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Old 06-11-2010, 10:59 PM   #1
danifox
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Question On Money Down + Loan

I have a little question about the process of putting money down as well as getting a loan from the bank.

I'm planning on putting money down for my car but I also am thinking about getting a loan from the bank. How exactly does this work then? Say I put down 5K and get a loan from the bank for 30K. The car say it's around 27K.

Basically the writes Chevy a check for whatever amount is left over right and whatever isn't used from the loan goes back to the bank? Then every month I'll be paying the bank for the car & not Chevy?
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Old 06-11-2010, 11:15 PM   #2
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You are pretty much on the right track. Start off by going (or calling) to a couple banks to see what rates you will qualify for. Tell them what type of car you are interested in, the approximate cost and the amount you be paying for a down payment. They will run the credit check on you and let you know the interest rate and payment amounts for the term (# of years) you desire. Your dealer may also be able to finance you through GMAC or some banks they have ties to. The more you put down the better chance to qualify for the loan if your credit is good. Bad credit report will mean tougher qualifying and higher interest rates.
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Old 06-11-2010, 11:20 PM   #3
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Thank you, but what's the difference between getting a loan & not getting a loan? Cause with either one you still have to pay interest right? My credit is 720 last time I checked. I don't know I just feel weird getting a loan & knowing I need to pay off all that money that was given to me.

Do you guys think it's a good idea to get a loan?
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Old 06-11-2010, 11:42 PM   #4
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Not sure what you mean. If you don't get a loan you won't have any interest to pay.
Unless I'm not understanding what your trying to say
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Old 06-11-2010, 11:43 PM   #5
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Originally Posted by danifox View Post
Thank you, but what's the difference between getting a loan & not getting a loan? Cause with either one you still have to pay interest right? My credit is 720 last time I checked. I don't know I just feel weird getting a loan & knowing I need to pay off all that money that was given to me.

Do you guys think it's a good idea to get a loan?
If you pay for your car outright in cash, you don't have to pay interest. Most people don't have enough money to do this. Reasons for getting a car loan even if you have the cash include wanting to build your credit and being able to make more interest on your savings than the interest a loan would cost you (unlikely with today's market).

The higher the down payment you make, the less you have to borrow and the less interest you end up paying (and the smaller your payments will be). You can finance your loan through the dealer or find a loan on your own. Shopping around for a loan on your own will probably get you a lower interest rate. As an example, the dealer offered me an interest rate of 5.9%, but I got the loan from a credit union for 3.99%. Once the credit union approved my request for a loan they mailed me a blank check (good up to a certain amount). When I bought my car I filled in the check for the difference between the price of my car (plus taxes) and my down payment. I now make monthly payments to my credit union. Easy as that.
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Old 06-11-2010, 11:54 PM   #6
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Oh okay, sorry I thought that even without the loan you still had to pay Chevy interest. I just wanted to have a monthly payment below 400 since I'll have to pay insurance and that will also be a pretty penny for me.

I'm with Bank of American but a lot of people have told me Suncoast Credit Union is really good with loans. So I was thinking about switching over bank accounts from BOA to Suncoast to try to get a loan. But it's not nessacarry to need to change bank accounts right? I could still ask for a loan from them without any problems? I read on the Suncoast site online that the interest is 3. something. But BOA also shows that their interest rate are AS LOW AS 3.59 for 72 months. I'll have to ask around and see who will be able to get me the best loan like you guys said.
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Old 06-12-2010, 12:00 AM   #7
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Originally Posted by danifox View Post
Oh okay, sorry I thought that even without the loan you still had to pay Chevy interest. I just wanted to have a monthly payment below 400 since I'll have to pay insurance and that will also be a pretty penny for me.

I'm with Bank of American but a lot of people have told me Suncoast Credit Union is really good with loans. So I was thinking about switching over bank accounts from BOA to Suncoast to try to get a loan. But it's not nessacarry to need to change bank accounts right? I could still ask for a loan from them without any problems? I read on the Suncoast site online that the interest is 3. something. But BOA also shows that their interest rate are AS LOW AS 3.59 for 72 months. I'll have to ask around and see who will be able to get me the best loan like you guys said.
I strongly suggest not getting a loan longer than 60 months. If you can't afford the payments with a 5-yr loan you probably shouldn't be buying a car that expensive until you have saved up a bigger down payment. You do not have to switch banks to get a loan elsewhere. My credit union required that I open a savings account and transfer $50 to it, but that's it. BOA is notorious for advertising one interest rate and offering you another because you "don't qualify" for the advertised rate. Just know that every time you apply for a loan they pull your credit report. Lots of inquiries can lower your score (but it usually takes about 30 days to take effect).
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Old 06-12-2010, 12:11 AM   #8
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get your bank # and ask the dealer to run you credit and to give you the % , then and only after you know their % tell them that you have some # 3 to 4 tens below theirs and you can tell them that you will like to do the loan with them but bla bla bla the #will have closer to your [at this point you cant find the papers ] he will go to his financial big guy and come back with an offer that [just ] come up that will match you bank [lucky you he will say] just one thing BE READY IF THERE IS A REASON TO WALK AWY FROM THE DESCK and don't look back he will came after you , they know if you leave you not coming back , but you can come back . don't blush
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Old 06-12-2010, 01:16 AM   #9
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this may help also http://www.bankrate.com/calculators/...alculator.aspx
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Old 06-12-2010, 09:41 AM   #10
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My suggestion would be to find out your credit score before trying to find the a loan... You don't want 3-4 banks all pulling your info at the same time, or if you have one pull it then use that figure... When I was shopping around the dealer pulled mine and offered me a certain percentage so I took that number to other institutions until I found a rate I was happy with.
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Old 06-12-2010, 09:57 AM   #11
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You can check here gm.com/creditunion to see if there is a credit union in your area that qualifies for the Credit Union Discount. I payed suppliers cost because my credit union was on the list.
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Old 06-12-2010, 10:05 AM   #12
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Remember when you apply for a loan you can only get approved for a certain amount based on your available income, no matter how good your credit is. It would be a good idea just to talk to the bank... they can tell you how much you are pre approved for and what your down payment should be to get your monthly payments where you want them. Also keep in mind that some banks only pay 80 to 100 percent of the INVOICE price. Ill give you my example for a car I was going to buy.... the car was 34995, invoice price was 30500 roughly.... my bank would only finance 30500, after adding tax, title and license fees I would have had to put over 7 grand down. Some lending institutions are different though, but I would still recommend speaking with a loan officer at a bank.
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Old 06-12-2010, 12:28 PM   #13
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If you want to finance your new Camaro find a good credit union to join. Rates wil be better and believe it or not easier to get a loan. At least that was my experience. My car was financed at 80%LTV. Out the door was $36495 w/TTL. My down payment was $5300 and financed around $32000. Even though I had some blemeshes on my credit I still got a better rate than any bank or GMAC. I didn't have to use all the money I had saved for the car and was able to take a nice road trip after delivery.
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