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Old 02-14-2008, 02:40 PM   #1
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First auto loan, where do I get one?

I've always bought cash cars, but I think its time to get something a little nicer. Where do I start getting an auto loan when I plan on purchasing a car from an individual or ebay?

Thanks
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Old 02-14-2008, 03:01 PM   #2
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Do you belong to a credit union? It's a good starting point, if you have no assets do you have a co signer available? I guess the point is to drive the best % you can, make sure you check on the % for a newer car. Sometimes the age of the vehicle puts you in a higher % bracket, that could be significant in considering a newer purchase depending on the amount financed. Lastly, be careful buying a car you have never driven on E bay. Not only don't you know the mechanical efficacy but you have no clue as to whether the car has been smacked. Don't trust carfax either, My friedns own a bodyshop and tell me cash repairs remain transparent. good luck and happy shopping.
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Old 02-14-2008, 03:13 PM   #3
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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.
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Old 02-14-2008, 03:28 PM   #4
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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
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Old 02-14-2008, 03:59 PM   #5
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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 .
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Old 02-14-2008, 04:30 PM   #6
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Quote:
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...
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Old 02-14-2008, 07:29 PM   #7
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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.
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Old 02-15-2008, 04:42 AM   #8
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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.
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Old 02-15-2008, 09:33 AM   #9
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shoot me their contact information. I settled on a specific car yet.
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Old 02-16-2008, 08:29 AM   #10
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^ Credit Unions should be the first place you go to for any manner of credit or loan. Think of the Bank of Americas, Wachovias, Wamus, Citis, Chase Banks as a total utter last resort FOR ANYTHING. and nevermind the banks you never heard of ..
The "fine print" tactics that the major banks engage in where they can increase your rate at any time for any reason, like if you payed your light bill late! Guess what you signed off on it when you put your John Hanckock on the dotted line. These banks just took a bath on the mortgage debacle and the next crisis is the credit card biz which is next logical the Banks will look to recoup there losses. That's bad news for credit card borrowers.
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Old 02-17-2008, 11:56 AM   #11
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Last year I bought Mrs Sixter an X5 with that 3.5% NFCU loan Bob Z mentioned. That said, if you own your home (or share it with a bank), the home equity loan can be a good way to get cash.

Payments are effectively spread over 20-30 years. And might be deductible. "Consult your tax adviser" is the usual caveat.

My local Bank of America pushed some very good terms at us. Still considering.
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Old 02-17-2008, 09:02 PM   #12
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How do you join Penfed without being a federal employee? I am about to start having to figure out how I'm going to finanace my car in a couple of weeks. From what I hear a credit union is a best bet, but the only one I can possibly join that I know is one that I'm going to have to get my brother to join so I can join, and he's not exactly excited about doing so.
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Old 02-18-2008, 03:28 AM   #13
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Quote:
Originally Posted by LoveBunny
How do you join Penfed without being a federal employee?
They don't care, you'll have to open a savings account, I started mine with $5 bucks
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Old 02-18-2008, 08:22 AM   #14
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Originally Posted by tboyer
They don't care, you'll have to open a savings account, I started mine with $5 bucks

Hmmm... I was noticing that I could probably join one of those various associations they list just to make it seem more legit though. I hate to just lie about it. Do they even ask?

Also, does it matter that you don't live near the branch? I don't think they have a location here. I'm still thinking I might try and join Riverland locally though if I can get my brother to open his account.
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Old 02-18-2008, 09:37 AM   #15
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....just to make it seem more legit though. I hate to just lie about it. Do they even ask?

Also, does it matter that you don't live near the branch?
They're a bank, they want your business. At least in my case, I gave them my personal info, they created my savings account and wired transferred $5 into it, no questions asked. Once I had an account, I used their online forms to apply for my refi loan. I had my check the next day.

I only plan on having a used car loan with them so lack of local branches was not an issue for me.
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Old 02-18-2008, 02:57 PM   #16
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well, I just opened a penfed account and wired $5 into it. Seems like it was pretty easy. I guess I'll wait a bit before applying for a loan.
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