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Car loans ???
Posted by: decocritter
Date: April 25, 2007 05:56PM
Dealers are a little high in Georgia.

It seems walking into a bank is worse.


Are eLoans and bankrate internet loans good? Are there drawbacks?

I don't know if there are any credit unions I could join.

I like the ability to pay off early without penalty.
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Re: Car loans ???
Posted by: Seacrest
Date: April 25, 2007 06:02PM
How's your credit?
I would never accept a prepayment penalty clause in any loan.
I asked about eLoan here a while back and the general consensus was very positive.
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Re: Car loans ???
Posted by: dmann
Date: April 25, 2007 06:03PM
Capital One has the best rates I have found and I have been looking for a while.

www.capitalone.com

Two key points from their FAQ page:
14. If I make a large lump payment on my loan, can I have my loan payment schedule adjusted (reamortized), so that I have a lower monthly payment amount?
Yes, we can reamortize your loan at any time at no additional charge. If you mail us a large payment and would like to have your loan reamortized, please include a note with your check informing us that this is what you would like to do. If no instructions are included with your check, your monthly payment will remain the same, and you will pay off the loan early. For more information, read How will my extra payment be applied to my account?.
Back to top
15. What if I want to pay my loan off faster than planned? What If I want to pay it off all at once? Are there any penalties for prepaying my loan?
No, you may pay off either a portion of your loan or the entire amount at any time without incurring any penalties. Any payment you make above your regular monthly payment is usually applied to the principal balance of the loan.

DM
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Re: Car loans ???
Posted by: Rick-o
Date: April 25, 2007 06:08PM
What kind of vehicle are you looking for?

GM has 0% financing on some models, 1.9% on others, and other rates that are cheaper than any bank.

I buy GM exclusively, but I may be biased. I'm still on their payroll. None the less, they offer 100,000 mile warranties now.

[www.gm.com]



Mr. Lahey: A lot of people, don’t know how to drink. They drink against the grain of the liquor. And when you drink against the grain of the liquor? You lose.

Randy: What the @#$%& are you talking about?
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Re: Car loans ???
Posted by: decocritter
Date: April 25, 2007 06:20PM
Good info


I had great credit last time I checked and got a car loan.

I am thinking Toyoto or Honda.
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Re: Car loans ???
Posted by: AlphaDog
Date: April 25, 2007 06:31PM
If you belong to Costco, they claim to have very good rates for auto loans, too; if they're good enough, it might be worth the membership fee. There's an additional .10% off if a person has an Executive Membership.

New car loans are from Capital One and range from 5.84% for 30 to 36 months, 6.10% for 37 to 60 months, and 6.54% for 61 to 72 months. (I got the numbers from their site.) It would be interesting to see how that compares to the rates dmann has found on the CapitalOne site, but I couldn't find the rates without going through a bunch of screens.
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Re: Car loans ???
Posted by: dmann
Date: April 25, 2007 06:40PM
Hmmm- the rates you found were even better than the ones I was referring to AlphaDog! I just went to the home page at capitalone.com and clicked on the Auto Loans New/Used link. Where did you find the rates you posted? I'm going to that screen!

DM



Edited 1 time(s). Last edit at 04/25/2007 06:40PM by dmann.
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Re: Car loans ???
Posted by: AlphaDog
Date: April 25, 2007 06:45PM
I re-read my own post, and I should have been more clear. The rates I posted are Capital One rates for Costco members. Below is a link to that page from the Costco site; take a close look at the bottom of the little box with the sample rates and you'll see "Full Rate Table" in red. Click on that, and you can see the rates for the various loan periods.

[www.capitaloneautofinance.com]
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Re: Car loans ???
Posted by: Seacrest
Date: April 25, 2007 06:46PM
If you have great credit, then you shouldn't be getting lousy rates from dealerships.
They are most likely BSing you to get you 'on the hook' and find out what kind of crap you'll put up with.
I know it's hard to believe, but car salesmen are often scumbags :-).

Get pre-approved at a bank, and negotiate the price of the car as if you're paying cash, not the monthly payments.

And try to read this before you go back to them:
[www.edmunds.com]

Even if you've read it before, it's prolly good to refresh on it.
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Re: Car loans ???
Posted by: michaelb
Date: April 25, 2007 06:49PM
I would join and use a credit union. I have a hard time thinking of good reason not to use a credit union for loans and banking at this point, and with the changes to the laws, most everyone is eligible for a credit union now, often just by living locally. At least check your CR rates and if you can join.

They are not for profit and usually offer good or great rates, with less usury terms and small print.
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Re: Car loans ???
Posted by: dmann
Date: April 25, 2007 06:50PM
AlphaDog- thanks for the clarification. I have a Costco membership and never even thought of them for this!

Seacrest- I do have excellent credit and I am using the Capital One rates as a negotiating point. So far the lowest rate the dealers have quoted me are relatively high. When I sit down later this week or next to actually make the purchase, I'll be interested to see what they'll offer. smiling smiley

DM
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Re: Car loans ???
Posted by: Go To Top
Date: April 25, 2007 06:51PM
I would get the CR April Auto Issue. Covers financing and anything else you can imagine.



A man who is of "sound mind" is one who keeps the inner madman under lock and key.
(Paul Valery)
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Re: Car loans ???
Posted by: AlphaDog
Date: April 25, 2007 07:10PM
Quote
dmann
AlphaDog- thanks for the clarification. I have a Costco membership and never even thought of them for this!

Seacrest- I do have excellent credit and I am using the Capital One rates as a negotiating point. So far the lowest rate the dealers have quoted me are relatively high. When I sit down later this week or next to actually make the purchase, I'll be interested to see what they'll offer. smiling smiley

DM

If you're already a Costco member, check out their car buying program, too. We bought a new Camry in 2003, and I acknowledge that we might have been able to shave another couple hundred off the price if we just kept playing that stupid car buying game, but it was well worth it to us to walk in and be out again in less than 30 minutes. I figure it depends on whether or not you are the kind who gets a charge out of the negotiating process. I'm not willing to play that game, and neither was my late husband. Whatever car we picked out was X amount over invoice, and the dealer did a search to find one that met all of our specs, including exterior and interior color.
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Re: Car loans ???
Posted by: dmann
Date: April 25, 2007 07:18PM
Now you tell me!! I hate the negotiating game and have been playing it since January.

I have spent quite a bit of time on the boards over at Edmunds and have a good written offer in hand from two different dealers. I am looking at a hot car (the new CR-V) and initially had a hard time getting anyone to quote below sticker. They didn't have to- no one had inventory and they were getting $500 deposits from customers willing to wait 10 weeks.

Now that demand has settled down and inventory levels are up, I am getting much better quotes than I did in January. I am hoping I'll be able to shave a couple hundred off of the lowest quote and get them to throw in the all weather floor mats and I'll be good to go.

If I have time, I might just stop by Costco tomorrow-
DM
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Re: Car loans ???
Posted by: AlphaDog
Date: April 25, 2007 07:24PM
Quote
michaelb
I would join and use a credit union. I have a hard time thinking of good reason not to use a credit union for loans and banking at this point, and with the changes to the laws, most everyone is eligible for a credit union now, often just by living locally. At least check your CR rates and if you can join.

They are not for profit and usually offer good or great rates, with less usury terms and small print.

It's been a long time since I paid any attention to auto loan rates, but after reading your post I did some more research on credit unions in our area. Costco is still beating them. Gone are the good old days. sad smiley

We did quite a bit of business with credit unions in years past, but they no longer are quite as good a deal as they once were. At least not around here, and a couple of the bigger ones have now become banks.
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Re: Car loans ???
Posted by: decocritter
Date: April 25, 2007 08:11PM
dmann - I still can't get a good price for a CRV - I went in person and it sucks. I want 2 wheel drive and leather, sunroof. Everything on the lots has had so much junk added to it - priced up to $28,000- hell I would buy an Acura, if I wanted that.

I have started calling and asking for internet sales or sales manager and I cut to the chase on pricing. I tell them that first thing. I also tell them I want a car in 2-4 days.

Don't gve up on just one dealer. This has shaved down the price of a Prius. I have been able to get some to get rid of the crazy $599 doc fee in Atlanta. I have also been able to get the $599 TOYO guard which I don't want or need, down to 0.

I am also considering Prius and RAV4

No special financing on any cars I am looking at.

I will start the phone blitz on the Honda CRV tomorrow.
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Re: Car loans ???
Posted by: dmann
Date: April 25, 2007 08:15PM
I am getting the EX (mid range model, sunroof is standard) with cloth seats, 4WD no other add ons. My best written quote is $23,500 which includes the destination charge and excludes Tax, Title and licence, and I have a verbal quote (yes, I know that is worthless) for $23,250. I am hoping to get $23,250-$23,300 with the all weather floor mats thrown in.

I am in Chicago and there are about 10 Honda dealers to choose from. 4 of them have already said that they can't match my lowest quote and a couple of them still don't have inventory. My lowest quote is from a dealer that isn't exactly convenient to my house, but I might just have to deal with that to get the price I want.

DM
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Re: Car loans ???
Posted by: will2000
Date: April 25, 2007 11:08PM
If you buy an American car, buy one that is 3-4 years old and pay 1/2 or 1/3 of the new price. Ford Taurus is a good, underrated car and they are very cheap used. 200,000 miles no problem with proper maintenance.

If you want a Honda, Toyota, Nissan, buying new could make sense. It's still a lot of money though.

For a car loan, as was mentioned above, credit unions are usually the lowest.
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Re: Car loans ???
Posted by: Jp!
Date: April 26, 2007 05:45AM
refer to this page to see if the mfr has special financing

[autos.msn.com]
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Re: Car loans ???
Posted by: AlphaDog
Date: April 26, 2007 08:53AM
Quote
Jp!
refer to this page to see if the mfr has special financing

[autos.msn.com]

That's a nice site, Jp!. I found a really nice side by side comparison section, and I've been looking for one of those for a while. Thanks!
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Re: Car loans ???
Posted by: Michael
Date: April 26, 2007 10:33AM
I bought a CRV EX for $700 over invoice 6 weeks ago at the Cartersville Honda (Honda Carland North). That was $900 less than any other offer I got; I also got $500 more on my trade than any other offer. Took a couple of minutes to make the deal. They gave me the front mudflaps for free. I left $100 deposit and got the car when it came off the truck a week later. I've noticed that the Dalton and the Cartersville dealerships have several on the lot now, so the demand may be softening just a bit. Oh, and I'd stay away from the Dalton dealer--he'll run you up, down and sideways and still not make a good deal. I have heard good things about the Honda of Cleeveland dealership (up in TN near Chattanooga), but I've never dealt with them.



Edited 1 time(s). Last edit at 04/26/2007 10:37AM by Michael.
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Re: Car loans ???
Posted by: dmann
Date: April 26, 2007 11:23AM
Michael, you got a better deal than what I am looking at. These are the invoice prices I have been going by:

MSN and Autotrend: $22,244 for 4wd EX
Edmunds: $22,364 for 4wd EX

Congrats on your new car!

DM
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