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Posted in Auto Loans
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Question By
HockeyGuy78

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Chances of getting an auto loan through employers preferred credit union.
I am looking to get an auto loan ($19k - 25k) through a credit union that my employer uses /prefers.

I have been with my job for 10 years, annual salary of $35k and have the following scores: Transunion 723 / Experian 734.

What are my chances of getting an APR of 2.25% the credit union is advertising on their website?

And would it matter that I am not a member of this credit union?

Thanks

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Membership

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Most CU will not do business with you unless you yourself are a member. CU aer set up to "financing clubs" for members only. It does not matter if your employer does business with them or not, althought that is sometimes how you can be a member. Whne CU's first started back in the 70's and 80's you could not just walk in and become a member, although most do not have that tight of a restriction on membership anymore. 

The advertized rate is only for those with the best credit scores, typically for only north of 750.  Yours are getting close, and I would advise that you get them a bit better if you can, quickest and easiest way is to pay off all CC's in full and get to a 0% utilazation.  Also remember that just because you see here or with any other score, it is NOT the same that any lender will see, as they will be using a different model speciffically for car loans. 

Reply by
HockeyGuy78

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Thank you for the advice. 

I will start working on becoming a memeber and raising my score some more. 

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