Posted: 10/21/2008 1:54:27 PM EDT
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Im looking into buying newer car and looking to get an auto loan. I know couple of you have mentioned working at banks or working in that sort of field, and I know someof the rest you have new cars with car payments. Question is who tends to have the best auto loan rates right now? |
| Went to TAPCO last night With my credit score and buying a car 2001 or newer and under 100k on it. I got my self preapproved for $20k @ 4.75%.. I think thats pretty good considering I called all around and the absolutle lowest most places went were in the high 5 to 7 range |
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Maybe I've always done it wrong.. But I find the car I want, then tell the dealership I want THIS car for THIS much per Month for THIS many years, then let them figure out how they are going to make it happen and let them deal with finding the proper financing. It's funny how they will adjust the price of the vehicle to make it work! |
maybe, but some people can not see the value in paying cash for a used car. They both do the same job, but one you get to drive off the lot and loose 25% of your invetstment as soon as it touches the pavment, and 50% after a few years. Hell I bought a new excavator 18 months ago, its now worth less than half of what I paid for it. But its paid me back just about what I had paid for it, minus my time. If its business, or a home go in debt for it. If not then you are just throwing way money that could be going towords business or investments. I have made the same mistakes when I was yonger and still make mistakes today, sometimes the best way for people to learn is by doing. 
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You are aware that used, relatively new vehicles can be financed, too, no?  You can buy a 3-4 year old vehicle without many miles, maybe even still covered by the factory warranty, and not take that 25-50% hit. I can see the value in paying cash for a cheap old used car as well. But if you don't have the mechanical abilities or time to repair it when components on it inevitably fail, in the long term having to rely on tow trucks and mechanics to keep it running could add up to more expenses, inconveniences, and headaches than it's worth. As a vehicle is a tool, sometimes it's worth it to pay more to have tools you can rely on. Personally, I don't mind buying my wife a new car every 5-6 years because barring a major mechanical failure or accident, we tend to keep them for 10-12 years. To me, knowing that she has reliable transportation that she can depend on to start and drive without issue is worth the cost to me. Having tried the cheap old used car route for her for a bit, I just found it was not worth it. Now myself, when we buy her a new one I take her old and use it as my work/run around car. So I currently drive an 8 year old Impala with 120,000 miles on it. Fortunately, I have been able to repair almost all of the issues that have cropped up with it myself. I also paid cash for a 9 year old pickup 2 years ago, and in the time since necessary repairs have included a clutch replacement (had the transmission gone through and rebuilt while it was out, too), new batteries, A/C clutch, and I just got done replacing the front axle u-joints and an axle seal. I've also replaced the tires, fuel level sending unit, a power window switch, and the windshield. While all adds up, I am still far, far ahead of a new truck. But I have the abilities and tools to do most of the work myself. |
I must have over read that part  i agree with your logic!I paid $2000 (not counting the add ons for good looks) for a 86 Ford F350 6.9 8 years ago, I assume it had 65k miles on it. leaks oil through the main seals. But that means I won't ever have to change the oil.  I have put about $300-500 worth of parts on it and some tires in that time to keep it running. That has been one of the best trucks I have ever owned. So my point is you can get by with a $2500 investment and drive it for five years. Take all the money you save and put it else where. But I also understand just fulling a "want".
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Yup, there is that, too. What fun is there in living a life of bare existence? I am certain that most if not all of us that post here have more than we really "need". More car, more shelter, more guns, more luxuries, pretty much more of everything... How many people really "need" a dirt bike? It just boils down to individual preferences and priorities. |
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thats JUST what the dealers want you to do......get set on payment not price..... Me, when buying from a lot, I find what I like, ask em how much they need to make on it(yes they need a profit) and if resonable....I buy it. we have been looking for a used 2003-4 Land Cruiser to replace a 99 Lexus.....but with the zero down on new Toyota's its kinda tempting(maybe a 4runner or Taco), was just planing on paying cash for a used one
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Methinks that somebody's sarcasm meter is out of calibration.
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A new car is mostly a want semi need. I need something that will get me to what I want to do. SNowboarding right now I drive lowered 1995 chev truck that doesnt get me to the mountain Ive had the truck for 6 years and Now WANT a new car. My dad is a auto wholesaler/dealer and will find a car at the dealer auction. So i will buy a newer 2004 or newer car without the depreciation of buying off a lot. Iam 23 and have excellent credit. better than most people. and have been very good on my paying off of debts in less time than the loan. |