Should I use my bank, a credit union, the dealer? If I have good credit, which will give me the best interest rate and monthly payment?
2007-04-14 03:36:36 · 8 answers · asked by jc 2 in Cars & Transportation ➔ Buying & Selling
Go to all of them and compare rates. In general, if you have good credit then a credit union will offer you the best deal.
2007-04-14 03:38:29 · answer #1 · answered by Plasmapuppy 7 · 0⤊ 0⤋
On some new and certified used cars there may be special interest rates that are worth looking into. On new cars the dealer will usually have pretty good rates but credit unions are unbeatable on both new and used. Banks generally have higher rates than either, at least here they do. Oh and sometimes in order to get the 0% or whatever special they are offering you give up all rebates so you need to see which way works better.
2007-04-14 03:40:26 · answer #2 · answered by kmankman4321 4 · 0⤊ 0⤋
Ask them all and compare. It varies so much that there is no single valid answer. My credit union runs "specials"-if you time it right to get one of those, it might be the best deal; sometimes the dealers also have financing specials. A bank is probably the least likely to give you a terrific rate. If your credit is good, you'll find a good deal somewhere. Do a little loan shopping along with your car shopping.
2007-04-14 03:38:27 · answer #3 · answered by MOM KNOWS EVERYTHING 7 · 1⤊ 0⤋
Get pre-approved at your credit union. Then tell your dealer you are pre-approved but ask if they can do better in terms of the interest rate, etc. Often the dealer can shop around for you because they deal with many different lenders. My dealer beat my credit union by a full percentage point on the interest rate.
See Mom Knows Everything's answer. It turns out she does!
2007-04-14 03:41:35 · answer #4 · answered by AK 6 · 0⤊ 0⤋
if they manufacturer is offering subvented rates, they are typically better than others. If they don't offer rates, or have an either or program, go with the rebate and the credit union financing.
2007-04-14 04:46:09 · answer #5 · answered by jay 7 · 0⤊ 0⤋
Compare various terms and conditions of various banks. The dealer may make the procedure easy for you, but, quite possibly, may NOT give you the best loans, on zero/minimum interest.
2007-04-14 03:49:10 · answer #6 · answered by Sam 7 · 0⤊ 0⤋
Credit unions seem to be the best. I always hear that from the financial gurus on the radio.
2007-04-14 03:41:53 · answer #7 · answered by RTC 1 · 0⤊ 0⤋
new car - dealer finance is best
used car - credit union finance is best
Good luck
2007-04-14 03:38:27 · answer #8 · answered by Jim Justice 4 · 0⤊ 0⤋