Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
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A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/25 for details.
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The 2-3% fee the dealership has to pay... they'll pass it on to you if they'll let you use the card. But maybe not; I've put up to $2k on a card without so much as a raised eyebrow -- it was partial payment, not the whole wack -- and over $5 at a GM dealer but that was the GM Card, which didn't charge them fees. I think.
The other bad thing is that a credit card doesn't force you to pay the money back in a timely fashion; whether that is a problem or not depends on your financial situation and how much discipline you have.
-Mathias
In a time like this when rates are rapidly increasing, it's always tough to get people to believe that any rate is a "good rate"... Most people expect to be able to get that 4.99% they saw advertised this past summer. Unfortunately, it doesn't work like that. Not saying that's you, summery, but there are many people out there that really complain (without any good justification) about rates that banks and dealers quote them.
FWIW, eLoan is showing their top advertised rate at 5.75% for 60 months. (It doesn't say who the actual lender is, though.)
So here's the question, how will acquiring a new lease or used auto loan effect our credit scores and getting into a house down the road? Right now, his score is low 700's and mine is low 600's. I have leased in the past, and we have financed quite a few vehicles between the two of us. We are looking at a Saab, Volvo, or another Jeep. What would create the optimal situation for us??
Thanks for the help!
www.annualcreditreport.com
Most other websites DO charge you, even if "free" is in the title.
Wondering if anyone can offer some insignt on what kind of finance rate I can expect. I'll be looking to buy a Honda Civic or Mazda 3 in the next couple of months and here's my deal:
I have about a 560 credit score, pretty good income (almost $60k in NYC), a satisfied tax lien, no bankruptcies and employment and residency at the same place for the past five years. There's no outstanding debt at this time.
I figure the car should cost me at least 18k+ out the door so I plan on putting down at least 7-9 grand.
What kind of interest rate do you think it would be realistic for me to expect given all those factors?
Thanks much in advance.
I don't even have a credit score with Equifax. Transunion puts me at 572, but I don't have any current open accounts so Equifax couldn't even generate a score for me. I might be able to get a credit card within a month or so but even if that happens, the Equifax guy told me it would take six months to generate a score and I'd need another line of credit. Am I totally screwed here or is there a chance lenders will check the Transunion score? Also, do I just tell the dealer or a credit union -- if one will touch me -- upfront that Transunion is the only one that generates a score?
Thanks in advance for any input.
Texas state max on a new vehicle is 18%
Texas state max on pre-owned is 26.4%
It's kinda like knocking on the door of a stranger...
Hi! You don't know me but I'd like to borrow thousands of dollars. Is that ok with you? You mean I have to pay you back more than I want to borrow? Why? Oh... because you're fronting the money to actually acquire the product from the seller. I guess that's alright but why so much? Oh... because I haven't really proven my financial responsibility to anyone and the ones I did are complaining about "me" being late. Whatever!
This is a typical situation that we, as dealers, work with all the time. Any consumer can be submitted to various lenders with callbacks either approved or declined. If tentatively approved, a possible lender will most likely put forth stipulations in order to secure your financing.
Always allow the dealer to work for you... essentially, let them throw your deal against the wall to see if it sticks.
You either can buy a car or you can't. You never really know what you're possibilities are until it's put down on paper and submitted.
ZOOM ZOOM
Car_man
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Smart Shopper / Prices Paid Forums
647 on Trans
629 on Equifax
649 on Experian
My question is.. I have financed 2 cars.. My credit has been reporting for 3 1/2 years, I have 2 credit cards.. Small limits and balances, also have 2 Medical Collections, one for $74 and one for $580, both are about 5 years old. I currently have a Nissan Xterra I am NOT upside down on but only have had about 1 year. So, I am interested in getting a new or used 2004 and up Ford F150 Crewcab (20,000-25,000) and I am going to put 3,000 down.. Does anyone have any idea of what I MIGHT get as an interest rate? Any information would be greatly appreciated. I am looking to buy in the next 3 weeks.
Thank Ya'll
John
I didn't even get past Prequalification. I'm not quite sure why and I can't find anyone in my bank to talk to (big bad country spanning corporation with machine recorded 1800 customer lines).
Will this affect my credit score? Will this affect the rates the dealer is going to see if I ask him to find me financing (I'm going in tomorrow)?
Theres an free online credit score calculator that I find useful, I can play aroudn with the options so as to work out how to get a higher credit score on my applications
http://www.moneyforums.co.uk/credit_score_calculator.php
Thanks
680 is, I think, a little below average.
In any case, why not call your bank/credit union and see what they give you. You might even be able to apply for Hyundai Credit (if there is such a thing) on their website before you go to the dealership.
Rates can vary a lot. My local bank has 6.1% rates up to 60 months and 6.9% up to 72 months. My credit union has 2.9% rates to 36 months and 4.9% above that. Big difference.
I snagged the 2.9% rate when I bought my car last year. I think I would have a heart attack if I had to pay more than 5%.
Is it crazy to think of putting $15k on my credit card to buy a car instead of getting a car loan? I first thought I could always get a loan on the car when the 0% ends. You think I can just go into the car place with one of those checks the credit card company sends? I can see the advantage that I may actually pay it off sooner than if I had a set car payment each month. What's the downside, do you think? :confuse:
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
Car_man
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I have done this myself. We received an offer for 1.9% until the balance is paid off. They offered the checks, which we were even allowed to write to ourselves and deposit in our bank account! That's insanely cheap money.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
Some, like AMEX, typically charge a fee, but its usually the greater of a percentage (like 3%) or $50.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
Definitely. I've seen people with less credit history, no credit cards and smaller savings get financed.
tidester, host