Well, I'm looking at a new car here soon. Just test drove a 98 Sable LS, very nice. Leather, and the works. The credit union pre-approved me at a 6.6% rate, which i don't think is all that bad for a 98'. I haven't actually bought it yet, but the pre-approval part is done. Any tips for the haggling? What have you found to work most effectively when haggling on a car?
Don't know much about haggling, but what were your scores that you were preapproved for that rate? I'm trying to get an idea of what kind of rate I'm looking at when I buy sometime this summer.
Also how long did it take to get your approval? Do you apply and let them tell you what you are approved for or set how much of a loan you want or can you do it either way. One more question, how many credit reports did they pull and which ones were they? Thanks for the info.
6.6 is a great rate on a used car. Make sure you look at kbb.com, edmunds.com and try to get a copy of black book so you can see what the real value is. The dealer is going to say "we have $xxx into this car so we can't sell it for any less" Tell them you don't really care what they have in it, you just don't want to pay more than it's worth. A few hundred dollars over wholesale should be plenty. DON'T mention you have your own financing until after you agree to a price. The dealer is much more likely to give you a deal if he thinks he can soak you a little in the F&I department. With your own financing, you take away one their best sources of profit.
The application was submitted today and I was preapproved for the up to the maximum amount I requested, which was $10,000. They will cut the check for whatever amount I need up to that amount. The local credit union pulled Equifax only.
I agree with wolverine, make sure you check out kelly blue book and also consumers reports for frequency of repair on this model. Ford had a lot of bad motors that had a hidden recall in mid to late ninetys on the taurus and sable. Good luck and good hunting. jlc
Do you have to be a member to apply for a loan from a credit union and are you anywhere around houston, tx.? I'm looking for a CU in this area. thanks
Hire a professional haggler LOL. Even in South Carolina we have them - 'auto purchase consultants'. They go and get the cars from the dealers, bring them to you and let you test drive them, then take them back. They do the negotiations and according to the local news in a survey they did, the 'consultants' negotiated prices that were generally several thousand dollars below what the average consumer negotiated. Here the consultants receive the actual commission from the dealer (they split it 50-50 with the actual salesman) and the consumer pays them nothing. I personally despise car dealers (even though my ex girlfriends father owned a huge ford dealership). I hate buying cars but next time, I am going with the consultant.
Bgolden, I'm sorry, I'm up here in Iowa, lol. I've been very happy with their service. I just want to get the car and get it over with!
WOW I'm drivin to South Carolina to buy my next car...That is WELL worth the drive. I love seeing those 'Pedro Sez' signs all the way down 95 anyway. Matty, Drive safely. CONGRATULATIONS! -Peace, Dave
BGolden - yes you have to be a member of the CU to obtain a loan from them. Good news is, shouldnt be that hard to find a CU for you to join. Most of them are expanding the type of people they are servicing (ie: you can join a credit union if you are a resident of a county or city, you belong to a professional group, etc).. There are 96 chartered CU's in Houston, Tx - look in the phone book and find one that list criteria that would make you eligible. Customer service is a LOT better at a CU than a bank (basically because you own it - your savings account will be called a 'share' account, denoting your ownership of the CU. You get to vote for the board and they tend to be very receptive to meeting the needs of their members).
Hey get off Pedro. The guy who started that HUGE tourist trap died last year... Unfortunately, Pedro didnt and that damn "South of the Border" disaster is still there.
bgolden, I was in Houston a month ago and I saw a sign for a credit union offering 0% auto loans. I just checked their website but it says 4.99. So I guess 0% is over. The requirements for membership looks broad. http://www.fccu.org/templates/fieldof_memb.htm Learn some facts about CU's and search for one based on selected criteria at http://www.ncua.gov/ Once you've identified a few just use google to locate their website
I've heard that NADA (http://www.nadaguides.com/) is a better indicator of a car's worth moreso than KBB, or even Edmunds - since it's rumored that this is what dealerships really rely on. You may want to check with NADA, too.
YES! Use NADA book. Kelley is usually about 10 to 20 % high. Edmunds is high also. Dealers and wholesalers buy with NADA book and try to sell Kelley otto
