Car Loan
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- woodyBatts0
Fate,
As I former car salesman :)
I can tell you that if you are buying a new car, research the car totally, test drive it ( go places you would go, i.e. gas stations, drive thrus...to see if the car is really up to the standards you want it to be in. And most importantly get a saleperson who you like, an aggressive sales person wants to close the sale, frankly if you ever need that person to help you later on with warranties or service, it helps to have a good alesperson, even if you spend a little more money with them.
Never ever ever talk about price until you are set with the car, the right color, right options, once you have the car you want within eye sight and are ready to buy you can negotiate aggssively, the best way of negotiating is to say "I will spend $___ ( educated cost via research ) and buy it now"...then stay firm with the price.
loans work the same way, but be sure to know what your credit rating is, but NEVER never ever ever ever have a dealership pull your credit if yuou are not buying then and there. ( it lowers your score everytime it's pulled ) also dealerships and banks "hold points" which means that if you buy a loan from the dealership at 9%, it's likely the dealership holds 2 points on you which means the loan really goes for 7%, to get to 7% have a backup loan you can get outside the dealership, like a bank, the dealership will give away the loan just to have your business.
Fianlly if you are buying used beware, make sure you get a warranty and stay rather new in the model. The cost of the car maybe lower if used but the Banks interest rate will be sky high, and you will pay more for a older car that has more risks of breaking down on you while you are cutting payments to the bank.
email me for any advice you need ;)
whole family's in the biz
- Point50
wow. Nice insight woody. Also, don't you have a 14 day window once you pull a credit score to not have it show multiple times? That's what I've read; I work at a mortgage cmopany and just saw that in some lit. the other day.
- woodyBatts0
Car loans and mortgage loans are different in thier scoring techniques, but in my experience, it shows up immediately through Equifax.
We would use this to see if someone had been to other dealerships ;)
- fate_redux0
woodyBatts, man you are an awesome guy. I remember when you helped me out with sorting things out about picking/applying to University. Thanks a ton, those are some great things to consider.
I will most likely buy used, and I'll use those techniques you pointed out.
- woodyBatts0
Thanks fate, another quick tip, check the oil, if it's dirty don't buy.
Clean oil = light caramel color
Dirty = murky brown
- fate_redux0
Oh yeah I know, I've changed a car's oil quite a few times in my life, and scalded myself in the process more times than I care to remember.
- iDp0
hey wait a minute...Point5 drives an SUV...get him!!!!!
some of you are complete liberal pathetic losers. Fate...get whatever the fuck you want homie. I drove a 77 K5 Blazer for two years and the only thing I ever hauled in the back were two chicks at one time. Know wud I mean? When you get older you can get a fun little sport compact like I have now...btw those wont let you haul two chicks at once.
- fate_redux0
I put Lamborghini doors on that Escalade. Low pro's so low look like I'm ridin' on blades
- mrdobolina0
iDP is a mark.
- iDp0
Dob's is a Rick.
- Chip0
Just finished a 4 year loan, just about to start another one!
Selling my M-Roadster, getting an M3 cos I have a kid on the way...Cars are my downfall.
Its a hobby I guess.I do it because I'd rather have a nice motor now than be some old rich dude in his 60's driving around in a sports car.
Get it when you can enjoy it.