financial advice needed!!!
May 22, 2008, 11:47 AM
#31
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credit unions are a very good way to go especially with the market for lending on cars. most people are not members or are to lazy to go and check.
oh and negociate the price and transaction before you tell the dealer you have your own financing. put it off as much and long as possible
trust me on this.
STevo
oh and negociate the price and transaction before you tell the dealer you have your own financing. put it off as much and long as possible
trust me on this.STevo
May 22, 2008, 11:53 AM
#33
remember people you are putting money into a DEPRECIATING thing you can't get money back out of. if you we buying a house and put 10k down that is different you would have equity. with your car it is always loosing value. i say put 10-15% down. oh and i usually buy gap as well just in case.
STevo
STevo
May 22, 2008, 12:00 PM
#34
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it depends on the credit union on how you become a member. i am catholic and for the credit union i am a member of i think i had to open a checking and savings account and put like 150 in each at the time of opening. some you have to be associated by. example there are teacher, police, firemen and different ones out there. if your parents are members then you should have it real easy getting in one. or some of them do it by referral as well.
putting 10k down to make the payment affordable that is up to you. i just don't suggest putting that much down unless the bank requires it. your money and you know what you can afford i am only stating my opinion.
STevo
putting 10k down to make the payment affordable that is up to you. i just don't suggest putting that much down unless the bank requires it. your money and you know what you can afford i am only stating my opinion.
STevo
May 22, 2008, 12:03 PM
#35
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check your local area to see what credit unions are available and to see how you can become a member. I just got tired of friends and family complaining of bank of america, wells fargo, and washington mutual etc.
Some of my friends are investors and I just took there advice and have no regrets. just compare my credit union to your bank. www.starone.org
look at interest rates for checking, saving, and loans.
remember all credit unions are not the same.
Some of my friends are investors and I just took there advice and have no regrets. just compare my credit union to your bank. www.starone.org
look at interest rates for checking, saving, and loans.
remember all credit unions are not the same.
May 22, 2008, 12:05 PM
#36
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credit unions are a very good way to go especially with the market for lending on cars. most people are not members or are to lazy to go and check.
oh and negociate the price and transaction before you tell the dealer you have your own financing. put it off as much and long as possible trust me on this.
STevo
oh and negociate the price and transaction before you tell the dealer you have your own financing. put it off as much and long as possible
trust me on this.STevo
May 22, 2008, 12:32 PM
#38
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not exactly but they will be making some money from the transaction thru the credit union. you would still save more money going thru a credit union yourself.
STevo
STevo
May 22, 2008, 12:38 PM
#39
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Personally I wouldn't put 10 grand down on a car. Start up an investament plan and start using your money to make more money. A car is a seriously bad investment. As far as your intrest rate, check with what Mitsubishi Motors is currently running as this will often be your best bet. Most car rates start around 5%. As long as your over a 650 you are going to be ok and will be able to negotiate with the Finance guy at the dealer. What you need to ask him is what your "buy rate" is. Make him show ou on paper and the computer. This is the rate the bank is loaning you the money at not what the dealer is trying to get you to pay. It might take a bit of persuading but he will. Also never take the first payment they give you but always let them make the first move. Just sit there as long as it takes and tell him where you need your payments to be. Make him come down without putting any more money down. Lastly do not be affraid to get up and walk away, don't be unrealistic or get upset stay calm and collected. If you think you are at a stale mate then stand up and thank him for his time and tell him you belive you can do better at another place. Then thank him again and walk out. If he doesn't stop you or your saleman doesn't call you back immediately then he was more than likely at the end of the road. Stick to your guns and don't give up but be realistic. I was a finance manager for 2 years and a finance director for 3 1/2 years at one of the largest Chevy dealers in Central Teaxs. Best of luck and I hope you get what you are looking for!!
my '03 was the 1st car i ever bought. car was $28k out the door. i put $2k down w/a score of 651. my payment is $637 @ 13.99% but i pay $700 so it gets paid off 18 months early
May 22, 2008, 12:50 PM
#40
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i agree 100% with this here. $10k down on a car is quite stupid. if it's ur 1st car purchase your rate will be high regardless of credit bcuz the bank is not able to "trust" you yet with making car payments. just figure $20 for every $1k financed. example if u do $10k down & have $24k left, figure $480/month b4 interest. if it's ur 1st car loan i would say ur payment will be $550. also factor in tax, title, license fees of around 10% ON TOP of ur final price which will increase ur payment since the down payment is applied to the amount BEFORE tax
my '03 was the 1st car i ever bought. car was $28k out the door. i put $2k down w/a score of 651. my payment is $637 @ 13.99% but i pay $700 so it gets paid off 18 months early
my '03 was the 1st car i ever bought. car was $28k out the door. i put $2k down w/a score of 651. my payment is $637 @ 13.99% but i pay $700 so it gets paid off 18 months early
May 22, 2008, 01:00 PM
#41
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do what u want but i would take $10k invest it for a couple yrs, then go buy a new EVO X + a new SL63 AMG Black Series. then u can go fast, turn, valet park, & pimp at the same time...
May 22, 2008, 01:16 PM
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Your best way to avoid getting *** raped on interest is to pay cash for the car. If not, then try to put as much down as possible.
Yes, you can put less down and invest your money - you might make more if you put it in stocks or some aggressive mutual fund but you may also lose it. Money market accounts only return 2-3% these days - you're better off paying off a 6% car loan.
I'm for the large down payment unless you can get some low interest loan.
Yes, you can put less down and invest your money - you might make more if you put it in stocks or some aggressive mutual fund but you may also lose it. Money market accounts only return 2-3% these days - you're better off paying off a 6% car loan.
I'm for the large down payment unless you can get some low interest loan.
May 22, 2008, 01:17 PM
#44
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if u would have invested the cash aggressively 2yrs ago, then theoretically u could now pay cash for the car!!! i would also hope you are not paying sticker for the car. i would NEVER EVER pay sticker price. get those monkeys to sell it for invoice or walk away. dealers paid $13k for EVO IXs. the diff between sticker & 13k is the PROFIT. my buddy Mitch owns dealerships & says EVO X GSRs cost $16k at dealer cost.
do what u want but i would take $10k invest it for a couple yrs, then go buy a new EVO X + a new SL63 AMG Black Series. then u can go fast, turn, valet park, & pimp at the same time...
do what u want but i would take $10k invest it for a couple yrs, then go buy a new EVO X + a new SL63 AMG Black Series. then u can go fast, turn, valet park, & pimp at the same time...
You are so wrong on the dealer cost it is not even funny.