Best Credit Union for Car Loan 2024

these are the top five Credit Unions for auto loans using the right Credit Union matters and on this episode we’re going to cover the top five Credit Unions for you to get a car loan with or auto loan okay whatever you want to call it but there’s a lot of factors that help me make the decision on this top five it was really difficult okay but some of the main factors are the ease of joining this specific Credit Union okay the speed of how fast they can actually get you that check in your hand okay and of course the interest rates are one of the biggest factors welcome back to the channel I’m Mike the credit guy the first time to the channel make sure that you shouldn’t hit subscribe button find out every time we drop new content you’re gonna hear about it first we talk about everything credit here so if you haven’t already hit that like button that little like button that way this video goes out to way more people okay in case you didn’t know I am the owner and founder of Limitless culture we created the most advanced DIY program in the industry at 55.99 a month our system will create custom Metro 2 attack letters attacking any negative items on your credit reports and all your personal information that’s not accurate imagine that our system will create your letters email them to you you print them you mail them out certified mail and you’re done it’s just that simple you don’t have to join any Facebook groups you know those archaic things you don’t have to read any modules you don’t have to do any Master courses we cut all that nonsense out our system will create those custom letters email them to you you print them you mail them out certified mail and you’re done link is always going to be in the description for our DIY program the most advanced in the industry before we get into this top five list this awesome top five list okay I want to give you a few tips that you need to know before you go to a dealership rule number one do not go to a dealership okay you need to shop online you can find everything and anything you need online if you find the car you want motorcycle whatever it may be a truck okay find it and Shop it online then you call the dealership and you ask to speak to the best sales person they have on the floor okay it’s rule number one ask for the best sales person on the floor and ask them what their name is don’t say just patch me to them ask them what’s the name of the best sales person you have on the on your floor they’re going to tell you like is it possible if I could speak with them please say hey man you know I found this car online can you do me a favor and check to see if this car is actually still available okay now they say oh no it’s not available but we got these cars or they just automatically just said yeah it’s available come on there’s no way that they check that quick okay so just remember that do not go directly to the dealership that’s rule number one okay rule number two once you are pre-qualified and you have your pre-qualification little letter that they send you okay do not walk into the dealership with that letter do not let them know that you are pre-qualified you are shopping online you find the car and then you go test drive it check it out and do what we call a pre-purchase inspection take the vehicle to another dealership down the road now listen this is the car that you want understand you’re going to have to pay anywhere from 150 to maybe 350 bucks for a pre-purchase inspection this is very important never just drive off the lot with a car that you’ve never had a mechanic look at okay or another shop I have made this mistake numerous times and got burned and then wind up having to pay for these maintenance fees or even if I have an extended warranty I’m still coming out of pocket 120 150 bucks okay so use those two tips and do not forget them coming in hot and number five is going to be NASA Federal Credit Union okay now listen I have not done a full review on this specific Credit Union yet if you would like for me to do a full review drop it in the comments section any of these Credit Unions that I’m going to talk about if you want me to do a full review drop it in the comment section let me know now let’s get into it now one of the big reasons that um any of these Credit Unions have made the list is because guess what anybody can join them there’s one one that has a little bit of restrictions but right now NASA Federal Credit Union anyone can join this okay now the reason why it’s number five is a huge reason the interest rate is the highest of all five banks right now currently sitting at 6.24 6.24 APR okay that is very high now I want you to always remember something it depends on the term that you’re going to choose whether it’s a used car or a new car the longer that you extend the loan okay the loan term that means the longer the amount of months that you’re going to have to make payments so if you start at 36 months your lowest APR can possibly be 6.24 now if you stretch it out 76 to 84 months you’re looking at a nine percent interest rate so always remember that as a general rule the longer the loan term the higher the interest rate because remember credit is always about risk okay if you have a shorter term guess what your risk is not that high so that’s why the bank is going to charge you more in interest because we’re going to stretch this out 84 months 84 months is an eternity okay that’s pretty crazy if they have this option so remember that okay they also offer refinancing okay they’re saying that on an average NASA Federal saves you fifteen hundred dollars a year when you refinance with them that interest rate may tell us another story okay so this is why it is in fact number five but their terms are not horrible but their interest rates are the highest of all right now at the current time in uh May of 2023 as we know interest rates are very volatile right now they’re going up and down like a seesaw so pay attention to that and always check back frequently now some of the other data points that you need to be aware are they do allow co-borrowers and co-signers those are allowed this is a very weird topic a lot of people never think about this but in fact it is very important okay now also another thing to factor in is the high minimum loan amount so usually there’s a minimum low minimum loan amount so theirs is significantly higher than a lot of other Banks okay and the max loan amount is relatively low okay so I know it’s kind of crazy kind of opposites but you need to have that information okay now also credit scores can be as low as 600 okay that’s also very important to remember because your credit score is a huge driving factor to your auto loan so understanding that 600 is something that they do not frown upon but remember the higher the credit score the lower the interest rate and also know that there is a pre-approval process with NASA Federal Credit Union so what that means is there’s no impact to your credit to see what your rate can possibly be okay and you don’t actually get the hard inquiry until you decide to move forward with a full application so you can find out on their site if you even qualify coming in hot at number five is Alliant Federal Credit Union okay this is another one I need to review um I’m not a real big fan of Alliant but it comes up on the list just because um of their interest rate and some of their buying features um so they have a really cool car buying service that covers over 900 000 Vehicles so that means that they’re going to search their database they partner up with other other car buying services to find the car that you are looking for okay and um there is some type of credit score requirement we could not get the data point on that so if you have ever gotten a car loan with Alliant let us know what your credit score was okay always remember that 680 is entry level for any type of of Auto lending it’s not going to get you the best interest rate but it’s entry level um 740 and above is definitely going to get you the best interest rate you could possibly get okay um interest rates are not negotiable okay with credit unions they set it that’s it uh with a dealership there actually is a negotiation part that a lot of people know about because they will shoot your application off to the banks the banks will tell them this is the Buy rate okay and the Buy rate is let’s say it’s six percent now they will give the dealership a one point to three point window that they can increase or and and get a little bit more on the top end that goes to the dealership okay that is what we call a Buy rate so just remember that you can’t do that with credit unions um I’ve never actually tried it not say it’s not possible but I have never actually tried it so Alliant Federal Credit Union that has some some good some good Pros anyone can join also okay um the maximum LTV ratio is not disclosed that’s another one that um there’s a lot of things we couldn’t get the data points on there so we just basically went on you can it’s easy to join and the interest rate is at a decent rate right now so that’s why it comes in at number four and there’s a lot of fans of Alliance so if you’re with the light let us know in the comment section if you haven’t already hit that subscribe button that way you find out every time I go live or I drop new content you’re gonna hear about it first if there’s anything specific you want me to talk about drop it in the comments section drop some emojis in her so we can get this video going don’t be afraid to ask a question that’s what we’re here for okay and if you haven’t already hit that Bell notification that way you find out every time I go live you’re gonna hear about it first you never know what I’m gonna pop up live if you’re looking to work on your credit we did in fact create the most advanced DIY program in the industry for 55.99 a month our system will create custom Metro 2 attack letters attacking any negative item on your credit report that is hurting you and attack any personal information that is not accurate okay we’re gonna create those custom letters our system is going to email them to you your print them out send them out certified amount and you’re done you don’t have to read any modules or do any master classes or join any archaic Facebook groups we cut all that nonsense out our system is just that simple we simplified the process link is in the description for that and if you need full service we do offer full service credit management we have a metro to attack program and we do offer a full service pre litigation program that is designed to get you a free legal review buy some attorneys imagine that and also we do offer a full service identity theft program for people that have real identity theft issues links are always going to be in the description for those okay and anyone that joins the DIY program gets exclusive access into my custom app that is available for Android and Apple in those stores okay the custom app is designed to create a custom Community we’re not censored none of that nonsense we can say and do as we please in there so we can help even more okay so it’s gonna have some of my biggest videos and we’re gonna keep adding more to that Library link is going to be in the description and always remember last part’s most important coming in hot at number three is Consumer Credit Union okay I need to do a full review on this one as well okay now here we go we’re going into a 5.54 APR okay this is why it’s number three and also anyone can join this Credit Union very easily okay now you can finance a hundred percent of your purchase for qualified buyers I mean I mean that’s what we’re hoping for right so when I read things like that I’m like this is kind of crazy anyways so you can go from 60 months it’s going to range from 5.54 to 5.79 okay for 60 months all the way up to 84 months yes they do offer all the way up to 84 months of course higher interest rate at 6.64 or 6.54 okay they do have a consumer car buying service that is powered by TrueCar this is a very common thing that a lot of these Credit Unions do they use true cost not sure if they got some kind of deal but it is a common thing that I see with put a lot of credit unions also a very important data point it does allow co-borrowers and co-signers but also there is no minimum credit score requirement so it is very important to understand remember establish that relationship make it even better it’s just that simple ladies and gentlemen another data point that I almost forgot is how long it takes for them to get you the money so these previous credit unions are usually 48 Hours okay if you if you get it on the weekend you’re gonna have to wait till probably like Tuesday to get the check in the mail or you can go to a physical location and it will usually cut you to check the same day okay sometimes they make you wait 48 hours but normally you go to a bank sorry the credit union itself the physical location and they will cut you the check on the spot I’ve always seen usually 48 hours is pretty is pretty common but some other banks are better or sorry Credit Unions so just remember that time frame is very important because let’s say you get pre-approved and you decide I want to go shopping right now well what’s going to happen if you don’t have the check in your hand and you’re not ready to purchase they may ask you to put down a deposit on the vehicle it could be anywhere from 100 bucks all the way up to two thousand dollars it really depends on the dealership I remember when I was buying a motorcycle the the actual um sales person was like um you can put whatever you put 100 down just something to put down a deposits like really a hundred dollars why does that even matter yeah and they will put that money towards the bike okay or you can have it refunded to whatever form of payment you give them I prefer a credit card because that way I can get that money back right onto the credit card if I don’t want to put it onto the vehicle itself okay but um it was kind of funny that quick little short story is I told them I was pre-approved I need to I need to put a security deposit to make sure they didn’t sell the bike the sales person told me a hundred bucks and then the actual sales manager came and told me hey man you know we can beat the Credit Union’s price I was like I’m not interested he’s like okay well we’re gonna have to have you put a bigger down payment you know to uh for us to hold the bike because this is a very popular bike that people are looking for so we’re gonna need at least twenty five hundred dollars so I was like wow I was like holy I was like that just changed so quick okay because I didn’t want to do the financing with them but myself he didn’t tell the salesperson so the sales person is like all right let’s go put this deposit down he ran my card for a hundred dollars locked it in and I was like uh look at you you’re looking silly over there sales manager because you didn’t communicate coming in hot at number two of course is Navy Federal now here’s the caveat as everyone may know not everyone can join Navy Federal okay if you want me to drop a full video on how to join Navy Federal drop it in the comments section okay and I will definitely make you a whole video on how to join Navy Federal all the tips tricks and different ways that you can join okay now I had a great experience with Navy Federal when I bought my motorcycle okay I called him up said hey man you know I’m thinking about buying a motorcycle and how does this work it was on a weekend um they walked into the whole process they said would you like to get pre-approved first I said nah man you know I was like I’m ready let’s go for it so they ran my credit I got one hard inquiry with TransUnion and they told me I was pre-approved for 48 000 that I want the full 48. I said I don’t know just send the whole check so they told me in 48 hours the check will arrive at my home if I decide to change my mind then um I could physically go to the actual Credit Union and pick it up on my own they’ll just cancel that check whenever it gets there okay uh that was one of the options that they did give me they did specifically tell me if you do not purchase um anything within 35 days you can cancel the loan um or if not it will turn into a personal loan okay I was like well that’s really interesting or if you purchase a car and you do not turn in the title with them as a lien holder in 30 days it will turn into a personal loan also it’s like very interesting data points maybe federal okay um if it turns into a personal loan the interest rate is going to be much higher than for a motorcycle or a vehicle they are very specific about that okay so let’s scroll down over here and see exactly what the interest rate is is currently at Navy Federal for a new or used car at 4.54 okay not absolutely horrible um but it is number two for that specific reason okay now they do have a car buying experience you can go through true uh TrueCar Carfax Liberty Mutual and SiriusXM all of those partners are going to partner up to get you the best experience and get you all the goodies okay why you’re trying to purchase your car um I didn’t use any of it didn’t need it I was buying a motorcycle didn’t care about any of that stuff okay so but it is there for you as one of those products to help you go through the whole car buying process now a lot of people are going to argue about this fact with me that your credit score does not matter with Navy Federal because it actually does play a determining Factor okay they will pull your TransUnion credit score but it’s not the end-all be-all remember that they have an internal credit score Navy Federal does I proved it I’ve shown in other videos I’ve shown the actual letter that shows the internal Navy credit score that goes all the way up to 450 okay um that is going to play a huge Factor establishing a relationship and not applying for anything for 91 days is The Sweet Spot with Navy Federal okay but always remember if your personal credit score is very high with TransUnion you should you really really shouldn’t have any bumps in the road with trying to get any type of approval with Navy Federal coming in hot at number one is Pentagon Federal Credit Union otherwise known as pen fed now listen the interest rate is slight slightly higher than Navy Federal but anyone can join remember that at 4.49 APR that is not horrible okay it’s it’s very very minimal and I believe that once your credit is ran it can potentially come in slightly lower okay um now again remember establish a relationship first with this Credit Union and the sky’s the limit they have an amazing car buying program okay you can Finance up to a hundred and twenty five percent of the loan to value of your vehicle so that means if you’re you know gonna turn in a car and you’re you may be upside down the payments um because you’re going to take in negative equity then guess what they’re going to go all the way up to 125 of the LTV the loan to value of your loan okay so that is absolutely amazing okay loan amounts up to 150k that’s a big deal okay you can get pre-approved also same way as all the other Banks okay very simple process they do have an amazing car buying experience they partner up with all these other companies just like all the other companies we talked about um I can’t remember if they use TrueCar I did not see anywhere that they told me that um they use TrueCar I know they have that they have a service um but oh no sorry it is TrueCar I take that back my bad it is TrueCar okay so they do use TrueCar just like everyone else all right um one of the other big determining factors is the relationship so remember that relationship banking is huge with this specific Credit Union so now another cool little feature that they offered it’s exclusive manufacturer offers for pen fed membership established for a minimum of 60 days so you have to be with them for 60 days to get these deals so without it you get up to two thousand dollars bonus cat bonus cash with ram okay not a great car but whatever you get up to 500 bonus cash with Jeep you get 500 bonus cash with Mercedes-Benz for all my Ballers out there you’re gonna get a thousand dollars bonus cash and with Dodge you’re going to get 500 bonus cash okay that’s not too bad all right um they also have Chrysler on the list at 500 and Fiat for another 500 okay so um that’s another cool little incentive there um also there is a buyer’s bonus up to a thousand dollars in Auto deductibles reimbursement for buyers okay um if you’re going to use the buying service that they specifically are going to try to funnel you into okay it’s not a bad thing it’s not a horrible thing but understand that that’s just how they do business that’s a lot of these actual Credit Unions do business now another big data point that you need to know is that pen fed will do same day for funding it is available if you request it okay A lot of times they won’t just offer it so you need to request it okay that’s very important now credit scores there’s not a credit score requirement that has been disclosed but again establish that relationship you need to be entry level 680 is ideal but above a 740 is going to get you super great interest rates okay now they will go to a full 125 percent of maximum loan to value ratio okay and again anyone can join pad fed okay now there is a caveat co-signers are not permitted okay so always remember that but they do offer no origination fees so that to me is the reason why PenFed is one of the number one lenders in the United States for auto loans and the crazy fact is PenFed is one in fact the largest Auto lender in the United States and this is why they actually have these deals with all these manufacturers and they’re offering those cool little cash bonuses okay that’s the reason why because they are in fact the largest lender in the United States for auto loans okay so if you want to go straight to the straight to the best place pen fed is the number one stop shop for all your auto needs now they will do loans all the way up to 84 months now always remember the longer the loan term the higher the interest rate you can go from 4.59 all the way up to seven percent very quickly okay with a longer term so that is something that you need to know so that way when you are deciding you know how much you want your payments to be how long you want the term to be that’s going to be a big driving factor is it’s going to increase your interest rates so there you have it that is the top five list that I came up with for best credit unions for auto loans hope you enjoyed the video anything specific that you want me to talk about drop it in the comment section don’t be afraid because remember this cannot be possible without you I cannot thank you .