I wouldn't have believed a week ago that I could get a used car with financing through a credit union for 5.9% APR. First of all, I didn't belong to a credit union. But, when I found a car ('76 Mercedes Benz 450SL) for $6,650 (in great shape, and way under blue book value) at a small used car lot, the salesman told me about the credit union next door. Although the CU is for Burbank city employees, anyone can join for a $10 donation to the local libraries. I really wanted to finance, although I do have enough money in savings. I'm saving for a house, but I thought it would be good to have an installment loan on my reports. I doubted I would qualify for a great rate on a loan. My scores are EQ 646 EX 664 TU 673. They only pull TU, and I was a bit taken aback when she told me my TU score was 592. The big problem with TU is a six year old Household charge off that I paid years ago and had disappeared from the report, but recently re-appeared as not paid. I brought the letter from Household dated in 2000 that stated that the account had been paid, and the loan officer deleted that tradeline in the CU's records. 5.9% financing on a 26 year old car! I still can't believe it. But, if there's anyone shopping for a car in the Los Angeles area, I would recommend that you check out Burbank City Employees Federal Credit Union. ellen
That's great, Ellen. The credit union could probably handle the mortgage for you too. It's just a thought. CardKid
