I just found out that my wife's car died and I may need to buy her a new one. I looked on the Internet and will probably spend about $12k for a used mini van. I currently have a 2 yo loan (with 3 to go) through GMAC for $316 a month that I got when my credit was worse. My FICO is now about 650. Any idea if I can get a loan through them or anyone else? Any idea on expected APR?
Your best bet is to try a local credit union. Do a search to get more info. When in doubt the search button cant be beat.
Boomer, Credit unions give you good rates, but usually you need a pre-established relationship with them. GMAC generally does not finance used cars, there are better banks to go with. If you want to get a simple approval that will outline rates and terms, so you don't have to mess around with financing at a dealership go to : http://www.eloan.com http://www.peoplesfirst.com/ http://www.roadloans.com/ Rate is not dictated by score it is dictated by your credit history, car credit, job time and income. Vegasx
I second the Credit Union route..... we had no history with our local public CU and I walked in, applied, opened a savings acct with $5 and they gave us a used car loan for $5500. Our scores have since gone up so we will be using them more to transfer some debt to a lower rate.
I ended up doing the e-loan and got approved for 12-22k at 5.15 (either new or used). I'm a little mystified at their process with the e-mailed paperwork. Anyone ever use them. Do all dealers accept e-loan? Do you tell them upfront you have e-loan or negotiate first?
Most franchised Car Dealerships (Autonation, Ford, Chevy, etc.) will take your E-Loan stuff... Especially if you are in a bigger city. If you are in a rural area, then in might be tuffer to get them to figure out how to take it, but most big city dealerships handle several per week
Have you looked into refinancing your existing car loan for a lower rate? We went for 2 yrs at 21% with SST (after BK) paid on time for 2yrs and refied it at 10.5% the same time when we bought a Jeep.
I've had several used car loans with GMAC. The catch is you would have to buy the car thru a dealership offering GMAC loans. My 99 JEEP (not a General Motors product LOL!) is financed thru GMAC.
