Are you able to get a car loan?? (get credit, loans)

[dansdrive]

Watching the news it makes it sound like we can no longer get car loans until the financial crisis is over. Has anyone got a car loan in the triangle in the last couple of days? Was the loan for a new or used car? Was it from the dealer or your own bank?

[dansdrive]

WOW! This is one time the media maybe right. With the lack of any responses am I to deduce that no auto loans are available? I think I will change my strategy to save up and buy an older car that I can pay cash for.

Oh where oh where is an electric car? I would Bolt to get a Volt if it was available. The time it comes out in 2010 the financial crisis and energy crisis will be over......

[Janecj]

I understand that the local small banks are still providing loans and aren't having issues. I think one of the banks, Capital Bank just bought 5 more banks and I also think 1st Citizens bank is "business as usual". At least that is what I've heard.

[miamiblue]

Yes, I think the local credit unions, etc. are probably still in decent shape. These are usually where you will find the best interest rates anyway on a car loan anyway.

[VickiR]

I stopped in at the NCSE credit union yesterday and noticed they had posted their new list of what the accounts were paying and what the loan rates were at and although I didn't notice the actual rate, they did have new car rates and exsisting car rates listed.

I have numeous closings this week and next and all my lenders are doing fine.

Vicki

[frogandtoad]

Of course you can still get loans! If you couldn't, the entire economy would fall apart and you'd be hearing nothing but that on the news. Not saying it couldn't happen (anything is possible) but if you're a good risk, you can still get credit of course.

[dansdrive]

Thanks all! Great news but I decided to save some more money and buy an older vehicle that I can pay cash for! Craiglist here I come yet again!

[LRoyal10900]

SECU is offering new car loans, 60 months, & payroll deduction for 5.75%, 61-72 months for 6%.

Used cars for 5.75%.

And "Green Cars" up to 60 months for 4.75!

[frogandtoad]

Originally Posted by dansdrive

Thanks all! Great news but I decided to save some more money and buy an older vehicle that I can pay cash for! Craiglist here I come yet again!

That sounds like a very responsible financial decision. Too bad everyone doesn't do that!!

[j7r6s]

Originally Posted by frogandtoad

That sounds like a very responsible financial decision. Too bad everyone doesn't do that!!

If everyone did that, no one would ever buy a new car, so there would never be any cars to become older vehicles, so eventually no one would own a car. Which may be what you meant.