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Established Member
Posts: 12
Registered: ‎12-30-2012
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Small Auto Loan

I have found a car that I lik. It is 10,500...i have 2,500 to use as down payment the only thing is that I have to find my own financing. My credit is not A1 so that is why I'm going with a cheaper car. The dealer is not a major franchise car dealership so would I need to go to a bank in order get it financed? Or would santander auto likely finance?

 

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Posts: 11,258
Registered: ‎12-30-2011
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Re: Small Auto Loan


tweetylove0405 wrote:

I have found a car that I lik. It is 10,500...i have 2,500 to use as down payment the only thing is that I have to find my own financing. My credit is not A1 so that is why I'm going with a cheaper car. The dealer is not a major franchise car dealership so would I need to go to a bank in order get it financed? Or would santander auto likely finance?

 


The dealership will still have lenders they can ask.  I would talk to any local credit union as well, you're looking at >20% down and that's solid almost anywhere you go on a used car even if your credit was as bad as mine when I purchased (Auto EX 551).  Santander would certainly finance as well I would expect, but they tend to be more of a last resort option in my opinion.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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