Best Method to Get Auto Loan?

[mAndrew1980]

The lease on my car expires in March so I am starting the beginning research phase of my new car search. It'll be my first time purchasing a car (I've previously leased one through work). Anyways so my score is not great -- pulled a 694 on TU yesterday here on MyFico. I've excellent payment history, great length of credit history, and only 1 inq -- but my utl% is a whopping 72%!

 I got married in August and bought a home in the summer of 2012 so I'm slowly climbing out of debt now. I expect to have my utl% down to 50% in March. 

Credit aside, how should I get a car loan? Is it best to go to a lending institution (I bank with Chase and have my mortgage loan with PrivateBank) or direct to the dealership? Is one better than the other? 

[SamsungHDTV]

The best way is to apply at several credit unions. They should all approve you, and you'll just go with the lowest rate. Be sure to inform the contenders know you've been approved for a better rate. Some credit unions lower the rate to compete. Once you have that best rate, apply with the captive lender and let them know you've been approved for around that rate. Its exactly what I did, and I feel its the best way to go about it. Just like you shop for a car, you shop for a lender offering best rates. The thing to keep in mind is to make sure you do the applications within a 2 week time period.

Hope this helps.

[SamsungHDTV]

Another thing, your credit is going to be fine once your utilization comes down. You should see a good boost once your util is better.

[Luscher]

Get that util down and you will definitely see a boost in your score. Also you have a high 600 score and should be approved for a car no problem (assuming you have no baddies). Just shop around for rates online and also at the dealership. If you get a better rate at a bank but really want to finance through the dealership, let them know you have better rate offers and see if they work with you

[mAndrew1980]

Thanks everyone. I really appreciate the feedback. I'm incredibly grateful to have decent enough credit to qualify for a car loan. When I showed up to MyFico, I couldn't even get an unsecured cc with a 300CL. Here I am talking about getting a new car. I feel blessed to have found this site and seek help/feedback from other people. 

[Nati]

I have heard of instances where people have done a private party sale thru a dealership. That could be an option for you to look into.