Approved for auto loan through credit union

[Christina83]

Hello! I filed for BK in May 2010 and about 2 weeks ago it was recently discharged I gave my car back to GMAC a 2009 Chevy Malibu in Jan and haven't had a car since. I applied for a auto loan through my credit union yesterday and the lady called me today and told me that I was approved for a loan 80% loan to value and a 11.49% interest rate which I find AMAZING because everywhere I talk to told me it would be a 25.6% interest rate! My question is with a credit union loan would I be able to buy from where ever I would like or a private dealer off craigslist or does it have to be some big name company?

Thanks!

[tyson24]

If it were me, I would buy from a private party. You will get a better car for your money, with a lower price. After the raping I got on my last car, I will never buy from a car lot again unless I have cash.

Congrats getting a loan!

[freedomnow7]

Christina - Back in '06, when I purchased a vehicle, my credit union gave me a loan and told me that I could go anywhere I wanted. You should ask though.

Just a note: If you go through a private party, I would strongly suggest you take the car to a mechanic or dealer to get it inspected before purchasing. For instance, if you are looking to buy a Toyota, arrange with the seller to meet you with the car at a Toyota Dealership. They do what's called, "3rd Party Inspection", or "Used Car Inspections". It costs $90 where I live, and if I do purchase private party, I'm definately going to spend the money to have it thoroughly inspected.