Best sources for used car loan

[Mac1337]

A 2-yr car lease is coming to an end and I'd like to perhaps purchase it at contract price. The leasing company does provide financing but I'd like to know what other financing sources some of you have tried.

[Acer]

I've gotten auto loans via Capital One twice, once for new, once for used. Competitive rates, very convenient to arrange. Just sign up on the web site, and they send a blank check to use at any dealer.

[mrlynn]

If you have access to a credit union, many will give used-car loans.


/Mr Lynn

[MacArtist]

+1 for credit unions. I've found them to be more user friendly than banks I've dealt with.

[dmann]

I bought my car in '07 and Capital One had the best rate going. The dealer said they couldn't go lower than x amount. Once I took out the check from Capital One and the letter with the interest rate, the story changed. The dealer actually beat the rate from Cap1, but I had to give them some incentive to do it.

DM

[Racer X]

My credit union considers cars under @3 years old "new". 2008 or newer according to their website right now. 3.49% and up.

[pqrst]

Credit union gets my vote.

[SDGuy]

+5 for Credit Unions.
Mine has a program called "Auto Equity" - you put a removable lien (meaning you can remove it at any time if you want to) on your residence and voilà - the interest is tax-deductible.

[Mac1337]

I have found out a few things since the post. Capitol One does not finance lease buyouts. Makes no sense to me. What do they care? They finance cars as old as 7 years but are turning down a 2 year old car. The leasing company itself is willing to finance but refuses to accept any paydown. They want to finance the whole amount. Weird all around.

[(vikm)]

My credit union just gave me a used car loan at a rate of 2.9 for 5 yrs. It was a car I had paid off and is an '04. They were also willing to give me the loan towards my '95 Supra if I wanted (yeah, a 15 yr old car). I don't think many will find a better deal than at a credit union. They are usually the most flexible and generous.