Huzzah for credit unions and their EZ financing!

[prigo]

Got approved up to 15k @ 8-10% (3, 4, or 5 year loan). Now to get my Impreza <3

[phenryiv1]

I got a great rate at my credit union as well. 2.5% LOWER than any other bank...

[supra brit]

How hard do you think it will be for me for take out a $2500-3000 loan? I'm almost 19...and no credit...but I will have co-signers. It'd be a personal loan I guess...and how long to get approved?

[phenryiv1]

Well, for me it was not hard. The hard part is getting membership in a credit union. Where I went, you had to be a relative of a member. My mother-in-law is a government worker, so we (my wife and I) joined her credit union. We are actually about to refinance her car through them as well.

[supra brit]

My manager said his credit union has really low interest rates and that he could refer me.

[phenryiv1]

My manager said his credit union has really low interest rates and that he could refer me.

That is a good idea, if he can do it. As long as you don't have a lot of debt and you have a steady job, you should not have a problem getting approved. The only problem is that w/ inflated 240 prices, you might not get approved for enough to buy a 240 because on the books they do not have the same value as they do on the street, so their loan value is fairly low. I looked at a 95 w/ 125K for $3000 and they gave me a weird look. I talked them into the laon, but I had to demonstrate that that really was market rate for a 240. Then I decided not to buy the car, LOL...

[supra brit]

But if it's a personal loan? I already have $2k, but I need another $2k for the rest of the price of the car,then a lilmore for all the initial insurance fees and tags n what-not...

[phenryiv1]

But if it's a personal loan? I already have $2k, but I need another $2k for the rest of the price of the car,then a lilmore for all the initial insurance fees and tags n what-not...

It would not be a personal loan- it would be an automobile loan, which is secured by the property.

What you would do would to get pre-approved for $X. Then you would find a car, and use that money to buy the car. The car would be collateral on the loan, and because you would pay $2000 of your own money into the car, you would have some equity, which will help you get approved for the loan.

Joining a credit union is often free, but may have a $5-10 application fee. I would join and talk it over with a loan officer. Even with no other collateral I was approved for $6700 for my Infiniti.

[supra brit]

hmm...alright. thanks for the info...I'm new to the whole buyin-a-car game...

[hannibal]

http://www.penfed.orgIts the pentagon employee's CU. last time i checked, the rate was 3.69%. lowest Ive found.you can qualify to join the CU by joining the NMFA (National Military Family Assoc). The fee for joining NMFA is $25 (and you have to open a penfed account with minimun of $5). Not a bad deal...

Oh crap, its starting to go up again3.9%

[prigo]

^ Wow, that is sick.

[phenryiv1]

I have 5.9% on a 97 Infiniti...that is unreal. My wife's 2003 can be refinanced at 3.9%, I beileve- and it was 2.9%, as you said.

[[Zero-S]]

You *can* take a signature loan out for a car. There is nothing in the rules against it (as a matter of fact, when my dad bought his suzuki sidekick he did that very thing). It a)keeps the bank from holding the title, and b)lets you put liability only insurance on the car.

[hannibal]

^thats why i ended up paying off my loan from penfed right after i bought the Escort. My comprehensive payments would have been more than the loan payments.

BTW, going to look at a S14 today!!