Tyring to get a loan to buy a car.Recently graduated and have no money to put down.Do u guys have any ideas on kinda banks I should venture around????
Input greatly appreciated.

lara

Get a loan from a credit union instead of a bank. They offer you lower rates if you have a good enough credit and in most cases you don't have to put any money down! Good luck!

I may not have very extensive credit,under these circumstances what kinda interest percentage can I hope to get??? ANy banks ,any credit union you guys have had experience in????
thanks,
Lara

If you have a cosigner with credit score of more than 700, you will drive the car home tonight without a penny with usually 45 days to pay for the first installment. You will need to buy insurance though.

these IFs are kinda killing me.

get a used car...:-)

BrianLara ,if you can show your income >1500 a month,you can get a Auto loan.You have to produce check of that amount.There are number of credit card companies and credit union are waiting for you to apply it.Interest rate depends on your credit worthyness:

I am just trying to predict interest rate here based on score:

Credit Score >= 750 Interest rate 2.99 to 4.75 %
Credit Score 700-750 Interest rate 4.75 % to 5.5 %
Credit Score 650-700 Interest rate 5.5 % to 7.00 %
Credit Score 600-650 Interest rate 7.00 % to 9.00%
Credit Score below 600 9.00% to 12 %

Note : Above Interest rate is just tentative but will be around that.Before taking any decision,please check your score yourself.More inquiries hurt your credit score.

the rate also depends on the length of the loan... the typical is 60 months... and also personal inquiries doesn't hurt your credit score at all.. so check all you want... free reports at https://www.annualcreditreport.com/cra/index.jsp, might have to pay a small fee to see the score. need more info? http://www.bankrate.com/brm/rate/auto_home.asp

whats different between banks and credit union???? Are there any credit union I should eye for???

Well Banks are for-profit organizations and Credit Unions are non-profit organizations, which is why they can offer better rates on loans. Credit Unions are also member owned as they get their operating funds from shares which are bought from members themselves. I cannot recommend any particular Credit Union for you because it all depends on your location of residency. You have to open a account at your local Credit Union. If you live in one state, you cannot open a CU account in a different state. Every Credit Union has different criteria for membership. Look for a Credit Union in your town or city and talk to them about rates. Don't just apply for loans unless you are sure about it because Hard Inquiries does affect your credit score.

BrianLara,
I will give you suggestions without any IFS....
You are recent graduate.. many dealers have college graduate finance program.

http://www.toyotafinancial.com/finance/college_grads.html

$400 toward the purchase of a new Toyota to qualifying graduates*
NO MONEY DOWN and no monthly payments for 90 days**
Complimentary Roadside Assistance for one year.

This is what I got....

go for wescom credit union they will give good deal.
www.wescom.org

Credit union is ur best bet. Some credit unions actually are affiliated with certain dealerships, that is, if u are interested in purchasing a new vehicle thru a dealership. u can probably fill out an application for a loan thru ur local credit union web sight. bank's have high rates, credit union is the best bet. good luck! :-)

ding ding ding ding ---- JACKPOT!