First auto loan, where do I get one?

[Perfectlap]

^ Credit Unions should be the first place you go to for any manner of credit or loan. Think of the Bank of Americas, Wachovias, Wamus, Citis, Chase Banks as a total utter last resort FOR ANYTHING. and nevermind the banks you never heard of ..
The "fine print" tactics that the major banks engage in where they can increase your rate at any time for any reason, like if you payed your light bill late! Guess what you signed off on it when you put your John Hanckock on the dotted line. These banks just took a bath on the mortgage debacle and the next crisis is the credit card biz which is next logical the Banks will look to recoup there losses. That's bad news for credit card borrowers.

[70Sixter]

Last year I bought Mrs Sixter an X5 with that 3.5% NFCU loan Bob Z mentioned. That said, if you own your home (or share it with a bank), the home equity loan can be a good way to get cash.

Payments are effectively spread over 20-30 years. And might be deductible. "Consult your tax adviser" is the usual caveat.

My local Bank of America pushed some very good terms at us. Still considering.

[LoveBunny]

How do you join Penfed without being a federal employee? I am about to start having to figure out how I'm going to finanace my car in a couple of weeks. From what I hear a credit union is a best bet, but the only one I can possibly join that I know is one that I'm going to have to get my brother to join so I can join, and he's not exactly excited about doing so.

[tboyer]

Originally Posted by LoveBunny

How do you join Penfed without being a federal employee?

They don't care, you'll have to open a savings account, I started mine with $5 bucks

[LoveBunny]

Originally Posted by tboyer

They don't care, you'll have to open a savings account, I started mine with $5 bucks

Hmmm... I was noticing that I could probably join one of those various associations they list just to make it seem more legit though. I hate to just lie about it. Do they even ask?

Also, does it matter that you don't live near the branch? I don't think they have a location here. I'm still thinking I might try and join Riverland locally though if I can get my brother to open his account.

[tboyer]

Originally Posted by LoveBunny

....just to make it seem more legit though. I hate to just lie about it. Do they even ask?

Also, does it matter that you don't live near the branch?

They're a bank, they want your business. At least in my case, I gave them my personal info, they created my savings account and wired transferred $5 into it, no questions asked. Once I had an account, I used their online forms to apply for my refi loan. I had my check the next day.

I only plan on having a used car loan with them so lack of local branches was not an issue for me.

[LoveBunny]

well, I just opened a penfed account and wired $5 into it. Seems like it was pretty easy. I guess I'll wait a bit before applying for a loan.