Dealship vs Your Bank for Auto Loan

codesingh · ‎05-08-2013

Hello All,

I am planning to for for an auto loan for a car this summer(approx 30k ).

I have a good history with credit cards. Never had any loan, no home mortgage.

CBR is all clean with score in the upper 750 across the board. Creditkarma shows my vantage score to be in the 810 range.

I am looking for a low interest rate loan...Please suggest...I have US bank and Wellsfargo as my major banks.

Thanks,

Code

~ 100k in Rev CC. 15k Credit Line. 16.5k Car Loan(@1.7%) Starting scores: 690 EQ (Dec 2012) Mid-year FICO scores April ‘13 Pulled by lenders(Barclays, Amex): TU 747 • EQ 752 • EX 746 • Scores As of Nov 2013: 740 and above across the board.

ImprovingYouth · ‎05-08-2013

Quick answer: Both. Apply at credit union/ bank that you have an established relationship. Take that offer (and with your socres you WILL get a decent offer despite no loans) to the delaership and let them try to beat it. GL!

Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly

) //CK:692, Sesame:656

Dustink · ‎05-08-2013

Check to see if the car you want has any low APR offers.

Too many INQs & low AAoA so I'm off to tend the Garden. Age:23

$17k $8.5K Closed $19k $6.5k $24.2k Closed $5k Closed $8.5k Closed @2.49%

Volpes · ‎05-10-2013

I will second both

You may or may not already know this, but applying with multiple lenders will not adversely affect your credit score, so long you apply for them within the same time frame. Its called "rate shopping".

If you don't get pre-approved for a loan, at least ask the F&I guy at the dealership that you want to see the loan callback details; he can show you his computer monitor screen. The lenders dealers deal with typically allow the dealership to mark up the loan's interest rate (just a little) for extra profit; the lending bank will pay the dealer the overage from the rate. Typically called "points of rate".

I hear good things about US Bank's auto loans; Wells Fargo... not so much.