Archived Target Credit Union Auto loans

[TallAPGuy]

Hey team,
I've been looking for a new car lately and was looking around at auto loans. Does anyone have any experience with Target Credit Union, and especially getting an auto loan through it? I have Good credit, and it had been Very Good before Christmas made me use a little over 50% of my credit limit, which knocked me down to 721 from 767.
If you don't like TCU, do you have any suggestions for else where?

 

[signingminion]

Don't know a thing about or credit union, but between the credit unions I have accounts at and the local bank we've had accounts with for decades the credit union had way better financing. I believe we're under three percent for our car loans. Our first was just over five percent, but 2005 financial world was a tad different than 2014.

 

[Catfish Rita]

I'm not a member of TCU, but one thing at mine is that you have to open up a savings account with a minimum $5 in it. This is the $5 you're sharing with the "members" since a credit union is really just a bunch of people sharing money, and its what helps make the loans so cheap!

But maybe give TCU a call? Do they have a phone number?

 

[Catfish Rita]

To clarify: In order to get any kind of financial service beyond savings, including auto loans at the credit union I belong to, you have to have that $5 deposit. That $5 is can't be withdrawn until your loan has matured.

I honestly have no clue if I'm helping 😀

 

[Hardlinesmaster]

I would not be concern about the credit numbers. Just call them & ask what deals on auto loans they have.

 

[HardlinesFour]

Hey team,
I've been looking for a new car lately and was looking around at auto loans. Does anyone have any experience with Target Credit Union, and especially getting an auto loan through it? I have Good credit, and it had been Very Good before Christmas made me use a little over 50% of my credit limit, which knocked me down to 721 from 767.
If you don't like TCU, do you have any suggestions for else where?

Curious.. have you paid down that Balance to Zero, or are you carrying it? You don't have to answer, but.. I want you to know FICO (which is the only one you should worry about) has ZERO (Credit Utilization) memory and once the Bank/CU reports to them your current balance (typically right after a statement is generated) it'll update. The best thing you can do though.. is a month before you take out any loan, pay down all your balances to exactly $2, and allow them to report. This will make your Debt to Credit Ratio 1%, and boost your FICO score by quite a few points.

Also keep in mind. If your Girlfriend/Wife has a Credit Card with a nice limit, low utilization (balance), and it's been opened for a while.. you can "hide" your debt and boost your score a ton, by being added as a Authorized User on her card. This will simply make your Credit to Debt ratio much lower, and will allow you to qualify for a lower rate from an increased score.

Message me, I can give you a lot of suggestions. 🙂