Reply
Frequent Contributor
going2tdc
Posts: 367
Registered: ‎03-28-2008
0

How can I determine the "loan value" on a used car?

When purchasing a used car, what are the factors a lender uses to determine the loan Value? I will be financing through my local credit union. Just wondering, do they use NADA or KBB?
Valued Contributor
JM-AM
Posts: 3,302
Registered: ‎06-09-2010
0

Re: How can I determine the "loan value" on a used car?

 


going2tdc wrote:
When purchasing a used car, what are the factors a lender uses to determine the loan Value? I will be financing through my local credit union. Just wondering, do they use NADA or KBB?

They usually use the black book for used cars. Then add percentages for other values.

 

Good Luck
May all your dreams and wishes become a reality!
Frequent Contributor
rbh
Posts: 356
Registered: ‎06-25-2009
0

Re: How can I determine the "loan value" on a used car?

[ Edited ]

Do you mean Loan-to-vaiue (LTV)?  It has been my experience that while a dealer will use the Black Book to determine wholesale values for vehicle trade-ins, lenders will use NADA trade-in value (of the vehicle to be purchased) to determine LTV. 

AMEX Blue Cash - $15k, Lowes/GECRB - $10K, PNC - $10K, CIti Diamond Preferred - $10K, Home Depot/Citi - $7590, Best Buy Store/HSBC - $7400, Citi Platinum Select - $7150, Best Buy RZMC/HSBC - $5750, Dillards/GECRB - $4350, Discover More - $3600, Cap 1 Cash Rewards - $3000, Amex HHonors - $2000, State Farm - $2000, Cap 1 MTV - $1500
New Contributor
LS1
Posts: 60
Registered: ‎07-03-2007
0

Re: How can I determine the "loan value" on a used car?

Do you have a particular vehicle in mind?  You can always call your CU and see if they can give you the value of the vehicle.  I called PSECU yesterday to check on a vehicle and they were able to tell me what they found the value to be. 


Starting Score: TU 652- EQ 658 - EX 668
Current Score: TU 679 - EQ 681 - EX 681 as of 3.13.11
Goal Score: 700 with all 3


Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}