What are your picks for the best auto loan companies?

[siggy_freud]

Thanks for all the replies. Just to give me the overview, I have visited and inquired from a commercial bank and our local credit union regarding their auto loan offer. This definitely gave me the comparison of each detail and hopefully, I have not left anything important. I can say that the credit union loan on auto purchase may seem much attractive to me considering the flexible payment terms and lower interest rate.

My question though is, will the length of membership in a credit union affect any loan approval? I am yet to be a member.

It may for higher-risk situations, such as if your credit history or employment history is somewhat sketchy. But if you're a solid bet they'll want your business. The nice thing is that it's more of a person-to-person decision, or at least feels that way.

I was selling my modded 2007 335i that my best friend desperately wanted. He had said early on if I sold it he wanted it. Unfortunately he had lost his job months back. He was getting by okay, and had saved enough money to last, but just didn't have the cash to buy when I was selling. The credit union funded his loan, saying that despite his employment situation, he managed to make both his house payment and student loans on time, every time. Comments aside about whether it was a smart decision on his part, I have no doubt that the personal relationship he and I both have with people at the credit union helped him secure that loan.

[YLTL_Dan]

your not going to get 0-2% on a used vehicle (which is by far the best value when buying a vehicle)

I'd never touch investments for large purchases, that's why a I have dedicated money market account for that.

There is nothing I need that badly to finance aside from a house.

I'm with the greenskeeper. The problem with taking loans is most people will buy much more car than they can afford because they only look at the monthly payment. That's why I use the 20% rule - don't spend more than 20% of your annual gross income on a new (used) car and use cash if possible.