The only 3 auto lenders you should consider using

by Stephen Snyder

The only lenders I would consider using are:

First choice: Captive lenders (car manufacturers)
Second choice: Banks (not finance companies)
Third choice: Credit unions

Ninety-nine percent of the cars I've leased over the years have been with captive lenders. Just one was leased by a bank.

That particular deal came from a conversation I had with Amy, the finance manager at the local Land Rover dealership here in Indianapolis. Nice gal. I told her I was open to her financing recommendations, but I preferred financing through the car manufacturer.

I told her my current FICO scores. She immediately said that with my scores she could do better through a local bank. I signed a credit application and told her to go for it.

The next day I signed a lease agreement with that local bank. Being open to her advice literally saved me hundreds of dollars a month on that car.

So be flexible...but be careful. It seems most car dealers call all of their funding sources banks. When in reality some are banks, some are credit unions, and most are sub-prime finance companies.

source: lifeafterbankruptcy.com