Learn me- used car loan.

Looking to buy a 350z/g35. I'm in the process of selling my Celica and the 1uzfe swap and hoping for about 3 grand. The z/g seems to hover around 8-9 grand. How do these used car loans work? What percent do I need for down payment? Am I going to be raped APR wise? My credit isn't bad. Did a bankruptcy four years ago. Bought a house this year. Honda Fit is almost paid off. No outstanding debts. Couple of credit cards but nothing on them.

I bought my Camaro for about what you're looking to spend when I was less than a year out of college, and thus had very little savings. Ended up borrowing about $4k on it.

I went through a credit union and they were absolutely fantastic. 1.49% APR on a 36 month loan, which I paid off in a bit over a year. Their rules are basically they will lend 100% of the value (note: not necessarily purchase price, which may or may not be either higher or lower) on any vehicle, regardless of age, so long as the value is greater than $3000.

Highly recommend going through a CU.

Trackmouse wrote: Looking to buy a 350z/g35. I'm in the process of selling my Celica and the 1uzfe swap and hoping for about 3 grand. The z/g seems to hover around 8-9 grand. How do these used car loans work? What percent do I need for down payment? Am I going to be raped APR wise? My credit isn't bad. Did a bankruptcy four years ago. Bought a house this year. Honda Fit is almost paid off. No outstanding debts. Couple of credit cards but nothing on them.

Nearly every local credit union will have their rates posted on their web site.

Who I've done nearly all my car loan business with over the last 6 years.

https://tulsafederalcu.org/rates/auto-rates/

Then you apply.

The lowest rate I found a month ago when I purchased my used car was 2% at the local Credit Union, for 36 months. Showed that to the dealer, who shopped their bank lenders and got it down to 1.9% fixed over 60 months through Capital One. They financed the full amount with nothing down.

I was going to just pay cash, but with rates like that it's a no-brainer to me to finance.

Either your own bank or credit union, have your financing in hand before you step foot onto the dealership lot. That way you negotiate a cash price and simply write them a check. Staying out of the dealership finance office is the key to saving money.

Yeah I've been warned about that. I think it'll be private party. Used car dealers are like a flaccid chooch. Dealers always want more than the car is worth. For instance, NADA guides showed a car at a dealer ship for 8.8k, guy wants 9.5k private party, and kbb says same car in "excellent" condition as 6.6k (12 yrs old, no way)

What do you say to someone with a bone stock 2003 touring edition in supposed "excellent" condition that wants $9500, but kbb says $7,976? (With out coming off as a dick)

Trackmouse wrote: What do you say to someone with a bone stock 2003 touring edition in supposed "excellent" condition that wants $9500, but kbb says $7,976? (With out coming off as a dick)

Thanks for your time.

One thing to be careful with when looking for a used car loan is age/mileage limitations. Some banks are very picky about what they'll consider as a car loan (secured) vs. an unsecured personal loan. Personal loans obviously carry higher interest rates.

Sometimes you are better to get a line of credit secured by your home than a car loan. I am at 0.5% above prime on my LOC. Car loans can't come close to that. (At least up here.)

My used car loans are all under 2%. Looks like the current rate at my FCU are 1.8% but mine are well under that. (I love cheap money)

Each time I got the money within 48 hours and it was a check basically authorized up to a certain dollar amount. Just call your bank or a local FCU you do business with and they can talk you through the rules.

Another vote for credit unions

I use Delta community credit union.

When I picked up my 99 Miata in April, they were offering 1.9% up to 60months. They loan up to 100% KBB clean retail prices

Well crap, called my credit union and they have a bunch of stipulations for a used auto loan, such as, it can't be older than six years, under 100k miles, blah blah blah.

Call around, someone wants you to borrow their money.

^ This. Can you get it as another form of loan besides used car loan?

I bought a used car for 15k last year with a USAA loan. It was extremely easy. Bad-Precedent-Setting Easy.

Try SunTrust's LightStream product. Rates are a bit higher but no restrictions at all on year, mileage, etc. Super easy to apply online too.

NGTD wrote: Sometimes you are better to get a line of credit secured by your home than a car loan. I am at 0.5% above prime on my LOC. Car loans can't come close to that. (At least up here.)

This is not a bad way to go sometimes but there is some things to watch for with this at some institutions. I did this last year and paid it of early. But the LOC stays open and there is a monthly fee to keep it open. I'm going to my CU and close it to get away from the $5 monthly fee to keep open.

Pentagon Federal CU did away with the age/mileage restrictions a while ago. Plus they tend to have amongst the lowest rates available for both used and new car loans. Much cheaper than your average HELOC, no prepayment penalty either.

Penfed.org.

KyAllroad wrote: Either your own bank or credit union, have your financing in hand before you step foot onto the dealership lot. That way you negotiate a cash price and simply write them a check. Staying out of the dealership finance office is the key to saving money.

No it's not. Read the post literally above yours.

The key to saving money is having done your research.

I typically hit them with "Hey, if you guys can get the price down by X, I'll let you finance me. Oh ok, great price, now beat my private financing offer."

Holy E36 M3 how you guys getting these super low loans? My credit score like 800 and I couldn't get below 4% for $5,000. I was even quoted in the teens.

I agree. Most of the places I have called have all said the loan must be 10k or higher, less than 100k miles, and less than six years old. It's like an industry standard... Plus, NONE of the cars in looking at meet that criteria in two or more ways (over 100k, older than 2010, salvage title, less than 10k$)

I'm thinking its dealership time. There's a nice 350z track edition for 9500$ in Arizona at a Honda dealership. I already have good relations with the Honda financial (financed and paid off my last two Honda fits through them)

Coldsnap wrote: Holy E36 M3 how you guys getting these super low loans? My credit score like 800 and I couldn't get below 4% for $5,000. I was even quoted in the teens.

Then your credit score isn't in the 800s. Mine is only around 740 and when I refinanced the BRZ last year I think it was 2.2% or something like that.

I think that is more the F'off rate.

Most places don't want to deal with a dollar amount that low. It's not worth it for them. anything under like 7-8K, they lose money on it in servicing costs according to my mom who is in loan origination group for a bank.

Both of my cars are 1.35% right now. My most expensive debt is 2.75% for my student loans. My house and cars are under that. I also have a really good relationship with my FCU as they have held my debts for 14 years and 0 late payments for them.

Nvm did a loam request by a place here for $5k and I was accepted for 1.99%. That's tempting as my current truck is more a project and I can get the Volvo s40 manual I was eyeing with this...

Canoe deleted. Heads up, zombie thread.