Who should I apply for auto loan with?

[sashimimon]

I've been reading a lot about how credit unions offer the best rates. I don't belong to any credit unions and I'm not familiar with any... Do you have any recommendations on who I should apply with? I live in Las Vegas, NV.

So far I have applied with One Nevada Credit Union (application pending) and Cap1 (approved 2.4% for 60 months)

Here's my info if you need it

Credit Score: 780 (TU)

AAoA: 1 year 7 months

# of positive trade lines: 8 (1 student loan 7 CCs)

# of negative trade lines: 0

Income: 55,000

Lenght of Employment: 8 months

Previous Loan Experience: Student loans (Balance: 15k, started paying 1 year ago, no lates)

Debt-to-Income (DTI): 0

Year of Car: 2014

Miles: New

Purchase/Refinance: Purchase

Requested loan term (XX Months): 60 months

Down payment amount: 7k (total cost 36k, finance 29k)

Co-borrower/Co-Signer: no

[Anonymous]

Try DCU, you can sign up online with them for about

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@sashimimon wrote:

I've been reading a lot about how credit unions offer the best rates. I don't belong to any credit unions and I'm not familiar with any... Do you have any recommendations on who I should apply with? I live in Las Vegas, NV.

So far I have applied with One Nevada Credit Union (application pending) and Cap1 (approved 2.4% for 60 months)

Here's my info if you need it

Credit Score: 780 (TU)

AAoA: 1 year 7 months

# of positive trade lines: 8 (1 student loan 7 CCs)

# of negative trade lines: 0

Income: 55,000

Lenght of Employment: 8 months

Previous Loan Experience: Student loans (Balance: 15k, started paying 1 year ago, no lates)

Debt-to-Income (DTI): 0

Year of Car: 2014

Miles: New

Purchase/Refinance: Purchase

Requested loan term (XX Months): 60 months

Down payment amount: 7k (total cost 36k, finance 29k)

Co-borrower/Co-Signer: no

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15 bucks, 5 in the account and 10 bucks to join a organization to affliate with them, with your score if you do benefits and auto deduct with them you could get 1.5%.

[Bluedog23]

I recently purchased a vehicle (July). So advice here is based only on my experience  and the hours of research I did on this and other sites. Here goes. I had a similar income and AAoA as you ? My time on the job however was much longer. It is true that credit unions do offer excellent rates. Some dealerships, depending on manufactures also offer excellent rates (Toyota 0% on certain models).  You don't need a "relationship" with a credit union in order to apply. I chose DCU based on recommendations here. In July they were offering as low as 1.24 for certain loans with direct deposit. Think it's a tad bit higher now--- maybe 1.49? I had no relationship with them. Applied for membership and was instantly preapproved for auto loan--their lowest rate for the loan term that I was looking for. Many recommend doing it this way so when you go to the dealership, financing is not an issue. You negotiate the price of the car period. If at the end of negotiations, you choose to let the dealer try to beat the rate you already have, fine. I chose not to do that, as I was content with my very low rate. Toyota may have been able to beat the rate marginally, but I would have had to give up the cash rebate if I took their lowest rate. Wasn't worth the additional inquiries ( yeah I know they say all inqs within a certain period count as only one, but that's true only if coded correctly as auto and hey, I'm a skeptic-- a real bird in the hand gal.)  Using auto loan calculators, I could see that differences of .5 percent or so made a negligible difference in the note-- in my case 6 dollars, so I stuck to the 1.74 for 72 mos that I had from DCU. 

The CU that you chose can  be DCU or some other that you research rates on locally. It's just a good idea to go car shopping with financing in place that you can live with. Sometimes, you get a lot of trickery at dealerships when it comes to financing. There's a great sticky above on this from Remember 0. Very much worth a read.

Others may chime in with different opinions. This is based on my experience and since we have similar scores, incomes, etc, just thought I'd share. Don't know if that time on the job will be an issue-- if it's not you'll be golden. I do highly recommend DCU just based on my experience. Only down side is that membership amd loan are two separate inqs-- wasn't an issue for me as I had minimal inqs to begin with. Whole thing took about 30 minutes including time to email pay stubs. Good luck to you.

[ExplicitElicit]

State Farm Bank, you can call your local agent or even apply online. Even if you don't use State Farm for your insurance needs you shouldn't have a problem. With those scores and background you will probable slip right pass the income verification and instant approval I would imagine.

Also similar you can try applying online or in a Bank of America branch.

GOOD LUCK!

[sashimimon]

Thanks guys. I applied with DCU and got approved for 1.99% (I didn't become a member first, and did not get a chance to sign up for auto deduct)

Can I take care of these things later and get the 1.49% interest rate?

[Bluedog23]

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@sashimimon wrote:

Thanks guys. I applied with DCU and got approved for 1.99% (I didn't become a member first, and did not get a chance to sign up for auto deduct)

Can I take care of these things later and get the 1.49% interest rate?

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Most of the regulars on the forum caution to always do membership first. Oh well, sure it will be fine. Yes, you should be able to sign up for direct deposit and get the lower rate as your loan has not been finalized yet, just approved. Congrats on the loan!