Buying a work truck, what's a good APR I should expect?

[GApeachy]

The auto dealer said they use Equifax score 5.  I have a 788.  He said he uses/sets up the loans through my CU. No $ down.

He said I should get the best APR. 

I've never bought without a trade-in.  So what is the best APR for car loans?  We are looking at a couple of different box trucks and a work van.

[GApeachy]

I will edit my post a little.

My other question is would it be better for me to go to my CU once we know which vehicle and price or is it the same outcome if I let the dealership go to my CU for the financing?  I just don't know what the smartest thing is to do

Thanks if anyone will guide me.

[DaveInAZ]

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@GApeachy wrote:

I will edit my post a little.

My other question is would it be better for me to go to my CU once we know which vehicle and price or is it the same outcome if I let the dealership go to my CU for the financing?  I just don't know what the smartest thing is to do

Thanks if anyone will guide me.

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I would recommend going directly to the CU, because most lenders give the dealer a commission so you should get a tad better directly from the CU. As for a good APR, two very good car loan CUs are DCU and Penfed and they are currently 4.49% for up to 65 months (DCU) and 3.74% for up to 60 months (Penfed), so let that be your guide, but a local CU will be a bit higher.

[GApeachy]

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@DaveInAZ wrote:

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@GApeachy wrote:

I will edit my post a little.

My other question is would it be better for me to go to my CU once we know which vehicle and price or is it the same outcome if I let the dealership go to my CU for the financing?  I just don't know what the smartest thing is to do

Thanks if anyone will guide me.

---

I would recommend going directly to the CU, because most lenders give the dealer a commission so you should get a tad better directly from the CU. As for a good APR, two very good car loan CUs are DCU and Penfed and they are currently 4.49% for up to 65 months (DCU) and 3.74% for up to 60 months (Penfed), so let that be your guide, but a local CU will be a bit higher.

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Thank you very much for that.

[Kforce]

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@GApeachy wrote:

The auto dealer said they use Equifax score 5.  I have a 788.  He said he uses/sets up the loans through my CU. No $ down.

He said I should get the best APR. 

I've never bought without a trade-in.  So what is the best APR for car loans?  We are looking at a couple of different box trucks and a work van.

---

I would check with a few local CU's direct.

Every lender uses different score models and you might find a deal

Get pre-approved for what you need, known interest rate and term length.

In my area CU's almost always beat what the car dealers will get you.

From one of my CU's two minutes ago.

[GApeachy]

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@Kforce wrote:

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@GApeachy wrote:

The auto dealer said they use Equifax score 5.  I have a 788.  He said he uses/sets up the loans through my CU. No $ down.

He said I should get the best APR. 

I've never bought without a trade-in.  So what is the best APR for car loans?  We are looking at a couple of different box trucks and a work van.

---

I would check with a few local CU's direct.

Every lender uses different score models and you might find a deal

Get pre-approved for what you need, known interest rate and term length.

In my area CU's almost always beat what the car dealers will get you.

From one of my CU's two minutes ago.

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 I didn't realize int rates varied like that so thank you very much.

[GApeachy]

I have another question regarding timing.  I started my rebuild in Oct 2018 so all my cards are under 6 months old.  (3 of those are 30 days old)  How long should I wait to apply?

[DaveInAZ]

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@GApeachy wrote:

I have another question regarding timing.  I started my rebuild in Oct 2018 so all my cards are under 6 months old.  (3 of those are 30 days old)  How long should I wait to apply?

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I think you should be OK now. Credit card companies would be leery of issuing a new CC with that many new cards, but for a secured loan like a car loan you should be OK as long as those CCs doen't have high balances (over 30%).

@KforceThat's some really good rates especially for used vehicles. I prefer to buy late model used cars and let someone richer than me take that big depreciation driving a new car off the lot.

[GApeachy]

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@DaveInAZ wrote:

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@GApeachy wrote:

I have another question regarding timing.  I started my rebuild in Oct 2018 so all my cards are under 6 months old.  (3 of those are 30 days old)  How long should I wait to apply?

---

I think you should be OK now. Credit card companies would be leery of issuing a new CC with that many new cards, but for a secured loan like a car loan you should be OK as long as those CCs doen't have high balances (over 30%).

@KforceThat's some really good rates especially for used vehicles. I prefer to buy late model used cars and let someone richer than me take that big depreciation driving a new car off the lot.

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Great to hear, thanks!

[Kforce]

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@DaveInAZ wrote:

That's some really good rates especially for used vehicles.

I prefer to buy late model used cars and let someone richer than me take that big depreciation driving a new car off the lot.

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A CU connected to employment, 40 years ago.  

Worthless except vehicle loans.  

Have taken 3-4 over the years.  

Usually the lowest of my issuers.

This year I have another CU that has me pre-approved.  

{ New Vehicle / 2.99% / 130% (Car, Tax's & License Fees) / 60-months }.

Will not be lured.

Need to stand strong.