Reccomendation for Auto Loan?

**CosmosMpower** · 10-06-2007, 08:05 AM

Looking for a good source to get an auto loan as I'm selling my RX-8 to buy something else and will need a little bit of a loan on top. I applied and got approved for a Capital One blank check loan a few years ago but never used it. It seemed to be pretty easy but I checked their website and their person to person loan rate is over 9% right now which is ridiculous. Anyone know of any local banks/credit unions or websites offering good rates 5-7% etc? I have pretty good credit as well.

**sammm** · 10-06-2007, 08:22 AM

Credit unions typically have good rates. Check with your bank too.

http://www.bankrate.com/brm/rate/auto_home.asp

**Titus** · 10-06-2007, 08:28 AM

I have financed a couple cars in the past through SAFE Credit Union. They are in California, but they were willing to Finance Our Murano after we moved to Texas. That was less than 3 years ago, and they quoted me 3.9 %. The dealer managed to beat it, so I didn't use it that time, but I did use them twice when I was back in CA.

**Titus** · 10-06-2007, 08:31 AM

Also, IIRC, the key to getting the best rate is 1) Car no more than 3 years old, 2) at least 20% down, and 3) 700 or better credit score. As you leave those parameters, the rate starts going up.

**CosmosMpower** · 10-06-2007, 09:10 AM

Originally Posted by Titus

Also, IIRC, the key to getting the best rate is 1) Car no more than 3 years old, 2) at least 20% down, and 3) 700 or better credit score. As you leave those parameters, the rate starts going up.

Should be fine going to finance

1. 2005 car

2. Put 50% down

3. 800+ credit score

Thanks for the tips so far guys.

**sammm** · 10-06-2007, 09:16 AM

Did you sell the 8? What's next?

**CosmosMpower** · 10-06-2007, 09:32 AM

Originally Posted by sammm

Did you sell the 8? What's next?

Working on it, almost had it sold but the buyer pulled out. Once it sells I'm going to try and score a good deal on an 05 Elise, there are lots of them out there on sale for reasonable prices.

**altiain** · 10-06-2007, 05:26 PM

Originally Posted by CosmosMpower

Looking for a good source to get an auto loan as I'm selling my RX-8 to buy something else and will need a little bit of a loan on top. I applied and got approved for a Capital One blank check loan a few years ago but never used it. It seemed to be pretty easy but I checked their website and their person to person loan rate is over 9% right now which is ridiculous. Anyone know of any local banks/credit unions or websites offering good rates 5-7% etc? I have pretty good credit as well.

Joseph,

Depending on how long/how much you're going to finance, you'd be surprised just how little the interest rate matters.

I used a Capital One "Blank Check" loan to buy the RX-8 last fall. I financed roughly 40% of the purchase price, and I did it on a 30 month note (the shortest term Capital One offered). In my particular case, the difference between 9% and 6% was less than $10 a month.

We'll have the note paid off by the 20th month, and awhile back I did the math on the additional interest we'll pay over the life of the loan at 9% versus 6%. It came out to roughly $150, which to me is peanuts when you're talking about a $20k+ purchase.

My credit score is a little better than average as well (

), but in my case I felt that Capital One was the best option even with a higher relative interest rate. I bought the car in Kansas from a guy who lived in Massachusetts (where the car was registered). Most banks and credit unions are going to want to have the title in hand before they issue a check to the seller, which can be a problem if you want to buy a vehicle out of state or somewhere not close to a bank branch location. I used Capital One because it gave me the flexibility to buy whatever car I wanted, wherever I wanted, whenever I wanted.

**jrj512** · 10-06-2007, 10:45 PM

Originally Posted by altiain

I used a Capital One "Blank Check" loan to buy the RX-8 last fall...

I have a friend who bought his Vette the same way. He thinks it worked out well, too. I will consider the same if I buy a previously enjoyed car in six months to replace the TSX at lease end.

**CosmosMpower** · 10-07-2007, 01:53 PM

Originally Posted by altiain

Joseph,

Depending on how long/how much you're going to finance, you'd be surprised just how little the interest rate matters.

I used a Capital One "Blank Check" loan to buy the RX-8 last fall. I financed roughly 40% of the purchase price, and I did it on a 30 month note (the shortest term Capital One offered). In my particular case, the difference between 9% and 6% was less than $10 a month.

We'll have the note paid off by the 20th month, and awhile back I did the math on the additional interest we'll pay over the life of the loan at 9% versus 6%. It came out to roughly $150, which to me is peanuts when you're talking about a $20k+ purchase.

My credit score is a little better than average as well (

), but in my case I felt that Capital One was the best option even with a higher relative interest rate. I bought the car in Kansas from a guy who lived in Massachusetts (where the car was registered). Most banks and credit unions are going to want to have the title in hand before they issue a check to the seller, which can be a problem if you want to buy a vehicle out of state or somewhere not close to a bank branch location. I used Capital One because it gave me the flexibility to buy whatever car I wanted, wherever I wanted, whenever I wanted.

That's a good point, I'll need to sit down and do the math. When I use those car payment calculators and change just the interest rate it seems to make a noticeable difference (I think 25 more a month) $1600 over 60 months.

**boisking** · 10-08-2007, 10:49 PM

I got a good rate with Texans CU on my motorcycle loan.

**Miatamaniac92** · 10-09-2007, 08:11 PM

USAA is great if you can afford it. I've also used Thrivent Financial in the past.

Chris

**CosmosMpower** · 11-16-2007, 08:36 AM

Originally Posted by Miatamaniac92

USAA is great if you can afford it. I've also used Thrivent Financial in the past.

Chris

Isn't USAA just for military families? A neighbor of mine just got 4.5% on a new Mini cooper loan, pretty crazy!

**TheChadVIII** · 11-16-2007, 01:45 PM

I used the Capital One blank check on the S2000.

I like it.

**CosmosMpower** · 11-16-2007, 02:21 PM

Originally Posted by TheChadVIII

I used the Capital One blank check on the S2000.

I like it.

9.25% they can kiss my ass...going to check out Guaranty, a co-worker said they just started doing auto loans and have as low as 4.9%

**Miatamaniac92** · 11-16-2007, 04:06 PM

USAA is for military and their families.
You could also check out Thrivent Financial, they are at 6.99 for a new loan.

Chris

**CosmosMpower** · 11-16-2007, 05:03 PM

I'm trying to get 6% or better. Guaranty sounded good except you can only buy a car from TX or CA which kind of ruins it for me.

**Checker** · 11-17-2007, 10:46 AM

Gmac

**CosmosMpower** · 11-17-2007, 05:39 PM

Originally Posted by Checker

Gmac

Do they finance used non GM vehicles? I may just go with Chase, they offer about 6.5% and are the most flexible for out of state purchases etc.

**XM_Rocks** · 12-27-2007, 02:19 PM

Originally Posted by CosmosMpower

Do they finance used non GM vehicles? I may just go with Chase, they offer about 6.5% and are the most flexible for out of state purchases etc.

I dont know if I am to late to the party here but I have financed 3 cars through Credit Union of Texas.

They have also handled 1 out of state purchase.

My E36 M3 I got 5.85% for 24-60 Months, I picked 36. This was in September 2007.

My wifes PT Cruiser we refied once we got married and we dropped her 9.5% rate to 5.95% for 24 months in June 2007.

Only stipulations are that you live in the Dallas area and you have a savings accounty open ($5 Balance). Above rates are with the ACH discount.

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