I’m going to show you the way to finance a car, this is something I haven't publicly
released.
But, it's something I teach my students all the time.
the first thing you need to do is check a 3 Bureau credit report and check all 3 of
your credit scores.
Wou have two options, you can get an online credit report with scores that are just going
to have a guesstimate of your real credit score or you can go to the FICO website and
order a three Bureau credit report.
That's going to show you your exact auto loan credit scores.
I'm going to put a link below or you can go to do that now.
What I want you to do is to pick out the credit bureau that has your highest credit score
and ignore the other two bureaus.
The reason you're going to do that is because most Auto Lenders only look at one credit
bureau when you’re getting approved for an auto loan.
The next step is to search on Google for local credit unions.
When you're searching for local credit unions in your area you're going to go to their website
and find out which ones have the best rates on a used auto loan and which ones seem to
be the most aggressive about giving auto loans.
You'll notice quickly on their website if they're not aggressive about auto loans they
probably won't have a section that talks about them.
After you have found two or three good credit unions that are in your area, I'm going to
recommend that you find out which credit bureau each Credit Union checks when you apply for
an auto loan.
I'm going to give you a resource below where you can cross-reference that information and
if it's not there then what you're going to do is just call the credit union and ask them
which credit bureau they look at when you’re applying for an auto loan.
After you have picked the right Credit Union for you, that's going to look at your highest
credit score, I want you to go to that credit union and open a checking and savings account
with them.
You're going to put some money in the checking and savings accounts.
I would typically recommend anywhere between $500 to $1,000, just to get some credibility
with that credit union.
Some credit unions pull your credit report as a requirement to become a member, if the
credit union pulled your credit report, then I'm going to have you ask them to use that
credit report as part of your approval for your auto loan.
Then they don't have to pull a new credit report, causing an inquiry.
If the credit union didn’t already pull your credit report, I want you to wait a week
after you got your checking and savings account and you have the money in your account.
After you wait a week then you can move on to the next step, which is starting the auto
loan application process.
You're going to go into the credit union or apply online and what you're going to tell
them is that you're looking to get approved for an auto loan, but you haven't picked out
the vehicle yet.
Now is the moment of truth!
Are you approved or are you denied!?
If you’re approved, they're going to give you a pre-approval letter and some of them
even give you a blank check that you can take to your dealership or the person you're buying
the car from, right away.
If you're not approved, you're going to need to ask them the reason you were denied and
it may mean that you need some credit help.
Well, I happen to know somebody that’s a credit expert so if you want the link to their
website you can click it below.
You don't have to work with me you can work with whoever you are comfortable with.
If you're approved, it means that you can go and buy a car from any dealership.
Some credit unions even allow you to buy a car from a private party seller.
Now, This is my personal buying option.
I'm going to recommend that you do not shop at a standard dealership.
If you want to get the best deal on a car, you need to go to an Auto Broker.
Auto Brokers buy the car at wholesale and will charge you a flat commission, so you're
buying a car with Instant Equity.
I don't typically recommend you buy from a private party seller unless you know a bit
about cars or you have a really good mechanic.
You want to have your car checked out by a mechanic before you make an offer.
The fact that you're already approved means that you can go to any dealer or any private
party seller and have a great negotiation standpoint with them, because you've got the
money in hand.
I want you to use your pre-approval as a negotiation to get the lowest price on the vehicle and
do whatever it takes.
If you are buying from a dealer, it's really a good idea to walk away from your first deal.
They will come back and make you a much better offer!
If you feel like you're being taken advantage of in the buying process, I recommend that
you just take it slow, be patient and get the help of somebody that's an expert on cars.
I hope this information has been extremely helpful for you.
This is something I haven't shared publicly before and this is how I buy a car and how
I help my students to buy a car as well.
So let me know, in the comments, if you have any questions or concerns.
Please like the video and subscribe to our channel here on YouTube.
You can also go up to the corner and schedule a free, no-obligation consultation with me,
Jesse Rodriguez at CreditCEO.
I'm excited to help you out.
I’ll see you on the next video!