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Example;
Used car price 10k
Down payment 1k
Trade-in value 1k
Loan amount 8k
Term 48 or 60
If you are purchasing a used vehicle at dealer, do you get loan with them or NFCU (3.99% APR for term of 37~60 as of 09/06/10) ?
My current car ...
Title to NFCU
Owner is me
Paid Loan
Thanks.
You can let the dealership get you a loan or get it yourself, if you can get that rate with NFCU, I would be going that route though because the dealer will never be able to touch this unless they happen to be offering some special financing on certified vehicles or something (think BMW does this)
@Creditaddict wrote:You can let the dealership get you a loan or get it yourself, if you can get that rate with NFCU, I would be going that route though because the dealer will never be able to touch this unless they happen to be offering some special financing on certified vehicles or something (think BMW does this)
Is that mean, the dealers are never able to have the low APR like 3.99%?
A dealership can either use the bank tied to the car make of the dealership your buying from (toyota financial, ford financial, etc.) or they can send your application out to other banks like Chase, Citi, etc. and as far as I know recently rates are not usually below 6% unless like I said it's a special finance offer on used certified cars for that dealership. Also when you come to the dealership with cash it's either to talk them down and close the deal faster.
Thanks Creditaddict. Before I go for a used auto loan, I must pay down more on my student loan.
I wouldn't think your student loan would effect getting an auto loan at all. it's counted differently in scoring and debt to income
Really? Thanks. That's a good news for me. Then I just keep making the payments until pay it off. Thanks again.