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First Time Car Buyer- Need Tips/Help!?
So I am looking at purchasing my first car within the next few months. I am just curious about how I can go about this without being taken advantage of on the car lot. My biggest concern is my monthly payment and interest rate that I am going to get, ya know. I have a credit score of 644, which is not the best, but I have both of my credit cards paid off, the only debt I have is my 5,000 student loan which I have never been late on. I have been at the same full time job for almost a year now. I just do not want to be shocked bc their offer is higher than I was expecting or anything, ya know. I am def a novice with this whole thing. I am not going to look/buy a car alone, I am taking a seasoned buyer with me. But any info would be very helpful!!
Anyone have any ideas on what sort of interest rate I can expect? Anyone have any good tips or advice in regards to making sure that I get the best deal possible? Thanks for all your help!! :)
I am currently bringing in $38,500 before taxes... So around 2,400 a month after taxes... If that helps any...
4 Answers
- ?Lv 71 decade agoFavorite Answer
Auto finance is what I do for a living and auto loans are based on the following factors;
1. LTV (loan to value).
2. Term of loan.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.
With only 2 credit cards and a student loan you do not have the score or profile to qualify for this loan with out a co-signer.
Your best bet would be to go to your own local bank or credit union and see if you can get approved before you go shopping, this way you can get q better deal.
Only use the dealers financing as a last resort.
Source(s): Finance Manager for voer 8-years. - 1 decade ago
Well first I would suggest trying to get financing from an area credit union b/c their rates tend to be much lower than regular banks and most financing companies through dealerships.
Actually that is the only reason I opened and have an account through my local credit union. I have purchased three cars in the last 7 years and each time I go to the credit union. The only way I can see the dealership rates being better is if they have a "special promotion" going on.
You didn't mention an income range... that will definitely be a factor. And from the sounds of things your credit is ok ...
I know it's not appealing to shop around for rates because too many inquiries within a short period of time doesn't look favorable either, but consider trying two different places. One should definitely be a credit union.
Another factor you are going to want to consider is the length of the loan you ar looking for. Depending on the year of the car some financing companies will require that the term be shorter if the car is older. And that will definitely make an impact on your monthly payments.
Good Luck !!!
Source(s): Personal experience - 1 decade ago
take someone with u that knows a lot about cars. ask a mechanic to go with you. he can check out everything and see if all the parts r working. car dealers will get over on you especially if u r a female and think you do not know anything
- 1 decade ago
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