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Thinking about purchasing a car soon...

Established Contributor

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.

Chase Sapphire Reserve-10k
Chase Freedom-4k
1st Financial Bank USA-11.4k
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Citi Thank you Preferred-4.8k
Citi Diamond-2k
Amex Gold-NPSL

FICO8-11/2017
EX: 737
EQ: 722
TU: 735
Message 1 of 14
13 REPLIES
Valued Contributor

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. 

Message 2 of 14
Valued Contributor

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%
Message 3 of 14
Established Contributor

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.
Chase Sapphire Reserve-10k
Chase Freedom-4k
1st Financial Bank USA-11.4k
USAA Amex-7.5k
USAA Visa Sig-7k
Citi Thank you Preferred-4.8k
Citi Diamond-2k
Amex Gold-NPSL

FICO8-11/2017
EX: 737
EQ: 722
TU: 735
Message 4 of 14
Established Contributor

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.
Chase Sapphire Reserve-10k
Chase Freedom-4k
1st Financial Bank USA-11.4k
USAA Amex-7.5k
USAA Visa Sig-7k
Citi Thank you Preferred-4.8k
Citi Diamond-2k
Amex Gold-NPSL

FICO8-11/2017
EX: 737
EQ: 722
TU: 735
Message 5 of 14
Valued Contributor

Re: Thinking about purchasing a car soon...

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%
Message 6 of 14
Established Contributor

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.

Chase Sapphire Reserve-10k
Chase Freedom-4k
1st Financial Bank USA-11.4k
USAA Amex-7.5k
USAA Visa Sig-7k
Citi Thank you Preferred-4.8k
Citi Diamond-2k
Amex Gold-NPSL

FICO8-11/2017
EX: 737
EQ: 722
TU: 735
Message 7 of 14
Frequent Contributor

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.

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Message 8 of 14
Valued Contributor

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%
Message 9 of 14
Established Contributor

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.

Chase Sapphire Reserve-10k
Chase Freedom-4k
1st Financial Bank USA-11.4k
USAA Amex-7.5k
USAA Visa Sig-7k
Citi Thank you Preferred-4.8k
Citi Diamond-2k
Amex Gold-NPSL

FICO8-11/2017
EX: 737
EQ: 722
TU: 735
Message 10 of 14