Car loan adive....

[jetlife johnny]

[h3]im looking to purchase a car in the next month or two but im trying to do everything the right way this time around[/h3][h3]im looking at getting a loan of 30-35k but would like to be financed prior to me going to a dealership than having to go through there banks. im currently financed with fairwinds credit union and have a pretty good track record with them. re-financed my car through them and have a savings account open with them and never had a late payment with them ever.[/h3][h3]the question at hand is what banks out there are giving the best apr rates currently- any banks i should avoid? any information would be greatly appreciated. really want to get something below 2%[/h3]
Little info about myself

- I have over 700 credit score dont know the exact #

- Perfect credit history- never been late on any of my credit cards/loans

- Currently pay 10 % APR

- I want a used 2013 car.

- Just paid off a $5000 furniture loan

- Make about $4200 a month

- Been with the same job for about 7 yrs

- Rent currently $795/monthly

Also are there any car salesman on here that could give me advice on negotiation tactics that the consumer could use to his benefit.Thanks NT!
[h3]  [/h3]

 

[bronxstreets]

whats your down payment looking like?

 

[lightweight champion]

Bank of America offers 2.34% APR

You don't need to have specific car details I'm the loan application since you're not going through a private party.

 

[jetlife johnny]

whats your down payment looking like?

Down payment on the loan?

How much usually would a bank ask for?

I was trying to avoid any type of down payment but if worse comes to worse I can put $3000 down....

What determines how much I need to put down?

Thanks

 

[lightweight champion]

Dealerships ask for down payment, banks don't.

 

[crazy ebw]

So banks are better than dealerships? Not used car douchebags I'm talking the true dealer.

 

[lightweight champion]

Not necessarily but I'd say a good amount of the time they are. I bought my car in 2012 from a Toyota dealership with no money down and at 0% APR. But that's an exception because it was a promo they had going on.

 

[frank mucus]

Try Alliant CU. In the past year they had rates at .99 to 1.49% and were financing people up to $100k for cars.

 

[puglife]

credit unions are generally going to be better than banks i believe. can you not get another loan through your current credit union? i don't think you should be paying anywhere near 10% with a credit score that high. worst case, you can sign up for a penfed account online and apply for a loan through them. you might not have one in your area so you'd have to do everything online/over the phone, but i think a lot of people use them for car loans across the country. you can get approved for a pre-set amount and then once you find a car, they can mail you a check which you can then give to the dealer.

i also think it's in your best interest to not mention to the dealer that you are financing on your own. try to negotiate the best price without telling them that.

 

[Mark Antony]

Yeah your current credit union should be your first stop. I'm sure with your credit history, income and score they should offer better.

 

[al audi]

how in the world are you paying 10% with the info you presented baffles me...............

somethin dont add up

 

[Mark Antony]

how in the world are you paying 10% with the info you presented baffles me...............

somethin dont add up

I was thinking that too but I'm assuming this was before it was at this stage.

 

[al audi]

I was thinking that too but I'm assuming this was before it was at this stage.

yea gotta be

10% though, good lord he mustve really came up over the years

 

[crazy ebw]

 

[jetlife johnny]

yea gotta be

10% though, good lord he mustve really came up over the years

That's exactly right- when I refinanced my car through my CU the only thing on my credit report was my car loan- I basically had no credit which is also as bad as bad credit in some sense. After several credit cards with good payment history and a paid $6000 furniture loan here I am lol Obviously my CU will be my first stop but I could check on there website what kind of loan rates their offering and by the looks of it they're not that competitive with the market from what I seen. Also a lot of websites say 60 month loan for a NEW car for this much APR- what do they consider new? Is a 2013 with some miles on it considered new or any car with any mileage is used?

 

[puglife]

a used car is a used car. if you're the first owner, it's a new car. penfed right now has car loans for new and used vehicles for 60 months at 1.99%

 

[ice city fc]

a used car is a used car. if you're the first owner, it's a new car. penfed right now has car loans for new and used vehicles for 60 months at 1.99%

Credit better be immaculate. 

 

[jetlife johnny]

 
Credit better be immaculate. 

Define immaculate?

Certain Credit score?

I just dont want to shop around to a lot of banks and have them all run my credit. I want to try a couple of banks that have great rates and a good chance to get accepted.

 

[jetlife johnny]

a used car is a used car. if you're the first owner, it's a new car. penfed right now has car loans for new and used vehicles for 60 months at 1.99%

I just checked them out, looks legit but damn I wish they ran the 0% interest on 60 m loan they only have it for a 3yr loan and my payments would be close to $900 0_o

Probably worth it in the end but I'm definatley not paying a mortgage payment on a car.

 

[airblaster503]

OP needs to shop around, I just bought a car 2.5 months ago financed through my credit union. Score of 790 got me 1.9% apr. I know my brother is lucky to be close to 700 and he has even been approved for 2.9%. Also what kind of car are you looking at and how much down? Loaning out 30k at 3% for 5 years is still about $530/mo, imo that is crazy for a car payment, but to each their own.

 

[jetlife johnny]

OP needs to shop around, I just bought a car 2.5 months ago financed through my credit union. Score of 790 got me 1.9% apr. I know my brother is lucky to be close to 700 and he has even been approved for 2.9%. Also what kind of car are you looking at and how much down? Loaning out 30k at 3% for 5 years is still about $530/mo, imo that is crazy for a car payment, but to each their own.

Do banks do 6yr / 72 month loans anymore?

 

[rico x hood]

Do banks do 6yr / 72 month loans anymore?

Yes. I know for sure Capital One Does.

 

[puglife]

If you're trying to do a 72 month loan just to lower the monthly payment...you should honestly probably be looking at cheaper vehicles. Don't stretch your money further than you're comfortable with.

 

[monstar]

Honestly if you have a credit union I would recommend going through the pre-paid route thta way you know what your getting before you show up to the dealership and at that point all you are negotiating is final price.

Most times your credit union has a car connection group that helps to not only negotiate but locate the vehicle as well and going that route will help lock in a lower interest rate with no money down

Im 25 just bought a used maxima 2012 after the the add-ons and warranties car price came to 23K with the same amount of mileage on it.

I went with a 60 month loan have a rate right at 2.54% and put 0 down. The dealership would not even be able to come close to that so check there

 

[superblytrife]

a used car is a used car. if you're the first owner, it's a new car. penfed right now has car loans for new and used vehicles for 60 months at 1.99%

I just checked them out, looks legit but damn I wish they ran the 0% interest on 60 m loan they only have it for a 3yr loan and my payments would be close to $900 0_o

Probably worth it in the end but I'm definatley not paying a mortgage payment on a car.

That's where a good-sized down payment comes into play. I don't think most people do the 3 year thing with no down payment. I know I certainly couldn't afford $900/month for a car, nor would I want to.

As far as the 72 month thing goes, most say avoid it and I generally agree. But if you feel comfortable doing it, go for it. To me it all depends on how long you plan on keeping the car for and how fast the car depreciates in value...sometimes a 72 month term isn't a bad thing with a reliable car that holds value well. That said, I'd DEFINITELY try to double up on payments as much as possible so you pay less in the long run.