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      08-30-2012, 10:16 PM   #1
cacofonix
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Financing Noob - please help

Hi Everyone!

I am planning to take financing from a bank since rates are not very high. My car is apparently coming around the end of October. What is the basic process to take a loan (never taken a loan before)? Will the order sheet from the dealer be enough to show to the bank?

I have excellent credit.

Thanks,
- cacofonix.
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      08-30-2012, 10:20 PM   #2
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Check out PenFed if you haven't yet. I believe they have some of the lowest rates if not the lowest out there right now for used and new cars.

You can also call them or any bank and they should explain you their process for loans.
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      08-30-2012, 11:19 PM   #3
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www.penfed.org is at 1.49%. It's easy. Apply online, instant approval. Start the application process. Once you get a VIN# from your dealer, use it to complete the application, and penfed will cut you a check.

http://www.m3post.com/forums/showthread.php?t=696075

http://www.m3post.com/forums/showthread.php?t=725858
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      08-31-2012, 12:12 AM   #4
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Quote:
Originally Posted by tbone28 View Post
www.penfed.org is at 1.49%. It's easy. Apply online, instant approval. Start the application process. Once you get a VIN# from your dealer, use it to complete the application, and penfed will cut you a check.

http://www.m3post.com/forums/showthread.php?t=696075

http://www.m3post.com/forums/showthread.php?t=725858
+1. Pen fed has the best rates around. You can also check your local credit union as well.
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      08-31-2012, 01:35 AM   #5
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I got 3.49% thru my CU but just refinanced thru PenFed at 1.49
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      08-31-2012, 01:40 AM   #6
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Shit, I got 1.79% with Navy Fed. I may refinance down to 1.49! Did you have to add anything to your balance? Or just straight refi?
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      08-31-2012, 05:55 AM   #7
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It may not be worth the hassle to refi, loflier....the difference between those rates on a $45k loan/5 years is about 8 bucks a month.
Cheers,
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      08-31-2012, 08:23 AM   #8
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Do the puts and takes of leasing vs buying (there are several threads on this that are quite good). Do not get sucked into the monthly payment trap. As several above have discussed consider term (length-36,48 or 60 months), APR, and going with a reputable bank. They will require full insurance coverage (which you should have anyway). Good luck.
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      08-31-2012, 08:30 AM   #9
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Anybody know if PenFed is lenient on credit issues? I may have to start referring them customers if they are...
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      08-31-2012, 09:00 AM   #10
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Normally the banks with the lowest rates have the least amount of leniency. These days especially, it is hard to find a bank that will turn a blind eye to previous credit issues.
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      08-31-2012, 03:55 PM   #11
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Quote:
Originally Posted by tbone28 View Post
It's easy. Apply online, instant approval. Start the application process. Once you get a VIN# from your dealer, use it to complete the application, and penfed will cut you a check.

http://www.m3post.com/forums/showthread.php?t=696075

http://www.m3post.com/forums/showthread.php?t=725858
and they wonder why so many ppl went into forclosure!
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      08-31-2012, 04:00 PM   #12
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and they wonder why so many ppl went into forclosure!
I'm not sure how obtaining a car loan significantly contributed to the spike in foreclosures. Perhaps the shady mortgage lending industry did?

When I said "instant approval", of course we are all intelligent enough to understand that the approval is only instant if one meets the criteria for "instant" approval and thus no need for penfed to ask other conditions to be met.
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      08-31-2012, 04:52 PM   #13
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Quote:
Originally Posted by Face15E View Post
It may not be worth the hassle to refi, loflier....the difference between those rates on a $45k loan/5 years is about 8 bucks a month.
Cheers,
+1
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      09-06-2012, 07:26 PM   #14
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Thanks for the Penfed recommendation everyone. I am assuming they don't have any hidden fees like "document processing fees" and other things like that.

Also, I have a score of around 740 - I hope that is sufficient for 1.5%.
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      09-06-2012, 11:51 PM   #15
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Quote:
Originally Posted by cacofonix View Post
Thanks for the Penfed recommendation everyone. I am assuming they don't have any hidden fees like "document processing fees" and other things like that.

Also, I have a score of around 740 - I hope that is sufficient for 1.5%.
No hidden fees. The only fee is an "application" fee if you or family isn't in the service. You donate $15 to one of their programs. No other fees. 740 will get you the 1.49%.

Smooth process for me. I have the check in hand, hoping to bring it to the dealer this weekend
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