topic Re: Thinking about purchasing a car soon... in Auto Loans

Thinking about purchasing a car soon...

zeusta20 — Sun, 17 Mar 2013 16:27:10 GMT

So, I'm planning on purchasing a car in the "not so distant" future. I've never had a past auto loan, however, last Oct '12, I took out a personal loan so I can have a mixture of credit on my CR. I keep hearing that the Credit Union is the way to go. I had/have a relationship with Travis Credit Union. I don't really use the account anymore because everytime I'd try to apply for a personal loan, they'd always deny me. So I figured, if my relationship with them isn't making a difference, then maybe I need to have a relationship elsewhere.

Now, granted, thats a PERSONAL LOAN. I'm not sure if an auto loan will give me the same results. Maybe this particular credit union is just hard to get approved for? I don't know. But I'm committed to trying to find out my best interest rate that I can get.

Re: Thinking about purchasing a car soon...

boomhower — Sun, 17 Mar 2013 16:45:10 GMT

Personal loans are typically more diffucult to get as they aren't secured by anything. With an auto loan they can always repo and recover at least part of their money. My local CU also wouldn't give me any credit so I took my business elsewhere. While I was with them I got a mortgage and four auto loans from other lenders. Finally said that if you don't want to lend to me your not making money off my deposits.

Re: Thinking about purchasing a car soon...

Anonymous — Sun, 17 Mar 2013 18:46:36 GMT

Try to get pre-approved for a good rate, then go to a dealer and get them to beat it. Have a good down payment together.

Re: Thinking about purchasing a car soon...

zeusta20 — Sun, 17 Mar 2013 18:55:52 GMT

Do you guys think it would be doable to get approved for an auto loan without a down payment? I've read on some threads where there were no down payments done.

Re: Thinking about purchasing a car soon...

zeusta20 — Sun, 17 Mar 2013 18:57:54 GMT

If I were to get pre approved for an auto loan, does that count on as an inquiry as well? I'm not quite ready to buy a car just yet, but if possible, I would like to know where I stand as far as pre approvals go.

Re: Thinking about purchasing a car soon...

Anonymous — Mon, 18 Mar 2013 05:36:42 GMT

It will take INQs to get pre-approved

Always put money down on a car. If you can't come up with a down payment, you can't afford the car.

Re: Thinking about purchasing a car soon...

zeusta20 — Mon, 18 Mar 2013 06:27:26 GMT

@Anonymous wrote:
It will take INQs to get pre-approved

Always put money down on a car. If you can't come up with a down payment, you can't afford the car.

Putting a down payment on a car isn't the problem. I'm just wondering if it would even be worth it or if I should stick that money elsewhere.

Thanks for the input though. Good to know that it takes inqs to get pre-approved.

Re: Thinking about purchasing a car soon...

dabrian — Mon, 18 Mar 2013 13:22:33 GMT

@zeusta20 wrote:
@Anonymous wrote:
It will take INQs to get pre-approved

Always put money down on a car. If you can't come up with a down payment, you can't afford the car.
Putting a down payment on a car isn't the problem. I'm just wondering if it would even be worth it or if I should stick that money elsewhere.

Thanks for the input though. Good to know that it takes inqs to get pre-approved.

Always put money down when buying a vehicle. This eliminates the need for gap insurance and also will make the car much easier to sell if something unforeseen happens and you need to sell it.

Re: Thinking about purchasing a car soon...

Anonymous — Mon, 18 Mar 2013 15:18:20 GMT

Not only does it create equity, it lowers your minimum payment. So, if an employment problem arrises. It will be easier to keep up with the payments. Although, while employed. You should be paying extra on the loan.

Re: Thinking about purchasing a car soon...

zeusta20 — Tue, 19 Mar 2013 02:24:17 GMT

oh yea, thats already a given.lol. Once I get a car, I plan on making extra payments.

Re: Thinking about purchasing a car soon...

Anonymous — Tue, 19 Mar 2013 05:08:19 GMT

@zeusta20 wrote:
oh yea, thats already a given.lol. Once I get a car, I plan on making extra payments.

I am not sure if USAA offers loans to non-military. I would check them out whether you are a member or not.

Having a low rate pre-approve before walking into the dealer is a great tool.

Re: Thinking about purchasing a car soon...

zeusta20 — Tue, 19 Mar 2013 07:38:08 GMT

I was actually thinking about that. Either USAA or NFCU. I'm sure I can find a way in some how. I have plenty of family thats in the military or USED to be.

Re: Thinking about purchasing a car soon...

Anonymous — Tue, 19 Mar 2013 20:33:09 GMT

@zeusta20 wrote:
I was actually thinking about that. Either USAA or NFCU. I'm sure I can find a way in some how. I have plenty of family thats in the military or USED to be.

Oh, your set then. If you can get a CSP. Then you can get an auto loan from one of them.

A basic USAA membership doesn't require anything. A full USAA membership requires one of your parents to have one of their insurance products.

NFCU, lots of ways in.

I hope that personal loan is on your credit report. Get it paid off. Save some money. Make sure you cc balances are low. Then wait a month and apply.

Re: Thinking about purchasing a car soon...

zeusta20 — Tue, 19 Mar 2013 15:37:18 GMT

@Anonymous wrote:
@zeusta20 wrote:
I was actually thinking about that. Either USAA or NFCU. I'm sure I can find a way in some how. I have plenty of family thats in the military or USED to be.
Oh, your set then. If you can get a CSP. Then you can get an auto loan from one of them.

A basic USAA membership doesn't require anything. A full USAA membership requires one of your parents to have one of their insurance products.

NFCU, lots of ways in.

I hope that personal loan is one your credit report. Get it paid off. Save some money. Make sure you cc balances are low. Then wait a month and apply.

Yea! Thats what I'm currently in the process of doing. I don't want to get a car yet because I don't like to have multiple bills all at once. If I can regulate and manage the amount of money going out to bills, I'd rather do that. So I'm trying to pay off my PL first before anything. Or at the VERY LEAST, half of it.