This may be a bit of an odd review your thinking. But if you have ever been in the market for a car or home to be financed you know how important it is to find a lender you trust, with fair rates, and a solid reputation. Credit unions make a good choice for that. University of Tennessee Federal Credit Union is now our "go to" lender for those reasons.
We first got into the car market in late January 2008 but had been planning to do so for months. We had looked at many different cars at different dealerships in different price ranges. We knew that once we found the right vehicle at a fair price we faced a new challenge....FINANCING!!! Loans are getting harder and harder to be approved for and it's even more difficult with bad, no, or slow credit. That summed us up.
My husband is the income earner but is a victim of identity theft that happened to him in high school, and it is not straightened out yet. I am a SAHM so I earn no income, but had a median credit score. Many lenders had turned us down at a few dealerships and we were almost disheartened until one dealership told us we were approved through a local credit union, UTFCU, at a rate of 7.65. We were ecstatic to be approved and at a low rate like that to boot!
Instead of signing through the untrustworthy Rusty Wallace dealership in Knoxville, TN, we contacted UTFCU directly. The loan officer assigned to us, Tia, was a God send. She basically just looked at our already approved loan and offered us a lower rate of only 7.35!! That is substantial when it comes to interest. On top of that, they offer an extended warranty contract giving 100, 000 or 5 years bumper to bumper coverage with roadside assistance and some other great options. To sweeten the deal, the warranty is tacked onto the back side of the loan meaning it does not raise your payment, you only pay two more at the end of your term. We signed for 60 months.
Just recently has UTFCU started accepting members that are not or have not been students or faculty members of the University of Tennessee. This is great because they take a chance on young people and recent college graduates with student loans. If it was not for UTFCU we would have had a much higher payment we could not afford through a lender we just don't trust.
Services covered other than auto loans, are various forms of checking and savings accounts, home loans, CD's, student loans and many other business services also. There are currently only five locations but soon there will be more. UTFCU can be found with three locations in Knoxville, Tn, one location in Martin, TN, and one in Memphis, TN.
If you are looking for a great way to borrow and bank and you are lucky enough to be near an UTFCU location please check them out. If not, then find a good local credit union near you.