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Beginner's tips for a car loan?
We've always bought used cars for cash because that has been the best situation we could afford... but now we are in the market for a good used van and are considering getting something a *little* 'nicer' and getting a loan.
We are both adults (in our 40s in fact). My husband has a 'decent' job and our credit score has come up in recent years because we just finished paying off credit cards through a credit counseling service. This is just something we haven't done before and I don't really know where to best start my research. What tips would you have for getting your first car loan?
We definately *can't* swing a new van. We are just hoping for a higher quality used van. For reference we have been paying under $1000 for vans and just keeping them going as long as possible with repairs.
We are off of credit counseling and have been for over a year. We are more than ready to wade back into the credit game *cautiously*... we need to buy something that will last longer and save us money in the long run.
6 Answers
- Trump 2020Lv 71 decade agoFavorite Answer
Car sales people always want to talk in terms of payment. "How much payment can you afford"
YOU should be talking in terms of INTEREST RATE.
Shop on line lenders to see what the current going rate on car loans is, and then either deal with THEM or tell the dealer what rate you want, and don't let them lie and tell you they can't get you that rate. They WILL try to lie about that, (and many other things too).
- Anonymous1 decade ago
I have sold cars for over 10 years and the best thing to do is not go out and finance a car if at all possible. This is a lesson I learned way too late. Search Auto Trader or Cars.com and you can pick up a very nice vehicle for under 6k. I recently purchased a 99 Caddy Deville that had 97,000 miles on it but the NorthStar Engine had the gasket work done on it already and was under warranty, big issue for Cadillaces 97 thru 99. I payed $2900!!! These deals are out there all over if you take the time to search. Bad Credit or Limited Credit does not mean you have to be ripped off. If your trying to rebuild credit go to your local bank and find out what they will finance and at the very most take a small loan out with them.
- STEWIELv 61 decade ago
Tips:
1. Don't apply from anyone on Yahoo Answers offering low interest loans. They are Nigerian scammers.
2. Apply at a local Credit Union or online at http://www.capitalone.com/autoloans. Rates as low as 3.41% on new cars.
3. Always search Autotrader.com first because they have the lowest prices and you can use them to negotiate lower prices at dealerships.
4. Always have the car inspected by a mechanic. Also ask for a free Carfax report if it's a dealer.
- Charlie TLv 61 decade ago
If you're still using a credit counseling service you probably won't be able to get a loan unless some place will do it at a ridiculously high int. rate. The fact that you had to go to a service is a good indication that you should probably continue paying cash for your autos.
- Anonymous1 decade ago
You need to determine your credit scores.
If they are below 700, you should AVOID financing and pay cash because you will overpay BIG TIME for both the car and the interest.
Its like hopping on a treadmill you cant get off.
