Need a car and would appreciate some advice

[Remember0]

Roadloans (Santander's consumer facing application) pairs up well with Carmax. You'll pay whatever Carmax's price is for the car, but your APR WILL be high (probably 20%+ with Roadloans). In general Santander and Roadloans will finance any brand. If you buy at a Chrysler, yes, Chrysler Capital is also essentially Roadloans.

I also recommend giving Cap One first. And try to stay away from buy here pay here...I think we can get you approved with SOME lender.

[jed11]

I'm out of town this week and haven't had time to get back to this.  Thanks for all the info!  Question... if I apply with Cap One and they turn me down, will that negatively effect my credit score?

[Remember0]

Yes, it will hurt a little due to the inquiry. But the hit from an inquiry is not THAT big. At worst, we're talking 5 FICO points, and often even fewer than that.

[jed11]

So, would it be better to try all three of the ones mentioned here?  Or stop if I get turned down the first time?  I read somewhere that multiple requests for the same loan are treated as one event.  Is this true?

[IWOL]

If you are able to put a large down payment on the car purchase you can probably still get a fairly low rate.

I was able to get a loan from Wells Fargo Dealer Services at 7% with a 580 Fico at the time. The purchase price of teh car with tax and license was $42,000 and I put down $10,000.

Santeneder and Cap 1 offered me rates of 12.9% and 16% on the same loan.

[Remember0]

With a 575?

I don't recommend DCU. I doubt they'd approve. Honestly roadloans will approve most likely but at a high apr. I'd try cap one first, see what they come back with before applying elsewhere.

IWOL is right though, if you have a large down payment, the dealer will ultimately get you the best rate (negotiate the rate, using dp as leverage). But still you ought to apply by yourself a little (not a LOT of places) first. But don't apply to Wells by yourself. The one you can apply to and the one dealers can apply to are VERY different. Your one is VERY strict, the dealers one is pretty lax.

[jed11]

Ok, so apply to Cap One first and then Santander / Roadloans second if Cap One turns me down.  I'll likely do this tomorrow or Monday.

[Remember0]

That's what I would do

[jed11]

I just applied with Cap One online and got approved for more than I need and no down payment with a 16.28 rate.  They require some documentation that I'll have to fax to them when I'm back home tomorrow.  

I'm wondering now, can I call and negotiate with them for a lower rate with a down payment or do I get what the computer offers and that's it?  

Any next steps I should know?

[Remember0]

They don't negotiate. How much car and how much down payment are we talking about here?