NEW CAR LOAN_ PLEASE HELP

[FirstCAR_FirstHOME]

Hi, My credit scores TU:707, EQ:662 EX:???I have 14 credit cards with 2 of them having balances.. credit usage 7%. I had late payments 3 times around nov 08-jan 09.. Credit history only 3 years  2 months… average length of history 1 year.. annual income $93200.  

I am looking for a new toyota with $23000 sticker price. I am willing to put 20-25% cash down.

Where should I look for a 4 year auto loan? 

I am worried length of my credit history is too low… and the 3 late payments are not helping either… any chance of getting pre-approved from BOA/Chase/Capital One? Or should I go for CreditUnions without even looking for big banks? Please help, Thanks a lot

[Anonymous]

I think that you'll probably get the best rates from a credit union. If you've already got a deposit account with one, I'd think that'd be your best bet. If not, shop around-- you might even contact a loan officer at a CU that you're considering and get a feel for how you might stack up to to their lending criteria before you actually apply. You'll probably have to explain those recent lates, though. Have you previously had any auto loans? If not, they'll probably want a substantial down payment, low DTI, and a fair credit history overall.

[FirstCAR_FirstHOME]

Thanks so much, LiMirth... I currenrtly have savings account with BOA ..... If I open an account with a credit union and transfer most of my balances, will that help me get a loan from them ? How soon can I apply ?

Thanks again

[Anonymous]

Giving a credit union a significant portion of your business wouldn't hurt at all, that's for sure! But, as for how soon you can apply, that's going to depend on the credit union. Alliant and NFCU offered great deals upon opening accounts with them. If you don't get an automatic/pre-approved offer, ask a loan officer right away (maybe you can avoid multiple pulls that way) if you'd be eligible for an auto loan.

Good luck!

[FirstCAR_FirstHOME]

Thanks very much LiMirth!!!

I just joined my Alma Mater Credit union and the representative said there is a good chance that I will get approved for a 4 year loan for a 5.5% APR. If it happens, that will be very sweet. I will transfer around 10K of my savings to the credit union and try to get my equifax above 675 before I apply for the loan.

Thanks

FirstCAR_FirstHOME

[Anonymous]

I would defintely try a credit union first ,BOA is picky as hell on who they want to give an auto loan too

Message Edited by misskiyota on 07-17-2009 02:25 PM