I found an excellent deal thru a private sale for a Ford Explorer(98). My best CR is equifax, my worst is TU, which it seems everyone checks with them. Does anyone have any idea who would be the easiest to get financed with? KHM<~~making sure I get my 9.4 posts in a day
Your best bet would not to buy such vehicle. The best rates you'll get is through a dealer or credit union, and they don't handle "personal" sales for some reason. At least my bank/cu doesn't. The rates for used cars are 3%+ than new cars, and when you figure 3%+ is easily 40-50/bucks a month in interest, it almost makes sense to buy new. You'd be suprised, i was approved by chase (tu) and tu is by FAR my worst report by -70 points over the others. Financing a personal-sale car is a b*tch, i looked into it myself and came up with a bunch of nothings, ymmv.
Positive I want it, it has the new tires already. My father is going to sell it to me, it only has 20,000 miles on it and he babies his cars. KHM
Why didn't you say it was your dads car in the first place lol. Why don't you just make monthly payments to him? A family deal of some sorts.
Of course, I have no info on the private deal you have going, but you might want to consider this... New Ford Explorer (figuring 2WD, but 4WD is familiar) MSRP $25,810.00 Invoice (Net) $23,757.00 Now, there is a 5% 'Holdback' on these right now, meaning, 5% of invoice back to dealer. Subtracting that brings you to: (Net Net) $22569.15 This is the dealers current true 'cost'. There is a $2000.00 customer rebate. You are now at a $20569.15 starting point. Over 5k under sticker. I can tell you this for sure, these babies are going out at $1 over that number right now at a lot of dealerships. Now, you might be way under that number with the 98 you are looking at, but consider this.... Ford Motor Credit is offering 0.0% right now- that is going to be a huge factor in this deal...thats a savings of another couple grand over the loan time. Ford is also very flexible with 'bruised' credit, even if it has to be with a lease to get it done. That 98 is going to be considered 4 yrs old by a lender. 5 years old (under 20k) has a generic 'cap' of 36 months, so you might not get 5 year financing. Not to mention it is going to be a 2 or 3 pt higher %. Pre 'flipover' models have gotten REALLY bad press which has killed the resale on these... (and if you want my opinion, the front I-beam suspension on these things not only sucks but wears tires down extremely fast.) Add all this up and the new one is going to have a lower payment (or close to it) and a full warranty. I don't know what region you are in but there are a few additional dealer incentives out there you might be able to take advantage of..... If you are near MD I might be able to help you get in one of these. peoplefirst.com has a 'bruised' credit program but the rate is wicked high-and they are picky. (Sam has more info on this, I think he tried them) Cap One also has an auto partner, but I am not sure who it is. Anyway, something to consider...... Hope this helps! Shawn
Great Details Shawn.... Will we have a ZEN monday? I just pulled this off of cars.com. Didn't know the details so I picked middle of the road stuff.... you can run your own report. Vehicle Value 2001 FORD EXPLORER Base Original MSRP: $23,860 Series: SPORT Body Style: 2D UTILITY 4WD Mileage: 36,000 Equipment Adjustment: $0 Back Condition Trade-In Value Retail Value Extra Clean N/A N/A Clean $17,065 $20,000 Average $16,180 $18,525 Rough N/A N/A Values based on equipment valued at $0 and an odometer reading of 36,000.
HAHAHAHAHA! You're too funny. When i was 18 he co-signed a loan, long story short I made it so he would NEVER sign another loan for me. KHM
If you can't pay dad direct, you're going to be wasting money on a loan, we're all saying. Buy a new one, enjoy a new car/truck, and save $$ on the promo's to move them out the door. Been there just done that. Saving $40/month for a 30K mile 99.5 wasn't worth the hassle. Owning a new car is a much better feeling too. really. Talk to your dad, if he holds the lien on the vehicle, you keep it insured, and pay him a reasonable % simple interest, all should be fair right? if not, go new. lastly, if the truck ever breaks, you're gonna be pissed at dad, etc. not worth the hassle imo.
