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Revelate
Posts: 9,640
Registered: ‎12-30-2011
Re: First Time Auto Loan- Chances of Approval?????
[ Edited ]

emshook wrote:
I was thinking about going to a credit union first. There's probably no way I would qualify for the specials with 0% or 1.9% financing, is there?

Not certain on this, Toyota (TFS) and likely other dealer lenders have some aggressive promo pricing right now, this is perhaps especially true if you're willing to pickup a 2012 model which I'd really recommend anyway in Nov/Dec when you're trying to get a first auto loan done.  Dealers will be absolutely incented to try to get you financing rather than a 2013 which are moving off the lots by the lease / rapid turnover folks.

 

I'm not certain from your post if you were looking used or new, but special financing is usually on new cars from the manufacturer's financing arm.  

 

That said, even if you dn't get a great interest rate out the gate (you may not, the first time buyer penalty is non-trivial on an auto-enhanced score), you can refi anyway... and I absolutely recommend attempting to secure financing from a local CU.  Having a relationship with a decent CU is nothing but goodness when it comes to your financial future.

 

Also, welcome to the forums!

 

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