My daughter totaled her car yesterday (black ice). We were going to buy (or lease) her something for her 17th b-day in May, but I guess the time has come now. We didn't feel comfortable with what she was driving anyway (Probe). If I could afford it, I'd put her in a humvee! Anyway, I'm thinking we'll be better off getting a preapproval. Can anyone recommend a starting place for me?
Don't forget the insurance may go up since now she's had an at-fault accident! (yes, sliding on black ice seems to be hardly your fault, but the ins. co wont look at it that way)
Nursie- With scores like that I think the dealer will have the best rtes available for you. Either that or try a CU.
A couple of weeks ago someone here got a car w/ 0% (the Ranger). Maybe I'll try that. I just hate it the way the dealer ties in financing w/ price negotiations. It insults my intelligence! I like the idea of the online or cu preapproval. I get better negotiating power. Hubby was also thinking of leasing. Any thoughts on that? Is it still the sleazy scam it used to be? Thanks!
Its where the ground just looks wet, when it's actually ICE. the tar gives it the "black part" the wet part is really "ice"
Yeah, we found that out. It really bites for her. She's honestly a safe, careful driver (I have my spies out there!). I feel bad for her. She hit black ice in the middle of a hail downpour.
I went through E loans and got a loan in 12 hours even with a Chap 13 BK just discharged 5 months ago. The intrest is a bit high, ( 12.95 %)but it is a heck of a lot better than the Dealers offer for a BK. That is usually around 23% intrest. Try it at www.eloans.com.
You are so right. Very rarely have I ever received a good deal (even when I had great credit 10 years ago and bought from Toyota Motor Credit) from a dealer. I usually have to find a finance company that will give me a good rate. It's either pay a ton down AND still get a 19% rate with a dealer (for me) or go with Peoplefirst who got me a no down loan with a 14% rate (which I plan to refinance after 2 years). I think these dealers jack up the rate so they get a cut of it. A friend of mine told me that some Ford dealers do this. If the Ford dealer gets you approved, for example, he probably offers a rate of 15-21% depending on what your scores are. I bet if you shopped around, you could get 10-15% on the same deal from a pre-approved car finance company. I don't know too many people who would qualify for 0 down/5% or lower financing from the dealer/car company. As far as I know only one person I know has such perfect credit that she can get that deal or better.
my TU score was 587 ($7200 in charge off's(2) and 1 collection), chase pulled this and approved me for 7% APR on 30K loan for 60 months. VW credit approved me at 8.5% for the same loan. I had $3500 cash/credit down payment which is a good amount on a car of that price. No sweat. I think many people just get stigmatized at bad credit folks, when in fact the dealers are laughing all the way to the bank...
I know for a fact that the Ford dealers will jack up the % for their own gain. Last summer when I was buying my car, my dad cosigned so I could get special financing rates. With my scores at that time, I was looking at 21% without him. Anyway, the ford dealer in my town said they could only do like 9% even with my dad's credit (he's over 800). The ford dealer in the next town got me the 4.9%. I knew the 1st one was being cheesy. I really don't want to finance a large amount, & I'll probably put 2000 down. I'm going to check all these places you listed & then narrow it down.
yup. payment #4 is about to go out Audi and BMW are cool. Although I bought new. Any car "certified" by audi or bmw USED, will get an automatic extended warranty, and qualify for new car rates due to the "certified" status. Something to think about as well. Not sure if american car companies (or japanese) do that , but i didn't know that at the time, or i might have picked up a used audi and saved a couple of bucks. Either way i'm very happy with the situation.
