rick81721
Lothar
Unless you get audited. Bad advice.
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Unless you get audited. Bad advice.
Johnny Utah
Well-Known Member
Correct
iman29
Well-Known Member
waking up this thread to see what youz guyz are doing with Used Car loans these days.
I know the rates are higher for used cars vs new.
My oldest wants to buy a used CPO car and the dealer gave a rate like 7.75% - ouch.
I could co-sign with him he's putting down half and for now needs to stay on my insurance while he pays me back the costs.
I know the rates are higher for used cars vs new.
My oldest wants to buy a used CPO car and the dealer gave a rate like 7.75% - ouch.
I could co-sign with him he's putting down half and for now needs to stay on my insurance while he pays me back the costs.
the rate is negotiable - you walk in with a better rate, they'll probably match it.
dealer gets a kick-back from financing - that is why you never tell them you are paying cash -
you are going to finance every bit you can, until the day you don't.
dealer gets a kick-back from financing - that is why you never tell them you are paying cash -
you are going to finance every bit you can, until the day you don't.
iman29
Well-Known Member
Thanks guys.
I talked it through and did some math. Based on the Down payment and the fact he doesn’t plan to run the course of the loan and will pay it off early (72 months but payoff within 2 years or so) the rate may not even really matter.
The idea was to help boost his credit more but get him in a better car that’s not 10 years old with 90K miles - and the newish one also is a 2021 AWD with only 7500 miles
(Mazda3 hatchback Premium plus turbo)
I talked it through and did some math. Based on the Down payment and the fact he doesn’t plan to run the course of the loan and will pay it off early (72 months but payoff within 2 years or so) the rate may not even really matter.
The idea was to help boost his credit more but get him in a better car that’s not 10 years old with 90K miles - and the newish one also is a 2021 AWD with only 7500 miles
(Mazda3 hatchback Premium plus turbo)
make sure there isn't an early payoff penalty, or that the interest is pre-calculated into the principal. so an early payoff actually costs you money.
iman29
Well-Known Member
Thanks yup checked those both off the list already but I will double check and tell them Pat sent me.
i dislike the tactics that they use -
Sales guy: Are you considering financing
W1f3: Yes, 100%, we want a 0% interest rate
Sales guy: I don't think we can get it to zero.
W1f3: try.
I just sit back and watch - i'm in charge of panel gap inspection.
I'm about 90% sure this is illegal in nj. (feel free to prove me wrong, i like learning new things)
ok 10 years old is some age, but 90k is nothing for most cars made this century (ok the century is only 2 decades old, but still)
Johnny Utah
Well-Known Member
In NJ a pre-payment penalty cannot be applied to a consumer loan. Business loan is a different story.
iman29
Well-Known Member
Yeah he’s been saving for a “newer” car if it was me I’d keep the one he has.
Mine is also a 2013 that I got CPO but only has 82K miles and I don’t need any extra payments right now I got enough
Johnny Utah
Well-Known Member
I am in the market for a van or a truck as I am driving a car I inherited that was in an accident. The car runs and drives fine, just limited as to what it can haul and looks like I should be driving to an ER or body shop.
That being said I am sitting on the sidelines longer, the used car market keeps dropping monthly and the car lots are filling up. Just looking at Jeep gladiators, they have come down an additional $5-6k compared to when I looked three months ago, when they were dropped by several thousand then as well.
In the past month or so a good amount of used vans have hit the market at reduced pricing. Unfortunately I think we are only in the beginning of a size-able correction.
Im in a similar boat...my focus I bought new 11 years ago now has 182k on it and while it runs perfect....someday it is going to die and id rather not have to find another car while my only car is dead.....so I have been looking at used f150s as an extra vehicle. Get me thru a few more years....I think there will be a correction in time. Plus electric cars are sucking less and less everyday.
Sales: How are you going to be paying for this?
Me: United States currency. You still take that?
Check your local credit Union. Rates are usually great and all it takes is a small deposit to get access.