Does anyone know if you get a car loan from Washington Mutual? Also, can someone explain how a car loan works for someone who doesn't have any experience w/ loans. thanks in advance
Not sure if you can get a car loan from WashMu or not.
If you're buying from a dealership (new or used) you generally have 2 options: take the dealer financing through whatever bank they pick OR you can settle on a price with them, get a purchase agreement, and take that to the bank of your choice. Personally, I would research banks and rates on the loans myself rather than trusting the dealership is getting me the best interest rate through their contacts. Never tell them what payment you are looking for when they ask. Otherwise they'll try to get you in a more expensive car than you wanted and just stretch the loan out longer.
The other option is to find a car for sale by a private owner. I would go online to Nada.com to determine the value of the car based on the year, make, model, mileage, and options and then approach the owner with an offer. Once you settle on a price, go to the bank of your choice and try to get approved. OR if you already know how much you'd like to pay for a car, go to the bank and get pre-approved for an amount and then find a car.
I know that's a lot of detail. I do these loans for a living so if you have questions, feel free to PM me. Good luck in the car search!
If you're buying from a dealership (new or used) you generally have 2 options: take the dealer financing through whatever bank they pick OR you can settle on a price with them, get a purchase agreement, and take that to the bank of your choice. Personally, I would research banks and rates on the loans myself rather than trusting the dealership is getting me the best interest rate through their contacts. Never tell them what payment you are looking for when they ask. Otherwise they'll try to get you in a more expensive car than you wanted and just stretch the loan out longer.
The other option is to find a car for sale by a private owner. I would go online to Nada.com to determine the value of the car based on the year, make, model, mileage, and options and then approach the owner with an offer. Once you settle on a price, go to the bank of your choice and try to get approved. OR if you already know how much you'd like to pay for a car, go to the bank and get pre-approved for an amount and then find a car.
I know that's a lot of detail. I do these loans for a living so if you have questions, feel free to PM me. Good luck in the car search!