Financing/Loans...first timer

[Skatz5000]

credit unions and local banks IMO do well..1.49% is killer,jump on it
Ford dealer was shady for me,ran like 6 credit reports on me and shopped my loan
all over america. I'll never let them sell me financing again because pulling all those
reports came up as a red flag
Internet places I would avoid like the plague esp Autotrader which is a scamming mess

Have you ever purchased from a dealer before? Every dealer will shop your loan around unless you have top tier credit (according to them). They'll do this even for leases. Dealerships generally have around 8-12 banks they use for all ranges of credit to get the most people approved that they can. If they're all in a small window your report will generally reflect those hard inquiries as a single instance because you were purchasing a car.

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[jasonstang]

Paying it off in 3 yrs??

Thanks

-Emt1581

Just select the longest and pay it off sooner.

 

[V8Stang15]

Just select the longest and pay it off sooner.

Yeah, my dad drilled that into my head years ago:

If you can pay it off in 3 or 4 years, great! However, if you stretch the loan term to 5 or 6, your monthly is lower in case some emergency comes up in the next few years. Why have a car payment that's $800/month if it can be $500?

I get wanting to pay it off ASAP, but you can still do that and STILL have lower monthly payments by selecting the longest loan term possible.

 

[LETHAL]

Don't give away your money on the down payment, Period. Not $5-10k anyways. If you have that much to blow, invest it and make money.

Ford gave me 0% for 72. $0 down. I can add whatever I want to the payment whenever I want and every penny gooes to the balance.

 

[Falcon01]

Keep in mind that your interest rate will be significantly higher next summer. It will most likely be around 2.49% or a full 1% higher because the FED is raising the rate that they loan money to the bank, so the banks add that to the Prime rate and your rate will be higher.


I recommend putting down as much as you feel comfortable with, and still have some money left for emergencies, expenses, etc.

 

[Excelerater]

Have you ever purchased from a dealer before? Every dealer will shop your loan around unless you have top tier credit (according to them). They'll do this even for leases. Dealerships generally have around 8-12 banks they use for all ranges of credit to get the most people approved that they can. If they're all in a small window your report will generally reflect those hard inquiries as a single instance because you were purchasing a car.

I had a 770 score and I put 50% down...Id like to think the
dealers finance man was just a douche..:shrug:

 

[daltron]

H If they're all in a small window your report will generally reflect those hard inquiries as a single instance because you were purchasing a car.

Correct, "rate shopping" is one inquiry against your score if shopped within a 14 or 45 day span (depends on which formula they are using).

 

[Emt1581]

Don't give away your money on the down payment, Period. Not $5-10k anyways. If you have that much to blow, invest it and make money.

Ford gave me 0% for 72. $0 down. I can add whatever I want to the payment whenever I want and every penny gooes to the balance.

Math definitely isn't my game. No clue how to do better than 2 percent.

Any ideas?

-Emt1581

 

[Celestias]

I couldn't do better than 3% for 72 months, if I had done a 36 months I could of gotten 1.99%, but payments would be through the roof. (This is with 760 score, and 5k down). I investigated refinancing a little while ago to look for a better rate and cant really find a deal better than -0.5% or so from my current rate ><.

 

[Emt1581]

I couldn't do better than 3% for 72 months, if I had done a 36 months I could of gotten 1.99%, but payments would be through the roof. (This is with 760 score, and 5k down). I investigated refinancing a little while ago to look for a better rate and cant really find a deal better than -0.5% or so from my current rate ><.

Not sure if you were responding to my post November yours but I meant investing in something that would earn over 2 percent is something I couldnt do.

-Emt1581

 

[stealthfrc]

you need to be careful with the 0% financing offers, a lot of time they will be either 0% OR you can get incentives. its very rare to get both. your better off with the incentives over the 0% financing... obviously both is best case scenario but its hard to get.

 

[daltron]

I couldn't do better than 3% for 72 months, if I had done a 36 months I could of gotten 1.99%, but payments would be through the roof. (This is with 760 score, and 5k down). I investigated refinancing a little while ago to look for a better rate and cant really find a deal better than -0.5% or so from my current rate ><.

That surprises me, is your credit age under 5-6 years or something?

 

[Celestias]

Hmm, well length of credit history is the weakest thing on my report, but its not less than 6 years, though not much longer either. This was my first financed car so maybe its that? Not sure how else to explain it hehe.

 

[CM581978]

How the f can you guys afford these high ass car payments? They are almost mortgage payments lol.

 

[AZStang]

Just select the longest and pay it off sooner.

:amen:

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