Car loan

[LIL EVO]

Say I find a car on ebay for sale by a dealer. Figure 15-20k

What would be my best course of action?

1) Financing through the dealer on ebay?
2) Cash loan through local credit union or bank? (or specific car loan, dont know if thers a difference)

[Crawlin]

i usually had that dealer send over a purchase contract to the bank/credit union I was getting a loan through. then I would sign the papers here locally and then bring the cashier's check/bank check to the dealership in the other state.

that was always easiest so I knew what the total was up front before showing up and then the local bank can get all your sales tax and DMV fees figured out, where the out of state dealership has no clue on how to do that so they'd just get you the loan for the car, and then you'd have to do all the registrations yourself at the local DMV

[PureSound15]

I'll second chris' response.


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[03CVLX]

I third the previous response. I just refinanced my car at Summit Credit union. Got a great rate. Educators has also been good to me.

[Slow5oh]

I'd finance through pentagon federal CU. 2.99% interest rate is what they gave me. It's all done through the mail though.

[PureSound15]

I'd finance through pentagon federal CU. 2.99% interest rate is what they gave me. It's all done through the mail though.


"A" credit should be able to get that rate at any local credit union, too.

[Slow5oh]

I'm told by the banks I have excellent credit but best loan around here I could get was 9%

[03Seville]

I'm told by the banks I have excellent credit but best loan around here I could get was 9%

Educators CU gave me a car loan when I was 19 with no credit to speak of and an interest rate that was half of that.

[Crawlin]

it all depends on the year of the car, the term of the loan, etc... a 720 is good credit, but iv'e seen cutoffs for the BEST rates be 760 or higher.

some banks don't care what year the car is or what your loan amount is(is it 100% Loan value or is it 50% of loan value)

[03CVLX]

Appletree credit union has amazing rates. But there loan value calculations are horrible. Educators and Summit both had loan rates of almost 9K on my Vic when I looked to refinance. Apple tree would only go $5400 for loan value. I only owed 6K and they wouldnt even budge 400 bucks from that number.

[GinoRin]

I know of numerours individuals that have used penfed.com If I ever need a car loan, my plan is to use them. I've heard nothing but good things and they have fantastic rates. The vehicle also doesn't have to be purchased from a dealer.

Thanks,
Gino

[Crawlin]

yep, that $600 extra was more than 10% of the loan value. With how everything went with the housing stuff(loaning more money on it than what it was worth) the trickle down came to the car side of things as well even more so than it had before. Where in the past you could go 120% if good credit, they won't do that now. And sometimes, that $5400 might have been already at the 120%. Some banks do black book NADA trade, and some do NADA retail. If you need that extra bit, you gotta find the right bank. I once had to put $77 down just to cover that 100% limit so I got the best rate, and that was AS a finance manager dealing with the bank.

[PureSound15]

I'm told by the banks I have excellent credit but best loan around here I could get was 9%

There are various ways to price risk on a loan. Banks (unless it's a small community bank) price differently on consumer loans than credit unions.

I've signed stuff for board members and a couple different credit unions in Milwaukee have matched.

[Jsho13]

I'd finance through pentagon federal CU. 2.99% interest rate is what they gave me. It's all done through the mail though.


x2 this is what I did. Apply online - fax a copy of the title - get the check in the mail.