Advice needed for daughter's first auto loan...

[Anonymous]

Hi!

She finished college recently and is about to begin her first job and her job requires some traveling in her personal car.

She has 1 CU credit card for 3 years (CU's student visa), and one store branded Visa for 2 years, haven't used them over a year but reporting as paid as agreed plus her student loan. I told her to check her FICO from CCT which she checked, her scores are as follows:

EX: 758

TU: 756

EQ: 766

Her AAOA: almost 3 years. ZERO Inquires!

Now, I need advices about her getting auto loan. I told her I would check with you awesome people on MyFICO to get feedbacks.

Should she apply thru her CU? or her coice of the cars (Toyota, Mazda and Hyundai)'s auto finance companies? Any advices are welcomed as well!

Much thanks!!!!

CAMailman

[nycplayboy78]

Go with her or your local Credit Union and apply for an auto loan...

[Anonymous]

Her CU will approve her.

[grillandwinemaster]

Definitely go with her and-or your credit Union and get pre approved. Walk into the dealer pre approved. Maybe they can beat the rate with there captive lender. She's clearly not APP, trigger happy with zero inquiry's. So she can afford a few hard pulls to get the best rate possible. Large purchases such as car and homes are the main reason we want good credit! 

Hope for the best!

[Gmood1]

I'd research her local CU's rates before just going with them. Some CU auto loan rates aren't very good. With her scores she should be at or below 1.99% for most 60 to 65 month loans. If that is what she seeks. 

Certain manufacturers are running specials on in house financing.

She'll have to weigh her options if it would be better to go with them. 

Or use the cash back rebates with her own financing. 

Personally I'd go with my own financing plus rebates along with haggling the price down a bit as well. No need to leave hard earned money sitting on the table.

[Anonymous]

I'm actually in a similar situation with my daughter this week getting a car. What would she use as income on the application if she hasn't started her job yet? (The full time job.) I was telling my daughter to wait a month until she gets a pay stub showing her increase in hours, but her moped broke down again this week and she has no way to get to her jobs.

[Anonymous]

I would see if the manufacturer you're looking at is offering 0% before jumping on the credit union bandwagon.  What about a lease?