Auto loan loan rate too high? Please help

[Johnni]

I'm about purchase a used vehicle from a dealership. The loan amount is $22000 but the rate the dealership gave me were 6.79% for 60 month. I tried my credit union and I got 1.69% but they only approve me up $15000. Should go with the dealership and refinance in 3-6 months later? Or is their some way I can ask credit union to increase my loan amount? My credit score is 750, I being trying to rebuild my credit for the past year. 3 open credit card accounts with under 30% usage. Credit union told me because never had a large loan beside my $5000 motorcycle loan with them, which is paid off. Please help

[user5387]

There may be other credit unions in your area that you could talk to.

There are also a lot of national credit unions that anyone can join, for example DCU and Penfed.

[Johnni]

So even with other credit union they cold possible increase my loan amount?

[user5387]

Every credit union is different.  I'd suggest calling a few local and national ones and see if they can help you.

Auto loans are secured, and thus may be easier to qualify for than other loans.

[Revelate]

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@user5387 wrote:

Every credit union is different.  I'd suggest calling a few local and national ones and see if they can help you.

Auto loans are secured, and thus may be easier to qualify for than other loans.

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+1; easiest loan type to qualify for.

@OP, since you've already taken auto inquiries from the dealership and the CU, I'd start shopping around personally.  Auto inquiries within a month's time all roll up to score as a single one in the recent versions of the FICO algorithm.

[Johnni]

I tried contacting a couple other credit union in the area, they told my loan is still pending. It wouldn't help applying at other credit union, the credit wouldn't increase

[notfancy]

It could be that the specific vehicle you are trying to purchase only warrants a certain credit extension amount. How old is the auto? How many miles? Etc... things like that some times have an impact on the amount of a loan you can get. Would you consider a different vehicle?

[Johnni]

The vehicle is 2008 with 49000 milage, could it be the year of the vehicle?

[Burned2manybridgesB4]

Book value to the loan amount is what's killing you probably.

[Johnni]

The book value is 22500.the dealer is now offering 4.9% to get me to sign