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Old 06-04-2009, 02:48 PM   #1
VenomZ302
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Auto Loan Newbie... Question. Help?

So I'll need to apply for a loan for my 2SS. I'm looking to put a down payment in as well as trade/sell my current car. I'm hoping to get 20-23K for my car, which will, obviously, help greatly with the total price of the SS. That said, what size loan do I apply for? Do I factor into the loan my down payment and current car value/expected sale price or do I just apply for the window sticker price of the SS?

Sorry if this has been asked before. I searched briefly and came up with nothing. Just want to make sure I do this right.
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Old 06-04-2009, 03:15 PM   #2
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you get the total price of the car, tax title, fees etc. So lets day your car comes to a total of 35k. After trade in and down payment you have 25k, you borrow ten. But if you have a loan on your current car you wont get all the money from a trade. The dealer will pay off what you owe on the car and give you the rest for your new car. Because if you have a lien or hold they arent going to take over payments on it, so they are going to clear that title.

Not to be mean this is pretty basic stuff, if you dont know this you might want to relook buying a 37k car, first.
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Old 06-04-2009, 03:18 PM   #3
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I think you misunderstood my question. At the very least you didn't answer it. It's a simple question and I've heard both sides to it, so which one is the "right" way to do it?

My car's completely paid off, so let's say I can have 27K between that and my down payment. Do I:

a) Apply for a $35,000 loan since it's the total price of the sale and then simply pay the $27,000 to the credit union?
b) Apply for an $8,000 loan and then simply give the rest to the dealer?
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Old 06-04-2009, 03:23 PM   #4
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You're going to have a much easier time applying for an $8000 loan rather than a $35,000 one. It doesn't make much sense to apply for the larger loan really.

You might want to do more than the $8,000 though unless you've already factored in TT&L since you're going to spend more than MSRP on the car once it's all said and done with a couple thousand in taxes. Even if you HAVE factored in TT&L you may still want to keep some of that cash from your old car and take a slightly larger loan out if you don't have reserves available for an emergency.
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Old 06-04-2009, 03:25 PM   #5
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Quote:
Originally Posted by dkikuchi View Post
You're going to have a much easier time applying for an $8000 loan rather than a $35,000 one. It doesn't make much sense to apply for the larger loan really.

You might want to do more than the $8,000 though unless you've already factored in TT&L since you're going to spend more than MSRP on the car once it's all said and done with a couple thousand in taxes.
Thank you for the answer. This makes perfect sense to me and the only reason I was questioning it is that I heard someone say that he was applying for a loan for the full price of the car instead of adjusting it based off of down payment and whatnot.
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Old 06-04-2009, 03:26 PM   #6
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Old 06-04-2009, 03:27 PM   #7
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My vote would be to get a loan pre-approved for the maximum amount you could possibly need. Meaning the total out the door price of your Camaro minus your cash down-payment. Make sure that you are pre-approved for the maximum but that you can actually use less than the max amount when you actually get the loan.

This helps you in dealing with your trade-in. If you don't like what the dealer offers you for your trade, you aren't stuck with a worthless pre-approved loan because you were banking on the dealer to give you $20k for your trade so you only got pre-approved for say $8k on the loan. If you don't like what the dealer offers you, then you can still get the Camaro with the pre-approved loan you brought with you and you can take your existing car, sell it yourself and then send the proceeds to the lienholder on your Camaro loan. If the payments from the full amount aren't manageable then re-finance your remaining balance into something more reasonable.
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Old 06-04-2009, 03:31 PM   #8
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Quote:
Originally Posted by rolnslo View Post
My vote would be to get a loan pre-approved for the maximum amount you could possibly need. Meaning the total out the door price of your Camaro minus your cash down-payment. Make sure that you are pre-approved for the maximum but that you can actually use less than the max amount when you actually get the loan.

This helps you in dealing with your trade-in. If you don't like what the dealer offers you for your trade, you aren't stuck with a worthless pre-approved loan because you were banking on the dealer to give you $20k for your trade so you only got pre-approved for say $8k on the loan. If you don't like what the dealer offers you, then you can still get the Camaro with the pre-approved loan you brought with you and you can take your existing car, sell it yourself and then send the proceeds to the lienholder on your Camaro loan. If the payments from the full amount aren't manageable then re-finance your remaining balance into something more reasonable.
This makes a lot of sense assuming you're trading the car in.

I wrote my response assuming the car was being sold before hand so you would have funds in hand (since that's how I read the question as he mentioned 'giving the dealer the rest'). Those of you looking to trade-in however should certainly keep this advise in mind so you're not stuck!
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Old 06-04-2009, 03:34 PM   #9
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Definitely makes sense. Thanks for the help, you two!
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Old 06-04-2009, 03:49 PM   #10
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i wouldnt only borrow the 8.
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Old 06-04-2009, 04:06 PM   #11
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Wait, you would or you wouldn't borrow only $8000?
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Old 06-04-2009, 04:41 PM   #12
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dont forget to keep some of that cash to help mod your car
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