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Old 01-22-2010, 09:05 PM   #1
ULTRAZLS1


 
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Loan rates and questions

Im sure you guys have probably seen to many of these threads all ready so ill apologize up front lol.

I just checked my experian credit score and it is 767. No history of any type of negative activity/history on my report.I have no loans of any type or any kind of monthly payments on anything (still live at home). I have a steady job that I have been at for 1 year.

I have been researching interest/loan rates for a little while and was wondering If I could get some feedback from you guys.

I want a low payment so I want a 72 month loan. I did A quick application on the capital one website (which lowered my credit by 4 points). It is the blank check online auto loan that they offer.

Anwayz....They approved me for 24,000 at something like 5.49% for 72 months which worked out to around 390 a month I believe (dont remember exact numbers) This is just the amount I need....ive got 10,000 saved for the car for down payment. 370 a month is very do able for me also.

Is this a good rate? Should I try for gmac through the dealer for 72 months or shop around? is this online loan a good idea?

Never bought a new car so im a newb...sorry

thanks for the advice

Last edited by ULTRAZLS1; 01-22-2010 at 09:17 PM.
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Old 01-22-2010, 09:24 PM   #2
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First I would never ever get a 72 month loan on a car or any other instant deprecating asset unless it was the only way you could get the loan. There is way too high of a chance you will be upside down (owe more then the car is worth).

The "blank check" is a decent idea, I know people who has used it before but I would check with a local credit union first and use the check if they won't approve you. Since you have the approval letter, it wouldn't hurt to tell the salesman "Hey this is the rate I've been approved for. Can you beat it?" You will take a 3-4 point hit but your loan will more then cover it and if the salesman can get you 1-1.5% less it'll be worth it.
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Old 01-22-2010, 10:23 PM   #3
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Quote:
Originally Posted by ULTRAZLS1 View Post
Im sure you guys have probably seen to many of these threads all ready so ill apologize up front lol.

I just checked my experian credit score and it is 767. No history of any type of negative activity/history on my report.I have no loans of any type or any kind of monthly payments on anything (still live at home). I have a steady job that I have been at for 1 year.

I have been researching interest/loan rates for a little while and was wondering If I could get some feedback from you guys.

I want a low payment so I want a 72 month loan. I did A quick application on the capital one website (which lowered my credit by 4 points). It is the blank check online auto loan that they offer.

Anwayz....They approved me for 24,000 at something like 5.49% for 72 months which worked out to around 390 a month I believe (dont remember exact numbers) This is just the amount I need....ive got 10,000 saved for the car for down payment. 370 a month is very do able for me also.

Is this a good rate? Should I try for gmac through the dealer for 72 months or shop around? is this online loan a good idea?

Never bought a new car so im a newb...sorry

thanks for the advice
That is a good 72 mo rate. As Dr Leary used to say "if it feels good, do it" Just make sure you intend on keeping it for 4-5 years.
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Old 01-22-2010, 10:47 PM   #4
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Well I plan on paying the car off far quicker than 6 years (making at least double payments when I can) but still want the security of a low monthly payment in case something were to happen with my financial situation. I could come up with 390 a month ...even if I lost my job.

So with a 10,000 dollar down payment and the low payment of a 72 month loan on only 24k I figured this would be the best/safest/smartest decision.

Am I nuts?
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Old 01-23-2010, 12:05 AM   #5
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If you own your own home, you could get a HELOC; rates are very low, especially through a FCU. An added benefit is that a HELOC is like a home loan (2nd Mortgage) and the interest is an expense that you can claim on your tax return.
Borrowing off a CC is good from the standpoint that it is an unsecured loan; you
get the pink slip right off and don't have to worry about a lien or repossession. Be careful and pay when you get the statement - don't wait until a few days before it's due; you don't want to give the CC Co an excuse to raise your rate due to a late payment. AND you can always watch for Balance Transfer Offers and possibly reduce your rate. A good credit rating is valuable, do your best to protect and enhance it by paying early.

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Old 01-23-2010, 01:22 AM   #6
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well, first off you started out alot better than i did. 10k is a very strong down payment, which is good since you dont have any credit. im assuming you have a checking account (where else do you keep it). your rate is very good. in some cases you might even be able to get a 4.25. try a credit union tho, because most of the time they have lower than industry average rates. its okay to maybe go down four points because if you make good payments and stuff youll be back up in no time, in fact it will raise your score even more. the highest you can have is 850, so you're pretty up there. no worries. by the way, since your buying a car, it really doesnt matter how many times an inquiry is done from different places because it can be considered as just one since its for the sole purpose of getting a car. also, getting a car under your name will help you build credit so you should be good. www.myfico.com is very helpful in explaining all you need to know about credit related questions and stuff.

good luck =]
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Old 01-23-2010, 01:32 AM   #7
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i forgot to mention...

if you can, try to work out a program with your loan where if you make more than your minimum payment, the extra can go towards the principle. for example: you make a $500 payment when minimum was $360 and your balance is $24000. $140 will go towards the $24000, or your principle, which means the interest is less since the loan is smaller. the reason why i point this out is because they sometime calculate the interest for the life of the loan and if you make extra payments, it will go towards your next months payment instead of the principle, so you're still paying same interest
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Old 01-23-2010, 01:52 AM   #8
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Do you have to be a capital one card member to apply for that car loan? Or can anyone apply?
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Old 01-23-2010, 02:02 AM   #9
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anyone
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Old 01-23-2010, 02:10 AM   #10
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anyone
Thanks. I appreciate it.
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Old 01-23-2010, 08:44 AM   #11
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That is a very competitive rate.

Won't hurt to give the dealer a shot at beating it.

Just tell them the rate that is available to you and have them see if they can do even better.
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Old 01-23-2010, 09:07 AM   #12
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Yep always go to the dealer w financing. And always give them a shot to beat it most of the time they will and it benefits u. &2 isnt bad especially w that much down its a very bad idea to finance full amount plus TTT so your ahead of the game goodluck! Oh and def check w credit unions or bank of america they were running killer deals.
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Old 01-23-2010, 09:42 AM   #13
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Thanks a lot. Lots of great information here.

I have heard bank of america a couple times now.

Also....do you get 500 dollars off when waiving the 60 day return guarantee?

What about GM discounts? what could I possibly get? I am a credit union member...I thought I heard they give discounts to credit union members...if so how much?

thanks again.
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Old 01-23-2010, 09:52 AM   #14
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It's hard to tell because you are only giving us half the story. 767 is good. Do you have high end established credit? What's your highest credit line? How long you been working at your job? Deal is structured soundly on dealership side, with 10k down but alot of info on you we don't know. Realistiaclly 6-7% is a decent rate.
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Old 01-23-2010, 09:52 AM   #15
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Dave Ramsey rule, if you can"t pay for it in cash than you cant afford it! From what I gathered from your post you are young and just starting out and still live at home. First of all I believe you can get a way better interest rate than 5.49%. You have a great credit score and should be able to get an interest rate somewhere in the 4% range I would think. You definitely need to give the dealer a chance to beat the 5.49% rate. I put 20K down on my Camaro and financed the remainder for 72 months @ 4.25% interest rate. That interest rate came from the dealer. I double up on my payment because I want this car paid off ASAP. I also plan on never getting rid of this car either. It will be a collectors item one day. Good luck and if you decide to actually purchase the car, pay it off asap, and do not build anymore debt until it is paid off.
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Old 01-23-2010, 10:14 AM   #16
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Quote:
Originally Posted by ULTRAZLS1 View Post
Thanks a lot. Lots of great information here.

I have heard bank of america a couple times now.

Also....do you get 500 dollars off when waiving the 60 day return guarantee?

What about GM discounts? what could I possibly get? I am a credit union member...I thought I heard they give discounts to credit union members...if so how much?

thanks again.
STAY AWAY FROM BANK OF AMERICA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

They are running a lot of scams right now; fraudulent overdraft charges, purposely processing credit card and loan payments late to charge late fees, not contacting the person for months so the fees will add up to thousands of dollars, etc. They have about a dozen lawsuits against them right now along with one big time class action lawsuit where their practices caused the death of the elderly person. They are also being investigated by the FDIC for criminal activity. Spend some time on google and you will see what I mean.

The $500 off for the 60 day return ended January 2 so you won't get this.

Yes there is a Credit Union discount. https://www.exclusivegmoffer.com/ip-...do?program=cud It's a percentage based discount and the amount off depends on your vehicle, trim, and options.
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Old 01-23-2010, 10:28 AM   #17
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I have been at my job for one year and make pretty good money. The only problem is that I am still only casual. Which means I am not guaranteed hours (although I usually get at least 25 week)....but I do get paid about 5 bucks an hour more than everyone else. I also have a mechanic job to fall back on with my grandfathers business as well.

Will this situation hurt me?

I have one credit card I currently use that has a 5000 limit. I have been offered 20-30k limit cards in the mail countless times. I have absolutely zero other debt. My only monthly bills are my credit card bill when I use it, my cell phone and my car insurance. Oh and the girlfriend tax....they get angry when you dont take them out after a while.
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