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Which company or institution should I get my used car loan from?

Hello. I'm a married woman from Colorado Springs.

My husband tries to buy a used car, corvette C5, and
since we don't have whole lot of money to pay it off right away,
we're also trying to figure out where to loan the money from for the car.
The price for the car is about $20.000 and
we can put $9.000 of money down.

Is it better to stick with banks(e.x Ent) or USAA or private companies?
Please let me know which way is the best to save money on the car loan.

I also hope to find a loan with a lower interest or ZERO(if possible).

Thanks for reading my question and all of you have a good day =)

Answer Question

Asked by superfamily at 3:10 PM on Jul. 29, 2009 in Money & Work

Level 1 (0 Credits)
Answers (7)
  • We recently got ours through our bank, Navy Federal. They had better rates than USAA at the time. I would just check around and see where you'll get the lowest interest rate. It'll take a little work, but it'll save you money.

    Answer by toriandgrace at 3:11 PM on Jul. 29, 2009

  • Hands down, find a credit union and get it there. There are many you don't have to join buit even if you have to join they are much better than banks anyway.

    Answer by itsmesteph11 at 3:15 PM on Jul. 29, 2009

  • I'm an idiot, we got ours from our credit union, Navy fed. I agree credit unions have better rates typically.

    Answer by toriandgrace at 3:19 PM on Jul. 29, 2009

  • You're not going to get 0% down no matter where you go, if it's a used car.

    Answer by Christina807 at 4:12 PM on Jul. 29, 2009

  • Credit unions are great, I used to work for one. Low interest rates really depend on your credit rating. if you have a credit of 560, you will not have a low interest rate. if you have a credit score of 700, then you may get a lower score. It also depends on the bank/credit union's criteria for loans.
    Sometimes they do debt/income ratio. and if it is more then 50% then this may require a co-signer or higher interest too. I've been out of work for like 9 months so things could have changed too.

    Answer by mommylovesu28 at 5:56 PM on Jul. 29, 2009

  • oh i meant lower rate after the 700. sorry. typing error.

    Answer by mommylovesu28 at 5:57 PM on Jul. 29, 2009

  • A corvette is not a practicle car for a family. It will be a "black hole" for money.

    Please buy a car that you can pay cash for!

    Answer by rkoloms at 7:24 PM on Jul. 29, 2009

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