by "Roadster Man" (roadsterman)
Published 02/13/2017 at 21:06
by "Roadster Man" (roadsterman)
Published 02/13/2017 at 21:06
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STARS: 1
Last time I checked a couple months ago I had like a 760-780 credit score, and I have enough income to afford a $10k car loan. How difficult is the process of going to the bank and getting an auto loan? I want to go to a bank so I can have cash or certified check on the spot when I go to check out a car. I’m thinking a credit union might be a good idea too.
"Supreme Chancellor and Glorious Leader SaveTheIntegras" (jegoingout)
02/13/2017 at 21:09, STARS: 0
First time buyer?
Any money down?
Hows expensive the car?
"Phyrxes once again has a wagon!" (phyrxes)
02/13/2017 at 21:10, STARS: 0
It shouldn’t be bad at all, check the Credit Union first and then go talk to them. Most banks will give you a ballpark number for interest rates right off if you pitch them the loan amount and the range of your credit score.
"E90M3" (e90m3)
02/13/2017 at 21:10, STARS: 1
While you might have a good credit score, how much credit history do you have?
"ADabOfOppo; Gone Plaid (Instructables Can Be Confusable)" (adabofoppo)
02/13/2017 at 21:15, STARS: 1
Getting an auto is effing easy as pie.
Getting an auto loan that isn’t going to ruin you financially for decades? That’s a little harder.
Check with any and all the banking institutions you have accounts with for their rates. Most can only give you a ball park based on basic info; if you want actual numbers they will need to pull your credit. The first hard pull is what knocks your score. Anything after that within a reasonable time frame won’t affect it. But once you have your credit run, you do need to move on getting a vehicle. If you have your credit run and don’t find anything then wait for a while and do it all again it will seriously drop your score.
Credit Unions do not always have the best rates, but they generally do.
Any reputable dealer should be partnered with several lenders so they can run your info through them all at once.
Avoid the “Buy Here, Pay Here” lots at all cost. Unless you are paying cash. Even then use extreme caution.
"jovimon7" (jovimon7)
02/13/2017 at 21:16, STARS: 1
My score is 800 and I financed a 2 year old Mustang at 2.9% at my credit union. They issued me a Visa gold card to go buy the car with. You have a great score and should qualify for the best rates. The banks love people with high scores and may offer perks to get your business.
"BeaterGT" (beatergt)
02/13/2017 at 21:18, STARS: 1
Getting a car loan is easy. Getting a car loan for the car you want usually isn’t. Many places have mileage/age provisions that you need to watch out for and most will also only give the NADA amount (talk about a roll of the dice). I suggest shopping around at local credit unions before hitting up the big banks.
"nermal" (nermal)
02/13/2017 at 21:20, STARS: 0
A $10k loan will be less than $200 / mo on a 60 month term, depending on how old the car is. You shouldn’t have any problems getting approved for that as long as you make more than $2k / mo, and have decent employment history.
Find a decent credit union in your area, contact them and fill out an application. Then go shopping and find your car. Double check nadaguides.com for pricing guidance. It doesn’t hurt to have the dealership pull your credit once you decide on a car - as long as it is within 30 days the additional inquiries won’t impact your score.
"Matt Nichelson" (whoismatt)
02/14/2017 at 00:21, STARS: 1
As some of the others have said, a credit union can be a good option. I will add to it a bit since I work at one.
If your score is that high, you shouldn’t have any difficulty getting whatever the best rate is for the length of time you want to do the loan for. Another plus is that a lot of credit unions will finance any vehicle regardless of age. The one I work at will finance classics just as fast as they will finance a brand new vehicle.
One thing about credit unions, though, is that you have to be a member of that credit union in order to do a loan with them. You will need to look around to see what credit union would be able to have you as a member. Most all are the same on qualifications. You have to live, work, or worship in an area they cover, or have a family member who is a current member. Once you join (membership is based on a savings account and is usually available from $5-$20), discussing a loan is fairly simple.
Dealer financing is good for newer vehicles, but may not be a good option given your price range. The rate will likely be higher. They will also run your credit through every lender they use. I don’t like that, but to each their own. They will also charge you more for things like GAP coverage than a credit union will.
Banks are good for newer vehicles, but certain ones won’t finance any vehicles older than 7-10 years old. They also may not offer GAP coverage or warranties or things like that.
At the end of the day, the decision is yours. Do your research and go with what works best for you. If you have any questions feel free to ask. Good luck!