how does a pre-approved car loan work?
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
|
Never bought a new car (or a house) so don't know how pre-approved loans work. Am going to the Credit Union tomorrow and wondering what to expect.
How do you decide on a Credit Union loan or car dealership financing? As simple as best interest rate? And prepayment penalties? Or other sneaky factors? |
Anonymous
|
It's just a car. I've never seen prepayment penalties (are they even allowed any more)? Look for best rate on a term (# of years) that suits you.
Often, dealer financing is better, because they offer lower rates and take it as a marketing expense. We pay 0.9% on one car, and 1.9% on the other, both through the manufacturer's credit arm. |