is unsecured I wonder if I can get a cash out loan from DCU after purchasing the car or does Lightstream make you sign something saying you won't do that.

  I used LIghtstream (SunTrust Bank). Quite pleasant and easy to deal with, had the money in a few days, shopped at my leisure and would highly recommend them.

Another suggestion for Lightstream. Process is super easy and as others have said, loan is unsecured if your credit is good enough.

I was pleased with Lightstream, 1.99% no lien and I had the cash in 2 days.

0.99% up to $75,000 for 48 months.

https://www.ussfcu.org/rates2.php

SunTrust was a waste of a hard pull. Good rate, but if I wanted to come up with $20,000 myself for the amount they shorted me, I would have only asked for that much. My credit and ratios are fine.

They might be fine for basic models, but think twice about bothering with them for higher end.  Kind of makes sense if it is unsecured.

Los Angeles Federal Credit Union, 1.75% for terms up to 4 years, 2.75% for terms up to 7 years.

http://www.lafcu.org/vehicleloans.html 

Update: minimum balance $25K in deposit accounts required for this rate.

just spoke to a gal there..(United States Senate Federal Credit Union)

they won't give you eligibility information until you open an account and they pull a credit.
i had asked what credit score qualified for the .99% car loan and she said that they could not give that out.

that seems suspect.

how could there not be a lien?

If you're talking about Lightstream, when you're approved they simply ACH/Wire the money to you. Their instruction to you is as far as the dealer is concerned they should process it as if you were a cash buyer. SunTrust does reserve the right to later ask you for documentation as proof that you used the funds for what you said you would. I received my funds about 2 weeks ago and they haven't asked me for anything.

An update to my previous post nothing in the loan documents say you can't get a loan on the vehicle after purchase. So you could use the Lightstream loan to buy the car and once you get the title you could then get the DCU 1.74% loan on the full value of the car. If you do that though I wouldn't use DCU or 3rd party loan in the initial purchase as then the purchase documents would reflect that there was a loan which Suntrust wouldn't like and could argue you didn't use the funds for the purchase. It's better to wait for title then do a cash out refinance. I have 2 cash out refinance with DCU so I can confirm that they do that.

turls88 said:   SunTrust was a waste of a hard pull. Good rate, but if I wanted to come up with $20,000 myself for the amount they shorted me, I would have only asked for that much. My credit and ratios are fine.

They might be fine for basic models, but think twice about bothering with them for higher end.  Kind of makes sense if it is unsecured.

  In addition to great credit, Lightstream all but requires you to have significant assets.  Like you said, kind of makes sense since it's unsecured.
twinlabss said:   how could there not be a lien?
  I don't know how they make any money on these loans, but they do issue them.

same thing happened to me with PenFed.
They sent me a check in the name of the dealership and i paid "cash", but that didn't stop them from putting a lien on the vehicle. they asked me to send them the title when i got it from the BMV. if i didn't send it, they would call the loan.

i still can't see how someone would lend you money on a car without a lien.

jagec said:   
turls88 said:   SunTrust was a waste of a hard pull. Good rate, but if I wanted to come up with $20,000 myself for the amount they shorted me, I would have only asked for that much. My credit and ratios are fine.

They might be fine for basic models, but think twice about bothering with them for higher end.  Kind of makes sense if it is unsecured.

  In addition to great credit, Lightstream all but requires you to have significant assets.  Like you said, kind of makes sense since it's unsecured.
 

They want those assets to be liquid also from what I could tell.  Again, makes sense.

twinlabss said:   just spoke to a gal there..(United States Senate Federal Credit Union)

they won't give you eligibility information until you open an account and they pull a credit.
i had asked what credit score qualified for the .99% car loan and she said that they could not give that out.

that seems suspect.

I went through the US Senate FCU application process and just applied for the car loan. I have excellent credit and was offered 1.49% for 48 months, or 0.99% for 48 months if I set up direct deposit from the USSFCU savings account.

jayK said:   
twinlabss said:   just spoke to a gal there..(United States Senate Federal Credit Union)

they won't give you eligibility information until you open an account and they pull a credit.
i had asked what credit score qualified for the .99% car loan and she said that they could not give that out.

that seems suspect.

I went through the US Senate FCU application process and just applied for the car loan. I have excellent credit and was offered 1.49% for 48 months, or 0.99% for 48 months if I set up direct deposit from the USSFCU savings account.

  How long did it take to join the credit union? I feel like they have no sense of urgency, I'm a month into the process.  I called today to escalate and they were supposed to return my call but never heard back. 

talonesi said:   
jayK said:   
twinlabss said:   just spoke to a gal there..(United States Senate Federal Credit Union)

they won't give you eligibility information until you open an account and they pull a credit.
i had asked what credit score qualified for the .99% car loan and she said that they could not give that out.

that seems suspect.

I went through the US Senate FCU application process and just applied for the car loan. I have excellent credit and was offered 1.49% for 48 months, or 0.99% for 48 months if I set up direct deposit from the USSFCU savings account.

  How long did it take to join the credit union? I feel like they have no sense of urgency, I'm a month into the process.  I called today to escalate and they were supposed to return my call but never heard back. 

I started the process on June 10th, it was completed June 23rd. Apparently they are in the middle of changing over to a new phone system so they have been having problems calling out, and my auto loan application was on hold until I made a $6 initial deposit into the savings account -- luckily they are part of a CU partner network so you can make the deposit at any partner CU.

I'm not really in a hurry since I'm buying out a lease that ends in January, a 0.99% loan is basically free money so I didn't want to pass it up.

i have seen the same rates as new for CPO cars, at least was the case for my wife 0.9%

seven7four4 said:   i have seen the same rates as new for CPO cars, at least was the case for my wife 0.9%
  
Which vehicle? 

Has anyone asked lightstream about matching DCU rate of 1.75%?

Alliant Credit Union offered me 1.49% for up to 72 months.  
Capital One offered 1.39%.

How did you get those rates?

Lefty421 said:   Alliant Credit Union offered me 1.49% for up to 72 months.  
Capital One offered 1.39%.

Lefty421 said:   Alliant Credit Union offered me 1.49% for up to 72 months.  
Capital One offered 1.39%.

 Hey Lefty, how long ago did you get that rate from Capital One?  Their site currently says rates as low as 2.49% so I'm curious if they went below that advertised rate for you.  

Florida central credit union is 1.8% across the board for 2012 and newer.

Stick with a credit union. They're the only one with these super low rates. They don't pay taxes and don't have all the regulatory costs that bigger banks do.

And I'm skeptical that the cap one rate is normal. It's either a subvened rate, a dealer buy down rate, or some special they had. The cost of their debt is more than 1.4%

So I applied to DCU and did not get the 1.74% rate. They said my equifax credit score was 697. This is incredibly strange as all my other credit scores were 797, 800 and 814 from my credit card monitoring ones. So then I paid 7.95 to get my score from Equifax from the annualcreditreport site, and it says 796. I called DCU and they said call equifax to see why it's different, I did that and they said that is not a real FICO score, you have to pay 19.95 to get it.

Anyone face this issue? I'm hesitant to pay another 19.95 and it seems very shady. Also, should I even bother applying for other loans or will all of them have this phantom 697 score now.

DCU uses Equifax FICO 04. It can vary greatly from your FICO 08 score which is probably what you are seeing.

Thanks...I'm now learning this.

Do you know if USSFCU uses FICO 08, or any other of these recommended lenders use the FICO 08? Since it seems my credit score is about 100 points higher, I may as well apply with them.

If you can't buy a car without a loan, you have more important things to worry about in life.

how to join Florida central cu out of state?

How are you guys joining USSFCU? By becoming a part of USCHS? The cheapest to become a member there seems to be $50, unless you're already eligible by having friends/family as CU members OR if your employer was on the eligibile employer list.

They also mention that you'd need to have their checking account for around 6 months(Gold package), to get some of those advertised rates..

Doesn't seem to be worth that much trouble for me.

halluc1nati0n said:   How are you guys joining USSFCU? By becoming a part of USCHS? The cheapest to become a member there seems to be $50, unless you're already eligible by having friends/family as CU members OR if your employer was on the eligibile employer list.

They also mention that you'd need to have their checking account for around 6 months(Gold package), to get some of those advertised rates..

Doesn't seem to be worth that much trouble for me.

I joined via USCHS for $50. And I didn't need to have a checking account for any amount of time to get the advertised rates.

Is anyone familiar with the Penfed auto refinance process? Do they handle everything like title transfer, etc? Some credit unions dump the legwork and fees on you. Thanks for any info!

folks,

Looking for an auto loan for a new vehicle that I would buy in next few months.

I've excellent credit and can open up new bank or credit union account.

Are there any loans out there for 0% or 1% for 48 or 36 months? Loan amount would be around 46K.

 



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