best place to get auto loan?

[tranzformer]

Originally Posted by 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.

Guess you haven't read many forums on here.

[Buggy51]

College Graduate Program
Subaru Motors Finance now offers a College Graduate Program. This program provides recent and future graduates the ability to finance or lease a new Subaru vehicle on their own. All qualified applicants are automatically eligible for any special lease or retail offers currently available. Visit your local Subaru dealer for complete program details and eligibility.

^I wonder what's that offer like? Better or worse than the credit union? I understand Scion sometimes has that 1k college rebate (well... possibly had?)

[Subaruwrxfan]

Originally Posted by Buggy51

College Graduate Program
Subaru Motors Finance now offers a College Graduate Program. This program provides recent and future graduates the ability to finance or lease a new Subaru vehicle on their own. All qualified applicants are automatically eligible for any special lease or retail offers currently available. Visit your local Subaru dealer for complete program details and eligibility.

^I wonder what's that offer like? Better or worse than the credit union? I understand Scion sometimes has that 1k college rebate (well... possibly had?)

Hmmmm, that's cool, I haven't heard of something like that, interesting. Guess I'll email my dealer and ask them since I will be graduating in the near future.

[Subaruwrxfan]

My dealer emailed me back, sounds like the college graduate program just means Chase will look more kindly at you for loan approval, essentially. I wouldn't expect any lower rates, and I know most people won't be handing out discounts, so I wouldn't count on anything more than the ability to get a loan easier.

[dsgerbc]

College Graduate Program is designed to help recent graduates without sufficient credit history. So, if during your college years you didn't have CC/cellphone bill/utility bill to pay regularly and you don't have a credit score at all, it might help getting qualified. But you have to have a job/ signed job offer. Here's a random link from google with some delail.

I would bring it up at the latest possible moment when talking to finance people. If you bring it out too soon - dealer will use it to his advantage to claim that he's done everything he possibly could to get you a decent rate and you might feel the same way.

[MRZ415]

In the end ... your best bet is to secure a line of credit
before going into any dealership.. I say ask your folks ...
family members for a loan..

Personally I will be taking out a loan on my self
from my own 401k account
( only applies to older people like myself with
401k accounts ... damn I am old))

[S2K -> BRZ]

When's the best time to get a loan before going to the dealership to purchase the car?

[dasocialninja]

Originally Posted by hanabie

I have a co signer but my credit age is not that good. fico is 730.

thanks... what's acceptable rate with co-signer???

I recently went through this, I found that local banks and credit unions are much more receptive to us than the major banks were. For me I went with a Los Angeles credit union who were very nice and helpful. I used this website to find a great Los Angeles Auto Loan Rate from a credit union.

I hope this helps. Good luck.

[Enemies]

Originally Posted by slizoth

I always find it amusing when people say live within your means while they are financing a car. Doesnt within your means imply you're able to fund it yourself?

Cars and Houses, seems like once you get those two things paid off, making 30k/year after taxes really isnt too bad. It's when you're still trying to acquire those major assets that you think fuck, I need to make more money now!

This comment makes no sense.

So you are saying a person shouldn't get a house unless they can pay for it outright?

Living within your means implies that you can handle a car payment and/or a house payment comfortably without worrying about making your payments, buying food, paying your bills, etc. It has nothing to do with whether or not you have the money in the bank to buy something outright.

[dookie11]

Originally Posted by Enemies

This comment makes no sense.

So you are saying a person shouldn't get a house unless they can pay for it outright?

Living within your means implies that you can handle a car payment and/or a house payment comfortably without worrying about making your payments, buying food, paying your bills, etc. It has nothing to do with whether or not you have the money in the bank to buy something outright.

^^ This. Otherwise loans like these might not exist, right? Cuz the bank assumes that you'll make the monthly payments in addition to being able to "survive."

[Enemies]

Originally Posted by Heero

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



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

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



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?



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.

$100,000 seems really low. I know with my mortgage I'm well, well above that. Without my mortgage I'm well, well below that.

I'd be interested in seeing what that number is today without things like mortgages and car loans included.

Things like credit cards and lines of credit are straight liabilities. Including liabilities like mortgages and car loans seems off since unless you're old enough to buy a home outright, have rich parents who bought it for you, or live in a city where house prices are really low most people will have a mortgage if they own a house.

[Dadhawk]

Originally Posted by dookie11

^^ This. Otherwise loans like these might not exist, right? Cuz the bank assumes that you'll make the monthly payments in addition to being able to "survive."

That's a very bad assumption. While a single bank may look at overall debt to income ratio when making a loan it is not difficult at all to shop multiple banks and get loans that easily add up to substantially more than your income can handle and have you able to "survive". That was one of the single largest contributor to our current situation in the US.

[dookie11]

Originally Posted by Dadhawk

That's a very bad assumption. While a single bank may look at overall debt to income ratio when making a loan it is not difficult at all to shop multiple banks and get loans that easily add up to substantially more than your income can handle and have you able to "survive". That was one of the single largest contributor to our current situation in the US.

Sad U had to pull the "economy" card, didntcha lolz.

[FREDUKE]

I have a question, say I get a co-signer to get the lowest interest rate possible, will my credit score improve as well as my co-signers?