I would like to trade in my car and the most I would have for a DP would be approx. the $3500 the delaer would give me in trade-in value towards the purchase of a new car. I would need a loan of about $10,000-12,000 for a new car purchase. I am a homeowner with a credit score of 717. What kind of rate should I expect to get from a dealer? Or should I go through a CU? Would it be worth holding off a year and improving my score a bit by trying to lower some blances (although that would lesssen the trade in value of the car)? I know this is off the topic a bit but I put about 30,000 miles per year on a car and I wonder if anyone can let me know if leasing might be a better way for me to go. Thanks!
leasing only allows you 10 or 15k miles per year, after that it is $0.10 per mile I would think you could do ok with your scores at a CU, good luck!
I would say 6% and lower. I bought my car in Dec. from a friend who owns a smaller luxury dealership and I got to take a gander at the rate sheets he has from the banks and CUs. I am at 8% on a used auto loan from my credit union with scores in 685 + range on EQ and EXP. I think new car loans have lower interest rates on the loans. Also, leasing would be a bad idea as they give you a mileage allowance per year and you would be waaaaay over it as much as you drive. You would have to pay for it in the end when you turn the car back in.
some links for reasearch.... http://edmunds.com http://consumerguide.com http://biz.yahoo.com/brn/050216/14859_1.html Lot's of great info S23
Thanks to all who responded. Especially for the lease infromation as I thought that might be an option but i will steer CLEAR of that! The links also look useful so hopefulyy I will be able to get a good deal. Thanks again all!
