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Auto Loan experiences with Credit Unions
I'm looking to purchase a truck through a Credit Union the total amount for the truck is $13,000 I have $7000 to put towards the loan itself so I'm only wanting to borrow $6K my credit isn't great 580 with one derogatory mark but I do have a credit card through Wells Fargo with excellent payment history and 20% utilization my income to debt ratio is excellent I know I can handle this small of loan. I really don't wanna waste my time requesting a loan through Wells Fargo cause they don't even look at you unless you have a 620+ I'm really in the dark with Credit Unions but have heard great things about how they do business so any insight and advice would be terrific I don't wanna get my hopes up but I'm also the type I dont like to accept no as an answer. Thanks Everyone!

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Credit Unions are a pretty good deal

Credit Unions in general are a pretty good deal.  They tend to be member owned an are not for profit so they need to earn less and thus rates tend to be lower. They are community based so they are local and are there to service their members.   Because of this, They are also more willing to work with you in building and maintaining credit.
I do believe that its helpful to establish yourself with a Credit Union and start building a relationship. Seems the longer your a member the more the want to work with you. Also, By being a member you are offered special rates on loans and such when your score is in the right place for them rather than applying for new loans out of the blue with out that relationship in place.

580 is a pretty low score, and i don't think any traditional lender is going to give you a good loan for any amount.  You may be able to qualify for some of these high interest rate on-line lenders but that isn't a good idea.  25%+ is way to much to pay for money. You could probably save up the money faster than you could pay off that kind of loan.

Go into your local CU and ask to talk to a new accounts manager.  Plan on opening a Share (savings) account. tell them your situation and ask them to help you figure out how to go about getting you in position for a descent loan. Take a print out of your credit report and ask them to look it over.  If they want to work with you and seem willing to help then your in the right place.  If they don't seem like they want to help then take your money and try another.

Big Banks use algorithms, Credit Unions are more old fashioned in that a relationship with the CU does count for something.

Hope this helps. Good luck  

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Also keep in mind if the credit unions will not be able to help you all hope is not lost if you really need to purchase a vehicle now and can't wait. I was in a similar position before and went to a local consumer finance company, the interest rates are very high but I understood that was the penalty I had to pay for being irresponsible in the past. If you do have to go this route, try to find one that will report to all three credit bureaus on a regular basis. Some people say that having consumer finance loans on your report are bad because it shows you were desparate for credit to pay the high interest rates, but I say it would be better to show a future lender that you are capable of making on-time payments rather than showing no history at all. I think being that you are putting down more than half of the purchase price I think you will find many lenders willing to help you. By putting down so much of your own money it shows you are willing to commit to the loan. There are also a lot of auto lenders that deal with bad credit/no credit financing, just beware of these places though as they usually sell poor quality vehicles with extreme markups on the prices.

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