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#1
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strategy to get best interest rate on new/used car loan
I'm looking for buy a used or new vehicle. It's been over 12-years
since I applied for an auto loan. Of course now, applying can be done all online. My plan is to compare rates from my bank, the manufacturer of the car I buy, check e-loan and lending tree to find the best terms and rates. Is there anything else I should check or consider to obtain the best rates for an auto loan? Thanks |
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#2
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strategy to get best interest rate on new/used car loan
>I'm looking for buy a used or new vehicle. It's been over 12-years
>since I applied for an auto loan. Of course now, applying can be done >all online. > My plan is to compare rates from my bank, the manufacturer of the car >I buy, check e-loan > and lending tree to find the best terms and rates. > Is there anything else I should check or consider to obtain the best >rates for an auto loan? The interest rate shouldn't be your only consideration. You can get ridiculously low rates (like 0% - I haven't heard of anyone negotiating rates lower than that, but I don't think it's inherently impossible, but expect late fees) for certain cars with inflated prices in a dealer-financing deal. You still might be overpaying. Negotiate the price, loan terms, car features, and warranty as one combined package. Put down as much money as you can afford, consistent with not having to later borrow money on credit cards because you tied up too much money in the car. You'll save a lot on interest payments. A bigger down payment may help lower interest rates (it does on houses - not sure about cars). The best deal can be to negotiate a good price and pay cash. Check your credit report and clean up dings on it to the extent possible. Paying someone to do that for you is probably expensive and likely to be a scam. Nowadays your credit score is probably better than the scores of the manufacturer and the dealer combined. Don't be afraid to ask the dealer for a copy of *his* credit report before putting down a deposit. |
#3
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strategy to get best interest rate on new/used car loan
techman41973 wrote:
> I'm looking for buy a used or new vehicle. It's been over 12-years > since I applied for an auto loan. Of course now, applying can be done > all online. > My plan is to compare rates from my bank, the manufacturer of the car > I buy, check e-loan > and lending tree to find the best terms and rates. > Is there anything else I should check or consider to obtain the best > rates for an auto loan? Yes, you should consider not using a loan at all. |
#4
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strategy to get best interest rate on new/used car loan
techman41973 > wrote in
: > I'm looking for buy a used or new vehicle. It's been over 12-years > since I applied for an auto loan. Of course now, applying can be done > all online. > My plan is to compare rates from my bank, the manufacturer of the car > I buy, check e-loan > and lending tree to find the best terms and rates. > Is there anything else I should check or consider to obtain the best > rates for an auto loan? > Thanks Go for banks as the preferred method. I've heard endless complaints about auto company financing - which *is* done by kickbacks BTW in case you didn't know. However it's far better just to save up 5 grand or so and get a decent used car. It will last years if you properly check it out and maintain it. In addition you won't lose any income on a monthly basis nor can it be reposessed. |
#5
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strategy to get best interest rate on new/used car loan
"techman41973" > wrote in message ... > I'm looking for buy a used or new vehicle. It's been over 12-years > since I applied for an auto loan. Of course now, applying can be done > all online. > My plan is to compare rates from my bank, the manufacturer of the car > I buy, check e-loan > and lending tree to find the best terms and rates. > Is there anything else I should check or consider to obtain the best > rates for an auto loan? > Thanks Join a credit union and check their rate. Mine charges 5.50% for 24 to 48 months and 5.99% for 60 to 72 months. |
#6
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strategy to get best interest rate on new/used car loan
On Oct 13, 6:32*pm, "terrable" > wrote:
> "techman41973" > wrote in message > > ... > > > I'm looking for buy a used or new vehicle. It's been over 12-years > > since I applied for an auto loan. Of course now, applying can be done > > all online. > > My plan is to compare rates from my bank, the manufacturer of the car > > I buy, check e-loan > > *and lending tree to find the best terms and rates. > > *Is there anything else I should check or consider to obtain the best > > rates for an auto loan? > > Thanks > > Join a credit union and check their rate. > > Mine charges 5.50% for 24 to 48 months and 5.99% for 60 to 72 months. Good advice. Mine is charging 4.45% and 5.45% for those terms. Nearly 1.5% lower than the best bank rates in my area. Dealers are a lousy place to finance. They'll make up the difference on the "low" loan rate in the price of the car. But....you've got to have a nearly spotless credit, and your income (at least the part that you declare to qualify for the loan) has to be direct deposited with them for the full term of the loan so they get their payment first. |
#7
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strategy to get best interest rate on new/used car loan
Gordon Burditt wrote:
>> I'm looking for buy a used or new vehicle. It's been over 12-years >> since I applied for an auto loan. Of course now, applying can be done >> all online. >> My plan is to compare rates from my bank, the manufacturer of the car >> I buy, check e-loan >> and lending tree to find the best terms and rates. >> Is there anything else I should check or consider to obtain the best >> rates for an auto loan? the best rate is make a large down payment, and have 0% financing and 0 payments per month Thats how I bought my 2009 KIA a couple weeks ago. |
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