Gettin new (to me) car - financing questions

BigRedRage · April 17th, 2012, 09:39 AM

Likely going after work today but then a wrench gets thrown in with a conversation to desert schools. First of all their rates on a 4 yr 15k loan are above 8% which seems crazy to me.

Then she said that year, make, model and more affect my interest and etc.

I do not know what kind of car we are getting, I just want to get approved so I can shop lots until I find the deal I want and technically pay cash so I dont deal with the hassles of dealer financing.

Our credit is in the 700s and income is good, approval should be aproblem.

Just curious if bankers are here or people who have lots of info on how a pre approval situation works? Thank you much.

Bankrate.com shows chase and Bofa are giving the best auto loans right now...

BigRedRage · April 17th, 2012, 09:40 AM

ps details - looking to get used, under 100k prefer under 75k vehicle hoping closer to 10k but willing to do 15k want NOTHING over 300 a mo if possible. Not a big fan of financing and buy my stuff cash but this is for the fiance and she wants a pretty well maintained vehicle.

82CardsGrad · April 17th, 2012, 09:49 AM

Obviously, I have no idea what your fiance's preference is in terms of the make/model, etc... However, you can find MANY brand new cars with a monthly payment of $300 or less, with very low to zero % interest... Why are you looking for a used car??

BigRedRage · April 17th, 2012, 09:52 AM

I dunno, I figure I cant get anything worth a damn for under 300 a month and under 15k. I am not interested in kia and etc am fine with american, toyota and honda. She wants a convertable but we shall see about that and in second she was looking at SUVs. I have 2 kids and shell have one once we get married so need room for growth. Dont think I can find a single SUV for under 300 brand new.

Plus, i dont know anything about financing vehicles so maybe thats why? I have always bought used with cash.

82CardsGrad · April 17th, 2012, 09:59 AM

Quote:

Originally Posted by BigRedRage

I dunno, I figure I cant get anything worth a damn for under 300 a month and under 15k. I am not interested in kia and etc am fine with american, toyota and honda. She wants a convertable but we shall see about that and in second she was looking at SUVs. I have 2 kids and shell have one once we get married so need room for growth. Dont think I can find a single SUV for under 300 brand new.

Plus, i dont know anything about financing vehicles so maybe thats why? I have always bought used with cash.

I know some folks who have had tremedous success with Kia's so I wouldn't right them off entirely!
Convertables won't fit too well if you're trying to accommodate 2/3 kids...
As for SUV's - I'm pretty sure if you shop around, you might have some luck in finding new models for $300 a month or less... Might not be a Caddy Escalade of course, but, I'm pretty sure there are some to be had at that price... Definitely worth the look!

BigRedRage · April 17th, 2012, 10:16 AM

using calculators at 2.5% interest on 16k car 48 month is 300. Anything more expensive is over 300 a month. any brand new ride worth a **** isnt really available at 16k.

Im trying to keep the convertable thing at bay unless she goes wrangler.

I buy American. I can handle honda and toyota but im not having a kia in my driveway.

Linderbee · April 17th, 2012, 12:20 PM

Quote:

Originally Posted by BigRedRage

Likely going after work today but then a wrench gets thrown in with a conversation to desert schools. First of all their rates on a 4 yr 15k loan are above 8% which seems crazy to me.

Then she said that year, make, model and more affect my interest and etc.

Dunno where she got her numbers from, but I just took this off their website right now:

Here's what the asterisk has: *APR range: Rates listed are the lowest and highest annual percentage rates available. Actual APRs and term depend on credit history, type of product and our internal loan policy. Maximum APR for a variable rate loan: 18%.

MigratingOsprey · April 17th, 2012, 12:40 PM

If you are going to have 3 kids and do not have a car that can comfortably & safely accomodate them currently then that needs to be the focus

convertables are fun

jeeps are fun

hauling around kids, their stuff, etc is definitely not fun

look for a vehicle that fits your needs

also, don't discount dealer financing - it's often the best game in town and with the way big dealerships make money they definitely want you to use their financing

we went through this about 18 months ago .... the credit union in MN that my wife has a long term history with quoted us about 5.5% ...... I too liked that because you have a number to go to the dealers with, can do private party, etc ..... number finalize based on LTV, make/model, etc - but you have a good baseline

my wife new a couple different models she liked and found 1 at a dealership ... she went, test drove it and mentioned that we had financing arranged ..... they ran us through their system and for that vehicle they offered 1.8% ...... much better for us

we ended up going mini-van as it was cheaper (a lot) than an SUV ..... we ended up with a 2007 Toyota Sienna with 26k miles on it for under $20k ..... have been very happy with the car so far, including trips to durango and albuquerque ....... fits the kids (currently still in car seats), rides nicely, handled crazy snow in durango ..... just very comfortable

not sexy, not fun - but a good value that gets the job done for what we needed the car for ........ I think we chose the right tool for the task so to speak

Shane · April 17th, 2012, 12:50 PM

Quote:

Originally Posted by MigratingOsprey

If you are going to have 3 kids and do not have a car that can comfortably & safely accomodate them currently then that needs to be the focus

convertables are fun

jeeps are fun

hauling around kids, their stuff, etc is definitely not fun

look for a vehicle that fits your needs

also, don't discount dealer financing - it's often the best game in town and with the way big dealerships make money they definitely want you to use their financing

we went through this about 18 months ago .... the credit union in MN that my wife has a long term history with quoted us about 5.5% ...... I too liked that because you have a number to go to the dealers with, can do private party, etc ..... number finalize based on LTV, make/model, etc - but you have a good baseline

my wife new a couple different models she liked and found 1 at a dealership ... she went, test drove it and mentioned that we had financing arranged ..... they ran us through their system and for that vehicle they offered 1.8% ...... much better for us

we ended up going mini-van as it was cheaper (a lot) than an SUV ..... we ended up with a 2007 Toyota Sienna with 26k miles on it for under $20k ..... have been very happy with the car so far, including trips to durango and albuquerque ....... fits the kids (currently still in car seats), rides nicely, handled crazy snow in durango ..... just very comfortable

not sexy, not fun - but a good value that gets the job done for what we needed the car for ........ I think we chose the right tool for the task so to speak

ahhh the loser cruiser

MigratingOsprey · April 17th, 2012, 12:59 PM

Heh ..... I think I need you to take a close up look at the tires ..... just kneel there as I step inside and turn on the engine for a minute ..... there might be some knocking............

Then again, I'm not sure if I could ask such serious advice (even in a vieled effort to run the person over) from someone who owns the mini-vans ugly little cousin - the box car

Shane · April 17th, 2012, 01:08 PM

Quote:

Originally Posted by MigratingOsprey

Heh ..... I think I need you to take a close up look at the tires ..... just kneel there as I step inside and turn on the engine for a minute ..... there might be some knocking............

Then again, I'm not sure if I could ask such serious advice (even in a vieled effort to run the person over) from someone who owns the mini-vans ugly little cousin - the box car

Damnit! Don't forget about my scooter too

See I can totally talk junk.

MigratingOsprey · April 17th, 2012, 01:16 PM

Yes - the scooter

then again, scooters are a like big girls ......... a lot of fun to ride, but you wouldn't want your friends to see you on one..........

BigRedRage · April 17th, 2012, 01:17 PM

Quote:

Originally Posted by Linderbee

Dunno where she got her numbers from, but I just took this off their website right now:

Here's what the asterisk has: *APR range: Rates listed are the lowest and highest annual percentage rates available. Actual APRs and term depend on credit history, type of product and our internal loan policy. Maximum APR for a variable rate loan: 18%.

must be the used 04-06 highest was 8%

LVG · April 17th, 2012, 01:18 PM

Quote:

Originally Posted by Shane

ahhh the loser cruiser

BigRedRage · April 17th, 2012, 01:20 PM

Quote:

Originally Posted by MigratingOsprey

If you are going to have 3 kids and do not have a car that can comfortably & safely accomodate them currently then that needs to be the focus

convertables are fun

jeeps are fun

hauling around kids, their stuff, etc is definitely not fun

look for a vehicle that fits your needs

also, don't discount dealer financing - it's often the best game in town and with the way big dealerships make money they definitely want you to use their financing

we went through this about 18 months ago .... the credit union in MN that my wife has a long term history with quoted us about 5.5% ...... I too liked that because you have a number to go to the dealers with, can do private party, etc ..... number finalize based on LTV, make/model, etc - but you have a good baseline

my wife new a couple different models she liked and found 1 at a dealership ... she went, test drove it and mentioned that we had financing arranged ..... they ran us through their system and for that vehicle they offered 1.8% ...... much better for us

we ended up going mini-van as it was cheaper (a lot) than an SUV ..... we ended up with a 2007 Toyota Sienna with 26k miles on it for under $20k ..... have been very happy with the car so far, including trips to durango and albuquerque ....... fits the kids (currently still in car seats), rides nicely, handled crazy snow in durango ..... just very comfortable

not sexy, not fun - but a good value that gets the job done for what we needed the car for ........ I think we chose the right tool for the task so to speak

I have a 01 camry with 155k miles and plenty of room that was in an accident but runs and I have my 1994 Jeep Cherokee rock crawler that fits everyone great it just sucks at gas mileage.

shes not going minivan. Shes 26 and hasnt popped out her own baby yet so our viewpoints and mindsets still differ. Ill fix that soon.

so maybe I should just give arange to my bank, get the approval and if I buy out of the range, go back to them and modify the loan.