this post was submitted on 27 Aug 2023
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Buying a used car, best source for financing? (self.personalfinance)
submitted 1 year ago by hallettj to c/personalfinance@lemmy.ml
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My family needs a second car. I'm thinking about a used Chevy Bolt or Nissan Leaf so I think the cost will be about $20,000.

What's a good source for financing? I was thinking about getting a loan from my bank, Chase. But I see there are also lenders that specialize in car loans, and there might be dealership options? My credit score is over 700.

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[–] 1couchpotato@lemmy.dbzer0.com 11 points 1 year ago

Local credit unions are typically your best bet. In particular, if you have access to navy federal credit union, it's extremely easy to get approved and walk out with a pre-approval check in 30 minutes to buy your car now while you continue to shop around for rates.

[–] odium@programming.dev 8 points 1 year ago

Contact some local credit unions and see what rates they offer. Also, if you're getting a certified pre owned, check what the dealership offers.

[–] deegeese@sopuli.xyz 8 points 1 year ago (1 children)

Get an offer from your local credit union, then tell the dealer’s finance guy you will use his bank if he can beat the rate.

[–] CmdrShepard@lemmy.one 2 points 1 year ago

This is the way to go. Find the car you want online first, secure financing from a local CU second (shop around), and then go to the dealership third. Don't walk in without the financing or they'll give you some BS high rate even with excellent credit.

[–] hallettj 8 points 1 year ago

Ok, I'm seeing overwhelming recommendations for local credit unions. Thanks everyone!

[–] hoanbridgetroll@midwest.social 4 points 1 year ago

Local credit unions are great, and we used mine for our last financed car. We also have gotten a loan through USAA bank (a while ago), as they had a discounted rate if you used their TrueCar powered buying service.