Car loans

[scrapgal123]

Anyone try buying a car lately? How difficult is it to get a car loan these days?

 

[tarheel618]

I bought one on the 15th of January. Nissan was offering 0% financing, I had no problems

 

[firstcruise]

Anyone try buying a car lately? How difficult is it to get a car loan these days?

Not as bad as a few years ago. I'd recommend you go to a credit union to get the loan. Even with the 0% interest, you can sometime be better off with a really low credit union auto loan rate and take the rebate than the 0% financing. Always important to get the finances in order before making a big ticket decision.

 

[rie'smom]

Took 5 minutes but we have an excellent credit score. If you have exellent credit, no problem.

 

[Dax]

On the other side of the coin, my credit was not so good, but I got a decent deal considering, though I had to put $1k down.

 

[Brer Shay]

Bought last month, no problem with loan, but we have very good credit. I went to my credit union and got a preapproval before I bought. The dealer was able to beat that offer by a full percent, so I took their offer instead.

 

[natenapril]

Bought last month, no problem with loan, but we have very good credit. I went to my credit union and got a preapproval before I bought. The dealer was able to beat that offer by a full percent, so I took their offer instead.

We did this as well. We had financing approved through our credit union but financed through Honda because they had incentive financing on the vehicle he wanted.

 

[mjmartin01]

My dh and I don't have the best of credit...we are planning on putting at least $4,000 down..would we be able to get a loan? We are looking at mini vans around $15,000

 

[Frannie115]

We bought a new 2010 Toyota with 3.9% financing. This was the best deal at the time with excellent credit. Credit Union could not beat it.

Just keep in mind, interest rate will be higher with lower credit rating.

 

[bdcp]

My DS (24) just bought a brand new Mazda. He got .9% interest. He has good credit but little credit history (apt and utilities and cc) but they gave him the special rate. Our credit unions and his obviously couldn't beat that rate. He only put $1,000 down.

 

[My2BabiesLexis&Dill]

I agree with the previous posters. I would join a credit union. We've been with ours for the last 14 years or so. Our credit isn't the greatest (working on clearing that up now) but we were approved for a 30,000.00 auto loan with no down payment. Of course we didn't pay that for my truck but we were approved for that amount. I love my bank!

 

[firstcruise]

Glad to see several people apply for loans at the credit union, but then not to finance with them...the horror!

Keep in mind that most credit unions have programs in place to match rates, up to a certain point, so don't just go with the dealer. Ask the credit union if they will match the dealer rate and see what they say. Credit unions are financial cooperatives, so the money you put in gets returned in higher dividend rates, lower loan rates, more ATM's, etc.

Now, if you ask for 2.9, 1.9, 0.9 or zero interest that isn't going to happen. Always worth a shot to ask and keep the money working for you in one way or another.

I LOVE MY credit union!