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Posted in Auto Loans
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Mrberry319

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I need a new vehicle. What kind of loan or what do i do to get that loan?
My credit history is very short but i have $500 and a car to trade in. What can i do to get an auto loan?

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Depends  a lot on yoiur credit score which only you can [see.  The articles on this site cover how to handle numerous financial issues and are worth reading for those who truly wish to better their credit.

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Do your research

When i am purchasing a vehicle, i usually get pre-approved through a credit union for a specific spending limit first. Then when i go car shopping, i tell the salesman i am a cash buyer and "monthly payment" isn't a factor in my decision-making process. If you go there without pre-approval, they will try to rope you into a decade of payments just so they can get you to buy a car you can't afford. Then in 2026, you'll be driving a 9 year old vehicle with 120,000 miles and you'll still making the same payment you were making when it still had the new car scent in 2017. You don't want that.

Get preapproval, and don't listen to a word the salesman says. Look up the value of the car on NADA or KBB on your phone and see if it is a fair price. If it is, have them print you off a purchase invoice with all costs included (taxes & doc fees). Then go back to the lender (bank) and get a check for that amount (loan from lender) and go pay the dealership with the check.

Don't listen to the salesman, and don't even go into the financing office at the dealership. If you do, you'll wish you hadn't.

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