Auto Loans what to know?

[WRX_JB]

So i am most likely purchasing a used car from a private seller.

Just have a few questions scine i know some of you are exp. with this.

1- Best place to find one ( bank , credit type place ..ect..)
2- About what intrest rate is fair for a 700-750 Credit score
3- Loan will be around 14-16 ( May be less depending on how much i have saved by the end of this month and if my car sells)
4-I am thinking 3 year term?
5- Any special thing to look out for when doing it (Hidden shi*)


Thanks for any help you can give.

*Rates
Used Auto Loan Rates
Rates on used auto loans are as low as 7.24% APR**.
Amount Borrowed APR*
$2,000 - $9,999 8.74%
$10,000 - $14,999 7.99%
$15,000 and greater 7.24%

[Scapegoat]

how old are you?

[WRX_JB]

19 , Dad is paying for 1st 3 years of college
Weekly pay ~250-300
Car - sell for maybe around 3k

[Scapegoat]

15k is a decent amount to take out on around 1k a month pay. Figure half of that is going towards the car and insurance, depending on where you drive another 100-200 a month in gas. 15k seems a little steep at what you're making.

I'd honestly aim for something between 5-10k, this will leave you more fun money.

Trust me man, its no fun spending all your money on car payments and insurance, I've been there. You can get a nice 80's/90's mustang for around 5k and modifying those is pretty cheap.

At 19 you're also going to find it tough to get an auto loan from anywhere but a car dealership, especially with only 1k coming in a month.

Just noticed you also said 3 year loan... you can't afford a 3 year 15k loan. that is $416 a month, before APR...

[WRX_JB]

Dad cosing , lower rate slighty. Also he covers 100$ of insurance ( got it easy , so i will onyl have to pay around 80 for insurance)
I did the math and everything , loan will prob be lower once i sell car + gradution money.

So if any one has any tips would be really helpful , thanks for looking out though spacegoat

[WRX_JB]

Any thing eles?

[Roadkilled75]

Originally Posted by Kiro

spacegoat

I know this was just a typo, but it made me

[ITSTOCK]

That's a "big" AUTO loan for your income, but try

http://www.capitalone.com/autoloans/index.php

They have some incredible rates (I got 4% USED car loan almost 3 years ago on the X5 with a 760 credit score), and the site is still stating 6%. Once you apply, you either get approved or you don't, and they literally send you a blank check for the full amount you were approved for.

36 months—APR as low as 6.09%
48 months—APR as low as 6.19%
66 or 72 months—APR as low as 6.94%

[LilRedVDub]

I work at a dealership. Do you know it is easier for you to get approved for a new car then a used car? Your intrest rate on a new car will be less, then on a used car.

[WRX_JB]

Originally Posted by LilRedVDub

I work at a dealership. Do you know it is easier for you to get approved for a new car then a used car? Your intrest rate on a new car will be less, then on a used car.

Yeah , i want an 05 wrx/sti though , not a big fan of the new hatch, only thing i really would look at brand new in my price range would be an Si/ GTi or something like that.


Edit: plus having my dad co-sign dont think it will be that hard

[K-Rex]

Originally Posted by Scapegoat

Trust me man, its no fun spending all your money on car payments and insurance, I've been there. You can get a nice 80's/90's mustang for around 5k and modifying those is pretty cheap.

Been there done that, and it sucks. Had to give up my favorite car of all time because I had no extra spending money ever. Rent, Car, Food, Bills, and not a dime to do anything else.

Hell I couldn't even really enjoy the car because I didn't even have enough money for gas to do any extra driving other than to work and back.

Listen to Scapegoat. It sucks. Get through college, get a good job and then buy a car.

Having a nice car in college is a waste anyway. College parking lots are full of stupidity.

[K-Rex]

Originally Posted by LilRedVDub

I work at a dealership. Do you know it is easier for you to get approved for a new car then a used car? Your intrest rate on a new car will be less, then on a used car.

If he goes through a credit union, even a used car rate is cheaper than financing a new car through any dealership.

Don't finance through a dealership.

[marshallpre1]

Originally Posted by K-Rex

Been there done that, and it sucks. Had to give up my favorite car of all time because I had no extra spending money ever. Rent, Car, Food, Bills, and not a dime to do anything else.

Hell I couldn't even really enjoy the car because I didn't even have enough money for gas to do any extra driving other than to work and back.

Listen to Scapegoat. It sucks. Get through college, get a good job and then buy a car.

Having a nice car in college is a waste anyway. College parking lots are full of stupidity.

Yep. Why waste money on a car in college when there are lots of expenses like food, books, and beer . People will scratch up your car or worse. Wait until you get out and be able to afford a car you want. The first car I've ever bought 100% myself is my dream car (Supra, Corolla was 50-50 betw me and the 'rents)

Originally Posted by K-Rex

If he goes through a credit union, even a used car rate is cheaper than financing a new car through any dealership.

Don't finance through a dealership.

Yep. Got my loan through company credit union and it was <6%

[upperguy]

I can't really comment on finding a good loan except reinforce what both K-rex and Scapegoat said. My brother's STI got 10-15 mpg average and with the price of gas, even with parental help you will be spending a majority of your funds on the car. You're coming from a cavie so almost anything will be a significant upgrade though. If I were in your position I would consider something less expensive.

Another situation that I hope you don't encounter is the bad side: tickets. STI's are very visible high profile cars, everyone notices them because they are usually loud and obnoxious. when you get those tickets for doing 6000 mph over the posted limit most parents end up pretty pissed. you wouldn't be the first and won't be the last to have to sell because you were cut off.

You can find E36 M3's for 10-15k that are a blast, if you're more into modding(E36's are still pricey to do so) consider doing a 240sx or even a GC8(older bodystyle impreza) you can get those with STI swaps pretty cheap and I personally think they are gorgeous.

Either way congrats on getting a new car when you do get one and be careful

[WRX_JB]

yeah i was going to look into a credit union , but if you are all saying ill regret i can go with that Gsx for 6 grand and take out a 3g loan, but i dont know if it would be worth it. Ill find out some more info and see what i can get for a month rate , what i pay for insurance will not change , Thanks to the parents <3 them

[K-Rex]

Originally Posted by Kiro

yeah i was going to look into a credit union , but if you are all saying ill regret i can go with that Gsx for 6 grand and take out a 3g loan, but i dont know if it would be worth it. Ill find out some more info and see what i can get for a month rate , what i pay for insurance will not change , Thanks to the parents <3 them

In an effort not to start a flame war, I will simply say that what you buy in college should be dependable, because you may not have the time, money, and resources to fix it.

With that said, from now until you are married and start having kids is the only time you can have an impractical two seater.

Plus chicks love convertibles and college is best time in your life to meet women.

So reliable, cheap, fun to drive, convert that chicks will want rides in, leads naturally so a Late 90's early 2000' Miata.

It can be easily turboed and girls don't care what kind of convertible you have, as long as the top goes down and you can give them a ride. (I had a 91 cavalier convertible in college, and though it was far from fun to drive, girls likes the drop top.

[redline]

Become a member of a Credit Union and start an account, get a co-signer and apply for a loan. If you have money to put down it will lower your payments because obviously their is no interest against it. If you are buying a used car prepare for the interest to be a higher percent due to the risk of not paying it all back and resale value. If you think you can swing it go for it, if you have to pick up a PT job then do so but your main focus really should be on doing well in school, the car will come later

[Jeffros Spec V]

Like everybody else had said....a car loan on a 15,000 loan for 60months is going to run you near $300/month depending on the IR. Tack on insurance and gas and you around $700/month just for a car. And if you're in college a car that is just going to sit around most of the time.

And like everybody else I got my car second car loan through a credit union and my IR is like 6.4% I think mine was $10 to become a new member.

[Scapegoat]

Originally Posted by K-Rex

In an effort not to start a flame war, I will simply say that what you buy in college should be dependable, because you may not have the time, money, and resources to fix it.

With that said, from now until you are married and start having kids is the only time you can have an impractical two seater.

Plus chicks love convertibles and college is best time in your life to meet women.

So reliable, cheap, fun to drive, convert that chicks will want rides in, leads naturally so a Late 90's early 2000' Miata.

It can be easily turboed and girls don't care what kind of convertible you have, as long as the top goes down and you can give them a ride. (I had a 91 cavalier convertible in college, and though it was far from fun to drive, girls likes the drop top.

except in college, a miata means you're gay...

[WRX_JB]

s2000!