Best financing options

[galantz28x]

Does anyone have any suggestions on who I should finance through? I am trying to purchase an 03 LS and am going to have to finance most of it. I fiinanced my last thru capital one and got a high int. rate. Any help would be great......thanx!

 

[sloban]

I'd give CapitalOne (the online one) another chance. They are usually one of the lowest rates and least hassle lenders on the market. I've used them 3 times. They do specialize in loans to borrowers with excellent credit. If your rate last time was high, perhaps it was because your credit history was relatively new? If you have a good record with them and go with them again, it will probably be better.

Just in case you don't know, you CAN shop around and apply for several loans without getting a big negative on your credit for all the enquiries. In scoring your credit, the credit bureaus will treat multiple enquiries for the same type of loan in a short time period as a single enquiry. That's responsible credit shopping.

Good luck!

 

[galantz28x]

thank you....I didnt know that.....so I really should just apply with as many companies as I can???

 

[GrayGhost1]

Do you have a local Credit Union? Normally, if you are a member there they will give you best rates. When I buy automobiles I already have my financing lined up before I purchase a car. This way the dealer isn't trying to scam me into something that is beneficial to them instead of me.

 

[chriswells78]

I have always financed through either the dealer or the bank that I deal with for my checking. The bank that I do my checking with gives me 1/4% better rate for doing auto withdrawl.

I only do this though if what the dealer has is higher, 4 of the last 5 times that I have bought a car, the dealer had a cheaper rate through another bank. Most of the dealers around here have several different banks that they are authourized to do financing through and will find the best rate for the car that you are buying. The older the car, the higher the interest, the better your credit, the lower the interest, etc, etc, etc....

The moral is, check with your bank, then your dealer.

 

[2001LS8Sport]

I'd give CapitalOne (the online one) another chance. They are usually one of the lowest rates and least hassle lenders on the market. I've used them 3 times. They do specialize in loans to borrowers with excellent credit. If your rate last time was high, perhaps it was because your credit history was relatively new? If you have a good record with them and go with them again, it will probably be better.

Just in case you don't know, you CAN shop around and apply for several loans without getting a big negative on your credit for all the enquiries. In scoring your credit, the credit bureaus will treat multiple enquiries for the same type of loan in a short time period as a single enquiry. That's responsible credit shopping.

Good luck!

That is absolutely true....if like sloban says it's done in a very short time frame (a few days at most)...except in the case of credit cards. The FICO system HATES inquiries for revolving debt.

 

[Crying Birch]

Check out creditboards.com, they have an auto financing forum. There is some very valuable information about credit there.

 

[Smokey]

I went online with Capital One and got an answer in 15 minutes and they sent me a check. Very nice walking into the dealer knowing you have financing already arranged.

 

[Qbrozen]

i'll echo the suggestion to check with the dealer.

When I bought my '03 about 7 months ago, Ford Credit had VERY low rates at that time for certified cars.