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Smart Shopper Questions About Financing New Vehicles
2253 messages, Last post on Nov 18, 2009 at 12:07 PM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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I went through PeopleFirst.com for my financing a little while ago. Great people. They approved me for the amount I requested, which was $19,000. Then they sent me a draft check, which is a check I can make out to the dealer for up to $19,000. The check is good for 45 days. My rate was 7.25% for up to 5 years. I gave the dealer a chance to beat the interest rate and he couldn't, so they gave me a promissory note saying that I would pay them within 5 days. Sooooo, it is a good idea to get your pre-qualification stuff out of the way before you go shopping. Then you already know that you are approved for X% interest rate and for X dollars for Xyears. I signed the buyers order before I spoke to the finance officer because I knew I had financing already arranged. It was just a matter of whether the dealer could beat it. Does this help you any more?? Don't be scared about buying a car. The dealer will sense your fear and try to take advantage of you. Take along someone who knows how this all works or just do your homework and gain control of the transaction. Just remember, you have the money they want. Don't give it to them easily. If I can help any more, let me know! Scott |
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i don't know how familiar anyone is with financing, as far as credit is concerned, but here's my scenario: i had leased a nissan over 3 years while i was in college. i was late on 10 payments. i have 3 credit cards, and a total credit card debt of 4k. all are reported as "R1" on my credit report. i had two bills that were placed in collections, but they have been paid. i am 23 years old, and just graduated college. i have been on the job six months, working full time. my yearly salary right now is around 33k. i went with a friend of mine to a second chance place, and i while he was filling out the application, i told the salesman of my situation, and he says that i wouldn't be able to get a (approximately) 20k loan, even with 10-15% down, and that i'll have to pay the high rates of a second chance dealership. is he right? or do i have a fairly decent chance of getting a loan somewhere? |
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also, if i have a chance of getting a regular loan from a bank, should i try and get one through my credit union before going to the dealership. i have only banked there since i moved to minneapolis (about 5 months ago). i was warned that too many credit inquiries at the same time negatively affects your chances of getting a loan. is there anything else i can do to help my situation? |
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by the way, i'm looking at getting either a new honda accord, or buying a 94-95 lexus es 300 used. would i be better off getting approved on one over the other? |
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| Man! I am totally confused about the gm smartbuy and smartlease. Can anyone explain them? I want to get a tahoe and can't determine the best method. | |
| It sounds like you don't have a very good credit history. My advice to you is to try all of the places that you mentioned and see what rates you get quoted. Yes, it's not the best thing in the world to have a lot of inquiries on your credit report. However, shopping for a good interest rate is just as important as shopping for a good price on the vehicle that you want to buy. It's still money. | |
| Teamplayer, there are some very attractive lease rates on Tahoes right now. My advice is to go with the GM SmartLease. | |
| I had my dealer locate a vehicle for me in TN and I believe he is trading with that dealership to get me the truck I wanted. My question is, does he lose his holdback? He said he would, but this makes no sense to me. Thanks. | |
| I was just speaking about this situation with someone the other day. Dealers often claim that they lose their holdback if they trade for a vehicle. I think that this really varies depending upon the manufacturer. Dealers usually don't like to talk about or dip into their holdback in order to make a deal in the first place. In this situation it is costing the dealership money and time to go all the way to another dealership and swap for the truck that you want. Taking this into account they probably won't let you touch their holdback whether they get one or not. If you really want to try to get at the holdback, you may be better off going to a dealer that has the exact model that you want in stock or ordering one. | |
| I have agreed with the dealer on a price for a 98 Mazda 626 that includes a $1,000 rebate. They have 2.9% financing but say if I want the special interest rate I cannot get the $1,000 rebate.Is it possible to get both, dealer says they do not get rebate from factory if you get special interest rate.Any comments? | |
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