Got approved for a loan.. now what?

[Taoron]

I was approved for a car loan through my credit union.   I currently do not have a car, and am not sure what kind of car I would get, if I got one.  Anyone have any recommendations?  I checked out their "buying" service and they are dealers about 100 miles away from where I live.  They approved me for $14.3k loan.  Below are the rates:

Here are the rate options.

Rates include a 1% discount for auto pay and financing can’t exceed the retail value.

Below rates are for 2014 and newer/ 2010-2013 add .50%/ 2007-2009 add .75%/ 2006 or older add 1%

01-48 months = 3.75%

49-75 months = 4.35%

Additional .75% discount for purchasing through credit union's auto discount service.

[TheRealJosh94]

Did the bank ever give you a blank check?

[Dj4Money]

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@Taoron wrote:

I was approved for a car loan through my credit union.   I currently do not have a car, and am not sure what kind of car I would get, if I got one.  Anyone have any recommendations?  I checked out their "buying" service and they are dealers about 100 miles away from where I live.  They approved me for $14.3k loan.  Below are the rates:

Here are the rate options.

Rates include a 1% discount for auto pay and financing can’t exceed the retail value.

Below rates are for 2014 and newer/ 2010-2013 add .50%/ 2007-2009 add .75%/ 2006 or older add 1%

01-48 months = 3.75%

49-75 months = 4.35%

Additional .75% discount for purchasing through credit union's auto discount service.

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 Take your TrueCar estimate to your local dealer and make them match it. If they give you excuses, walk. 

 Go to Greyhound.com and locate your closest bus terminal or you can go to Amtrak.com and sometimes they use buses as well between difficult to pass train routes.

 Flying might prove cost effective as well, certainly all these choices would be cheaper than paying somebody to ship a car 100 miles, though I could be wrong, you should defiantly ask.

[Dj4Money]

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@TheRealJosh94 wrote:

Did the bank ever give you a blank check?

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 Most banks and CU's no longer give out blank checks. You are suppose to call them with the PO (Purchase Order) and they will create some paperwork and send all that plus the check to the dealer ship usually via FedEx or another overnight carrier.

[Taoron]

Thank you, I have the paperwork to get the loan that I provide the dealer or the private party. 

Right now I'm trying to decide if I really should buy a car.  My heart is desiring freedom but my head is saying take Uber.  lol.

[Anonymous]

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@Taoron wrote:

Thank you, I have the paperwork to get the loan that I provide the dealer or the private party. 

Right now I'm trying to decide if I really should buy a car.  My heart is desiring freedom but my head is saying take Uber.  lol.

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Time to bust out a piece of paper, draw a line down the middle, and start listing the pros and cons.  Perhaps a section with involved math.

[Taoron]

I have not had much luck with auto loans in the past.  I bought a new 2001 Dodge Neon in 2001 and paid for it until 2005 and then lost the abiltiy to pay for it, so Chrysler Financial repo'd it.  I then bought a car with a 24.9% APR from Chase, and it was horrible.  They ended up repo'ing that after I made payments for a year on the car. That was in 2013.  So it was about 2 years ago when I lost my last car due to not being able to pay for it.   Things have changed though..

Does it really matter if I don't have any open installment loans on my credit report?  Why should I go into debt if I don't really want to?

[Anonymous]

Doesn't sound like you should since it doesnt' sound like you want or need a car. 

How about doing a savings secured loan instead? Or DCU has something I haven't seen before where, if I understand it correctly. It counts as a loan but you make payments into an account until you get to that amount. 

I wouldn't get a car JUST to have an installment loan.