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How/With who should I finance?

6 messages,  Last post on Jul 30, 2007 at 4:58 PM

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#1 of 6 How/With who should I finance? by mindpenn Apr 23, 2007 (3:44 pm)
Hi,   I am trying to get a Versa SL within the next month. I plan to pay $5000 down payment and finance the rest. I will have a co-applicant since my father has a really good credit history.   I don't know what options do I have when it comes to financing. I don't know how this is done. This is my first time buying a car and I want to be careful of what I do.   What are the options when it comes to financing a car? Can I do it separate? Or should I let the people in the car agency help me? Any advantage in doing it one way or the other?   Well, thank you for taking the time to read this. If you have information that could help I will appreciate it. Replies to this message: doromachi (Apr 23, 2007 4:01 pm) hbfever (Apr 23, 2007 5:36 pm) yeddo (Apr 24, 2007 5:01 am) mindpenn (Apr 24, 2007 10:32 am)
#2 of 6 Re: How/With who should I finance? [mindpenn] by doromachi Apr 23, 2007 (4:01 pm)
Replying to: mindpenn (Apr 23, 2007 3:44 pm) Before you let the Dealer finance you, visit your Credit Union if you are a member, then a Bank. They sometime give you the advantage.   But..Some car companies are giving low interest rates just to get people in to buy.   Be careful and look for "add on" charges. When the dealer figures up the amount to finance be sure it is the amount you are familiar with. Some of them are crooked and that's being mild.   Don't do anything in a haste mode. Take you time and search around your town for the best deal.   Am sure you will enjoy your new car.
#3 of 6 Re: How/With who should I finance? [mindpenn] by hbfever Apr 23, 2007 (5:36 pm)
Replying to: mindpenn (Apr 23, 2007 3:44 pm) I agree with doromachi 100%. Check out the banks or CU's. Chances are they will give you a much better APR than the dealership's finance dept. (they will try to wring every last penny (literally) from you that they can). Have them (bank, CU) set-up automatic withdrawl for your monthly payments, some places will cut you a .25% pt. break for doing that as well as it being convenient as hell.   Like doromachi said, don't do anything in "haste mode". I know the feeling that once you decide to buy a car you want it right away. Car salesmen know this and they will prey upon it. If the deal isn't what you want...walk away. It's not like Nissan isn't going to stop making the car in the next month. Hold out for what you really want.   Most importantly....negotiate from the final price of the car (MSRP + tax, title etc.), not the monthly payments it will come out to.   best of luck.
#4 of 6 Re: How/With who should I finance? [mindpenn] by yeddo Apr 24, 2007 (5:01 am)
Replying to: mindpenn (Apr 23, 2007 3:44 pm) You've got lots of options as everyone has said. Where you may also try is your car insurance company. Sometimes they will finance your loan, depending on who you've got, at a pretty competitive rate. Replies to this message: mindpenn (Apr 24, 2007 10:32 am)
#5 of 6 Re: How/With who should I finance? [yeddo] by mindpenn Apr 24, 2007 (10:32 am)
Replying to: yeddo (Apr 24, 2007 5:01 am) Thank you all for your reply, I will look for the best locked rate. I will compare the online loans with the ones in the banks, insurance company, credit union and others.   I am going to take my time and do more research until I feel comfortable then I will buy the car. I am not in a big hurry. Looking forward to haggle with sales person!
#6 of 6 Daughter's 1st Car - Lease or Buy ?? by wildthing Jul 30, 2007 (4:58 pm)
My daughter is looking ot buy a Versa hatch SL as her 1st car. I'm not sure how to advise her on buying or leasing.   I've leased cars before but presently I'm paying out our 2 cars. I opted to finance these last two because I wanted some sort of asset at the end of the 48 months and the finance rate was a measly 2.5%.   Obviously, leasing her Versa will reduce her monthly payments...financing cost more monthly but provides a possible trade in, in the future. I'm aware of other lease vs. fianance differences with respect to how the car is insured, maintenance and upkeep responsibilities, etc.   Guess what I'm really asking for, is to hear about what other young people did with their 1st cars...did you lease or buy and why ???   Thanks....

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