Banks & Credit Unions

Buying a used vehicle and shopping for best “customer service” as well as good rates/terms. What are your experiences in the MN and WI area?

I’ve always been told credit Unions have the best rates. Wings Financial had a good run here for a long time but I haven’t heard much about them lately.

No matter where you go try and borrow as little as possible. The boating season for 90% of us here is very short.

I’ve had a wings financial account since way back when they were owned by Delta. I’ve financed quite a few vehicles and toys through them. Always able to get me a great rate and always easy to work with

Dutch what does the boating season have to do with a used vehicle?

Definitely check out your local credit unions. Are you buying from a dealership? The only time I ever financed a vehicle, I shopped around to all the local credit unions and went into the dealership with the rate I got from the CU and I was pretty surprised when they were able to beat that rate with their own networking of financing options. I ended up going with chase (thru the dealership) and got a rate that was 75+ basis points better than any credit union I found. That’s with a 815 credit score too

I’ve been with Spire for 40+ years and they seem to be very competitive.
You can also ask your Auto insurance carrier, they may finance or have a recommendation.

When buying my boat the dealer financed me with United Educators Credit Union, they have since changed hands to Expedition Credit Union, have always had a good experience with them. Have heard very good things about Spire.

John Rasmussen wrote:

When buying my boat the dealer financed me with United Educators Credit Union, they have since changed hands to Expedition Credit Union, have always had a good experience with them. Have heard very good things about Spire.

Same experience here. But I refinanced through Westconsin CU when I started banking with them, because they gave me 1.9% (dropped down from 3%). I also cut a year off the tail end of my loan when I re-fi’d.

Don’t be afraid to refinance vehicles, it’s not like a house with closing costs. I’ve refinanced the boat and my truck (both now paid off) but when I refinance it’s not only for a better rate, I typically shorten the duration of my loan by about a year.

I’d say who cares about service, all they are doing is taking your money. I’d hunt for the absolute lowest rate, even if it’s the slimiest bank like chase. Just my opinion though

I’m all good on boats, this is for a newer tow vehicle to pull the boats. My ’02 Silverado is still running strong, but is approaching 350K, and the steel building where she is parked over the winter collapsed on her back in January, so it’s time to give her a well-deserved retirement.
I made some phone calls and put in some online applications at several credit unions including Wings and Spire. Only 1 hit to the credit score as long as all inquiries happen within 14 days of the initial check, and my credit is excellent, so should be no problem to get approved, I just want a place that treats me well.

I’ve been with the same bank since I was 12 years old lol

It started as Polk County Bank, then got bought out, then got bought out by Anchor Bank, and is now RCU (Royal Credit Union)

RCU has been great to deal with, no hidden BS and everything can be done online/remotely.

We’re in the process of buying our new house and I have yet to do anything in person with the financial side of things.

I’ve been a customer so long that I can call and tell them to put a $50,000 loan in my checking account to buy an RV or boat this afternoon, and we’d do the paperwork later, not even kidding

They’re absolutely awesome, and I grew up with a couple of girls that work there.

I Bank at Spire credit union, Wells Fargo, Huntington Bank and Experian and end up using the car dealers bank because they are usual have the best rates, because they work out some kinda deal with them.

bigcrappie wrote:

I Bank at Spire credit union, Wells Fargo, Huntington Bank and Experian and end up using the car dealers bank because they are usual have the best rates, because they work out some kinda deal with them.

I did the same on my last truck. The dealer got me better rates then my bank and credit union. New truck I just paid up front so I didn’t have to borrow

Ditto had local credit union rate. Dealer said if he could beat it and I go with them he would take another $500 off. Sure go nuts. Beat it and took $500 off.
Agree don’t care about customer service. They are just taking money each time.

FWIW –
A few years ago I was banking at Bank of the West. I asked them about vehicle rates and they were much higher than my dealer so I went with the dealer.
I get my loan docs thru the dealership and it was with Bank of the West.
So you really need to do your research.

Eelpoutguy wrote:

FWIW –
A few years ago I was banking at Bank of the West. I asked them about vehicle rates and they were much higher than my dealer so I went with the dealer.
I get my loan docs thru the dealership and it was with Bank of the West.
So you really need to do your research.

That’s exactly why I asked here, always get some good local info.
I ended up going through my father’s credit union, the trade union credit unions had the best rates, and were very patient and straightforward with assisting me through the process.
Didn’t even get a reply from Wings Financial, Hiway Credit Union literally sounded as though they didn’t want to write an auto loan, Spire was middle of the road rates and terms, all the credit unions in WI that I checked were a full percent higher interest rate than the MN counterparts, and the two trade unions that I checked were best by a fairly good margin.
Definitely worth doing some homework and making some calls, online is convenient, but is slow to get answers to questions.
Thanks for the suggestions.

Rates are negotiable. Several years back I was pre-approved at my credit union for a new truck purchase at 2.1 percent. Told CU rep I was checking for dealer rate. Dealer got me a rate of 1.99. I was going to stay local because sometimes these dealer loans get sold to somewhere in tim-buck-two. Don’t ask me how I know. Anyway the CU rep asks me what rate the dealer got me. Told her 1.6%. She says we will match it. I asked for and got a better rate 2 more times over the years. So again it don’t hurt to ask for a better rate.