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Are you talking about those "pre-approved" loans the credit card company sends you with a blank check? you would be out of your ing mind to use that. The interest rates are typically ridiculous.
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.
Are you talking about those "pre-approved" loans the credit card company sends you with a blank check? you would be out of your ing 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 ing dollars a month.
you're a cop. don't you have some kind of credit union?
Not the city.
there's bound to be a cop friendly banking ins ution. shouldn't be that hard to find, right? get a good rate?
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 compe ive as CU’s….
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 .
I just hate having to take out ing loans.
Get pre approved for a loan from a Credit Union & play the dealer against your financial ins ution… 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…
Get pre approved for a loan from a Credit Union & play the dealer against your financial ins ution… 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…
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.
Shows how much I know about this . 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.
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 ed.
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 everyone for your responses too!
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 ed on that deal. Trying to make a good decision this time around even though time isn't on my side.
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.
Credit Unions usually have the best rates; in SA - FSFCU is usually very compe ive, 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.
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.
Krispy Kreme Savings and Loan?
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 ins ution and not have to come out of pocket wouldn't that be a no brainer if I could save 2k?
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
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.
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