Anyone know a good financing company?

Question

I need to get a used car and I want to go to the dealership with my loan pre-approved. Anyone know of some good companies to go through for that?

Answer 1

This is really a question that is dependent on your credit.

If you've already established yourself, then you might want to look into a couple of credit unions in your area. Often, you don't have to be a member before applying. Instead, if you know you have good credit, you can open a small savings account and apply for an auto loan at the same time. If you're short of credit unions in the area you live in, you can try some of the ones online like pentagon federal credit union which has very easy membership guidelines. Almost anyone can join.

If you have little or no credit but you've banked at the same institution for a long time and have at least some history with them, then they'll provide you with a decent option. Another option could be the online lenders like roadloans.com or eloan. Both have been fairly aggressive recently with approvals.

If you have no credit history, try to get a co-signer and apply where the co-signer banks. This will get you a little better rate than the average first time buyer program. By the way, these programs are rare. Generally a first time buyer needs a co-ap or a sizable down payment.

Remember that just because you have a pre-approval from an outside lending source doesn't mean the dealership might not beat their rate. For instance, I've had numerous people come into the dealership that I work for with pre-approval checks that have fairly high rates. I've run apps on many of them and gotten them better rates than what they ever expected.

Just try to keep your options open and explore a few possibilities.

Hope this helped.

Answer 2

In my state the financing company is permitted by law to
take up to half of your monthly earnings spread over a six year period or three years if the earning(s) warrent. After that is done
a second and third financing company will offer to reduce the
monthly payment in exchange for longer contract term years.
These latter services enter customers into what is called
"Debt Slavery."

Answer 3

I would first try working with your local bank that you have your accounts with.