How does one finance a car?

"AestheticsInMotion" (aestheticsinmotion)
04/08/2018 at 22:36 • Filed to: None

All my purchases have been 100% cash-in-hand. For reasons, I’m strongly considering a sub $10k car to finance but I don’t know the process. Halp. I’ve also got the ten most likely candidates for you to check out and agree/disagree over

(bonus. I found the pinnacle of Tesla Guy today. There can only be one per state, and he has claimed the title for Washington. He had a Model S model on his dash too)

So I’ve only applied for a loan once in my life. It was four years ago before building any credit, at my credit union BECU. I got turned down. I’ve spent the last 8 months working on building a credit history and it finally crested into “good” but I still have no idea if I’d even be approved for anything. Obviously I don’t want to take a hit for applying if I’m not even going to get the loan.

Can I look outside of my credit union for a loan? Would that be smart? How bad an idea is it to attempt to go through a car dealership’s finance office?

The reason I want to finance is to keep monthly expenditure low for the next 3-4 months while I’m in the middle of a big transitional phase, and then pay the car off once I’m settled into the new home and job. My trucks will no longer belong to me in about 15 days, and my Subaru is going away too. That leaves me without a car to get to work.

What’s the loan process? Just walk in, say I want x money and if I’m approved I walk out and head to a dealership? Do I need to have one particular car in mind already, or will the loan work for anything?

Okay, I think that’s all. Here’s the fun part! The ten contenders. I literally searched every single manufacturer on cargurus and this is what I came up with in the roughly $10k range, at dealerships.

NB Miata - probably the smartest choice based on cost, reliability and familiarity with the platform. Also it’s an SE so it has all the goodies.

https://www.carsforsale.com/used-car-dealer/tacoma-autos-llc-tacoma-wa-d723139/inventory/details/40109033

Pontiac GTO - the only American car to make it on the list! Basically, I want a V8 with a manual and I can’t ever see myself buying one of the three big muscle cars. The SS and CTS-V are out of my price range, but this gorgeous YELLOW thing could scratch that itch...

https://www.carsforsale.com/vehicle/details/34583425

Audi TT - I have a soft spot for these. Whether that’s in my heart or head is yet to be determined. Honestly this is about as boring a color/trim combo as you can get while still being manual/awd but it’s priced okay.

https://www.carsforsale.com/vehicle/details/36212761

Golf Gti - one of the few fwd cars I can see myself holding onto for awhile (since stock civic hatches are a myth). Good interior, great visibility, fun enough to drive. Would be a good daily

https://www.carsforsale.com/vehicle/details/42027627

Land Cruiser - I’m posting these together. They all seem pretty cheap, is it wise to buy a cheap Land Cruiser? If it stayed functional for, oh... 4 months I’d be fine with it. By then I’d have the Miata sorted out and could take turns doing major projects on the two.... I really want a LC in my life Oppo

https://www.carsforsale.com/vehicle/details/40831818

https://www.carsforsale.com/vehicle/details/39466036

https://www.carsforsale.com/vehicle/details/41150583

MR2 - this (along with the S2k) is one of the few roadsters I think I could enjoy with the Miata. Solstice triplets, z3, “classic” roadsters... No thanks. I’d rather stick with red. But the MR2... Hmm. Seems different enough to work. I know almost nothing about these.

https://www.carsforsale.com/vehicle/details/39862798

Porsche Cayenne - left field, but I love these things. One of the only crossover/suvs I’d consider. Add in the awesome color and... Maybe?

https://www.carsforsale.com/used-car-dealer/mudarri-motosports-co-kirkland-wa-d645933/inventory/details/37096581

Subaru SVX - okay I wouldn’t trust this to get me to work without first doing a MAJOR overhaul but come on! $2500 SVX in red.

https://www.carsforsale.com/vehicle/details/40450275

Subaru Baja - pros. Manual, turbo pickup bed outback. Cons, absolutely hideous color/body cladding style. My dream build is still an Sti drivetrain in one of these, but I’ll wait for a good color... :(

https://www.carsforsale.com/vehicle/details/41809940

Volvo s60r - one of my dream cars. Well-maintained, with lots of work just done. Good color combo. Could easily resell later to upgrade to a manual version at some point. It’s not the smart choice but oh god it tempts me...

https://www.carsforsale.com/vehicle/details/40823669

DISCUSSION (59)

Dr. Zoidberg - RIP Oppo > AestheticsInMotion
04/08/2018 at 22:39

Is that a Stinger GT?

For Sweden > Dr. Zoidberg - RIP Oppo
04/08/2018 at 22:40

It’s a Ferrari Berlinetta Boxer

AestheticsInMotion > For Sweden
04/08/2018 at 22:40

Derelict podracer

wafflesnfalafel > AestheticsInMotion
04/08/2018 at 22:44

Call up BECU before going in and get approval - walk in, buy car, let dealer offer you a slightly better finance deal. Take slightly better finance deal. Enjoy car.

Highlander-Datsuns are Forever > AestheticsInMotion
04/08/2018 at 22:49

I’ve heard it’s hard to get a good rate on an older used car. Better off just paying cash. Ironically if you were looking at newer cars like say 2013 + from dealers around 12k or more you could get dealer financing at 2-7% depending on your credit and down payment. My dealer financed cars were all through major banks like Chase or BofA.

interstate366, now In The Industry > AestheticsInMotion
04/08/2018 at 22:50

Many banks and credit unions won’t finance a car older than 10-15 years, or if they do it’ll be a higher interest rate than a newer car. Ask your credit union what their policy is.

AestheticsInMotion > Highlander-Datsuns are Forever
04/08/2018 at 22:52

Hmm. Volvo s60r is the 2nd newest car on the list.

Oh no. Stop me

sm70- why not Duesenberg? > AestheticsInMotion
04/08/2018 at 22:53

As far as financing, I can’t offer much help.

From the car candidates:

Don’t take this the wrong way, but given the number of things I’ve read about your preferred driving speed, I’d go with the Land Cruiser. I speak from experience; when I drove a V8 Audi, I found myself driving very aggressively. I pushed the car *well* into triple digits on quite a few occasions, and in the end, I wound up getting pulled over and getting a nice ol’ ticket. My Land Cruiser changed that. You can’t really do fast, aggressive driving in something that big and cumbersome.

For the love of God, do not get the Cayenne. I cannot stress enough how much money you will spend on repairs for that thing. I would bet both of my cars that you pay the price of the car in repairs within 24 months.

Dr. Zoidberg - RIP Oppo > AestheticsInMotion
04/08/2018 at 22:54

Useless reply #2:

1. Trying to get a loan from BECU is a waste of fucking time. Been there, done that.

2. I have also never financed a car. I think that will change next time. Sorry, I’m no help.

3. The cars:
- NB: good idea, but a little on the nose.
- GTO: you would be my hero
- TT: do good research on those, first gen had some issues.
- GTI: oh yes
- Land Cruiser: that’s something that you can sell for more than you bought. It’d be a great investment, if you ever needed rainy-day funds.
- MR2: I like the idea of getting something distinctly different than the Miata. A mid-engined car sounds fun.
- Cayenne: I don’t wanna talk smack in case you do buy one.
- SVX: Doesn’t sound like the BEST idea for a DD. If this were a project, I’d be down.
- Baja: see the Cayenne
- S60R: It could probably last four months, yeah

Chuckles > AestheticsInMotion
04/08/2018 at 22:55

If you intend to pay off the entire loan within the next 6 months or so, a personal loan may not be a bad idea. It’s hard to get a car loan on anything older or high mileage, but you can use a personal loan for whatever you want. There’s no penalty for paying it off early, and the interest isn’t terrible. It’s nice because you can use the loan for anything.

When I got my NA Miata, I got a personal loan at 7.99%, paid for the car with a check, used the rest of the loan to pay off credit card debt, and paid off the loan in about 6 months.

fintail > AestheticsInMotion
04/08/2018 at 22:55

You had self-control not PITing that guy off the road. I don’t know if I could have helped myself.

Credit is still as easy as ever, and rates are relatively low, although they rise with vehicle age. Shop around - go to your bank/credit union and just for laughs see what the seller can offer if you buy from a dealer. I suspect you have enough credit now to get what you want without hassle.

AestheticsInMotion > sm70- why not Duesenberg?
04/08/2018 at 22:56

Not a bad idea. Plus I’m all for any additional reasons to go for the Land Cruiser.

Believe it or not, I’m actually the reasonable, let’s-not-do-anything-crazy-while-driving guy, who’s always trying to keep his enthusiast friends in line. No tickets either!

Until I’m offroad or in the snow. Then... Yeah. WOT until we overheat.

(edit) okay you’re scaring me away from the Porsche. (good thing I didn’t find any w8 passat wagons...)

Highlander-Datsuns are Forever > AestheticsInMotion
04/08/2018 at 22:57

That would be a very fun car.

KingT- 60% of the time, it works every time > AestheticsInMotion
04/08/2018 at 22:58

The first thing you need to do is get your score in the good category. Usually >700 from all 3 agencies will get you the best rates which you’re on track

Understand is that once you’re in the final process running multiple checks within a very short period of time be it by the dealer/credit union/Bank Generally doesn’t add up incrementally to the hit.

None of the vehicles you listed will give you manufacturer special rates as they’re not even CPO(I got a 0.99% on my car as part of the Infiniti CPO program). Dealers work with local banks to get you the “best rates” but if it is not some Manufacturer-financed promotional rate you’re better off going directly thru your local bank or Credit Union.

This is the process:

You have to test drive the cars, decide on “the one” and come back. You need the details along with the expected “best price/out the door price”

Before the actual loan Get a “preapproval” It can be done online or over phone.

E.G. “Hello BECU, I have a Transunion score of 710, I am looking at at Miata, it is x year y trim z miles listed at $4500, can I get a preapproval?”

BECU: Sure AestheticsInMotion let’s run some numbers and a check on your credit score...OK you can get not only this Miata but you’re approved for any vehicle up to $7000 at 4.99% valid for the next 30 days”

You take this “preapproval” to Miata dealer. Do the usual haggling and he settles at $4000. You ask him to beat 4.99% and he tries with local banks but he cannot give you that rate. So you decide to finance with BECU instead.

You get final bill of sale. But you cant pay dealer yet because BECU will pay dealer when you secure loan with them so you might have to put a deposit to drive away with the car or wait till dealer gets the check to pick up your car.

Now, it works two ways- Dealer sends all the details directly to BECU, OR you call/email BECU with all the details so that they can create a check. After this, They can overnight the check to either the dealer, or you and then you take the check to the dealer, sign docs and drive off.

Note: The older the car, the higher the interest rate, some credit Unions will flat out refuse to finance very old/high mileage cars. Also, the same process applies to Banks

AestheticsInMotion > KingT- 60% of the time, it works every time
04/08/2018 at 23:00

Thank you. That is incredibly helpful.

You truly are a good King

AestheticsInMotion > Dr. Zoidberg - RIP Oppo
04/08/2018 at 23:04

You have good car thoughts. I’m narrowing it down to

S60r

Land Cruisers

GTO

Miata

Maaaaaybe Mr2

That GTO... After years of Japanese 4 cylinders and slow domestic trucks.... That Pontiac pulls at me. Yellow no less. It’s right down the street from me so at the very least I’ll get a test drive

promoted by the color red > AestheticsInMotion
04/08/2018 at 23:05

That’s pretty much it, except with a few extra steps in between, like giving a ballpark figure. You can apply online and see what rates you get from different banks.

AestheticsInMotion > fintail
04/08/2018 at 23:06

I held back—barely—due to the rather pleasant shade of blue.

I hope so. I should have started the process earlier

Neil drives a beetle and a fancy beetle > AestheticsInMotion
04/08/2018 at 23:06

The process itself isn’t that special; you fill out an application including your income and then they run a credit check. I think it’s always a decent idea to go into your credit union and get pre-approved on the car. In your situation if you get rejected, it’s a little less unfortunate timing than sitting there with the sales person. Also, then you have a rate to negotiate against the dealer with. Also, the approval is car agnostic, so it’s not like if you get approved at a dealer and then things fall apart at the last minute you are getting re-approved at another dealer.

If you are getting the lending through the dealer usually you will hammer it out right before price/at the same time. Bigger dealers tend to be part of groups of financing agencies. I think in Oregon they called it CUDL- credit union direct lending. Getting lending at a place like that is not so bad; smaller dealers I think being a little more wary is healthy.

The tricky part is the vehicles you’re looking at. Some places won’t finance older vehicles(over ~10 years). Some places will, but you get dinged 2-3% in the rate. You could speak to your credit union about the olde vehicle thing and see what their policies are. I’ve heard there are credit unions that are more open to it.

Some of your cars seem, um, er, pretty adventurous. Cayenne. S60R. I think most people tend to be more restrained when they are borrowing money to pay for a car. Maybe a forester?

Manwich - now Keto-Friendly > AestheticsInMotion
04/08/2018 at 23:07

A sub-$10,000 Porsche Cayenne is likely to be the most expensive Porsche you’ll ever own. You might as well put a ‘please rape me’ sticker on your wallet.

Given your price range, I think you should stay away from all the Euro cars on your list.

The Miata is probably the best choice for you. The MR2 would also likely be a good choice. But get insurance quotes before buying.

HFV has no HFV. But somehow has 2 motorcycles > AestheticsInMotion
04/08/2018 at 23:08

That Baja isn’t a Turbo. No hood scoop no boost.

AestheticsInMotion > Chuckles
04/08/2018 at 23:09

That’s an idea. I’ll have to shop around a bit. I’ve seen pre-approved personal loans aimed my way via credit karma.... But last I checked they were something crazy like 26%

DipodomysDeserti > AestheticsInMotion
04/08/2018 at 23:11

Financing a sub $10k car is only a good idea if your strapped for cash and really need a vehicle. The older and cheaper a car is, the higher your interest rate will be (even if you have good credit). A lot of places won’t even finance a vehicle that is over seven or so years old. You’re best bet is to go talk to someone at your bank/credit union and have them ballpark you an interest rate.

HFV has no HFV. But somehow has 2 motorcycles > interstate366, now In The Industry
04/08/2018 at 23:11

Yup. Back in 2012 I bought a 2001 Civic with 104,000 miles, at 4.3% interst. I should have just walked.

AestheticsInMotion > Neil drives a beetle and a fancy beetle
04/08/2018 at 23:13

The main thing is I’m looking for a car that I want to keep. Not just an a-b commuter. I could buy outright, but with a new job starting in a month and looking for a new home, I would prefer to keep more cash in my account in case anything unexpected pops up. I should be able to pay off whatever I buy relatively quickly once I’m settled into the new position

I looked for Forester XT’s but no such luck...

AestheticsInMotion > HFV has no HFV. But somehow has 2 motorcycles
04/08/2018 at 23:14

Curse you cargurus.

I thought the price seemed low. It’s insane what turbo Bajas go for around here. Add in the manual too... Craigslist ones are hitting 15k

AestheticsInMotion > Manwich - now Keto-Friendly
04/08/2018 at 23:16

You’ve all talked me out of the Cayenne. I’ll wait for turbo Macans to depreciate......

I’m hoping to test drive the GTO and Miata tomorrow.

Chuckles > KingT- 60% of the time, it works every time
04/08/2018 at 23:17

If he’s looking to buy something older and pay it off in a few months, he can avoid a lot of that process by getting a personal loan instead of one tied to the car. There’s no collateral, and they don’t even care if you use it to buy a car. The money goes right into your account and you can write a check for any car that you want. I’ve used personal unsecured loans for 2 cars so far, and I can pay it off early with no penalty. Interest is usually single digit. My last one was 7.99%. Not bad if you plan to pay it off quickly.

HFV has no HFV. But somehow has 2 motorcycles > AestheticsInMotion
04/08/2018 at 23:20

There two manual NAs near me. One is 10k the other is 7. The cheaper one is yellow and lifted. https://duluth.craigslist.org/cto/d/subaru-baja-5-speed-lifted/6541392526.html

Chuckles > AestheticsInMotion
04/08/2018 at 23:22

I just went through my bank. Not having to get approval for a certain car was nice. Nobody is giving out loans for 94 Miatas these days.

26% is worse interest than most credit cards. If you had to go that route, you’d probably be better with a credit card that at least gives you cash back (but seriously, nobody should be buying anything at 26% interest).

dtg11 - is probably on an adventure with Clifford > AestheticsInMotion
04/08/2018 at 23:23

I don’t finance and I’m not really familiar with it, but I am familiar with cars so I can advice with those:

NB: they’re good, but why? You’ve already got an NA and since you’re not the E90M3 of miatas, you don’t need another.

GTO: overall pretty good reliable machines, plus parts and repairs are generally cheap and easy. I do believe the 04 has less power than later years, but that’s why it’s in your budget. Plus it’s a very different experience to your NA.

TT: I like them, but I feel like it’s lacking some interest. Plus they’re expensive to maintain, but not ruinously so. Overall, decent choice.

GTI: great car, although high price combined with less than stellar reliability is a concern if you’re worried about money, if not, then go for. Great choice.

Land Cruiser: Yes. End of story. In all seriousness, great choice. Very different than your NA and you’ve posted Expedition builds before, so I’m assuming you have some interest in doing one of those.

MR2: Fantastic cars, I really want one. Super reliable, but parts can be somewhat difficult to find.

Cayenne: for the love of god and all things holy, please no

SVX: have some minor issues, but nothing that hasn’t been well documented. Price is very appealing, but do you really want one more than an MR2 or LC?

Baja: they’re fun and mostly reliable, but don’t you already have a Ranger for your truckly duties? Other than the extra doors I see no benefits, plus you don’t even like color and aren’t sold on the styling.

S60R: please do it. Yes, it’s automatic. Yes, it’s unreliable. Yes, parts are hard to find and expensive. But as you mentioned, it’s been very well maintained and its crazy clean. And at that price you have some buffer for repairs.

AestheticsInMotion > HFV has no HFV. But somehow has 2 motorcycles
04/08/2018 at 23:27

That yellow one would be a blast. The Subaru shop near me uses a manual yellow Baja for a shop car

sm70- why not Duesenberg? > AestheticsInMotion
04/08/2018 at 23:30

Yup. I was looking at a VR6 3.6 Passat wagon, but again, the maintenance scared me away.

Be warned with the Cruiser. Fuel economy is worse than appalling. I got 12-13 city and 14-15 highway for my V8 100-series.

Eric @ opposite-lock.com > AestheticsInMotion
04/08/2018 at 23:31

You can either get preapproved or take a loan at a dealer. Since BECU is a CU, it’ll probably give you a better rate, but you could go with anyone you like. The only thing is that you want to make all the loan applications/preapprovals in quick succession to avoid losing a lot of your score. Since your credit file is fairly new and/or thin, this could be a pretty big hit... They can prequalify you without a car in mind.

KingT- 60% of the time, it works every time > Chuckles
04/08/2018 at 23:32

I guess since that makes sense in this particular case. I am wary of personal loans because of the interest but here it might end up being lower than a car loan rate for something 10+ years old 100K+ miles.

AestheticsInMotion > dtg11 - is probably on an adventure with Clifford
04/08/2018 at 23:33

These are good thoughts. The Cayenne is firmly out of the running now. I figured they’d be... Oh I don’t know. Kinda like an E46 3 series. A bit spendier than I’m use to for parts, a bit less reliable, but not TOO bad. I’ve been informed otherwise.

I would love to try out the NB platform. And that particular year and trim is the best of the NB’s. The price is low enough that I’m wondering if there’s an issue. I’d expect to see that price on Craigslist after a bit of haggling.

The s60r pulls at my heartstrings man. But the GTO is something I’ve never even considered and the more I think about it the better it sounds. The Cruisers would be fantastic too but I would imagine the cost of consumables and basic maintenance to be fairly high

Eric @ opposite-lock.com > AestheticsInMotion
04/08/2018 at 23:39

Those Forester XTs are sweet. They’re not in your price range, but one of my former coworkers got one for a pretty reasonable price last year.

Eric @ opposite-lock.com > AestheticsInMotion
04/08/2018 at 23:41

Dude, if I had the paperwork to set up a loan, I’d take half that on a 10k loan in a heartbeat. 26% is absolutely insane.

Tristan > AestheticsInMotion
04/08/2018 at 23:45

GEEEE TEEEE OHHHHH!!!!! DO IT!!!! I’ve always had a deep admiration for them, and I guarantee you won’t be disappointed with it.

Getting a loan isn’t too tough. Check with your bank and other major banks. Also Ally... I’ve never taken a loan from them, but I do all my banking with them and have so far been quite pleased.

interstate366, now In The Industry > HFV has no HFV. But somehow has 2 motorcycles
04/08/2018 at 23:45

That’s about my rate on the TSX, but it’s a short loan.

AestheticsInMotion > Eric @ opposite-lock.com
04/08/2018 at 23:47

These are the loans that I was “pre-approved” for from the very first day of setting up a credit karma account. Hopefully there are better offers now!

AestheticsInMotion > Tristan
04/08/2018 at 23:49

And it’s a real color! I swear if my guys drag their feet at work and keep me from leaving at a good time.....

Eric @ opposite-lock.com > AestheticsInMotion
04/08/2018 at 23:52

I really hope your credit score went way up from there...

Do you have any debts right now? Any revolving credit that you don’t pay off every month?

AestheticsInMotion > Eric @ opposite-lock.com
04/08/2018 at 23:54

No, everything is paid off in full and for the most part kept below 20% utilization. Yes, it went up, finally cracking into the 700's after getting a second card.

Chuckles > KingT- 60% of the time, it works every time
04/09/2018 at 00:01

A lot of places just flat out won’t do car loans for cars under $10,000. Same for old or high mileage cars. And the interest rate is better than a lot of credit cards, which is why people also use them for debt consolidation. I actually did both with my last car purchase. Got enough money on a loan to buy a used car, and had enough leftover to pay off my credit card balance.

HFV has no HFV. But somehow has 2 motorcycles > interstate366, now In The Industry
04/09/2018 at 00:03

Yeah it’s not horrendous but in comparison the loan on the Fit was 1.9% mostly because it was newer and only had 36,000 miles.

Eric @ opposite-lock.com > AestheticsInMotion
04/09/2018 at 00:11

That’s probably still low enough that you might not get the best rates...

If you had time, keeping your reported balances low might help, provided you’re paying them off monthly.

That hard thing is that your short history is probably hurting you more than anything else.

dtg11 - is probably on an adventure with Clifford > AestheticsInMotion
04/09/2018 at 00:16

That NB just seems...off. You know what I mean? Something doesn’t seem right. S60R, GTO, and LC appear to be your top choices, I’d look at those first and see what you like.

AMGtech - now with more recalls! > AestheticsInMotion
04/09/2018 at 01:34

Same probably goes for the TT as with the Cayenne.

diplodicus forgot his password > AestheticsInMotion
04/09/2018 at 06:29

If your credit score is around 700 that’s equal to about a 10% rate on a personal loan. Or was they may be raising rates due to Trump.

All the people at my credit union I’ve talked to have also told me credit karmas numbers aren’t totally accurate.

BrianGriffin thinks “reliable” is just a state of mind > AestheticsInMotion
04/09/2018 at 06:37

You already have a billion replies but I’m chiming in because it doesn’t sound like anyone really has experience with this.

To get a loan from many CUs, you log into your account, provide the VIN and price of the car, and in 3-5 days they either send you a check or send you a denial. Likely they’re not gonna approve a 200k mile, 20 year old car, but it’s worth a shot. Try this first, you’ll probably get an interest rate around 8%.

Second, if you’re really just doing this as a bridge, try the dealership for financing. Their rate will probably be around 16%, but that kind of credit isn’t cheap due to the risk they take on. They’ll take a credit app and generally get back to you in a day or so.

The final desperate step would be a personal loan or CC, but unless you have stellar credit you’re looking at an interest rate of 16-24%. That’s as simple as asking the bank for a personal loan or swiping a CC, assuming the dealer takes them.

As for cars, my choice would be the suspiciously cheap 00 LC, though it really is suspiciously cheap. The older LCs are super clean though, so you’ll not lose money on either three unless you drive like 1000 miles a month and spend it on gas. Why no Lexus IS or GS300 on this list?

Mustafaluigi > AestheticsInMotion
04/09/2018 at 08:06

From what I’ve seen, financing under 10k you get inflated rates due to the low profit and high risk (you are financing a cheap used old car, it’s typically a sign you don’t have the money). You would be better off financing 10k and up. This means a better car anyway.

Captain of the Enterprise > AestheticsInMotion
04/09/2018 at 09:04

I only paid cash my my car and still have it. You can probably apply for the loan online through your credit union. They usually have better rates than banks. My sister used an online bank called Ally for her loan though and got a good rate. You won’t want to apply for a lot of loans though because they will run your credit score and that will hurt your credit score a little bit each time.

I did apply for a loan through my credit union and got it offered but it was for only a couple grand and it took me so long to find something that I saved enough to just buy in cash instead. If you buy from a dealership they can sometimes do the loan calculation and searching for you.

As for car choice I think I’d go cheap 4Runner over cheap Land Cruiser. I think that would be the best for daily driving because it’s practical . Which you will probably need if your only other car is your NA.

syaieya > AestheticsInMotion
04/09/2018 at 10:23

I actually just bought a car using financing for pretty much the same reasons last month.

Wanted a car i would keep, didnt want to drain my bank account too low to do so.

The process for me worked as such.

Found a car at a dealer i liked one weekend, Monday i start looking up my credit scores and various rates at local credit unions for both secured and unsecured loans.

Apply for loans monday and Tuesday, most places get back to me within a day.

Wednesday i take time off to start an account with the credit union i chose to get my loan through (they offered flat used car apr rates below 10 years old, and one of the better non online personal loan rates). Some paperwork was needed including a cosign from someone with more established credit history.

Submit my paperwork on wednesday afternoon/thursday morning, gets approved by the underwriter that afternoon.

Since it was a personal loan the funds were in my account on friday. That being said, some credit unions cannot support withdrawal of several thousand without a bit of a heads up.

Cashier checks are a thing but i would ask when you apply what your options are at that particular site.

But after going to a different branch on friday morning, i went off a couple hours down the road and bought a new to me car at the dealer.

Cash deal, they carmaxed on the price, still took 4 hours.

merged-5876237249235911857-hrw8uc > AestheticsInMotion
04/09/2018 at 10:59

Check as many banks and CUs that you can to see what kind of financing you can get. Might need to give them the VIN of the car you’re thinking of pursuing. But better to go into the dealer with at least a way to finance and know the terms you have and let them try to beat it. I’ve had it both ways before, sometimes the dealer has a better financing package, and sometimes I go with what I have. Better to have options. And if you’re sure you will be paying it off early, make sure there is no pre payment penalty. And you’ll be good to go. Good luck.

Oh yeah, and get the GTO.

interstate366, now In The Industry > HFV has no HFV. But somehow has 2 motorcycles
04/09/2018 at 11:05

Yeah. Had I known I could afford a TSX wagon I might have held out for one and likely would have paid a lower interest rate. Although I’m so far ahead on payments on the sedan that it probably would have evened out.

NojustNo > AestheticsInMotion
04/10/2018 at 00:28

A friend used to work as a mechanic for new creations and they made him cut a lot of corners. Id avoid them even at that low price.

AestheticsInMotion > NojustNo
04/10/2018 at 00:51

Will do. Thanks for the heads up

random001 > AestheticsInMotion
04/10/2018 at 06:27

Dat GTO, Doe.....