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[Need Help] Shopping around for auto financing

Discussion in 'BBS Hangout' started by DarkHorse, Nov 28, 2009.

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  1. DarkHorse

    DarkHorse Member

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    I've literally never done financing before for a car. I've always done a cash only transaction, private party or at the dealer. Anyway, this time around I want to finance a car for my wife, and I don't even know where to begin.

    I've heard from a few people that you should never finance at the place you buy, but I don't really know where to get the best rates, or whether to go with a bank or credit union, etc.

    Money and credit isn't really an issue, (I have a good job and pristine credit) but I just want to get a good deal.

    Any suggestions?
     
    #1 DarkHorse, Nov 28, 2009
  2. Pete Chilcutt

    Pete Chilcutt Member

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    Some dealerships offer 0% financing for 60 months or 48 months... so in that case it would be better to finance there. Buying a brand new car is usually where you would get such finance rates, but of course used cars the rates are much higher.

    I went through my bank though..
     
    #2 Pete Chilcutt, Nov 28, 2009
  3. DarkHorse

    DarkHorse Member

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    I should point out that we're shopping for a used car, maybe even a private party. (I know it's harder to get a loan for a private party sale)
     
    #3 DarkHorse, Nov 28, 2009
  4. Mack

    Mack Member

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    I went through Pentagon Federal Credit Union in July. They offered 3.99% financing over 5 years, and I couldn't find anything locally that was better. You do have to be a member though.

    I did everything online on a weekend, and they FedEx-ed a cashiers check to me by Tuesday. I never talked to anyone on the phone. Really easy transaction.
     
    #4 Mack, Nov 28, 2009
  5. BetterThanEver

    BetterThanEver Member

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    I have been shopping for auto rates and found lots of good information on creditboards.com and fatwallet.com.

    Here are a few places that I have found with the best rates. Credit unions are usually lower, because they don't pay taxes. There are a few banks with good rates. Watch out for the fees, though.

    The local credit unions are usually less strict. You can google your city for credit unions.

    I hope you find more places with even lower rates.


    http://www.penfed.org/ 3.99% Pentago Federal Credit Union. It's easy to join even if you are not a government employee. They can be a little picky with credit though, but it's an awesome deal.

    http://www.capitalone.com/ 3.95% Capital One bank

    http://www.chase.com/ 4.4-4.5% JP Morgan Chase bank

    https://www.patelco.org/ 4.75% Patelco Credit Union. They are less picky than Penfed but have higher rates. I have a credit card through them.
     
    #5 BetterThanEver, Nov 28, 2009
  6. AMS

    AMS Member

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    Can someone such as OP who has no previous car purchases qualify for 0% that is offered by dealerships?

    Also, are the dealers likely to raise the final price because one goes for the 0% financing?
     
    #6 AMS, Nov 28, 2009
  7. Uprising

    Uprising Member

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    I just purchased a truck from Helfman ford. Replaced my totaled truck.

    I ended up just financing through them, since I basically have 20 months worth of payments set up, should have it paid off in around 2yrs.

    CBTX.com had some competitive rates last time I checked. (East Texas bank).
     
    #7 Uprising, Nov 28, 2009
  8. v3.0

    v3.0 Member

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    #8 v3.0, Nov 28, 2009
  9. lost_elephant

    lost_elephant Member

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    I financed the purchase of my car through Capitalone a couple of years ago. I have nothing but good things to say about them.
     
    #9 lost_elephant, Nov 28, 2009
  10. leebigez

    leebigez Member

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    Why finance if u have the money?
     
    #10 leebigez, Nov 28, 2009
  11. BEAT LA

    BEAT LA Member

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    #11 BEAT LA, Nov 28, 2009
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