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Bank for auto loan

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Anonymous
Not applicable

Re: Bank for auto loan

Financing 15k on a 22k vehicle won't look good to bank?
Message 11 of 22
Gmood1
Super Contributor

Re: Bank for auto loan

Vehicle is still nearly 6 years old. They're going to look at how old the vehicle is before anything else. It is much easier to get a new vehicle financed than a older/used vehicle.

Message 12 of 22
Anonymous
Not applicable

Re: Bank for auto loan

That is true. Well hopefully they do it!
Message 13 of 22
Gmood1
Super Contributor

Re: Bank for auto loan

Good luck! Hope it works out for you. You have to understand, they want collateral that they can get their money out of if things go south. 

Message 14 of 22
Anonymous
Not applicable

Re: Bank for auto loan

You will have no problem at all, you have an established relationship with NFCU they take care of their customers, 6-7 year old cars are not a problem, you will pay slighly higher intrerest for older used cars than new though.  Let us know how it goes.

Message 15 of 22
Dj4Money
Established Contributor

Re: Bank for auto loan

 I just have to ask -

 

 What is special about this particular car? 

 

 Since the '16 are just about available, you can get crazy deals on '15's.

Message 16 of 22
Anonymous
Not applicable

Re: Bank for auto loan

Do you have to have a membership with PenFed to get refinanced?
Message 17 of 22
Gmood1
Super Contributor

Re: Bank for auto loan

Yes you do. If not military related. It cost $20 to become a member. $5 goes to open the account and the other $15 is donated to a fund.

Best $20 I've spent! 

Message 18 of 22
Anonymous
Not applicable

Re: Bank for auto loan

I'm only Financing 14 to 15k. My eq went up to 728 too so I'm sure I will get approved. I want this one because I got it 3500 below book and I want a car I can pay off in about a year and half 2 years right when I'm ready to buy a home.
Message 19 of 22
sccredit
Valued Contributor

Re: Bank for auto loan

I think you're solid with all 3.  If you like your relationship with NFCU I would just app there.  When i bought my truck I could have saved .25% going to DCU over PenFed but I like dealing with PenFed so i just went through them.  

Message 20 of 22
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