First time buyer, a question about auto loans..

[MannyG]

I was told to try to get a loan from your bank or credit union before the dealer or a company like Capital One(ironically sent me a pre approval letter for a loan up to 30k with a 14% interest rate.. Lmao.. Really? I didn't think my credit was THAT bad.. I heard a bank would give you MUCH better rates.. I heard anything above 8% is too much..

I have no prior auto loans nor do I own a house. My credit score is only 679.. It would be much better if I paid down some debt...

anywho, would I have a better chance at my bank that I have been with for well over 10 years? I have been using direct deposit for  over 10 years so they should know I get income. I gross about 40k year.. I've had the same job for 8-9 years.. However I don't have that much in my bank account, roughly around 12k..

what is the process? What kind of questions are they gonna ask me..

the amount if the  loan I would need is only about 11 or 12k at most.. I want a used car that cost 13,500. I'm assuming after tax, title and fees it will be around 16k.. I plan on putting a down payment of 3-4k as that the most I can do right now..

any suggestions or opinions, thanks

[Remember0]

What's your rent and aggregate minimum payments on all credit cards as of your last statement (even if you pay in full every month)?

In general, yes, apply at a local bank/CU before going to a dealer. Personally I recommend DCU. Is that 679 your FICO? What bureau? (Your signature says 704 for some reason) DCU gives anyone who has a 675+ EQ (when they pull) 1.24% for 65 months (0.50% higher if you don't move direct deposit to DCU). If you have just under 675 when they pull, they offer 3.74% for 65 months with direct deposit. They're usually the lender I suggest to people with scores like yours. If they give you 3.74%, you can apply to a local bank/CU if you want too...1 more inquiry won't hurt much if at all.