Refinance options (Lenders)

[protraxduner]

When I bought my 2016, I was pre-approved from NFCU at 1.89%. The dealer was able to get me to 1.69% and gave me an extra $500 incentive, so I went with the dealer.

I called NFCU so that they could cancel the loan process, and they were, frankly, pissed that I hadn't gone with them for the loan. They wanted to know why I didn't call to see if they could do a better rate, and I just told them that if they could have done a better rate, they should have given it to me from the start. They didn't have any retort for that, but yes, NFCU is generally the best option for most loans.

JR

I plan to also give the dealer a shot too but have my doubts whether than can beat NFCU, but hey worth a try. Curious JR what bank did the dealer use to get the better rate? With myself having impeccable credit seems dealer should be in a position to make a great percentage knowing you are buying the car anyway....

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[jacknifetoaswan]

I plan to also give the dealer a shot too but have my doubts whether than can beat NFCU, but hey worth a try. Curious JR what bank did the dealer use to get the better rate? With myself having impeccable credit seems dealer should be in a position to make a great percentage knowing you are buying the car anyway....

Capital One, of all places! I too have pretty great credit (I was at like 750, then, well above that, now).

JR

 

[Snoopy49]

I assume you have to be military?

I wasn't in the military, but my father was and my sister and her entire family are vets, so anyone of them would make me eligible for NFCU or PenFed. I am a member of NFCU.

 

[Patio208]

I've used Penfed, and I'm not military. They allow membership after "donations" to certain groups. The info was on the website. It was a quick and easy process with good rates. However, my last 2 purchases the dealership offered slightly lower rates from Bank of America and Ford Credit.

 

[dsz blade]

Generally speaking i think yes that is the idea, but i know some that have used PenFed with no military affiliation, i think you can get around it by being part of a military group or other military entities that support military but dont actually require you to be in the military. I do not believe they police it. Appears NFCU want military or close military family, i haven't looked into. My father was an army veteran so didn't really look into NFCU requirements very much as this appeared to suffice.

Penfed lets you donate to one of their affiliate organizations to gain membership. It’s $15 or $20 depending on which you donate to. I assume you have good credit so it probably isn’t an issue but they can be pretty strict on their lending criteria. NFCU is a lot more lenient.

When I joined Penfed a few years ago, NFCU required you or a relation to be military. They listed out how close someone had to be to you to join on their site somewhere.

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