Financing a car, a few questions lol

[quest51210 10+ year member]

buy it cash, $5K aint shit

 

[duece212 5,000+ posts]

also, why does everyone say dont go with a dealer?

Not sure, capital one offered me 12% interest....dealer got me .9% through ford financial. The dealer isn't always bad when it comes to financing.

 

[dman4486 5,000+ posts]

Not sure, capital one offered me 12% interest....dealer got me .9% through ford financial. The dealer isn't always bad when it comes to financing.

B.S.

 

[MrSwiss 10+ year member]

i went to my credit union 2 weeks ago to see about a used car loan. turns out my father put me on his sears card when i was born and now i have excellent credit and i get my credit unions lowest rates. KICK ASSSSSS!!!

 

[blazeplacid 10+ year member]

not bs they have 0%

 

[duece212 5,000+ posts]

B.S.

haha...not BS. Ford was running a special. The dealer told me 1.9%...got a letter in the mail from Ford a few weeks later saying the dealer screwed up and it was .9% //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

 

[fbi90909 5,000+ posts]

B.S.

usualy if the car is brand new and you have a good credit history and such you can get financing for cars down to .3%

 

[dman4486 5,000+ posts]

not bs they have 0%

if his credit was bad enough to get 12%, then Ford wouldn't offer .9%

there must have been an error in the 12%

 

[dman4486 5,000+ posts]

haha...not BS. Ford was running a special. The dealer told me 1.9%...got a letter in the mail from Ford a few weeks later saying the dealer screwed up and it was .9% //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

NICE....

 

[JLJunkieMX107 10+ year member]

youre 20 and have a fiance? that can co sign for you with good enough credit...?

also, why does everyone say dont go with a dealer?

Yeah she has good credit. She financed her car and paid it off so she has credit. I have none at all.

Idk why either, my payment through them would be 100 a month for 72 months. So thats like 7.15% interest. I definately would pay more than that per month so it wont be that bad

I am 22 with no credit, but I have had an account forever with a credit union and they got me 4% on my bike

...now I am building credit

Unfortunately I just moved so none of the banks around here know me lol

never do dealer financing, and if you can't get a loan now build some credit and wait a while for a car, then you will be able to also build credit with the car, buy here pay here loans are absolute scams with rates up to 35% simply you can't afford that no matter how fast you think you can pay it off.

The only issue is that the neon is my only car and its crapping out on me. I drive from PA to TN regularly so I need something newer.

 

[duece212 5,000+ posts]

if his credit was bad enough to get 12%, then Ford wouldn't offer .9%
there must have been an error in the 12%

My credit wasn't great, and capital one sucks and has high rates. Moral of the story is though, the dealer isn't always bad. If the dealer finance guy has a good relationship with lenders he can get things done to help out a buyer. Thats what happened in my case.

 

[fbi90909 5,000+ posts]

if his credit was bad enough to get 12%, then Ford wouldn't offer .9%
there must have been an error in the 12%

not necessarily. capital one is a POS though. my credit card from them had a 28.+% interest rate for the longest time. it finally 2 months ago dropped it down to 19.30%. and note this is with payments made well before time along with large payments well over the minimum payment.

 

[gymfreak101 10+ year member]

haha...not BS. Ford was running a special. The dealer told me 1.9%...got a letter in the mail from Ford a few weeks later saying the dealer screwed up and it was .9% //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

0% and .9% loans are usually a sales gimmick, because when you take this type of loan you get nothing off then sticker price, but take a 3500 dollar rebate at 3% interst and see which saves you money hell even 4%. Always have a pre approved loan when car shopping too, because 99% of the time the dealership will try to beat that interst rate so you use thier financing company which means all the money stays with them.

 

[duece212 5,000+ posts]

0% and .9% loans are usually a sales gimmick, because when you take this type of loan you get nothing off then sticker price, but take a 3500 dollar rebate at 3% interst and see which saves you money hell even 4%. Always have a pre approved loan when car shopping too, because 99% of the time the dealership will try to beat that interst rate so you use thier financing company which means all the money stays with them.

employee pricing comes in handy in that scenario.

Don't work for ford but work at a partner and still get the discount //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

 

[fbi90909 5,000+ posts]

or just go see the blue genie at Towbin dodge. he'll hook you up!