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Thread: Car purchasing question!!!

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    Car purchasing question!!!

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    Last edited by Nuclear Martini; 01-20-2022 at 06:34 AM.

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    Default Re: Car purchasing question!!!

    I would always pick the lowest rate on the best car at the best price. Did you know you can use a private loan at a car dealership?

    http://www.bankrate.com/brm/rate/auto_home.asp

    But don't let them know you won't be using their financing until you negotiate a price you like.

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    Default Re: Car purchasing question!!!

    One of my clients that works at a car dealership told me they have the best rates at credit unions. As long as you have good credit.

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    Default Re: Car purchasing question!!!

    I would also seriously consider waiting until you actually move out of state to purchase the car from what WILL be a local dealer. Besides the potential money issues of car re-registration, insurance re-registration, sales tax, license plates etc. a dealer will be FAR more likely to provide good warrantee maintenance if the customer purchased the car from them. If you need the car immediately I would still seriously consider buying the car from a dealership near where you plan on moving to, registering and insuring the car in the state you plan on moving to etc.

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    Default Re: Car purchasing question!!!

    Get the loan from the CU or a bank directly. The dealership is an added step / expense that will add 0.50% to 1% to your rate. Only advantage to using the dealer is that he'll shotgun your app to several lenders to see who will approve you and hopefully give the best rate. Any way you slice it, you get marked up. If your credit is good, you're right...go the CU rate. Bankers hate CU's 'cause it sucks to have to compete with a non profit. CU's have fewer expenses and thus can afford to give you a better rate, but they don't usually play in the subprime market.

    Avg W/S on a 06 Civic DX automatic 4 door is about 12.4k. Your dealer should be permitted to make about 500 to retail it to you. Normally that would be more like 1k but this market sucks and dealers are delighted just to sell a car. I ran off a book value on this car for you but can't figure out how to attach it to the post or to a PM to you. (sorry). No figures avail on the 07 yet as not enough lease turn ins to generate a good number.

    Don't buy all the stupid adds: life, health & accident / extended warranty, etc. All profit for the dealer.

    This is what I do: access Manheim OnLine (Manheim is the largest auto auction chain in the world), search for the car you're looking for, (there are condition reports with pix online), find it at an auction with the Honda factory contract, pick my favorite dealer to buy it and pay him a nickle (500) to buy it for me and retail it back to me. For a high volume car like the Civic, you can pretty much pick color. Almost everything has windows, locks, tilt, cruise, air, auto. Some may have leather or moonroof, but not such popular options on the civic in particular.

    Bump me if you want and I can send you raw data.

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    Default Re: Car purchasing question!!!

    You can try to get preapproved for a loan first so you'll know what kind of interest rate you can get. You could possibly use that to bargain down with the dealer to a lower interest rate if you find the best possible price on the car from a dealer and not a private seller.

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    Default Re: Car purchasing question!!!

    Try to put downpayment of at least half.

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    Default Re: Car purchasing question!!!

    Get a loan from a bank or from a dealership. I wouldn't fuck around with a loan from a private seller. You never know what your financial situation would be in the future and if you have to miss a payment or two, you want it to be dealt with professionally... you know what I mean?
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    Default Re: Car purchasing question!!!

    Quote Originally Posted by VegasPrincess View Post
    Get a loan from a bank or from a dealership. I wouldn't fuck around with a loan from a private seller.
    I think she meant get a private loan (like from a credit union) and then buy the car from an individual.

    I acquired my most recent vehicle this way. Applied for a car loan at my local credit union, got 7% interest rate with B credit, and bought a car off craigslist. Perfect!

    If I had gotten financing through a dealership, I would have paid at least 5-10k more for the car AND gotten at least double the interest rate.

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    Default Re: Car purchasing question!!!

    Well, in any case, shop for a loan and use the one with the best rate.

    I pre-qualified for a loan from my bank, brought that paperwork to the dealership, and they actually beat my bank's rate by half a percent. So that worked out in my favor, though I am still financing through the dealer (well, Nissan).

    Bringing your own financing options to your car-buying experience is a great negotiating point.

    But before you get the financing, find the CAR you want. Then do your research on what a fair price would be for that car (Autotrader.com and Edmunds.com being excellent for that purpose), then get your financing, then go to buy. You won't get ripped off by a dealer on either the price or the loan rate, IF you know what you should be paying!

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