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Posted in Auto Loans
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Question By
Finnaive

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Advice on how to shop for an Auto Loan
Hi
I am planning to buy a certified pre-owned car (my 1st ever car) within next few days. It would be either a Toyota Camry/Honda Accord or a Nissan Altima. I am looking at around 12K for the used car. I do not plan for any down payment or may be max $1000. How do I and who do I approach for car loan of around 12K. My CK score is 711 ( it was actually 735 till couple of weeks back), but the score is coming down.
Should I approach a Bank or a Credit Union? I do not have any relation with any CU.
Or , should I go with the dealer's financing option? I am all new to this.
What is the typical interest rate on Auto Loans in US?
Appreciate if you can provide any advice.

Thanks, Finnaive

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Top Contributor
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Credit Union

Here are some good credit unions or places you can get a car loan...

USAA, DCFU, PENFED, Navy Federal, PSECU

or your local credit unions

If you have a parent in the military or retired you can join Navy Federal and USAA.

I would not finance through the dealer, because your goal should be to join a credit union and then ask for a credit card later.  The credit limits at the places I mentioned above are very good and can help you keep good credit in the future.  A car dealer is only going to help when you want to buy a car, plus they get extra money off your app/credit loan.

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