used auto loan

[tink9285]

I am looking to purchase a used car. It is a 2001 used excellent condition with 50,000 miles on it, It is a Saab 9-3. I will have to take a loan out for $8,000 kbb vaule is 12,000. Has anyone ever applied for a used car loan on line and get a good rate? Or do i just go to the loacl banks and see who has the best rates? My credit i would say is good to fair all credit reports show diffent scores?. I think. we have some credit cards tied up, Never been late on any payments. Any advice would be great. Thank you,

 

[CowboyCO]

http://www.bankrate.com/auto.aspx

You can plug in your zip code and it will bring up average rates for your area.

 

[Jex]

Most larger banks will not do an auto loan on a vehicle over 6 years old.

 

[firstcruise]

That's a 10 year old car and not many lenders would consider the request. Best to check with your local credit union as they are more likely to lend the money on the collateral you have. Expect to not get the "best" rate available and some will even ask you to bring it in for an inspection. Best to give your hard earned interest to a local credit union who will invest it back into the Member/owners of the CU than shareholders who live far away from the community in most cases.

 

[mcorbo]

Can't help you with the auto loan, but I love my 2002 saab 9-3. Make sure you have it checked out before you buy. The 1999-2002 saabs 9-3's with a 2.0 liter turbo are known to have a possible problem with engine sludge. It can be a major problem that can cause premature engine failure. At one point, saab even extended the warranty because of it. A mechanic with some saab knowledge should check it out and make sure that the PVC update was applied to the car and that there are no signs of the problem. Saab's are notoriously expensive to repair also.

 

[a1tinkfans]

wow, I would def read the post just before mine to be sure you know what you are possibly getting with that vehicle!
As far as loans go, our credit union has the following info on their site: 24-60 mos loans, 6.25 to 7.50% with a 1% deduction if you have a direct deposit account, for used auto loans, vehicles must have a value of at least $15,000 & a minimum loan amount of $5,000 to be eligible for a 5 year term, and to be eligible for a 2-3 year, term, the vehicle must be NO more than 7 years old with a minimum loan amount of $5,000.
Good Luck OP!

added: I looked online and saw Penfed as an option, there is another thread I started to get some opinions, appears to be a military based online credit union backed by us govt with good rates for all their loans....looking into myself for some future things I am pondering...

 

[Crazy Hakim]

Also, check if you have a local Credit Union. We financed a used car with an unsecured loan thru our Credit Union, rate was just slightly higher that a Used Auto Loan, but it was plain and simple, got approved for the amount required, and we paid for the car.

 

[Bungle]

We went through our credit union for our last car. The rates are actually lower than what we were offered at a major bank. We put 75% of it down so our loan was lower than 5k and we had no issue at all.

Our credit union also does loan on older cars as well. Maybe call around and find out their policies.

 

[Green Tea]

The rate at PenFed is 2.49%. BUT, I would be really leery of getting a used Saab.

 

[Green Tea]

Check the value on Edmunds.com That sounds really high for a 10 year old car.