Hi all, We're in the middle of a refi on our home. But now, our mini-van has decided to take a crap! We want to finish with the refi and then start looking for a new (to us car. My questions to those with experience: Are the online loan companies, such as Capitol One, or Eloan, (where they send you a blank check to write to a dealer) decent to deal with? We have a bunch of new inquiries because we shopped around some for the mortgage, are they going to bite us big time? Our scores on Privacy Guard are (All 6, between hubby and me) in the 710 range, but according to our mortgage guy's report, they are 660-690's. Can we get a decent rate with those? We can wait a little while but I don't think the van is going to hold out 6 months! Any advice would be greatly appreciated!!! Thanks! Takincharg
Credit unions are the best place. You don' t even have to be a member of one. I went to a small used auto lot, and he had this software membership that allowed him to look up all the credit unions in the area and see if I match any of their criteria. I ended up getting an auto loan from a credit union, simply because I resided in the same county (their only criteria) and the used auto loan was 5%!!! I wish I knew this when I started out my adulthood w/ credit. Would've saved me thousands!
Capital One Auto the best especially the Blank Check that you receive prior to going to the dealership.
If all of your mortgage inquiries occur within 30 days, it's supposed to look like one pull for FICO. Supposed to. I was in great shape and then the actual servicer for the mortgage did a pull outside of the 30 days. But I do have a big, fat fixed mortgage.
I agree with vectorz. Credit unions are a great place. Usually you can sit down and talk to them about any problems, and they'll have a real person review the application. I had to prove my income to my credit union and then they approved me.
yah credit unions usually pull one, will tell you what the score ratings (not same as EQFX FICO btw) are rated to each tier, and pre-approve you. i was in the 2nd top tier. (internal score+fico was used) any 97 or newer < 90K mile used car: 3.25% up to 36 months 4.25% up to 72 months 25K approval (buy from a person not a dealer, save big $$) Now for a new car, the promo's on models that are sitting on lots, you'll get a better deal from the dealers due to incentives on APR. If using a CU you might get a crappier rate but a big cash rebate from the dealer (do the math). Leasing, credit unions will always give the best bang for buck for your needs. They will autofinders your car to your needs, and give you an awesome rate. Most CU's care about score only, some are even smart enough to ask "why is that $10K balance CC in dispute (efx disp trick)"? The balance is wrong of course. Uh ok. muahahah. Good luck. Credit unions rock, esp for used/lease. For high demand cars, you might get a better rate at a CU, but for cars that nobody wants (lot sitters) you can probably get that super duper 0% rate because they gotta move stock. Don't buy a demo car, btw. They are ragged out. I told them if my car had more than 10 miles on it, don't bother unwrapping it. (it had 4). had to come back the next day to get the spit shine since it was a 10pm sign and drive. Took longer to apply for a credit card in writing than do any car loan lol so far. Most of the online places i've tried them all gave me crap rates for my score. They like to prey on people that can't get traditional financing imo. Most car dealers use these same financiers but get better rates than you would normally, but they are allowed to pad the APR to get a bonus. And remember, if you don't walk at least twice from a deal (er) you probably are getting soaked. Took 3 walks to get the price and APR on my new car. Last one was at 9:45pm. Oddly the finance manager had a 99.99% SIGN HERE approval from chase in his desk, after i told him where to stick the first (vw credit) finance papers which were all typed up 99.99% too. They are that sneaky. I will only lease (new) or buy used (personal) from now on. I have learned my buy new lesson twice. To the sum of over $12K in depreciation when i got bored/tired/etc of the cars(2). thats a pretty penny to throw in the trash. btw, high end dealers like audi/bmw multi-dealers (they own many dealerships other than that car brand) are able to "Stack" financing to get you a better rate. Due to the ratio of High credit buyers, they can throw in a lower credit score at a better rate at the financier and say take it or leave it. Stacking is not so successful at low end car dealers (AKA hyundai/kia/etc) since the majority of buyers have an average credit situation that is below the high end dealers
I believe Capital One has the been program available to all types of credit. Their stipulations are very reasonable and their rates are very very competitive. I finance 30 cars per month and Cap One definately gives credit unions a run for their money.
Chase automitive gave us 4.15 % on a 2004 trail blazer and we were able to rob the dealership of all the rebates, graduate student incentives, and lease loyalty discounts. granted my scores are fairly high now. But the long and short of it is I was able t oget a loaded 04 trail blazer for 22,500 after all discounts. put 5000 down and financed the rest for 4.15 % makes for a very very affordable payment. Now the 38 buck to fill it up every week is another story altogether.
