Project X

just curious if anyone recommends any particular place/bank for good rates on an auto loan for a used car. i have the ability to pay it off in full but rather finance part of it as i can make better use of my cash. bankrate.com has the avg rates - i dont want to put an application with a couple different banks as im not trying to have all these inquiries on my credit report.


thanks!

t3ch

Are you in DC/VA?

USAA/Navy Federal or your local credit union will have the best rates. The big banks (BoA, Wells Fargo, etc.) are generally much higher, not to mention the service will likely be subpar.

Dat Boi Ralph

iTrader: (1)

I suggest you go thru a Credit Union their interest rates are usually not so high

LoveMyTL-S

I finance through Navy Federal myself.

jisleyjr

I just went to the bank that i bank at, locally owned.

And auto loans queries are not bad for your credit. It is the credit card queries that are bad.

alexSU

iTrader: (3)

+1 for credit union.

imj0257

iTrader: (1)

Lots of people say credit unions. I was actually going to finance mine through a credit union but when I got to the dealer they actually gave me a better rate through a bank, so I went with them instead.

t3ch

Obviously every credit union is different and some have quite differing rates for different credit scores, but in general, they are a much better bet than big banks.

Many car dealerships have some nice incentives right now for car purchases though to boost sales; especially if you're in the upper tier of credit scoring.

bl^5

penfed.org

Financed all of my cars through them for the past 13 years (over 6 vehicles). Must have good credit and certain debt to income ratio (forget the amount) to qualify. Nothing better than negotiating on a car when you have the financing worked out before walking in the door.

dallison

+2 for credit union

Project X

whats the diff between a credit union and reg bank? for navy fed credit union - it requires that someone or yourself was in the navy/military..etc

mrmako

Credit unions have a lot less overhead, and they generally turn the profits into better rates of return. Plus they do less big business loans, so they have less debt to manage.

USAA/Pentagon Federal (penfed)/Navy Fed all require affiliation with the military. If you served at one time and were honorably discharged, USAA will take you. Just have your DD214 available if asked.

Derk's K24

Yeah that's gonna happen every once in a while. I work for a dealership and most people who've been approved with CU's that the dealership can beat or match are around 5-6%. Those sometimes arent that hard to beat. Now if your CU has like 2.9% on a used car that's damn near impossible for them to beat unless you go with a new car incentive but obviously you'd have to buy a new car.

Project X

whats the DD214?

Derk's K24

http://en.wikipedia.org/wiki/DD_Form_214