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    VWVortex


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    Thread: Auto Loans. Tell me about them. Do's and Dont's. Fair Rates?

    1. 05-05-2012 08:03 PM #1
      A friend of mine was recently involved in a car accident and will be purchasing a new (used) car in the very near future. This information will also be useful to me and I'm sure several others. Anyway, once they hear back on how much insurance will be cutting them (guessing around 3,000) and possibly adding another 1,000, they'll have anywhere between 3,000-4,000 to put down on a new car. They have no desire to spend more than 10,000 on something as well. So the remaining 6,000 or so will need to be acquired through a loan of some sorts. So here's my questions:

      Dealership financing isn't always the best, especially at smaller dealers that normally offer high interest rate, is the best bet to go through a bank first?

      Should an auto loan be looked at over a personal loan?

      I know Chase has a minimum you can borrow for an auto loan and it must be a certain age or newer, is this the case with most banks?

      I'd assume credit unions are better to go to than banks?

      If my friend has 4,000 in hand, are they better getting the full amount for the loan and using the money they have to pay it off in the beginning? Will this build better credit?

      Just looking for some advice to pass down to them. I know nothing of this process so sorry if any of my questions don't exactly make sense, I'm only trying to become educated of the matter.

    2. 05-05-2012 11:28 PM #2
      If he can get financing through a credit union, that's where he is going to get the best rate. The dealer will usually tack on a couple of percentage points onto whatever the bank gives them.

      Most banks/credit unions have a year/mileage limit on the vehicles they will loan money. I think 2004 and newer, less than 100,000 miles. Hope this helps.
      www.slimdownsarasota.com - Please check out my new page!

    3. 05-06-2012 03:02 AM #3
      generally, credit unions can provide better terms, so check w/ your local one (through work or school)

      also check out bankrate.com (( I think it might have general rates or something)

      also :

      http://www.carbuyingtips.com/finance.htm

    4. 05-06-2012 07:59 PM #4
      Thanks for the information! Is it more difficult to get a loan from a credit union than a bank?

    5. 05-06-2012 09:15 PM #5
      Depends on your credit. Go to the credit union and find out!
      www.slimdownsarasota.com - Please check out my new page!

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