I'm looking at E-loan at 6.25. Any credit unions? something simple

 

lending tree

 

Alot of people say lending tree but my GF and I did not have good luck with it.

they offered me 11.9 I ended up with 6.1 from the dealer.

they offered my GF 9.9 and she got 6.9 from the dealer.

It has worked for a lot fo poeple though so I dunno. Keep in mind if they send you some crazy intrerest rate, do not get discouraged.

 

Don't mean to hijack the tread, but I am considering getting financing online as well. how does this work?
I would of course like to get my loan online first before going trough the whole sale price negotiation at the dealer. However given that I do not know how much the car will ultimately cost, do you apply for a 30,000 loan and then if the car ends up costing 28500 can you "downgrade" the loan to the exact amount?
Or there's no way to do this and you must first haggle the price and once you have that, THEN go online and get the loan for the exact amount....?

 

Apply for more than you will probably use. Let's say the car might be a 35-37k car, apply for 40k. That gives you a buffer. Once the paperwork is done on the Z and its 35k out the door, they send that paperwork to the lending company you got the loan from, and that is what your loan is for. So your monthly payment and amount you owe is less than you applied for.

Capital One Auto Finance is also a good place. They actually send you a check and you write the check to the dealer like your paying cash.

Good info here about online loans

http://www.capitalone.com/autoloans/...ALFAQ#11_pg_sl

 

Also the thing to remember about lending tree and eloan...... they take your info and then MULTIPLE banks run your credit.... so you might get 4-5 inquiries on your credit report.... just keep that in mind.

 

It only counts as one hit against your score though, as it is within 45 day period. You can have your credit ran as many times as necessary in that time, as they realize you are purchasing a car/ house whatever.

"· In the newest formula used to calculate FICO scores, that 14-day period has been expanded to any 45-day period, Watts said. This means consumers can shop around for an auto loan for up to 45 days without affecting their scores. But the old 14-day rule might still apply at some lenders that aren't using the new version."

Source: http://www.washingtonpost.com/wp-dyn...050402237.html




I am going to use Cap One auto for my financing even if the dealership can offer better... then, when I go to the dealer, I will see what they offer. That way I will have more power, as the dealer doesn't have me locked in to what APR they want.

 

Make sure when you get the check for your car...do not disclose it to the dealer. They may ask to look at it and then see the max amount you can afford.

 

Exactly. Keep them guessing on your apr, and they might actually try to beat the offer from Lending Tree or Cap 1. Gotta know when to hold em, know when to fold em.

 

+1 on Capital One. Very smooth transaction with them, and an even smoother transaction at the dealership. I can't remember the places I went to, but Capital One was the lowest APR.

 

Thanx for the tips guys!

 

I just applied for a capital one load and they approved me!! Im going ito get my Z the day I get my check! Im pretty excited considering I was turned down twice on a loan. Both banks from the dealership told me " you have excellent credit, and make the perfect amount a year for this loan....but you have no loan experiance". They wouldnt give it to me because of no experiance. My charge cards that I have had for 4 years didnt count they said. But its all good Capitol One is GREAT!! Super low apr too!

 

Capital One is great. Sounds like the dealership really didn't try hard for you. That happens. I have used Capital one on my TL and plan to use it again for my next car.

 

What financing did you find?

 

I'm still trying to figure out Capitol One. I have very good credit, well in the 700s, and contacted them to see what their rates were when I was buying my Z. My credit union already gave me the best rate I could get at the time for T1 credit. After my application CO called me back and said..congrats..we are happy to approve your loan at an APR of 12%.... I was like wtf? My CU got me down to almost 4% can you do better? They said no and I hung up.

 

Wow, I only have a Tier 2, but I got a Tier 1 rate with Capital One on my TL for 6%. Someone at Capital One wanted to screw you.

 

Qaulity local established Credit Unions usually offer best loans period. Join one and win.

 

Not all the time.

 

capital one is by far the easiest to use. I applied on a friday afternoon, had my black check in my hand at 9 am next morning. Bought the car same day. Quick, easy, only thing is that they tend to come in a bit higher then other places on rate.

 

If you are insured by USAA check their rates. I can get 5.99% for 60 months. Capital One just raised my fixed CC rate to 13.9% from 8.9%. I have had the CC for 5 years & they pull this. I'll never do business with them again.