Best Place to Get Car Loan?

My last 2 new vehicles, I went to the dealership (1st time - Chevy, 2nd time - Honda) and got my loan through them. Great low interest rates. My advice, do not even consider taking out a home equity loan!!!! Only other places I know that offer great low interest rates are a credit union, but I do not know the stipulations/conditions. Good luck and happy car shopping!

I would recommend joining a credit union if you do not already belong to one. Their interest rates are the best. And if you get it in advance they will not loan you more then you should be able to afford. By going to the car dealer they will "back" you into a payment ie - they ask how much you want your payment and they make it fit that and you do not always get that 0% they are advertising in fact most people do not. Credit unions are also much more stable then the banks right now.

Just my 2 cents but check into it.

Smart thinking. It's always best to know what you'll be able to qualify for before you start shopping for the car.

If you belong to a credit union, that should be your first stop. If your not a credit union member you can still get a loan from them, but you'll probably be required to open a checking or savings account with them. The minimum balance is usually very low.

Another good place to check would be your bank. Any bank would do, but the best choice is a bank where you're an established customer.

You could take out a home equity loan or use a home equity line of credit. If your buying a used car, this probably is not the best bet.

The dealership where you buy the car can also help you with financing. Once again this is not your best option. Their rates are usually higher, and personally I find them difficult to deal with.

Good luck.

I would say a credit union too - they usually have good rates, and in my experience, they won't let you borrow more than you can handle. Like others said, you will probably have to open a checking account at the CU to get a loan, but the minimum balance at ours is $5.

We used a credit union and have had a good experience with that. Goodluck!

I have found a credit union is the best place to get any loan, but always check around.

If you have over 20% vested in your mortgage its best to get a home equity loan through your bank because you can write off the interst at the end of the year. If you cant, check with your mortgage lender for just a normal loan. HOWEVER careful with that because the interest rates could be higher than if you were buying from a dealership(new or used).If you are buying from a dealership, see what kind of financing they have. If that doesnt work, then you might want to concider buying a new car that has 0% financing. They are throwing those deals all over. You can get more car for the same monthly payment.

I can tell you this, DON'T GET A LOAN FROM GMAC. They will screw you over like no tomorrow. Unfortunatly for me it was the only car loan agency that would take me with my credit and I didn't know how bad they were. They will also tell you things they do which they really don't. Like they told me if I made 6 months to a year on time payments (since I was struggling before I got married) then I could refinance on it and make my payments lower. I did and then they turned around and said they didn't do that stuff. If you do get them and you do one of those 20/80 split payments because you can't pay on your date, you only get so many a year I found out the hard way and because they kept giving me wrong dates. so just a heads up. I would try any bank that gives you the best/lowest interest rate. Good luck.

I went to my bank. If you have one lined up the car dealership can sometimes work out a better deal for you depending on what they have available. Sometimes they can't. You can deal a little more if you already know you what you have lined up. I had friends get better deals from the dealership but my better deal was from the bank. Never know until you look into it. You don't sign anything until you are purchasing the car.

you can try your insurance company too we have state farm & they offer car loans.........i really don't believe it matters if you have financing lined up before you go......i have been a mortgage broker/loan officer for 19 years & it never made a difference for me in fact dealerships almost always had better financing rates......but whatever you do don't take out a 2nd mortgage, refinance or use a home equity loan!

It is best to be pre-approved and know how much you can spend prior to going looking and buying. Know your budget - what YOU can comfortably afford.

A credit union usually has the best rates - however, you should be an established member prior to asking for a loan.

If you get a 2nd on your home - your payments may be lower but stretched out longer. DO NOT take a 2nd if you will be getting anywhere near your appraised value unless you plan on being in your home for at least 10 more years.

If you have good credit - you can get pre-approved through your bank, etc. - however you want to do it - and compare against the dealerships rates. Yes, this means another ping on your credit report for them to run a credit check. So think about how your credit is and if it can handle another "ping".

GOOD LUCK!!!

I just bought a new Ford and I went online and applied for the loan at Ford Credit. I was approved and given an amount and all I had to do was go to the dealer and tell them what I wanted and how much I was approved for. It was a very easy process. In the past I used my credit union and that worked fine as well.