I’ve decided I want to get an 07-08 Acura TL for my first car purchase and would like to keep the total cost including taxes and fees under $18,000. I know I could get newer cars with really low miles for less than that, but I’ve always wanted a 3rd gen TL so I’m pretty dead set on this. And now I just have to shop around for a loan at a good rate.
Here’s my situation:
I’ve been building up a good credit history over the past year with a secured Capital One card and their credit tracker says I’m at 734. I have no debt and as much as $4,000 to make a down payment with. I’ve lived at my current residence for more than 5 years, but plan to move shortly after getting the car. I’ve been employed for the last 7 years straight, but have only been at my current full-time job for the past 4 months.
So where should I be shopping for a loan, and how low of a rate can I expect to get? How much leeway can I expect on the age, mileage, and place I purchase the car? I know a lot of the big companies giving out used car loans set restrictions on these things, such as requiring the car to have less than 70,000 miles or requiring that it only be purchased from certain types of dealerships. I’d prefer to be able to purchase a car up to 100,000 miles and from whichever dealer or person I find the best deal from. I’ve been getting a lot of offers for a Discover card, so would it help or hurt my chances at all of getting approved for an auto loan if I applied for the card as well?