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Answers
I am looking to buy a used car, but I'm on a relatively tight budget. I don't want high monthly payments, and I'm willing to do a longer lease term. My question is, where do I find out information about car loans? Should I be pre-approved before I even go to the dealership? And if they run a credit check is it a hard hit on your credit?
I'm just having a really hard time getting some really good factual answers. What's a good interest rate? Are these online loan places legitimate? How do dealerships calculate how much they're willing to finance? and how much you qualify for?
Ok. There is a whole lot to cover here, but I will do my best. I am in the car bizz, and I finance vehicles. The best place to start looking for a car loan is your own bank, they have a history with you and will normally offer there own customers competitive rates. However, dealerships have agreements with some banks that will allow for alternative financing, such as longer terms. You can get pre-approved before you go to a dealership, most dealers have an online application that you can fill out and avoid going to the dealer before you know if you can get a loan. Credit bureau inquiries only have a bad affect on your score if they are excessive and all have negative outcomes such as loan denial. Having your credit pulled 3 or 4 times looking for an auto loan is not going to hurt you. The amount to be financed is determined solely by the bank you get a loan with, it will be determined by the year and milage of the vehicle as well as your personal credit score, the older the vehicle is the shorter amount of time you can finance it. The amount you will qualify for is determined by the bank also, they use your credit score and your income to determine a debt to income ratio. Typically you will be approved for 25% of you "free" income to put towards a car loan. 2500 a month in income should allow you up to a 500 pmt, but credit plays a role too. My bets advice to you is to go to a dealer website, that you trust and fill out an online application. You will be contacted shortly there after and if the finace manager is worth a squat he will be able to guide you through a smooth purchase and finance agreement.
Good Luck. Feel free to contact me if you have anymore questions.
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I paid 5 installments of the car loan repayment last year.(including Dec 2007)
Interest on auto loans is not tax deductible. If you are itemizing your tax return and used the vehicle for company business you could deduct mileage costs.
No, you will need a cosignor at minimum, a down payment may also be needed. The repo will stay on your record for seven years, during this timeframe, it's very unlikely you will secure a loan by convential means.
I would like to take out a auto loan on a used car. The car is a 99 model. Some places I have tried will only finance cars which are 7 years old maximum. Anyone know where I can get a auto loan on a 8 year old car?
Your best bet is to approach your local credit union. Most of them will finance any kind of car, but not for very long (12-36 months) and not if the vehicle has a lot of miles.
If you don't belong to a credit union, find out who the "open enrollment" credit unions are in your area. You can open an account for $25.
i only need like a 5000 dollar loan, but no one will finance a car older than 7 years, and the one I want is a 2000. What am I supposed to do?
There are several loan companies out there. Most will do a loan on a 2000 they just will not give a really long term. Your bank would also be a good option.
I applied for an auto loan and was approved, but once I sent in my purchase agreement my loan rep said that they would only finance auto loans for franchise dealers - no independent used car dealers. I know the car and the dealership are fine. I have the carfax report on the car and I've had a mechanic take a look at it. Frustrated!
They only deal with franchised or VERY large and very stable used car dealers. They get enough repo's from the franchise stores without going out and looking for trouble. You may have found the one true Diamond, but the odds are that most independents will burn them more times than not, and that is what the bank is playing is the odds.
edit: I really don't know if this gets read or not but if the dealer is all that straight he must know a new car dealer and should be able to "sell the deal" to them so that you buy the car from a new car store problem solved
News
Meltdown 101: Why it's a good time to buy a car The Associated Press- Feb 27, 2009
AFPMeltdown 101: Why it's a good time to buy a carThe Associated PressThe credits could be used toward a more fuel-efficient vehicle or public transit fares. Q: I have enough money to buy a car; will I be able to get financing? A: Even those with the most handsome credit scores might run into some difficulties. US Treasury considers GM, Chrysler funding options US Treasury is preparing a bankruptcy loan to keep GM and Chrysler If You Thought the Auto Bailout Was Ridiculous Before
- Feb 27, 2009
New York Times$25 Billion to Promote Electric Cars Is UntouchedNew York Times, United StatesBy LESLIE WAYNE WASHINGTON — The future of the American auto industry is getting off to a slow start. Lachlan W. Seward, director of the loan program to encourage production of electric cars. In Hopkinton, Mass., an A123 worker assembled battery
- Feb 28, 2009
Analysts, car buyers suffer loss of confidenceInternational Herald Tribune, FranceToprak said consumers need to crunch the numbers when weighing new car models against used ones. Hefty cash and financing incentives being offered by the automakers, along with warranty and amenity benefits, can make new cars a better deal.- Feb 27, 2009
Need a car loan? Better shop aroundTheDay, CTBank of America is continuing to make new car loans, though Anne Pace, a spokeswoman, wouldn't discuss what criteria makes a customer “credit worthy.” In the last quarter of 2008, she said, the company made $2 billion in auto loans.- Feb 26, 2009
Easy and Quickest Way to Get a New or Used Auto LoanBigNews.biz (press release), MASometimes it is so busy that we do not really have the opportunity to take the time that is needed to do all of the research and deal with all of the formalities that come with getting a new or used car loan. Luckily, times are changing rapidly and you
