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FICO® Forums >
Types of Credit >
Auto Loans >
Shopping for best auto loan rate
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Shopping for best auto loan rate
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Poirot
Visitor
Posts: 2
Registered: 08-27-2009
Message 1 of 4
Viewed 582 times
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Hello all, newbie here. I am in the market for a used car. I know I will qualify for the loan, but wonder where is the best place(s) are to apply. My scores are as follows : 802 Eq, 778(?) Ex, 804 Tu. I stopped by my CU and their rate was 6.75% for 5yr, and 5.75% 4 yr. I had heard of sites like Lending Tree, let you apply at several institutions at once. I have also read on this site that Capitol One seems to be a popular auto lender as well. The dealer was offering 3.99%, but the car he was selling was not up to the "Certified Pre-Owned" level in my mind. One too many issues. Can anybody make a suggestion on where I should look? TIA Poirot
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08-27-2009 10:56 AM
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Re: Shopping for best auto loan rate
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usmc58555
Super Contributor
Posts: 795
Registered: 02-18-2009
Message 2 of 4
Viewed 572 times
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The big question is: what are your expectations? Most conventional banks will have a 5 year rate for a used car of 5.0% plus. there may be some lower Promo rates out there, but I am not going to get involved with that. A 3.9-4.9 rate at a conventional bank/credit union for a used car at 5 years is an exception. Since there is no used car factory, you are limited by what a dealership has access too when looking for a used car. You can yourself easily go to many banks websites and see what their current "best" rates are and apply if interested.
Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
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08-27-2009 12:00 PM
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Re: Shopping for best auto loan rate
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Poirot
Visitor
Posts: 2
Registered: 08-27-2009
Message 3 of 4
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Thanks for the response. I didn't expect my CU to match the dealers financing at 3.99, it would be nice, but so would be world peace. I didn't really know what to expect when I stopped by the CU, right across the street where I work. I was actually just looking for a brochure or a rate sheet, but the branch manager corralled me into a seat. Funny how that happens. The last time I got a car loan was over 10 years ago. I tend keep/drive a car till she won't go anymore. It was a sad day when they hauled her off on a flatbed.... Other than looking at seperate banks and CU's, would you recommend sites like Lendingtree.com? TIA Poirot
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08-27-2009 01:47 PM
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Re: Shopping for best auto loan rate
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johnson_long
Regular Contributor
Posts: 105
Registered: 08-27-2008
Message 4 of 4
Viewed 491 times
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Other than looking at seperate banks and CU's, would you recommend sites like Lendingtree.com?
Knowing what I know from following this forum, No ,,, And I'd avoid CrapOne auto loans as well, Right now NASA Federal has 3.65% loans on 2005 and newer vehicles for 63-months, Joining NASA was a hard on EQ and I haven't app'd for any loans from them so I don't know what they pull for a loan, I refi'd with PenFed CU at 3.99 for 60-mo this past spring, they pulled EQ and TU, I saw NASA After I refi'd with PenFed, Good Luck,
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08-28-2009 04:22 PM
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