First auto loan, where do I get one?

[tboyer]

http://www.penfed.org is offering 4.99% used car loans. I opened an account without being a federal employee. HSBC Auto offers the loans for eBay cars, very easy to apply, check arrives in one business day. I purchased my 01 S on eBay using an HSBC check, then refinanced with Penfed, couldn't be happier. I decided to stay within 2K of the $20,000 eBay protection program, make sure you understand the details of that program before purchasing. Hire an independent party to inspect (this is a common service) if you are not able to inspect the car in person, this is highly recommended.

[racer_d]

Where do you go for a loan? A place that has money The above are great suggestions. Credit Unions have historically had lower rates than conventional banks. Banks will also charge more on a loan for an older car vs a new car. Make sure you have some collateral, clean credit history too.

Be sure you can afford a loan too. You mentioned you used to be a "cash" guy, which is a great way to go. No debt to carry.. no loans to pay off... Figure out just how much/mo you are willing to spend. They figure out how long you want to borrow for. Then make sure the car you persue will outlive the loan

[SinnerDC2]

Great tips guys. Do I have to be a member of a credit union to get a loan through them? I'm financed my house through our bank, chase/bankone. I'm pretty sure I can afford a new boxster after my current raise. But I'm a cheap bastard .

Originally Posted by SinnerDC2

Great tips guys. Do I have to be a member of a credit union to get a loan through them? I'm financed my house through our bank, chase/bankone. I'm pretty sure I can afford a new boxster after my current raise. But I'm a cheap bastard .

Credit union does require membership, however they all have differing rules to said membership, check with HR where you work to see if they have any alliances. The bank holding your house note isn't a bad call either, after all they know if you're a good risk and bill payer.

PS Everyone is a cheap bastard at heart, great time to buy a Boxster bad time to be unemployed trying to hold onto a Boxster, don't ask how I know...

[Gary in BR]

I've used Capital One a few times.
Also, I noticed you are in Louisiana. I have alot of friends in the car business in the Lafayette and Baton Rouge areas. if you have not found what you want yet.
PM me and I can point you in some good directions.

[Bob Z.]

Do an Internet search on "car loans" and you'll find sites that will search for the best rates in your area. But credit unions usually have the best rates. For example, Navy Federal Credit Union has 3.5% for 36 months now.

[SinnerDC2]

shoot me their contact information. I settled on a specific car yet.