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  1. #1
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    Default Best bank to get a personal/car loan from?

    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?
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  2. #2
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    I've usually gone with a local credit union. They seem to have the best rates most of the time.
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  3. #3
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    Thanks! how about the "multiple hard hits" part?
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    Quote Originally Posted by paparoach429 View Post
    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.
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    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

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  5. #5
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    Wouldnt I not be able to find out the rate until they pulled my credit and see what im eligible for?
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  6. #6
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    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.
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  7. #7
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    Quote Originally Posted by paparoach429 View Post
    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

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    Sallie Mae World Mastercard

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    Yea they always advertise "what they can do" not "what you may qualify for". So the time period is approx 30 days then?
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  9. #9
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    Quote Originally Posted by paparoach429 View Post
    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.

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  10. #10
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    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.
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