First auto loan, where do I get one?

[SinnerDC2]

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
Nick

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.

[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...