Auto Loan

Hi. My hubby and I both have big families. Every time they visit, one family has to take a cab or rent another car so we could all go together. They visit often and I just thought of loaning a van. I plan to rent it out as well so I won’t have a problem paying for it monthly. Bank interests are a bit high. Any suggestions where I could inquire for a loan?

A van will be suitable for your family. I suggest that you consider other lending institutions other than banks. Why not try a credit union for an auto loan? The rates they are giving is normally lower compared to banks.

Yep. I second a credit union. Everyone else was offering us 8-12%, but the credit union gave us a fraction over 5%. Not great, I know, but definitely better than what the banks offered.

My uncle who lives in San Diego got his new car with CalCoast Auto Loan. You might want to consider that or any other similar firms.

Thanks for the replies. I have actually visited both banks and credit unions and I must say that credit union auto loans have a more flexible terms with lower interest rates.

One question though, what could be the best option, should I purchase the vehicle in a dealer of my choice or should I get it from their appointed dealer? Thanks.