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#4533694 - 10/04/17 11:13 AM Application for credit
grampi Offline


Registered: 10/08/06
Posts: 7762
Loc: OH
I will be looking to buy a vehicle sometime between now and the next two years. I will be paying cash for roughly 75% of the purchase price and borrowing the rest. I contacted USAA to find out if there is a way they can tell me what my loan terms would be (what my interest rate would be, and if the loan would be approved), without actually applying for a loan. She said that I would actually have to apply for the loan to find out and there's no other way to do it. So I asked her if I applied for the loan, not to actually take it, but just to find out my terms and if it will be approved, will that go on my credit record in any way that could negatively affect my chances of getting the loan when I actually need it. She said it would go on my record as an application for credit. She would not, or could not say if that would negatively affect a future loan application. To me it sounds like something that would count against me, but I don't know for sure. Anyone in here know?

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#4533698 - 10/04/17 11:15 AM Re: Application for credit [Re: grampi]
Alfred_B Offline


Registered: 05/12/15
Posts: 1968
Loc: America
When you say "loan terms", what exactly do you want to know?

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#4533705 - 10/04/17 11:19 AM Re: Application for credit [Re: grampi]
JayhawkRoy Online   content


Registered: 09/12/04
Posts: 1019
Loc: Basehor, KS
Current new car rates from USAA:
https://www.usaa.com/inet/pages/bank_auto_loan_rates?akredirect=true

Looks like your answer is 2.99%. Rates may change in the future, but I would use this as my planning figure.

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#4533711 - 10/04/17 11:23 AM Re: Application for credit [Re: JayhawkRoy]
Quattro Pete Offline


Registered: 10/30/02
Posts: 35856
Loc: Great Lakes
9
Originally Posted By: JayhawkRoy
Current new car rates from USAA:
https://www.usaa.com/inet/pages/bank_auto_loan_rates?akredirect=true

Looks like your answer is 2.99%. Rates may change in the future, but I would use this as my planning figure.

And that's assuming good credit score. grampi, you should know what your credit score is.
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#4533716 - 10/04/17 11:25 AM Re: Application for credit [Re: grampi]
ARCOgraphite Offline


Registered: 05/17/09
Posts: 11965
Loc: N.H, U.S.A.
Auto loan rates are low - keep the money in the market and take the loan.

Aren't you making over 15% in the market? Why would you pay more than 10% cash when there exist cheap auto loans that are 2-5%?


-Do you have a credit union? you should get the POSTED good-guy rate unless you've been bankrupt recently with no credit pull required. Also most Auto Manufacturers loans are pre-posted in Edmunds and on TV and at their web page(S)!

I don't understand why you would need to do a soft pull.

Now more importantly - what car or truck smile They don't make Crown Vics or Buick LeSabres anymore. Not being snide - those were my favourite rentals in FLA. Maybe the Chrysler 300? Are those gone too?


Edited by ARCOgraphite (10/04/17 11:31 AM)
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#4533722 - 10/04/17 11:28 AM Re: Application for credit [Re: grampi]
bubbatime Offline


Registered: 03/18/08
Posts: 5622
Loc: South Florida
Ive used USAA auto loans for the past 3 car purchases, and I dont think the process could be any easier at all. You fill out the application online in 5 minutes, get approved, and bring the approval letter to the dealer. It is So stinking easy. I LOVE the loan process at USAA. I'll use them even if the rate isn't the lowest (unless the manufacturer is offering 0% interest)

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#4533728 - 10/04/17 11:32 AM Re: Application for credit [Re: Alfred_B]
grampi Offline


Registered: 10/08/06
Posts: 7762
Loc: OH
Originally Posted By: Alfred_B
When you say "loan terms", what exactly do you want to know?


I plan on buying a '98-'04 Corvette. I need to know if 1) they will loan money on a car that old and 2) if so, what would be the interest rate, and 3) would it be approved. I'm not as concerned about #3 as that would be based more on my credit than any other factors, which is excellent, but numbers 1 and 2 concern me...


Edited by grampi (10/04/17 11:37 AM)

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#4533730 - 10/04/17 11:34 AM Re: Application for credit [Re: JayhawkRoy]
grampi Offline


Registered: 10/08/06
Posts: 7762
Loc: OH
Originally Posted By: JayhawkRoy
Current new car rates from USAA:
https://www.usaa.com/inet/pages/bank_auto_loan_rates?akredirect=true

Looks like your answer is 2.99%. Rates may change in the future, but I would use this as my planning figure.


That rate is for 2016 or newer vehicles, which wouldn't apply to me...

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#4533734 - 10/04/17 11:36 AM Re: Application for credit [Re: bubbatime]
grampi Offline


Registered: 10/08/06
Posts: 7762
Loc: OH
Originally Posted By: bubbatime
Ive used USAA auto loans for the past 3 car purchases, and I dont think the process could be any easier at all. You fill out the application online in 5 minutes, get approved, and bring the approval letter to the dealer. It is So stinking easy. I LOVE the loan process at USAA. I'll use them even if the rate isn't the lowest (unless the manufacturer is offering 0% interest)



I've applied for loans with USAA before and I agree, it is a simple process, however, I don't want to apply for a loan just to find out what its terms will be if doing so is going to count against me in some way....

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#4533737 - 10/04/17 11:39 AM Re: Application for credit [Re: grampi]
SatinSilver Offline


Registered: 01/24/08
Posts: 10157
Loc: OH
You can always take out a home equity loan for the purchase. Then the bank won't be concerned about the car as collateral. Interest will be tax deductible. Obviously the home would be the security.

Of course you can always try to get the car loan. Usually they will go by the NADA "loan value" which is less than trade in value of the car. Lets say the trade value of the car is $10k. The loan value might be around $8k. So in your scenario, only needing to finance a small portion you should be ok.

Borrowing against your retirement account is another option. Usually a short term 2-3 yr loan term. Interest is paid back to yourself.



Edited by SatinSilver (10/04/17 11:41 AM)

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#4533745 - 10/04/17 11:45 AM Re: Application for credit [Re: grampi]
Panzerman Offline


Registered: 12/16/06
Posts: 4203
Loc: Port Orange, Florida
They will not even want a car that old so now you will be delving into the world of personal credit loans which are higher but if you are putting down 75% of the purchase price still couldn't be alot of money. Probably talking anywhere from 5.5% to 9.5% depending on your credit.
Not alot of money to be paying debt on though. I think you are really over thinking this.
Is a couple percent a deal breaker,if it is maybe you should look for a cheaper cash deal.
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#4533750 - 10/04/17 11:50 AM Re: Application for credit [Re: grampi]
bubbatime Offline


Registered: 03/18/08
Posts: 5622
Loc: South Florida
I agree. You will likely need a line of credit loan from your bank, which will have a 7 to 12 % interest rate on average. You could try the auto loan route but I wonder if they will touch it. USAA line of credit rates are at 8.99% right now. If you are paying down 75% and can pay the rest off pretty quickly, that's not too bad.
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#4533759 - 10/04/17 12:02 PM Re: Application for credit [Re: grampi]
CELICA_XX Offline


Registered: 11/28/08
Posts: 861
Loc: Oklahoma
"For most people, one additional credit inquiry will take less than five points off their FICO Scores. Inquiries can have a greater impact if you have few accounts or a short credit history. Large numbers of inquiries also mean greater risk"

I wouldn't submit an application unless I intended to follow through with it.

There is no point in taking a small hit "just to see what the rate would be."
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#4533762 - 10/04/17 12:04 PM Re: Application for credit [Re: bubbatime]
grampi Offline


Registered: 10/08/06
Posts: 7762
Loc: OH
Originally Posted By: bubbatime
I agree. You will likely need a line of credit loan from your bank, which will have a 7 to 12 % interest rate on average. You could try the auto loan route but I wonder if they will touch it. USAA line of credit rates are at 8.99% right now. If you are paying down 75% and can pay the rest off pretty quickly, that's not too bad.


Is a "line of credit" loan the same as an unsecured loan?

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#4533770 - 10/04/17 12:07 PM Re: Application for credit [Re: grampi]
bubbatime Offline


Registered: 03/18/08
Posts: 5622
Loc: South Florida
Originally Posted By: grampi
Originally Posted By: bubbatime
I agree. You will likely need a line of credit loan from your bank, which will have a 7 to 12 % interest rate on average. You could try the auto loan route but I wonder if they will touch it. USAA line of credit rates are at 8.99% right now. If you are paying down 75% and can pay the rest off pretty quickly, that's not too bad.


Is a "line of credit" loan the same as an unsecured loan?


Yes, but USAA doesnt offer those. They do have personal loans. A line of credit is often a preaproved line of credit, attached to your banking accounts, where you can just pull out money in an emergency without having to get a loan. Its already approved, and already available to you. My dad has one, I used to have one, and I'm looking to add one to my accounts. It would be nice to have 10 or 20K instantly available for a purchase, should the need arise.
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