best place to get auto loan?

[bestwheelbase]

www.moveyourmoneyproject.org has a search tool to find local lenders. They will surely have loan rates posted on their respective websites.

Read up on "gap insurance." With the down payment you've got, this optional add-on is not nearly the necessity your salesman will portray it to be.

It is easy to tell someone else how to spend their money. What is most important is that you make an informed decision for your particular situation. Don't let anyone (including the lender) push you in to something that makes you uncomfortable. And remember -- it's not rocket science, it's a car loan!

Best of luck.

PS Save some money for the Hanzo shirts we are about to release.

[Heero]

Hmm...

Maybe Americans think differently then Canadians, but if you need a cosigner for a 20k car you really should consider purchasing another vehicle.

Heck... I'm a 20 year old student who will have enough saved to hopefully pick this car up finance free & still pay off University tuition.

I guess my family values not being in debt, Americans might not care 2much. Duno,

[bestwheelbase]

Originally Posted by Heero

Hmm...

Maybe Americans think differently then Canadians, but if you need a cosigner for a 20k car you really should consider purchasing another vehicle.

Heck... I'm a 20 year old student who will have enough saved to hopefully pick this car up finance free & still pay off University tuition.

I guess my family values not being in debt, Americans might not care 2much. Duno,

Wow, my neighbor to the north paints with a broad brush.

Plenty of Americans dislike car loans; plenty of Canadians are neck-deep in debt. Each choice has it's merits.

Almost forgot: Welcome to FT86Club!

[hanabie]

Originally Posted by Heero

Hmm...

Maybe Americans think differently then Canadians, but if you need a cosigner for a 20k car you really should consider purchasing another vehicle.

Heck... I'm a 20 year old student who will have enough saved to hopefully pick this car up finance free & still pay off University tuition.

I guess my family values not being in debt, Americans might not care 2much. Duno,

How can I have 10 years credit history? If I just got my ssn 3 years ago. LULZ

So I need a cosigner. so you are from rich family after all, glad to hear that. We know.

[bestwheelbase]

Originally Posted by hanabie

So I need a cosigner.

When it's a business, it's normal practice. When it's a young person buying a car, suddenly it concerns people.

Do what's best for you. The important thing is we all enjoy these cars and share fun experiences. :happy0180:

[dookie11]

Originally Posted by 86'd

I'm a member of Schoolsfirstfcu.org If you go to CSUF, I think you can sign up to be a member, know a family member that banks there, or work in an educational field in OC.

Some credit unions are insular like this, and others are more open. I can only speak for schoolsfirst as I've been a member for over 10 years and they've been great.

Search google for credit unions in your area, and see what comes up and see what will work best for you.

I DO go to CSUF I'll check it out, thx. Googling also showed up a TON of CU's around here. Will check 'em out during spring break next week.

Originally Posted by bestwheelbase

www.moveyourmoneyproject.org has a search tool to find local lenders. They will surely have loan rates posted on their respective websites.

Read up on "gap insurance." With the down payment you've got, this optional add-on is not nearly the necessity your salesman will portray it to be.

It is easy to tell someone else how to spend their money. What is most important is that you make an informed decision for your particular situation. Don't let anyone (including the lender) push you in to something that makes you uncomfortable. And remember -- it's not rocket science, it's a car loan!

Best of luck.

PS Save some money for the Hanzo shirts we are about to release.

What shirt?????? I still have the grey 86 shirt and it's getting lonely in my closet

[MRZ415]

I say credit union... When I bought my current car I did not know jack
I am currently financed at 5.5%... my so call score was high as 800 and low
as 770... If I only knew what I know now ... I would of secured my own
$ from a credit union n went in with X amount of $...

[beirouty]

i am sorry to say this, but loans ruin lifes.

if you cant afford something right now save up for it and buy it few years later. or just dont.


you cant afford it for a reason. dont force yourself and work extra to pay more for the car.

loans ruin everything.

[Buggy51]

Originally Posted by beirouty

i am sorry to say this, but loans ruin lifes.

if you cant afford something right now save up for it and buy it few years later. or just dont.


you cant afford it for a reason. dont force yourself and work extra to pay more for the car.

loans ruin everything.

A tad off topic, but how do most people even afford houses then. ~_~;

I personally think loans can be useful, just make sure you can pay off the targeted amount. Pay a bit more early so you have a two-three month buffer, etc. I wouldn't make such a blanket statement.

[Grimlock]

Originally Posted by beirouty

i am sorry to say this, but loans ruin lifes.

if you cant afford something right now save up for it and buy it few years later. or just dont.

you cant afford it for a reason. dont force yourself and work extra to pay more for the car.

loans ruin everything.

I'm sorry to hear that a loan killed your dog, but really you have no idea what you are talking about. Every person's situation is different, so you can't generalize.

Back on topic: My local credit union has the following rates for loans:

2011 and newer up to 36 months up to $125,000 2.19%
2011 and newer 37-63 months up to $125,000 2.49%
2011 and newer 64-75 months $18,000 - $125,000 3.14%


I'd be hard pressed not to take one of these loans because my cash can make more than 3% in investments rather than being in the car. Also, extra liquidity is a good thing sometimes.

[dsgerbc]

Originally Posted by Grimlock

I'd be hard pressed not to take one of these loans because my cash can make more than 3% in investments rather than being in the car. Also, extra liquidity is a good thing sometimes.

Loans don't kill. Leverage kills. 0% down on a home mortgage = infinite leverage. What you're doing is also leverage. Your 3% more than car loan APR is not risk free. So, in essence, you are increasing your risky bets on stock market/whatever, while increasing your fixed APR debt. So you're leveraging up. The reason "hey, my stock portfolio/investments yield more than car loan APR, so I'm turning down free money if I don't finance" is a bad reason to finance.

To OP: I'd finance it through CU even if their rate is slightly higher than the one offered by some giant bank (say, capitalone, or Chase/Subaru for that matter). The reason: documentation at banks is currently in such neglect that they can try to collect from you even if _they_ owe you money, so by keeping it local and maybe paying a few extra basis points on your loan you'll avoid the headache when the bank screws up your paperwork. This doesn't mean local CU can't screw up, but in that case you'll be able to track down someone who can fix it in person instead of being bounced around different 1-800 numbers and fed BS.

[tranzformer]

Best place to get an auto loan? Place with the best rates which is usually a credit union and not the big banks like BoA, Citibank...etc.

[Subaruwrxfan]

Originally Posted by Grimlock

I'd be hard pressed not to take one of these loans because my cash can make more than 3% in investments rather than being in the car. Also, extra liquidity is a good thing sometimes.

+100 I'm amazed how many people on here stuff their money under a mattress until they've saved enough to buy a car with cash. If that helps you sleep at night, fine. Otherwise, it makes no sense to NOT take out a loan if you're trying to make the most out of your dollar. Invest your cash in anything decent and you'll beat inflation and auto loan rates.

[7thgear]

Originally Posted by Subaruwrxfan

+100 I'm amazed how many people on here stuff their money under a mattress until they've saved enough to buy a car with cash. If that helps you sleep at night, fine. Otherwise, it makes no sense to NOT take out a loan if you're trying to make the most out of your dollar. Invest your cash in anything decent and you'll beat inflation and auto loan rates.

i can't speak for others, but it does help me sleep at night.

Being debt free is an amazing feeling to have in today's economy.

I could get fired today and not panic about it for at least a year.