Thanks for explanation…! Usually how to initiate process with them? Should I search on web? I do not even know how to start… thanks!!
You can probably hop on Google or yelp and just search for credit unions in your local area. They’re also often related to nearby universities, employment groups, etc
@RVguy might be able to help with some of the credit unions he works with
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A broker is someone who connects buyers with sellers. The seller being a car dealership.
Thank you so much!! Btw what do you mean by they are related with universities?
Aha! Then is it common to have broker? Or consult banks and credit union by themselves and goes to dealership?
Start by googling “credit union” with terms related to where you live and work.
For example if you lived in Atlanta and worked at Coca-Cola, you’d try:
Credit union Atlanta GA
Credit union Fulton County Georgia
Credit union Coca-Cola employees
Etc.
Brokers are fairly common here. They help by prenegotiating the deal with the dealership. Financing will be separate (although they usually can at least point you in the right direction).
What is often a good idea is to pre-qualify with a credit union for financing before agreeing on a deal with a dealership. You can then negotiate all the purchase price stuff and when it comes for financing, you can simply say “my credit union has me pre-approved at xx Apr. If you can beat that, I’ll use your financing. If not, I’ll use the credit union.” And then let them try to beat it.
Thank you so much for detailed explanation.
Then it seems that having a broker is good way to start. Is there a fee for making broker contact dealership for me? How much it will be usually…?
Usually there somewhere in the $500 range.
Okay thanks! If I cannot find the deal that suggested by broker then it would be good to use their service! Right?
I always recommend www.lightstream.com (Suntrust Bank) and their non collateral loans. Rate maybe few points higher over a credit union but they deposit cash into your account within 24hr and you end up with a lien free title.
Is there any way I can be contacted by any broker in the leasehackr? I think I decide which car will I purchase. @mllcb42
You’ll find their listings here:
Or you can make a wanted post here:
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Personally I don’t see any benefit in a lien-free title that’s worth paying hundreds (or thousands) of dollars in interest over the life of the loan.
Sorry what is lien free? It is better to have lower apr than lien free?
A lien just means the lender has the right to be repaid when you sell the car.
I wouldn’t pay 0.01% higher APR for a lien-free loan.
Okay… I see then it would be better to have low APR without lien-free loan
BTW, does it make me prevent from paying off the loan in the middle? Cause I am not sure whether I will stay in the states after 2-3 years.
It’s always worth double checking that there isn’t an early payment penalty, but there usually is not.
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