Question

If this does not apply you can delete ! when getting a car loan with a credit union how do u know how much to ask for ? sorry first time going tru this process. need help

Answer 1

When I got my car Loan I told them the max monthly payment I wanted to make and that I only wanted a 5 year loan and they were able to work with me.  

Comments

@spanjian11546 @valerle Jenkins this is a good idea too, that way you can see what you qualify for based on what you’re comfortable paying.  

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@roxane you’re welcome

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@valerle yea it was great. I only wanted to pay $200 max so they ran my credit and I pay $180 a month on a 5 year loan. It was actually pretty easy

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@spanjian11546 @valerle Jenkins that's great I need something similar to that budget . that will work for me

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Also I def recommend getting pre approved before shopping that way when you are at the dealership you can negotiate and be like look, I have blank amount ready and approved. I was able to get them to settle the sale, tax, title, and license for my pre-approved amount

Answer 2

Ideally you would have a vehicle picked out first. Some financial institutions may do a pre-approval up to a certain amount though. It also depends on the LTV of the vehicle you decide on.  

Answer 3

I’d shop around first until you find something you really like then request the loan amount through your bank.  

Answer 4

I would see what type of car you want first. Then go online and find a payment calculator and see what you can afford. Don’t apply for more than you can afford

Answer 5

Mine had a calculator. You could put in how much of a loan you wanted or the payment you wanted along with the months and an estimated interest rate. From there, you look at cars in your budget.  

Answer 6

I would do some online car shopping. See what type of car you are looking to purchase and then get a pre-approval for a little higher to ensure it will cover tax and fees. The dealership will send over the paperwork and you’re loan will be for the purchase price.  

Answer 7

Depends, coincidently when my last car started acting up and had more issues than I wanted to fix my CU called and said I was pre approved for so much without even mentioning anything. This was before TBM because now I wouldn’t have been okay with paying what I pay on my car currently (almost $600/mo) lol.  

Answer 8

You guys are awesome thank you I will look into everything before just putting something I can't afford

Answer 9

Go by monthly payments and LIFE of the loan versus anything. You don't want long loan but you want to be in budget too.  

Answer 10

You set the amount. Choose what you want to spend not what they will finance. Make sure its a payment you can afford