Wow, Provident CU has a plan with an auto loan at $25k, for 60 months, at $480 with scores of 680, at 5.99%. They have term from 12-84 months with up to 100% financing, and no payments for 90 days. Basically if someone wanted a car at:

$30,000 (for 84 months at 5.5%(God forbids)
$431.10 mo payment ($14.37 on every $1k borrowed x 84 months)
$36,204

In my opinion $6,204 is not bad on financing, but I would pay it off early. What do you think?

a wife of a friend of mine is looking into a MB 320E. Finance Dept told her it would be $438/month at 60 months for $19K with a score of 690 - 700. Her Husband then put his name on the app with scores 700+ and the price came down $370 for 72 months with a warranty that brought the price back to $403

Car has been on the lot since April 11 09. Came down from 22K to $17K. I told the both of them to wait the dealer out, this car will drop another $2K by July 09.

LOL, you got me over here lmao! Seriously, it is true, you can dispute it through the cb if they don't fall off. It happend to someone here, but i forgot who it was. Can the real person speak up?

Actually, when you are car shopping, and end up with 50 inq's from the dealers shopping around for an approval, the 3 Cb's will recognize it and narrow it down to one inq. This is a relief that we get from them, but they are not caring about how many credit apps we apply for, isn't that crazy? Is there a such thing as searching for the best credit card or apt maybe?

That's how it's supposed to work....but it is a lie. Many times the INQs are not coded correctly to show that it's a auto lender or mortgage lender. So when that INQ goes away, you actually gain 5-10 points per INQ. They won't tell you that in the news articles we all read about those INQs you get from the dealers.

Your bank or credit union may actually be the best place (today) that you can get a auto loan. It is also wise to go into a showroom with your own financing anyway because if the motherflower starts talking that yap, you can walk away and go to the next one.

In fact, with the internet, you don't even need to go through the whole "so you like the car?" spiel. With sites like cars.com, edmunds.com, yahoo autos, you can get yourself a nice online quote with the features you want or don't want. Oh yes, you will still want to drive it, but you can still do that and if something ain't jiving still, go on to the next dealer. The In'Net has definitely changed the way folks can buy a car. Unfortunately, because my own credit was such crap, I had to deal with the "you like the car?" spiel....but three times a charge. Before I sign the paperwork, homeboy/girl will have gotten me 4 cups of coffee and possibly a shoeshine (well, maybe not that nutty....but I will do something to get my revenge....lol).

Actually, when you are car shopping, and end up with 50 inq's from the dealers shopping around for an approval, the 3 Cb's will recognize it and narrow it down to one inq. This is a relief that we get from them, but they are not caring about how many credit apps we apply for, isn't that crazy? Is there a such thing as searching for the best credit card or apt maybe?

Online auto loans, I have not dealt with, but I say it is best to go to the dealer since getting a approval check online may be somewhat difficult. They have many different finance options for those with poor credit (usually called stips). You will probably get a car but the finance charge is going to be up the ying yang, and the only way to bring that down a notch is to raise the down payment and/or have a nice trade in. I think the online auto loans may be cool because I see them on commercials a lot but, I have never financed a car throw them, and I don't think I ever will.

Knowing what I know now, PLUS added to the fact that the rules have definitely changed, I think the more prudent way to get that loan is as follows:

Make sure your score is at least 700+, though maybe you will get away with 660 but it's going to depend.

Rather than going through ONLINE or the DEALER, do some finance shopping starting with your bank (that you have a checking account and perhaps a credit card). Don't get dealer financing. What happens is you will get 30 inqs if you give the dealer your SSN. AND if you are able to get financing that way, the dealer makes a nice cut off the deal. If you do the shopping on your own, you will save money (because you will be able to better negotiate a deal), and INQs. It may sound like a lot of time, but to buy something major that will depreciate over time anyway, it just makes good sense (and cents ).

5/11/2009

Yeah, in house financing can land some really good deals as well.

Rockin35!

Rockin35 that's a good rate but I got mine through BMW in house financing at 8%. While I agree that Credit Unions are a good resource I still think that in house financing will be just as competitive.

What credit union are you with? Ive been with NavyFed for about 6 years and I tried once to do auto financing with them and it was a no go.

Hi Brian23,

Thats what I mean. I've been with Leaders Credit Union of Jackson TN for 11 years since I was a senior in college. My first car was approved through Leaders Credit Union in 1999 brand new, no down payment,no cosigner , first time buyer with an 11 month credit history (679 score). But I tried the year before in 1998 to get approved and was told NO!

I had 1 late payment from Macys and got knocked out'tha box because of it. They wouldn't dare touch my loan request. They don't like to see lates in the last 12 months, collections, or even a disputed medical bill. My rate was 7.9% for my auto loan.

That's why I say, having a Bkrupcty within the last year will be very difficult to secure a loan. I hope this post is clearer.

Rockin35!

You won't believe this Meya but here in Atlanta some of these dealers (Nissan Dealer here on the South Side) explained that they welcomed Bankrupt consumers because now that they have claimed bk they have more income to buy a car, I kid you not. It makes you wonder who are the finance companies that are backing this dealer.

That is what I was thinking Rockin35. When I saw that lilmiss had just filed bk within a year, that would through a red flag for any bank. I understand that cu's may be the cheapest way to go, but I did not think they would approve someone who just surrendered their financial responsibilities. If they do, hey, I am all for them, but it would be the first I have heard.

My Credit Union would throw my application in the thrash can if I filed Bkrpcty even 2 years ago. The Credit Unions have THE BEST rates around, and are the most competitive, banks cant compete with some credit unions.

To answer your question, it may be difficult to get a loan through your credit union with a Bankrupcty that recent. Just my take.... Rockin35!

What credit union are you with? Ive been with NavyFed for about 6 years and I tried once to do auto financing with them and it was a no go.

My Credit Union would throw my application in the thrash can if I filed Bkrpcty even 2 years ago. The Credit Unions have THE BEST rates around, and are the most competitive, banks cant compete with some credit unions.

To answer your question, it may be difficult to get a loan through your credit union with a Bankrupcty that recent. Just my take.... Rockin35!

You just gave me good advice smcc...lol. Hey bro, do you think that the cu's will trip when someone has just filed bk one year ago? That seems pretty tight.