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best place to look for a used car loan

U

unsped

Platinum Member
looking to possibly try and get a used car loan in the 8-10,000 range looking for around a 2000 model from a private party or dealer.

currently looking to apply at my credit union, anyone else have advice? maybe some online lenders etc..
 
 
Outside of going in and getting preapproved for a credit union loan, believe it or not, most reputable dealers have relationships with banks, which can actually get you a better loan rate, than you could walk into same bank and get. The reason is based on volume and relationship. They also have the ability to negotiate for you, based on same banking relationship. Banks sell money to dealerships at a lower rate than to individuals. That pretty much goes with any product you buy..wholesale, vs. retail.

Dealers have "buy rates", which are the wholesale rate given to the dealer, based on loan structure, terms and, of course the credit rating of the buyer. ie., xyz bank might have a published rate of 7.9% for a new car, 72 month loan, but the dealer might be able to buy that money for 6.75%.
Going dealer direct also cuts down on the time you must shop for a loan, since they are normally plugged into as many as 30 + lenders, know the criteria, and in most cases have access to electronic instant approval. 🙂 As an example, I shop up to 5 different credit unions, for the best terms and rate for a customer, all within 5 minutes of when I press the submit button. 😉

 
Originally posted by: RossMAN
I've also heard people recommend Capital One, I'm not sure what their rates are like.
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I'm financed through Capitol One. 4.125% on a used S2K.
 
I'm financed through Capitol One. 4.125% on a used S2K.
Click to expand...

That's a very good rate, especially considering it's Capitol One. Occasionally Cap One will offer someone with very, very good credit an exceptionally low rate. They are historically known as a preditory lender, who charges exhorbitant rates for car loans and credit cards, to those whith less than perfect credit. I suppose in their windfall, from those customers, they can offer a bone, once in awhile.
 
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