financing used cars - suggestions?

Looking at upgrading the wife's van. We have a 2001 Odyssey with 70k on it, that she hates. She's given the mini van thing a chance, and doesn't find anything more convenient. With a 3rd row, an SUV would accomplish everything we need. There are all of like 5 SUV's with a 3rd row, and most of them suck. The GS470 doesnt suck, but it's also a little stupid expensive. 11k for a 12 year old SUV.

I can get rid of the can for around 4 I imagine. My previous methods have been the credit union, but the rate they give on used cars kinda sucks. I'm guessing there's not, but is there any alternatives to credit unions?

In before someone says that if you can't pay cash, you can't afford it.

I've had good competitive rate quotes from my insurance company, State Farm. They also don't charge anything for the loan - no origination fees or anything. Try your insurance company.

USAA has been shockingly easy to finance older cars through, for me anyway. I'm still kind of shocked.

Yep, I think credit union or your insurance carrier will be your best bet.

I'm making the assumption you're carrying children around in said vehicle. If she thinks a minivan isn't convenient for kids, wait until you try a 3 row SUV. Hope you don't need the third row often.

Klayfish wrote: Yep, I think credit union or your insurance carrier will be your best bet. I'm making the assumption you're carrying children around in said vehicle. If she thinks a minivan isn't convenient for kids, wait until you try a 3 row SUV. Hope you don't need the third row often.

3 kids in the bench, and the back if/when we need it.

The dealer beat the credit union by 0.25%. So....... I went with them.

Credit unions. Mine will give an auto loan for older cars if the amount is less than book, and is only 1.49%. I've financed cars I had the cash for because the money was so cheap, and better used elsewhere.

Sonic wrote: Credit unions. Mine will give an auto loan for older cars if the amount is less than book, and is only 1.49%. I've financed cars I had the cash for because the money was so cheap, and better used elsewhere.

This, exactly. Didn't mention it in my post, but I'm doing the same thing. I'm shopping for a roadster or 4 seat convertible toy right now. Keeping budget under $10k, even shopping as low as the $5-$6k range. I could pay cash for it, but it wouldn't be super convenient to do so, and my wife's credit union has such stupidly low rates that I'd rather finance and save the giant wad of cash.

I have a 2008 Highlander with a 3rd row. It doesn't suck, at least no more than any other SUV (I hate SUVs like most people hate minivans), but I don't know what you consider "suck." The third row isn't as easy to get into like the bigger SUVs, though.

Credit unions. I used Pen Fed about 6 years ago (my last auto loan). Was quoted at the dealer 2.9 for 6 years. I get there and they said 1.9 for 6 and were sooo nice!

Basil Exposition wrote: I have a 2008 Highlander with a 3rd row. It doesn't suck, at least no more than any other SUV (I hate SUVs like most people hate minivans), but I don't know what you consider "suck." The third row isn't as easy to get into like the bigger SUVs, though.

I love the highlander, but its a little small for 3 kids. The suck list being chevy traverse, ford flex, explorer, tahoe. My bias to toyota is strong though. I dislike large SUVs as well, so my options are, small.

Edit: 3 car seats won't fit in a gx470 according to googles. crap.

"The suck list being chevy traverse..."

I got to disagree. When we bought our 2008 GMC Acadia used in 2009 (same as a traverse), we looked at a lot of the big SUV's. We needed (wanted) both a third row and since we were going to have 2 car seats, captain chairs in the 2nd row.

other than being a magnet for people bumping into us, it has been a tank. we routinely use it to tow a 16 foot enclosed trailer and the only maintenance I have done (outside of warrantee work) was replace a rear wheel bearing. We have about 110k miles now and inside and out still look great.

granted, I haven't shopped to compare against the newer SUV's but I went in thinking I was going to hate it and now I still really like it.

Similar to Klayfish and Sonic above, I got a crazy low rate for my 2002(!) 4Runner about 6 months ago so why not finance. It is the third car I've financed through PenFed and I've always had a painless experience. I believe they will loan on just about anything up to 90% of book value. Definitely keeping that in mind for my next "fun" purchase.

Rusnak_322 wrote: "The suck list being chevy traverse..." I got to disagree. When we bought our 2008 GMC Acadia used in 2009 (same as a traverse), we looked at a lot of the big SUV's. We needed (wanted) both a third row and since we were going to have 2 car seats, captain chairs in the 2nd row. other than being a magnet for people bumping into us, it has been a tank. we routinely use it to tow a 16 foot enclosed trailer and the only maintenance I have done (outside of warrantee work) was replace a rear wheel bearing. We have about 110k miles now and inside and out still look great. granted, I haven't shopped to compare against the newer SUV's but I went in thinking I was going to hate it and now I still really like it.

I'll show one of the reasons.

A 2012 Acadia SLT has a bluebook value of 17958. A 2009 has a bluebook value of 10,600. 3 years, $7400 depreciation. That's better if you drive it till it dies, but its still not okay. If someone hits you, that bluebook value becomes rather important.

I bought my 2002 4runner 5 years ago for 6200. I have put 100k on it, and could sell it for $4800.

How much do you want for the piece of crap Honda van?

My 2005 Yukon Denali XL for ~$3,500 doesn't suck to get into at all.

ebonyandivory wrote: My 2005 Yukon Denali XL for ~$3,500 doesn't suck to get into at all.

the 13mpg is where it sucks.

Pen approved me for 6$k at 1.9% l. Don't bank with them and I would be a new customer, would have had to pay $15. I instead bought a $1,000 car so didn't take it

lnlogauge wrote:

Rusnak_322 wrote: "The suck list being chevy traverse..." I got to disagree. When we bought our 2008 GMC Acadia used in 2009 (same as a traverse), we looked at a lot of the big SUV's. We needed (wanted) both a third row and since we were going to have 2 car seats, captain chairs in the 2nd row. other than being a magnet for people bumping into us, it has been a tank. we routinely use it to tow a 16 foot enclosed trailer and the only maintenance I have done (outside of warrantee work) was replace a rear wheel bearing. We have about 110k miles now and inside and out still look great. granted, I haven't shopped to compare against the newer SUV's but I went in thinking I was going to hate it and now I still really like it.

I'll show one of the reasons. A 2012 Acadia SLT has a bluebook value of 17958. A 2009 has a bluebook value of 10,600. 3 years, $7400 depreciation. That's better if you drive it till it dies, but its still not okay. If someone hits you, that bluebook value becomes rather important. I bought my 2002 4runner 5 years ago for 6200. I have put 100k on it, and could sell it for $4800.

Not sure of your logic, a Toyota that is 10 years older is going to depreciate less than a newer GMC. You are at the bottom of the depreciation curve when you bought your 9 year old 4Runner. You still lost 22.5% of the value in 5 years vs the GMC losing 40.9% in 3. But I just went to KBB.com and pulled the 2009 and 2012 4Runner private party value in good condition. Here is what I got -

2009 = $13,970 ... 2012 = $24,197

that is $10,227 in depreciation over the same period.

When we purchased our Explorer we used our line of credit. 0.5% over prime. Car loans up here can't even come close to that.

Where are you located? (interested in van) BTW, you won't find a more acceptable car than the van. The second gen Honda Odyssey is one of the greatest vehicles to ever put wheel to road.

BA5 wrote: Where are you located? (interested in van) BTW, you won't find a more acceptable car than the van. The second gen Honda Odyssey is one of the greatest vehicles to ever put wheel to road.

Since I work with you, I'd say pretty close to your location. You'll be the first to know when I sell it.

Rusnak_322 wrote:

lnlogauge wrote:

Rusnak_322 wrote: "The suck list being chevy traverse..." I got to disagree. When we bought our 2008 GMC Acadia used in 2009 (same as a traverse), we looked at a lot of the big SUV's. We needed (wanted) both a third row and since we were going to have 2 car seats, captain chairs in the 2nd row. other than being a magnet for people bumping into us, it has been a tank. we routinely use it to tow a 16 foot enclosed trailer and the only maintenance I have done (outside of warrantee work) was replace a rear wheel bearing. We have about 110k miles now and inside and out still look great. granted, I haven't shopped to compare against the newer SUV's but I went in thinking I was going to hate it and now I still really like it.

I'll show one of the reasons. A 2012 Acadia SLT has a bluebook value of 17958. A 2009 has a bluebook value of 10,600. 3 years, $7400 depreciation. That's better if you drive it till it dies, but its still not okay. If someone hits you, that bluebook value becomes rather important. I bought my 2002 4runner 5 years ago for 6200. I have put 100k on it, and could sell it for $4800.

Not sure of your logic, a Toyota that is 10 years older is going to depreciate less than a newer GMC. You are at the bottom of the depreciation curve when you bought your 9 year old 4Runner. You still lost 22.5% of the value in 5 years vs the GMC losing 40.9% in 3. But I just went to KBB.com and pulled the 2009 and 2012 4Runner private party value in good condition. Here is what I got - 2009 = $13,970 ... 2012 = $24,197 that is $10,227 in depreciation over the same period.

Not quite.

the 2009 4runner has the older body style. 2010 has the newer, current body style. that's something I checked with the Acadia. Same body for my comparison.

a 2010 4runner, with no options changed, has a private KBB of 19063. A 2013 has a value of 25864. That's a little more reasonable, and realistic depreciation. If I was bored, I'd chart out the depreciation over different manufacturers. I'm pretty sure Honda and Toyota would be a good bit different than american manufacturers.

I completely understand what you are saying about buying at the bottom of the curve. My last car I lost a few grand, in a span of a couple years. I'm a little pickier about what I buy because of it.

Always used credit union for my used car loans. It's worked well for me.