Reply
Established Contributor
Posts: 586
Registered: ‎02-22-2011
0

Thinking about purchasing a car soon...

So, I'm planning on purchasing a car in the "not so distant" future. I've never had a past auto loan, however, last Oct '12, I took out a personal loan so I can have a mixture of credit on my CR. I keep hearing that the Credit Union is the way to go. I had/have a relationship with Travis Credit Union. I don't really use the account anymore because everytime I'd try to apply for a personal loan, they'd always deny me. So I figured, if my relationship with them isn't making a difference, then maybe I need to have a relationship elsewhere.

 

Now, granted, thats a PERSONAL LOAN. I'm not sure if an auto loan will give me the same results. Maybe this particular credit union is just hard to get approved for? I don't know. But I'm committed to trying to find out my best interest rate that I can get.

CL-5kNPSLCL-3.6kCL-4kCL-7.5kCL-7kCL 7.9kCL-4.2k
GARDENING SINCE 07/13/13
Valued Contributor
Posts: 1,863
Registered: ‎09-20-2011
0

Re: Thinking about purchasing a car soon...

Personal loans are typically more diffucult to get as they aren't secured by anything.  With an auto loan they can always repo and recover at least part of their money.  My local CU also wouldn't give me any credit so I took my business elsewhere.  While I was with them I got a mortgage and four auto loans from other lenders.  Finally said that if you don't want to lend to me your not making money off my deposits. 

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

Re: Thinking about purchasing a car soon...

Try to get pre-approved for a good rate, then go to a dealer and get them to beat it. Have a good down payment together.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Established Contributor
Posts: 586
Registered: ‎02-22-2011
0

Re: Thinking about purchasing a car soon...

Do you guys think it would be doable to get approved for an auto loan without a down payment? I've read on some threads where there were no down payments done.
CL-5kNPSLCL-3.6kCL-4kCL-7.5kCL-7kCL 7.9kCL-4.2k
GARDENING SINCE 07/13/13
Established Contributor
Posts: 586
Registered: ‎02-22-2011
0

Re: Thinking about purchasing a car soon...

If I were to get pre approved for an auto loan, does that count on as an inquiry as well? I'm not quite ready to buy a car just yet, but if possible, I would like to know where I stand as far as pre approvals go.
CL-5kNPSLCL-3.6kCL-4kCL-7.5kCL-7kCL 7.9kCL-4.2k
GARDENING SINCE 07/13/13
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

Re: Thinking about purchasing a car soon...

[ Edited ]

It will take INQs to get pre-approved

 

Always put money down on a car. If you can't come up with a down payment, you can't afford the car.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Established Contributor
Posts: 586
Registered: ‎02-22-2011
0

Re: Thinking about purchasing a car soon...


Dustink wrote:

It will take INQs to get pre-approved

 

Always put money down on a car. If you can't come up with a down payment, you can't afford the car.


Putting a down payment on a car isn't the problem. I'm just wondering if it would even be worth it or if I should stick that money elsewhere.

 

Thanks for the input though. Good to know that it takes inqs to get pre-approved.

CL-5kNPSLCL-3.6kCL-4kCL-7.5kCL-7kCL 7.9kCL-4.2k
GARDENING SINCE 07/13/13
Frequent Contributor
Posts: 379
Registered: ‎12-10-2012
0

Re: Thinking about purchasing a car soon...


zeusta20 wrote:

Dustink wrote:

It will take INQs to get pre-approved

 

Always put money down on a car. If you can't come up with a down payment, you can't afford the car.


Putting a down payment on a car isn't the problem. I'm just wondering if it would even be worth it or if I should stick that money elsewhere.

 

Thanks for the input though. Good to know that it takes inqs to get pre-approved.


 

 

Always put money down when buying a vehicle.  This eliminates the need for gap insurance and also will make the car much easier to sell if something unforeseen happens and you need to sell it.

NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

Re: Thinking about purchasing a car soon...

Not only does it create equity, it lowers your minimum payment. So, if an employment problem arrises. It will be easier to keep up with the payments. Although, while employed. You should be paying extra on the loan.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Established Contributor
Posts: 586
Registered: ‎02-22-2011
0

Re: Thinking about purchasing a car soon...

oh yea, thats already a given.lol. Once I get a car, I plan on making extra payments.

CL-5kNPSLCL-3.6kCL-4kCL-7.5kCL-7kCL 7.9kCL-4.2k
GARDENING SINCE 07/13/13
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.