Best Credit Union around Los Angeles?

[Hiline]

Hey LA folks,

I'm looking for a credit union with low rates for my incoming Model 3. I got offered 2.99% for 72 months with 10% down payment at US Bank through Tesla, but I think I can do better. I checked University Credit Union (UCU) and was offered 2.74% for 72 months, or 2.49% for 60 months with 10% down payment. Is there any credit union around that offers anything like 1.99% at 60 months with 10% down, or 2.49% at 72 months with 0% down, etc.?

 

[ShelJW]

Vehicle Loans | DCU

DCU offers vehicle loans for new and used auto purchases, refinancing, antique and classic cars, and mobility vehicles.

www.dcu.org

Not sure what rate they're giving, but my son just got approved by them, and said it was a good rate.

 

[idrnkenmonkeyi]

I think DCU is 1.99 for 65 months.

 

[hurjio]

DCU is pretty painless and believe you can do $0 down. But they have direct deposit requirement to get 1.99% rate (up to 65 months). Keep in mind with third party financing, you won't be able to finalize anything until you get your VIN. Not sure if you can lock in your rate before then because I suspect rates will be going up soon.

 

[Hiline]

Thank you all. DCU does have good rates indeed, though they have just raised them by 75 basis points.

 

[Edwood]

I've financed a few cars through JACOM Credit Union, including my 2022 M3 LR. They've always been 1.9% for 80% 60 months. Bonus that they have physical location in Los Angeles area. (West LA, near Culver City is their main branch)

Loan Rates | Japanese American Community Credit Union

www.jacomcu.org

 

[kaiju.y]

I highly recommend Schools FCU. Every time I apply for financing I get automatically approved. This was the case way back when, when I had bad credit as well.

 

[Hiline]

Thank you all for chiming in. I ended up going with US Bank's offer since they locked the rate in for 60 days, just enough time for me to take delivery. UCU unfortunately allowed only 30 days of rate lock. Some credit unions I uncovered in my research:

1. Wescom: similar rates to UCU, difficult to open a bank account with
2. Affinity Federal Credit Union: good rates - better than DCU even, easy to get in with
3. Credit Union 1: fantastic rates for 60 months, and doesn't require membership. If I were willing to forgo the convenience of doing financing through Tesla, I think I would've gone with this credit union.

Hope this helps anyone who will be ordering in the future!

 

[Hiline]

I may have mis-spoken on Wescom. If you use their auto insurance, you get a 50 basis point discount, making their rates very competitive. If you do go with Wescom, I hope your process of opening an account goes smoothly!

 

[oc_m3lr]

Thanks for sharing that info, I was going to go with DCU or USCCU but might give CU1 a try since their 60 month rate is really good.

 

[gh0001]

Thanks for sharing that info, I was going to go with DCU or USCCU but might give CU1 a try since their 60 month rate is really good.

is it still true? I check CU1 link and it says As low as 3.74% for 60m loan

 

[oc_m3lr]

Yeah, sadly they went up to 3.74% shortly after. Affinity FCU is a better option now

 

[Poziner]

Yeah, sadly they went up to 3.74% shortly after. Affinity FCU is a better option now

How is the process of applying for auto loan at Affinity? Do they send you the check or directly to Tesla? How long is the process?

 

[Hiline]

Adding California Credit Union. Currently 2.99% for 72 months.

 

[burtinboy]

Just adding adelfibanking.com - they have 2.2% for 60 or 2.6 for 72 months.

 

[Ashhong]

Just adding adelfibanking.com - they have 2.2% for 60 or 2.6 for 72 months.

This one makes you promise you are a Christian right? I think I saw it yesterday. Dumb question but can I get in trouble if I lie and say yes?

 

[burtinboy]

This one makes you promise you are a Christian right? I think I saw it yesterday. Dumb question but can I get in trouble if I lie and say yes?

In trouble how? Besides Jesus smiting you I mean....

 

[Ashhong]

In trouble how? Besides Jesus smiting you I mean....

Lol idk, cancel my loan or something. Applied anyway, should hear back soon

 

[sbmike]

Just adding adelfibanking.com - they have 2.2% for 60 or 2.6 for 72 months.

Do you know how long the rate will be locked for?

 

[jarvm]

Do you know how long the rate will be locked for?

Locked in for 60 days. I applied earlier today, and just got approved for 2.6% for 72mo.