USAA loan question

[matt6599]

I am looking to get a new car and thinking about getting a loan from usaa. Has anyone gotten a car loan or any other loan for that matter through them? The reason I am asking is because I want to get a car loan but I have only had one car loan and a credit card in my past and my parents co-signed on the car loan. I made all my payments on time and have a decent beacon score but the problem is I just don't have a lot of established credit. Does anyone know how hard it is to get approved through them in my situation? Thanks.

 

[NFOwife]

I would do some shopping around. We have found that USAA didn't have the best rates the last time we were buying a car, actually we went with the auto finance company (Ford) and got a much better rate. Good luck!

 

[bch]

Here is some things that I learned when I bought a new car a couple of mos ago. USAA will try and match/beat any offer another financer will make. That being said... you can ALWAYS find a place doing 0% APR car loans. Now USAA won't match 0% so in that case, it is better to go with the dealer.

As far as your credit. The only credit history I had was 1 credit card, and some student loans. As long as you pay your bills on time, you will have no prob financing with most people.

Good Luck

 

[ben]

I have a loan with USAA. They design their loan package to fit the needs of people who have not had the opportunity to establish good credit yet. It is for newly commissioned/pre-commissioned officers. When I bought my truck I had the option to use dealer financing, but because I don't have enough of a credit history I didn't qualify for the 0% rate. USAA was the best deal for me. Also, be aware that sometimes car dealers will give you the 0% financing but charge more for the purchase price. If you pay in cash (have loan secured elsewhere) you may be able to get a better deal.

 

[PropStop]

were I you I'd wait till you get done with OCS32

 

[Farva1]

My 2 cents. USAA is going to approve you for roughly a 25,000 loan (20,000 auto and 5,000 personal) at least they did me. Buy something inexpensive that gets good mileage, don't by that sweet SUV or sports car you're eyeing. I bought a 2002 Highlander, love the car, hate the payments. I really wish I had just bought a small vehicle, maybe a used truck, and not had such high payments. Now, I know those new rigs look pretty good, and this advice probably won't be taken, but consider. :icon_boun

 

[matt6599]

thanks for the advice everyone. I probably won't buy a sports car because I have a mustang that is almost paid off. I was thinking about getting a truck though as a second car.

 

[ben]

I got a Toyota Tacoma. Dunno about the new 2005's, but I love my 2004. It really is a great truck and the mileage is decent too. I get 20 mpg on the highway (my truck is a 4x4). Way better than the 11-13mpg I used to get in my Dodge Ram...

If you're thinking of a truck I would definitely advise you to look into Toyotas.

 

[usmcecho4]

If you are still in college USAA will give you a $25000 loan at 2.39% fixed APR at 60 months. You also get a year to start making payments. I also found that USAA is exremely helpful when you call them with a question regarding loans, insurance, etc. And buy the sports car as you will not have another oportunity to be so foolish for many years.

S/F,
usmcecho4

 

[El Cid]

Listen to NFOwife, shopping around is the best. On the other hand, once you have done some shopping around call USAA one last time and give 'em go and they are usually good to go.

Always bargin first then talk payment method. Never let them see all of your cards until YOU are ready. NEVER be afraid to walk away. You are the one that is lining their pockets with a commission. Trust me, if you start walking away they'll think "A small commission is better than no commission." You are the one bring the $$$ to the table so you're the boss. Make sure you get it down to the price that YOU want then and only then do you talk about down payment, trade-in, finance, etc... :icon_smil

Trust me, I'm related to an "insider".

 

[matt6599]

thanks everyone i guess i will have to start shopping around

 

[virtu050]

usaa rocks. they have this thing where they'll pay the difference if you get in a total loss car accident and you owe more on the car than it's worth. plus their interest rates are tough to beat. the good thing about getting a loan from the bank is you're not limited to a certain dealer and you can use it on used cars. if you get a brand new car with 0% interest are you really getting a deal? they probably won't cut much off the asking price. also a good idea to compare if the dealer has a cash back option.. might be worth more than 0% financing. I used USAA and couldn't be happier with the service and convenience.