Car Loan from a Bank...?

[dmw16]

Ok, so I am going to start car shopping in the next we months - thinking about a late fall purchase date (as I am getting a convertible and I know summer is the wrong time). Anyway, I probably will finance thru an outside lender (find a bank thru lending tree or something). So my question is, what order do it do this in? Do I line up a loan and then go find the car? Do I find the car then line up a loan?

 

[RCN]

I usually get preapproved.........

edit: from my bank/ credit union

Lending tree? See what the dealership has to offer............

 

[dmw16]

I will go to my bank and I am also the member of a credit union. I have heard of people getting good rates @ lending tree. BUt really they just connect you with banks. So get preapproved...ok.

As for the dealer, I am probably going to start @ carmax, not sure how their rates are.

 

[RCN]

Originally posted by: dmw16
I will go to my bank and I am also the member of a credit union. I have heard of people getting good rates @ lending tree. BUt really they just connect you with banks. So get preapproved...ok.

As for the dealer, I am probably going to start @ carmax, not sure how their rates are.

It will vary as CarMax has its own finance company and also uses others. You are most likely to get the lowest rate through your credit union though.........

 

[dmw16]

That was what I figured. A few guys at work mentioned that theyve done better elsewhere. The credit union currently offers 6.8% on used cars.

 

[Reckoner]

I got 6% for financing from the dealership this week on a used car. My credit score is in the 730's

 

[RossMAN]

1) Get pre-approved, Credit Unions FTW!
2) Buy car
3) ....
4) Profit?

 

[Yzzim]

Pre-approvals are only good for an average of 30-60 days (all lenders are different). So I woudn't get pre-approved until you're fairly sure you're going to buy a car in the next month.

One site I've heard excellent reviews for is www.usaa.com They are primarily for people in the military but everyone is accepted for auto loans.