Best used auto loans. Advice needed.

Credit union but plenty of people go through the dealership because of whatever deal the dealership is running. Then they refinance with their own bank or credit union.

For those that don't worry about the additional 1k+ off that many dealerships offer if you finance through them most I met were already pre-approved from the bank.

Of course with True Car, KBB, etc it is much easier to find out how much a car will cost based on previous sales.

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Local credit unions are probably your best bet.

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Similar question. I usually go to my credit union to get pre-approved, but several local dealerships use this credit union when people apply for financing at the dealership. Would someone get the same rates at the dealership as they would directly from the credit union? I know getting pre-approved avoids dealing with the awful finance office at dealerships and saves some time, but was just curious.

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Would someone get the same rates at the dealership as they would directly from the credit union?

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Not necessarily (unlikely, in fact). Dealers get a rate range from their banks and will do their best to stick you on the highest end of it, if they can. They can literally sit there and drop your rate down if you show objections to the payment or the rate itself. In the end, they're going to charge more so that they are getting something from it.

Your best bet is to get your financing squared away and walk in with a check ready to buy. Keep them out of the financing and just work them on the price of the car. Otherwise, you're negotiating both and likely getting a worse deal on both.

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Not necessarily (unlikely, in fact). Dealers get a rate range from their banks and will do their best to stick you on the highest end of it, if they can. They can literally sit there and drop your rate down if you show objections to the payment or the rate itself. In the end, they're going to charge more so that they are getting something from it.

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That's what I was thinking.

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Would it benefit me to have a co borrower if their credit is 740+. My credit is in the 650-660 range but I have a bankruptcy (damn divorce) that was discharged 2 Years ago.

Or should I get that person to get the loan and I can be the co borrower to start helping my credit

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You’ll probably need the co-borrower and most likely, that person will be made primary on the loan. You still want to be on it because it will help you in the long run.

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I guess my next question is since it’s a used truck would you get a better negotiated deal paying cash or financing through the car company and then paying off the vehicle with a loan the first or second payment (assuming no early payoff penalty).

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That really depends. If you’re financing with the dealer, it just gives you more that you have to negotiate and more opportunity for them to squeeze you.

If it were me, I’d go with Lightstream (your credit may be tough for them, though), get their check and walk in ready to negotiate the vehicle price. Don’t tell them up front you already have financing taken care of. Once you have your price, THEN tell them what you have from Lightstream and let them try to beat it. Talk to the finance manager and tell him to shoot straight with you. If there’s no chance they can beat what Lightstream gives you, don’t let them pull your credit. They do it enough that they can give a pretty good ballpark of what’s possible with their lenders.

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I was told once that the interest rate is based on the lower score if there's a co-signor on the loan. Not sure how true that is.

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Not really sure. I've had car loans where my wife was listed first specifically because her score was higher than mine (you're welcome, dear ), so I assume it to be the opposite.

My friend who works at a dealership said that it really doesn’t affect the APR if the co signer has a lower score than the primary

Buy new

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Get the lowest number Lightstream will offer you, then walk into dealership and tell them to beat it if they want the loan. They will beat it.

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This is what I did. Ended up with Capital One. I'd also highly recommend buying used as opposed to new. As soon as you roll off the lot you lose so much money.