Buying a new car. Ughhhh!

[florige]

Has anyone here ever went through their credit card company for a new car loan verses going to a dealer? I figured out this way pretty much eliminates the need for a down payment because they mail you a blank check. Are there any other advantages on going this route? I am just weighing my options now because this rental is costing me up the ass.

[CosmicCowboy]

Are you talking about those "pre-approved" loans the credit card company sends you with a blank check? you would be out of your fucking mind to use that. The interest rates are typically ridiculous.

[florige]

Are you talking about those "pre-approved" loans the credit card company sends you with a blank check? you would be out of your fucking mind to use that. The interest rates are typically ridiculous.



Yeah those. lol I got one for like 30,000 but I don't need or want one for that much. I think based on their calculations my payment would be $500 fucking dollars a month.

[clambake]

you're a cop. don't you have some kind of credit union?

[florige]

you're a cop. don't you have some kind of credit union?



Not the city.:rolleyes

[clambake]

there's bound to be a cop friendly banking institution. shouldn't be that hard to find, right? get a good rate?

[Sportcamper]

From my experience the past two years Ford & Honda have excellent rates for those with good credit…But it bewilders me why people don’t join a credit union…Most people have CU’s in their communities that they are eligible to join…For the average consumer banks & credit card companies are not as competitive as CU’s….

[florige]

there's bound to be a cop friendly banking institution. shouldn't be that hard to find, right? get a good rate?




My brother mentioned that to me too. A buddy of mine who is county went through one. I think he pays around 3 something a month but not sure how much the intial loan was for. I am just browsing down different avenues now so I won't have to sit in the dealership putting up with their shit.

[florige]

I just hate having to take out fucking loans. :bang

[Sportcamper]

Get pre approved for a loan from a Credit Union & play the dealer against your financial institution… You can easily drop a percentage point doing this…

Also do some research….Find out from other dealers what you can get the vehicle for…Only talk to the fleet sales manger of the top salesman who does not have to go ask his manager what he can sell the car for…It is a buyers market out there….You have the upper hand…

If you are in SA pay B2B a couple hundred bucks to negotiate the deal…:lol

[florige]

Get pre approved for a loan from a Credit Union & play the dealer against your financial institution… You can easily drop a percentage point doing this…

Also do some research….Find out from other dealers what you can get the vehicle for…Only talk to the fleet sales manger of the top salesman who does not have to go ask his manager what he can sell the car for…It is a buyers market out there….You have the upper hand…

If you are in SA pay B2B a couple hundred bucks to negotiate the deal…:lol



There is one that accomodates all city employees. I may try there IF I decide not to just buy something out right. I am thinking new just so I won't have to worry about this crap for another 7 years.

[florige]

there's bound to be a cop friendly banking institution. shouldn't be that hard to find, right? get a good rate?



Shows how much I know about this shit. There is actually one that serves anyone who live, works, or goes to school in the city. I am just trying to go the least expensive route possible where my monthly payments will be low.

[nkdlunch]

don't know what kind of car u looking for. But just bought a certified bmw at 3% interest.

just saying sometimes dealers have crazy low financing.

[florige]

don't know what kind of car u looking for. But just bought a certified bmw at 3% interest.

just saying sometimes dealers have crazy low financing.



Yeah BMW is a little out of my price range, lol But I see what you are saying though. Basically just look around for a good deal. Thank goodness my credit is okay or I would really be fucked.

[CosmicCowboy]

If you want to be financially smart get pre-approved from a bank or credit union for a fixed amount then negotiate and buy a slightly used ( 1-2 year old car still in warranty) on craigslist or e-bay and save a TON over what you would pay a dealer for a brand new one.

[florige]

Thanks everyone for your responses too! :toast

[florige]

If you want to be financially smart get pre-approved from a bank or credit union for a fixed amount then negotiate and buy a slightly used ( 1-2 year old car still in warranty) on craigslist or e-bay and save a TON over what you would pay a dealer for a brand new one.



Thanks man! I am going to take all of these points into consideration. Will probably lean towards my bank or join a Credit Union whichever one gives me a better rate if I can't find a good enough deal at a dealership. I haven't looked for a car since I was 21, and I got pretty well fucked on that deal. Trying to make a good decision this time around even though time isn't on my side.

[101A]

Has anyone here ever went through their credit card company for a new car loan verses going to a dealer? I figured out this way pretty much eliminates the need for a down payment because they mail you a blank check. Are there any other advantages on going this route? I am just weighing my options now because this rental is costing me up the ass.


If you don't have money for a down payment, you cannot afford a new car.

Renting is ridiculously expensive.

Find a reliable used car, buy that.

[101A]

Thanks man! I am going to take all of these points into consideration. Will probably lean towards my bank or join a Credit Union whichever one gives me a better rate if I can't find a good enough deal at a dealership. I haven't looked for a car since I was 21, and I got pretty well fucked on that deal. Trying to make a good decision this time around even though time isn't on my side.


Credit Unions usually have the best rates; in SA - FSFCU is usually very competitive, however, as with anything; your credit rating is HUGE.

Buying used is a significant way to save major dollars; you can replace a used car with another used car every 4 years, for what it cost to get a new car every TEN!!!

Best deal going? Buy a 6 -8 year old manual transmission, 4 cylinder Honda Accord; those things pretty much run FOREVER without dying. Buy it at 80 - 100K miles for $3,000 - keep it until 250K + - you're driving REALLY cheap.

[Drachen]

Shows how much I know about this shit. There is actually one that serves anyone who live, works, or goes to school in the city. I am just trying to go the least expensive route possible where my monthly payments will be low.

If you are in San Antonio, I recommend Firstmark CU because their rates are awesome, their service is actually the best I have ever had, and even though I went there just for my car loan, I ended up moving everything there. Best bank I have ever had.

[Cyrano]

there's bound to be a cop friendly banking institution. shouldn't be that hard to find, right? get a good rate?

Krispy Kreme Savings and Loan?

[florige]

If you don't have money for a down payment, you cannot afford a new car.

Renting is ridiculously expensive.

Find a reliable used car, buy that.




The reason I like going with new verses used is at least you don't have to worry about it for a few years. I was just stupid and didn't listen and bought a Mitsubishi even though people kept telling me that they had problems with over heating. Its not that I don't have the money for a down payment, but if I could go through my bank or another institution and not have to come out of pocket wouldn't that be a no brainer if I could save 2k?

[Sportcamper]

More on CU's...

You can join out of state CU’s…I know people in So Cal that use Lake Michigan Credit Union…

https://www.lmcu.org/Default.aspx

[101A]

The reason I like going with new verses used is at least you don't have to worry about it for a few years. I was just stupid and didn't listen and bought a Mitsubishi even though people kept telling me that they had problems with over heating. Its not that I don't have the money for a down payment, but if I could go through my bank or another institution and not have to come out of pocket wouldn't that be a no brainer if I could save 2k?


You're not saving 2k; you're financing it. Now, if you've got good credit, you can borrow money at 4% or less right now, even for a used car - so if you have credit card debt, it IS actually a good idea to not put anything down on the car, and rather put that cash toward your higher interest debt(s).

As far as reliability; buy used with warranty remaining - then if there is anything significantly wrong; you wont' be out of pocket. Even so, modern cars, if they are well maintained, will run a LONG time without having major issues. Then, even if something significant goes wrong; say a transmission failure; you are STILL ahead of the game financially. You can usually buy a three year old car for HALF the price of a new model of the same car - if we're talking a $30,000 car, that's fifteen grand savings for a car that is probably going to run longer than you can stand to look at it!

[florige]

You're not saving 2k; you're financing it. Now, if you've got good credit, you can borrow money at 4% or less right now, even for a used car - so if you have credit card debt, it IS actually a good idea to not put anything down on the car, and rather put that cash toward your higher interest debt(s).

As far as reliability; buy used with warranty remaining - then if there is anything significantly wrong; you wont' be out of pocket. Even so, modern cars, if they are well maintained, will run a LONG time without having major issues. Then, even if something significant goes wrong; say a transmission failure; you are STILL ahead of the game financially. You can usually buy a three year old car for HALF the price of a new model of the same car - if we're talking a $30,000 car, that's fifteen grand savings for a car that is probably going to run longer than you can stand to look at it!




Thanks. I don't have any credit card debt and thats why I am so leary of borrowing again. I was just browsing some current rates on a 15k loan and my bank's interest is actually 6%. I guess I won't know until I actually apply for it and see what is what.

[robino2001]

a lot of credit unions require you to have relationships with them (points accumulated from number of accounts, years with them, etc) to get their best offers. Randolph-Brooks locally is doing 3.2% up to 72 months (I think 72) but you have to have the relationship points to get that low. It might be good to find a credit union just to hook up with to take advantage of in the future. My parents signed me up for ours when I was 3 years old and I get all of the benefits of it now being a 20+ year member.

[florige]

a lot of credit unions require you to have relationships with them (points accumulated from number of accounts, years with them, etc) to get their best offers. Randolph-Brooks locally is doing 3.2% up to 72 months (I think 72) but you have to have the relationship points to get that low. It might be good to find a credit union just to hook up with to take advantage of in the future. My parents signed me up for ours when I was 3 years old and I get all of the benefits of it now being a 20+ year member.



Damn that is a great deal! My car would probably be dead in 72 months but still. lol

[Wild Cobra]

I can't imagine either going through a Credit Card company for a car, or making car payments for more than 3 years. Either idea for me is ludicrous.

[CosmicCowboy]

I'm accused of being a "richer" in here and I don't buy new cars. I buy them used but still in warranty and walk in the dealership with a "pick list" right before the factory warranty expires. There is no reason the newer model cars won't last 200,000 miles if you take care of them. Basically if you take care of all the fluid changes all you should normally have to do is tires, batteries, and maybe a starter or alternator or two. Maybe an A/C job. Heck, I've got ceramic brake pads on my truck and am at 160,000 and haven't even had to do brake job yet...

[florige]

I'm accused of being a "richer" in here and I don't buy new cars. I buy them used but still in warranty and walk in the dealership with a "pick list" right before the factory warranty expires. There is no reason the newer model cars won't last 200,000 miles if you take care of them. Basically if you take care of all the fluid changes all you should normally have to do is tires, batteries, and maybe a starter or alternator or two. Maybe an A/C job. Heck, I've got ceramic brake pads on my truck and am at 160,000 and haven't even had to do brake job yet...




That is crazy! lol I took care of my car as best I could. Kept up with all the routine stuff. I even put mid grade gas in it. But I had alot of issues with it over heating and radiator issues well before I was at 100k.

[mookie2001]

Wow CC, that is a supersystem right there, with money saving tricks like that you'll make it out of this depression in no time, just don't let Obama find out

[Wild Cobra]

That is crazy! lol I took care of my car as best I could. Kept up with all the routine stuff. I even put mid grade gas in it. But I had alot of issues with it over heating and radiator issues well before I was at 100k.
My older car just turned over 170k this week.

[tlongII]

I'd recommend going with a pre-owned certified deal. I'd also check out what kind of financing the dealer can get you. You might be surprised.

[PM5K]

I'm accused of being a "richer"

That's what poor people don't understand, a lot of rich people are rich because they don't part with their money as easily as poor folks do.

[Drachen]

a lot of credit unions require you to have relationships with them (points accumulated from number of accounts, years with them, etc) to get their best offers. Randolph-Brooks locally is doing 3.2% up to 72 months (I think 72) but you have to have the relationship points to get that low. It might be good to find a credit union just to hook up with to take advantage of in the future. My parents signed me up for ours when I was 3 years old and I get all of the benefits of it now being a 20+ year member.

When I got the car loan from Firstmark, I applied for it the same day I opened an account with the minimum $5.00 deposit. I love that bank.

[DMX7]

I paid cash for both my cars, 25K & 45K.

[mookie2001]

I paid cash for both my cars, 25K & 45K.


Get real man

what is the proper response to that kind of post?

"Wow you're paid"


"good business decision"?




Weak

[DMX7]

"good business decision"


If you can do it, do it.

In my defense though, I completely lost track of where this thread was going after reading CosmicCowboy's car buying advice.

[PublicOption]

go through a credit union you big dummy

[exstatic]

I have a 96M Edition Miata that I bought in '98 when it was 18 months old. Blue Book was $24K new, and I paid $16K at a dealership. It had 21K miles on it. It now has 103K, and I haven't made a payment in 7 years. The average mileage per year on the car is about 7350. It was certified pre owned, and I got the balance of the factory waranty (18/18K) plus and addtional 12/12K.

My other car is a 2005 MINI S model that I bought in 2007 for $17K with 21K miles on it. I have about 20 more payments, and the car sits at about 50K on the odometer.

1) NEVER buy new. A HUGE chunk of the depreciation of the car happens in the first year or two. The Miata that I bought depreciated 33% in 18 months.

2) Find a good mechanic that you trust, and give him frequent business with preventive/scheduled maintenance. If you take car of your car, it will take care of you.

[benefactor]

exstatic. :tu

Only the foolish buy new cars. Brand new used cars are everywhere for a lot cheaper.

[CosmicCowboy]

exstatic. :tu

Only the foolish buy new cars. Brand new used cars are everywhere for a lot cheaper.

A couple of years ago when oil hit $140 a barrel and everyone was freaking out like the world was ending I bought a one year old hard loaded Eddie Bauer Expedition with 23,000 miles for $15,000 and it still had the $48,000 window sticker in the dash.

[Duff McCartney]

I'm accused of being a "richer" in here and I don't buy new cars.

No you're accused of being a douche bag and it's an accusation well justified.

Back on the subject, I recently bought a 99 Honda Civic with 132K on it for 2600. It's a pretty sweet deel and the mileage is really low considering how old the car is. It worked out good for me because my last car was declared a total loss when I got hit from behind.

[CosmicCowboy]

No you're accused of being a douche bag and it's an accusation well justified.

Back on the subject, I recently bought a 99 Honda Civic with 132K on it for 2600. It's a pretty sweet deel and the mileage is really low considering how old the car is. It worked out good for me because my last car was declared a total loss when I got hit from behind.

You total your bicycle while you are getting "hit from behind" and you call ME a douche bag?

[Duff McCartney]

You total your bicycle while you are getting "hit from behind" and you call ME a douche bag?

"It worked out good for me because my last car was declared a total loss when I got hit from behind."

Bicycle=car...yeah sure. Whatever you say.

[smeagol]

No car loans here in Argentine-land

[RandomGuy]

Are you talking about those "pre-approved" loans the credit card company sends you with a blank check? you would be out of your fucking mind to use that. The interest rates are typically ridiculous.

That gives the normally unsecured creditor a lien on your asset, the vehicle.

If you ever fall behind on the payments... you are doubly fucked because you will have two entities screaming for blood.

Best to avoid this.

If the rental is really killing you, get a lease, and try to save money for a down payment. Or better yet just get a used car to bridge the gap.

Even if you get a real POS that requires repairs, it will still be cheaper than renting a vehicle.

[florige]

Thanks for all the sound advice given! I think I am going to follow you guys advice and go with a used certified 08 Ford Fusion. I read the consumer report on it and it is pretty good quality, and it fits into my price range. Thats the plan anyway. I am staying away from foreign crap until I can afford to buy something real. I made a mistake when I was younger running to the dealership and buying a brand new Galant even though people were telling me the problems they had. This time around I am doing my homework. Now the only thing thats left is going through my bank for a used car loan and see if the dealer will match or lower APR.

[Wild Cobra]

Thanks for all the sound advice given! I think I am going to follow you guys advice and go with a used certified 08 Ford Fusion. I read the consumer report on it and it is pretty good quality, and it fits into my price range. Thats the plan anyway. I am staying away from foreign crap until I can afford to buy something real. I made a mistake when I was younger running to the dealership and buying a brand new Galant even though people were telling me the problems they had. This time around I am doing my homework. Now the only thing thats left is going through my bank for a used car loan and see if the dealer will match or lower APR.
I'm trying to remember. I think my last rental when I was away on business was a Fusion. Great car, except for the visibility to the back-left. I didn't like the real panel layout. I also didn't like the nose. Harder to tell distance for parallel parking, at least for me, than my Z28.

Make sure you like the driving of it in all aspect.

[florige]

I'm trying to remember. I think my last rental when I was away on business was a Fusion. Great car, except for the visibility to the back-left. I didn't like the real panel layout. I also didn't like the nose. Harder to tell distance for parallel parking, at least for me, than my Z28.

Make sure you like the driving of it in all aspect.



Yeah I def am going to test drive it first before I make a hard decision. Its funny that you mention that because this Pontiac G6 that I am renting now poses the same problem when I am trying to park. The way the car is made it looks like the damn thing is crooked most of the time. lol Oh and just for you guys info just to give you an example on how crappy Galants are... They have a 09 there on the lot for 10k. The salesman mentioned it to me and I immediatley said no thanks. You couldn't pay me to get another one of those cars.

[clambake]

just don't buy one of those shemale pt cruisers.

[florige]

just don't buy one of those shemale pt cruisers.



My friend has one of those things. Not only is it ugly as hell, but it handles like crap.

[I. Hustle]

You're a cop right? Just do what they do here and take somebody else's car. PPPFFFTTTT rook.

[florige]

You're a cop right? Just do what they do here and take somebody else's car. PPPFFFTTTT rook.


I actually asked my boss would the department consider buying my car from me. He started laughing but I was dead serious. It would fit right in with the other pieces of crap on the fleet.

[florige]

Well just got approved from my bank. Now it is time to play both sides against each other. lol

[PM5K]

Go watch Brooklyn's Finest and then take care of business sir.

[SAGambler]

If you want to be financially smart get pre-approved from a bank or credit union for a fixed amount then negotiate and buy a slightly used ( 1-2 year old car still in warranty) on craigslist or e-bay and save a TON over what you would pay a dealer for a brand new one.

That's the route to go. Couple years back I picked up a 1 year old Caddy with 14000 miles, still under warranty for 3 more years, and saved over $14,000 from what the car cost new. I found mine for sale from an estate.

[florige]

Well got an 08 Ford Fusion with 32k for 16 after I added in the extended warranty.

[mrsmaalox]

:toast Alright! Sounds reasonable Flo. I've heard nice things about those, I hope it serves you well :toast

[florige]

:toast Alright! Sounds reasonable Flo. I've heard nice things about those, I hope it serves you well :toast




Thanks Maalox! I also test drove Camry as well. The takeoff was sick in it. But I didn't like the layout.