Questions about Auto loans
11-13-2012 03:44 PM
I never applied for one and I have a few VERY basic questions. Like most people here, I'm working on building my credit and I just got my 2nd CC. I'm planning on applying for a loan sometime after winter to give time for my score to grow a lil more. I read over some of the post here for auto loan approvals and its really cool to see people with the same income and score as me, are able to get loans. Please keep in mind that this will be my 1st time, so most of these questions are very basic. I'll space them for easy answering.
Where should I apply first? A credit union, bank, dealership or just shop around.
Once approved, how is the money transferred to you and how long does it normally take.
I currently am planning on applying after the winter, but I hear the dealerships have good yearend deals, should I try at the end of the year?
I see that most of the people on the approval topic purchases new or "newer" cars. Is this a limitation that comes with a auto loan or just personal preference. I've been looking at older cars (around 2005-7).
I'll stop here. Even if you answer one question, it would be very much appreciated.