best place to get auto loan?

[A Gomez]

Never have had a car payment in my whole life, so I have a question. When you get a good term on a car loan at a delaership, is that pretty much all you get as part of the deal? You get a low interest rate and the dealer expects you to be happy with that? Or do you guys still have any other strings to pull?

[Dave-ROR]

Originally Posted by A Gomez

Never have had a car payment in my whole life, so I have a question. When you get a good term on a car loan at a delaership, is that pretty much all you get as part of the deal? You get a low interest rate and the dealer expects you to be happy with that? Or do you guys still have any other strings to pull?

I'm not sure I understand what you are asking?

[DRACHENV6]

Originally Posted by dookie11

Which credit unions do you think I should check out around here? There's a Vons credit union and the SoCal credit union not too far that I know of.

Also, according to the credit report from credit karma, I'm in good standing (forgot what the "score" was, but it was in the mid to high 700s.) Also, the only debt I have are deferred student loans. My credit cards are always paid in full. Any more tips that I should take a look at?

Thx y'all !

I wouldnt bother. With student loans, and no income I think the credit union will look closely at your cosigner. Unless your cosigner is buying the car, I think you're shooting yourself in the foot financially (unless you have some collateral).

In the end you could buy an even nicer car for the money you will end up spending if you get some ridiculous rate. I say save up and buy it when you get out and get a job, or save and buy used.

[dookie11]

Noob question RE: Auto loans---> Does the loan come before the car purchase, or after the car purchase (I know that supposedly you can get the blank check to take on purchase day, right)? And I know they say they can cover 100%, but does that include your initial down payment+TTL at Subaru too?

[Dave-ROR]

Originally Posted by dookie11

Noob question RE: Auto loans---> Does the loan come before the car purchase, or after the car purchase (I know that supposedly you can get the blank check to take on purchase day, right)? And I know they say they can cover 100%, but does that include your initial down payment+TTL at Subaru too?

You can do pre-approvals or just have the dealership deal with it. However, you should have an idea of rates before hand and the loan will have to be approved by some institution before you leave.

[tranzformer]

Originally Posted by DRACHENV6

In the end you could buy an even nicer car for the money you will end up spending if you get some ridiculous rate. I say save up and buy it when you get out and get a job, or save and buy used.

Wiser words have not been spoken. The car is cool and all, but not worth risking your financial security and future.

[dookie11]

Originally Posted by tranzformer

Wiser words have not been spoken. The car is cool and all, but not worth risking your financial security and future.

Sure, but here in SoCal (and I'm sure in other places too), a decent used car costs more than being able to finance a new car...That's the unfortunate reality. So IMO, financing a car IS living within my means lolz. Sadly

[brianbot5000]

Originally Posted by A Gomez

Never have had a car payment in my whole life, so I have a question. When you get a good term on a car loan at a delaership, is that pretty much all you get as part of the deal? You get a low interest rate and the dealer expects you to be happy with that? Or do you guys still have any other strings to pull?

Finance rate should be completely separate from the price of the car; it shouldn't be coupled with whether you get a "good deal" or not. Possibly with one exception... If I'm going to pay off the car within a month or two anyway, sometimes you can negotiate a better price on the car if you agree to use the dealership's financing - in that case, you don't care about the finance rate since you're going to pay it off anyway. Just make sure there's no pre-payoff penalty (shouldn't be, but just make sure they're not pulling any tricks).

Personally, I like to have financing lined up in advance and totally separate from the dealership, just to avoid that whole separate negotiating process.

[7thgear]

Originally Posted by dsgerbc

Meh, I'll wait talking to Canadians about debt, until their own housing bubble collapses

so because our economy didn't collapse, we don't know anything holding it together?

[engee]

Originally Posted by dookie11

Sure, but here in SoCal (and I'm sure in other places too), a decent used car costs more than being able to finance a new car...That's the unfortunate reality. So IMO, financing a car IS living within my means lolz. Sadly

For some odd reason, I find this to be HIGHLY unlikely.

Just did a search for CPO cars that are the BRZ's/FR-S's competitors in area code 90011 Los Angeles, CA.

Assume BRZ MSRP: $25,000+

2008 Mx-5 miata wit 11,000 miles : $18,965
2009 Civic SI coupe w/ Nav 55,188 miles: $17,850

With these other cars, you can probably talk the dealer down if negotiated properly.

Depending on your financial situation, $7,000+ when you can't afford it is a big chunk of change especially if you are financing.

[dsgerbc]

Originally Posted by 7thgear

so because our economy didn't collapse, we don't know anything holding it together?

Doesn't look like Canada is doing too differently to me.

And here's some quick light read for you.

[Heero]

Originally Posted by bestwheelbase

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!

Hehe... sorry, sometimes I forget how heterogeneous the USA is compared to Canada.
& Thanks

Originally Posted by hanabie

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.

First off, apologizes. When one hears "cosigner" prejudice immediately pops up!

and... no need to get border line insulting.

Originally Posted by tranzformer

Must make Canada the land of the entitled as well. You know entitled to socialized health care, education all that. Oh and I'm sure Canadian's aren't affected by debt either. :roll eyes:




http://www.consumeraffairs.com/news0...nada_debt.html

To be fair that article is old (2007).

This article I found after a quick google search: http://www.ctv.ca/CTVNews/Canada/201...y-debt-110217/

suggests a 100k average debt for families and that's INCLUDING MORTGAGE. I'd say that is pretty good considering housing is rising still?

Originally Posted by dsgerbc

Meh, I'll wait talking to Canadians about debt, until their own housing bubble collapses

Well, you would think that Canada would mimic its biggest trade partner wouldn't you?

Spell gloom & doom all you want. Canada's population is low enough that it won't fall very significantly. As long as there are always immigrants who want to purchase homes prices will continue going up.

[tranzformer]

Originally Posted by Heero

To be fair that article is old (2007).

This article I found after a quick google search: http://www.ctv.ca/CTVNews/Canada/201...y-debt-110217/

suggests a 100k average debt for families and that's INCLUDING MORTGAGE. I'd say that is pretty good considering housing is rising still?

The article I listed wasn't meant to prove the current state of affairs, just to point out that Canada has/had financial problems with debt just like America. Thank you for the updated article reference. I just think this is an issue that developed countries are all dealing with to some extent or another; whether citizen caused, government caused, banking caused...etc.

[brianbot5000]

How exactly did this thread turn into a debate about US/Canadian economics? We all like cars, and apparently we're all in a position to purchase a new car - so let's just be thankful for that and discuss the car instead of having a pissing match about international macroeconomics.