GREAT INTEREST RATE IN HOUSTON

[trenttrizzy]

Hi All—
I’ve been waiting for nearly two years for my Bronco and finally got the email a few weeks ago that it’s scheduled to be delivered sometime this upcoming week. While this was fantastic news, I was pretty nervous about how badly the current inflation boosted interest rates were going to hurt me. Luckily, I shopped around and came across Harris County Federal Credit Union who is currently advertising auto loan rates as low as 2.74%.
I was pretty skeptical, but I went in today, setup an account, and was out the door with a pre-approval for 2.94% @ 60 months which is a hell of a lot lower than most people I know who’ve purchased recently. My credit score is in the 740-760 range (depending on which app you believe) and while that’a pretty good, it’s certainly not perfect.

If you’re in Houston, specifically the Harris County area, and are looking for financing, I’d check these guys out before rates go up anymore. They were friendly, professional, and really quick!

Happy Holidays!

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[James_Nguyen_1985]

Thank you for this. I’ve been searching around for good rates in Houston and applied with my bank chase yesterday. They approved me for 6% at 48 months (credit score 763). I guess that’s pretty high compare to yours.
No experience in how this all works, but do we just take the rate that was provided to Ford and they match? In my mind, I thought Ford would want to finance the vehicle so they gain extra incentives. Any explanations on how this process works is appreciated.

Thanks!

 

[trenttrizzy]

I suppose you could see if Ford could be it if you’d like. From my experience (possibly a bad experience with a shitty dealer, not sure it’s the typical experience) the dealer sends your info to a few potential lenders which *can* result in multiple hits against your credit. I’m probably going to stick with the rate I was given and just go in with a pre-approval (which is typically quicker/cleaner). I’d suggest checking with HCFCU to see if they can offer anything better (from what I’ve heard if you inquire with places in a short period of time it’s less of a hit on your credit) and see if they can offer something better. I know they offer a discount for folks with a score above 720 along with a few other discounts they have available depending on other factors. Worth a shot imo.

 

[Krieger]

I went with Tower Federal Credit Union last week - and you don't have to live in Maryland to join. Got 3.24% for 72 months. Pretty thrilled given the closest quote from USAA was 4.49%, and all the big banks were in the 6's.

 

[Beeswax]

I went with Tower Federal Credit Union last week - and you don't have to live in Maryland to join. Got 3.24% for 72 months. Pretty thrilled given the closest quote from USAA was 4.49%, and all the big banks were in the 6's.

I'm reading some pretty horrendous reviews for Towerfcu. How was your experience with them? Trying to decide if it's worth the hassle to go with them instead of USAA.

 

[Krieger]

I'm reading some pretty horrendous reviews for Towerfcu. How was your experience with them? Trying to decide if it's worth the hassle to go with them instead of USAA.

I'm usually a USAA customer as well. I also had read all the horrible reviews and decided to roll the dice, incredibly reluctantly. I run a few businesses and deal with several different banks on an almost daily basis.... I was absolutely blown away by Towers' customer service and responsiveness in comparison to any other bank I've ever had to deal with.

When the car arrived out of the blue, I called them almost daily for a week straight, sometimes multiple times a day and every single person I talked to could not have been more pleasant. They didn't owe me anything because it wasn't their fault the car arrived unexpectedly... but every single one of them went above and beyond to escalate the issue and transfer me to managers etc to try to get it paid out quickly - which they were able to do.

My loan processor could not have been a more pleasant person either. She was on top of everything and super friendly and got me an extra .25% off by having me search the dealership via TrueCar. Seriously some of the best customer service I have ever dealt with and I was shocked given the reviews. Either they've changed something recently- or the reviews are bs.

Either way, I just wanted a cheap loan and they earned a customer for future needs.

 

[KGRoberts]

Houston. (Investex Credit Union, 1.80% for 60 months March 2022, with excellent credit)
I have financed all of my vehicle purchases through a credit union for the last 20 years. Never a bad experience.
FoMoCr had no interest in trying to match or beat the terms. Ford Finance guy simply told me "that's a good rate."

 

[Beeswax]

Houston. (Investex Credit Union, 1.80% for 60 months March 2022, with excellent credit)
I have financed all of my vehicle purchases through a credit union for the last 20 years. Never a bad experience.
FoMoCr had no interest in trying to match or beat the terms. Ford Finance guy simply told me "that's a good rate."

Looks like Investex rates are above 4% now. You must have gotten in before they raised rates.

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