stroupe79 Posted August 18, 2012 Report Share Posted August 18, 2012 another thing to consider if your looking at a 72month payment is that you don't want a high mileage car that's already 5years old then paying on it for 6years while piling more miles on it...nothing worse than making payments and then shit starts to breakdown/wear out from high miles... the best thing to do is to save as much as possible for down payment...if your going to have a cosigner get a preapproved loan from a bank/credit union, you have a way better chance of not getting fucked by the dealership if you go in with a preapproved amount ready to go....do not inquire on your credit score until you are applying for financing as every inquiry lowers your credit score slightly and that could be enough to keep you from getting financed....now if I were you I would look to get approved before the end of December if possible as alot of dealerships are more willing to work with you around year's end, as every car not sold this year has to have taxes paid on it by the dealership...most people don't know that, and dealerships also will rape you around tax return season in the spring as they know people will be willing to give up huge down payments and take the same interest rates as usual...trust me I have family that worked for dealerships and they let me know how it is.... depending on how much you drive you may want to also look into leasing with the option to buy....if you can keep the mileage low enough that when your lease is up you can finance it to buy at less than it's worth you can possibly get a really low payment for say 3-4 years after leasing it for a relatively low payment for 2-3 years... for example my mom leased with option to buy 07 Ford Edge, she had 17k miles on it after her 3year lease was up and option to buy it for $14k, bluebook was $20k-22k so in a since she was buying a 3year old vehicle worth $20k-22k for $14k....this is a great option if you dont drive alot... just a couple things to think about Quote http://www.stevemead...cherokee-build/ 2005 Jeep Grand Cherokee Alpine CDE-hd148bt Alpine PKG-RSE2 PRV Audio (4) 6MB200 front/rear doors PRV Audio (4) TW350Ti dash/rear doors Kicker KX350.4 Obsidian Audio (1) 18 D4 v2 revamp (2) Stereo Integrity HT 18d2DC Audio 1.2k5.25ft^3 tuned @34hz revamp Infinite Baffle Cpillar AudioTechnix 60mil deadenerKnuKonceptz & SkyHigh wire (complete setup) Link to comment Share on other sites More sharing options...
bassface Posted August 18, 2012 Report Share Posted August 18, 2012 If I were you I would probably see if i could get a low interest bank loan, and if thats possible then get a bunch of auto traders and compare prices on private sellers used vehicles. Dealerships are going to rip you off in interest fees. I only buy cars when I have the cash to buy the whole thing. Quote Link to comment Share on other sites More sharing options...
stroupe79 Posted August 18, 2012 Report Share Posted August 18, 2012 (edited) even with a shitty interest rate of say 6% 14000 loan 1000down 6% 60months -------------- 251.32 monthly 14000 loan 1000 down 6% 72months -------------- 215.44 monthly as for down payment, as much as you can afford to spend/save will help to lower your payment or get the payment where you want and maybe shorten the term of the loan...I would try for 10-15% of the loan...so on 14k that would be 1400-2100...that's not bad really here are a few rough payments based on a 6% interest rate 14000 loan 1400 down 6% 60months --------------- 243.59 14000 loan 2100 down 6% 60months --------------- 230.06 14000 loan 1400 down 6% 72months -------------- 208.81 14000 loan 2100 down 6% 72months -------------- 197.21 Edited August 18, 2012 by stroupe79 Quote http://www.stevemead...cherokee-build/ 2005 Jeep Grand Cherokee Alpine CDE-hd148bt Alpine PKG-RSE2 PRV Audio (4) 6MB200 front/rear doors PRV Audio (4) TW350Ti dash/rear doors Kicker KX350.4 Obsidian Audio (1) 18 D4 v2 revamp (2) Stereo Integrity HT 18d2DC Audio 1.2k5.25ft^3 tuned @34hz revamp Infinite Baffle Cpillar AudioTechnix 60mil deadenerKnuKonceptz & SkyHigh wire (complete setup) Link to comment Share on other sites More sharing options...
bassface Posted August 18, 2012 Report Share Posted August 18, 2012 even with a shitty interest rate of say 6% 14000 loan 1000down 6% 60months -------------- 251.32 monthly 215.44 monthly for 72months he would be lucky to get 6% from a dealer, ive seen some people with 15% or more interest rates on used cars. Especially if you dont have credit. Quote Link to comment Share on other sites More sharing options...
n8ball2013 Posted August 18, 2012 Report Share Posted August 18, 2012 tahts why im glad i got white people credit. 800 plus credit scores ftw Quote THERE IS NO BUILD LOG! 1998 Chevy Silverado ext cab Alpine CDA-9887 4 Team Fi 15s 2 Ampere Audio TFE 8.0 2 Ampere Audio 150.4 3 Digital Designs CS6.5 component sets Dual Mechman 370XP Elite alternators inbound! 8 XS Power d3400 6 XS power d680 Second Skin Stinger Tsunami Wiring Sky High A Real Voltmeter not a piece of shit stinger. Link to comment Share on other sites More sharing options...
Baydestrian Posted August 19, 2012 Report Share Posted August 19, 2012 (edited) Stroupe mentioned it but not to an extent, check with your local credit unions about their interest rates on auto loans. The one in my county, San Mateo Credit Union, for a new car 61-72 month has to be at least $15k but the interest rate is 2.49% and used (2004+) is 2.79%, albeit you need good credit it is still low and I think CU's are generally lower (correct?). My mom got her 2005 Jeep Liberty used, I think it was a rental, and went through another credit union. She is planning to trade it in and get a 2011 Accord within the coming weeks also going through the credit union. Edited August 19, 2012 by Baydestrian Quote 2015 Mazda 6 JVF Customz 4.0 Proto 15>Wolfram W4500 @ .5ohm 2 Sundown Neo 6.5 + 2 CT Meso Tweeters (Front) x Kicker KS6.5 (Rear)>JL Audio VX400/4i NSB-AMG35 (front) / 40ah Lithium Headway (Rear) built by Erni Audio & Electrical Link to comment Share on other sites More sharing options...
BEEMDUB Posted August 19, 2012 Author Report Share Posted August 19, 2012 thanks for the good info guys I might have to print out this page lol excuse me if I sound like an idiot but I never really have alotta experience with payments and financing up until now I've paid cash for everything lol....So what are the benefits of using a cosigner? Quote Link to comment Share on other sites More sharing options...
EdgarG0721 Posted August 19, 2012 Report Share Posted August 19, 2012 I'm not white and have 800 + credit Quote Link to comment Share on other sites More sharing options...
kl0wn Posted August 19, 2012 Report Share Posted August 19, 2012 If you don't have credit, your APR is going to be insane without a co-signer. And if your co-signers credit is crappy you'll still be seeing a decent APR. Also depends where you get the loan from though. My dad co-signed for me with amazing credit and with Wells Fargo I was still looking at 10% APR. Went to VA Credit Union and got a 2.9% instead with them. Quote 06 Mini Cooper S Sundown, SoundQubed Cadence, XS Power 151s Sealed 155s Outlaw Windshield @ 37hz Link to comment Share on other sites More sharing options...
BEEMDUB Posted August 20, 2012 Author Report Share Posted August 20, 2012 If you don't have credit, your APR is going to be insane without a co-signer. And if your co-signers credit is crappy you'll still be seeing a decent APR. Also depends where you get the loan from though. My dad co-signed for me with amazing credit and with Wells Fargo I was still looking at 10% APR. Went to VA Credit Union and got a 2.9% instead with them. My dad says that his credit is perfect so I'll be goin with him as a co-signer...just gotta promotion at work today so that should help me out some when the time comes Quote Link to comment Share on other sites More sharing options...
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