Best bank to get a personal/car loan from?

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paparoach429
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Best bank to get a personal/car loan from?

Postby paparoach429 » Thu Jan 03, 2013 11:18 pm

So as the title says, Im getting closer to getting my new car and am curious to know which banks tend to be the most lenient as far as amount of money borrowed and interest they charge. Id like to hear personal opinions before I start going out and taking on alot of hard hits on my credit. Also, how does combining hard hits for car loans work? Do they all have to be in the same day, week or month?


cashback
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Postby cashback » Fri Jan 04, 2013 12:42 am

I've usually gone with a local credit union. They seem to have the best rates most of the time.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

paparoach429
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Postby paparoach429 » Fri Jan 04, 2013 12:44 am

Thanks! how about the "multiple hard hits" part?


cashback
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Postby cashback » Fri Jan 04, 2013 12:53 am

paparoach429 wrote:Thanks! how about the "multiple hard hits" part?


Why would you have to get numerous hard hits? If I were you I'd shop around for the best rate and apply there. I don't see a need to apply at more than one place.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

paparoach429
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Location: chicago

Postby paparoach429 » Fri Jan 04, 2013 1:40 am

Wouldnt I not be able to find out the rate until they pulled my credit and see what im eligible for?

Robrus1
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Postby Robrus1 » Fri Jan 04, 2013 8:08 am

I believe it's 30 days. If you have 4 or 5 credit checks for a car loan, for example, it will count as one inquiry.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

cashback
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Postby cashback » Fri Jan 04, 2013 8:43 am

paparoach429 wrote:Wouldnt I not be able to find out the rate until they pulled my credit and see what im eligible for?


I guess that's true... but you can see who has the best advertised rate and apply with them and see if you get it...
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781


paparoach429
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Postby paparoach429 » Sat Jan 05, 2013 12:11 am

Yea they always advertise "what they can do" not "what you may qualify for". So the time period is approx 30 days then?

agp
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Postby agp » Sat Jan 05, 2013 8:52 am

paparoach429 wrote:Thanks! how about the "multiple hard hits" part?


As in you have too many inquiries? If that's the case just tell them you were credit card shopping and want to establish a solid history.

And agreed on credit union.

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

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djrez4
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Postby djrez4 » Sat Jan 05, 2013 10:10 am

I disagree with all of the CU-focused talk. By all means, explore them, especially if you're already a member, but I got my best rate from Chase. I shopped 9 different loan options (some twice through different avenues) before deciding. That counted for 17 total inquiries across all three reports. (All but 4 of those inquiries - the ones on Experian - have been "disappeared.") The dealer was able to get me 0.8% lower interest through Chase than I could get myself, even with 0.75%-worth of discounts for autopay and premier relationship status.

And, the #1 reason for actually applying at various places and taking the inquiries - the rate I actually got was almost 80% lower than the highest rate I was offered. That saved me over $6700 over the life of the loan. And, you never know what you'll get until you actually apply.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
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