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I dont have a reliable car and want to make an investment into a new car.
I'm looking at a Toyota Tacoma Off-Road with some upgrade fors about 40K
I'm thinking about putting down $5000 and financing the rest.
I just bought a house 2 weeks ago.
My score is now 690.
What is the best way to finance the new auto-loan? Through the dealer? Easy creditor like Cap One?
Through US bank -- where I am not currently a member -- but US bank will also be the bank that will service my loan starting next month.
Through a local Arizona Credit Union?
Through a Federal Credit Union - anyone know one that might also be in Arizona?
A international bank like HSBC or ING where funds may be safer long term, away from risks associated with US institutions.
I'm only 27 - so looking for a reliable institution that can handle my auto, home, commercial business financing needs over the next 70+ years.
The best advice I ever received was "Don't put all your eggs into one basket". This is especially true with financial institutions. Have several lenders that you work with for various types of services. Why? Because you want to protect yourself if some financial difficulty comes down the pike. At 27, you are likely to go through several recessions or economic hardships (this is normal) during your lifetime and the first thing that banks and CU's do is tighten up their existing credit lines to their own consumers.
My personal preferences follow (others may have different ideas):
Remember all financial institutions have their own version of cross-collateralization so if you have your financial deposit accounts in one CU and you have a loan at that same CU and you default on the loan, the CU can tap the deposit account for payment without going through the court process. It is in their terms and conditions.This is SOP - so plan your finances accordingly.
As to getting a reliable vehicle: have you done a cash flow analysis with your new house payment yet? How much vehicle (payment) can you afford with the new housing payment and not negatively affect your savings?
Credit unions in general offer great financing for auto loans and low fees for banking. NFCU and Penfed are both excellent ways to go to establish a good auto loan and banking relationship. We use NFCU and even though there isnt a branch within 100 miles of where we live its not been an issue and the customer service is excellent.