Auto loan closing costs? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

defragme · 10-27-2009, 07:50 PM

Talked to my bank today and she mentioned closing costs for the auto loan, I had another question in my head and put it in the back of my mind. I am calling them again tomorrow, just wondering what is a typical closing cost for an auto loan? Is it percentage based like a home mortgage, or a flat fee?

Cant seem to find much through just a google search.

drtwo · 10-27-2009, 07:53 PM

I personally have NEVER paid a closing cost for an auto loan. Maybe I'm sheltered by good credit, but I've never heard of it either?! (doesn't mean it doesn't exist) Weird... You pay enough with the interest. Just talk them out of it or get another bank. If you have good credit, you'll not have a problem.

SlingShot · 10-27-2009, 07:55 PM

Never heard it as a closing cost for auto loan..... Maybe it's just an admin fee for paper work....

coolman · 10-27-2009, 07:56 PM

Quote:

Originally Posted by defragme

Talked to my bank today and she mentioned closing costs for the auto loan, I had another question in my head and put it in the back of my mind. I am calling them again tomorrow, just wondering what is a typical closing cost for an auto loan? Is it percentage based like a home mortgage, or a flat fee?

Cant seem to find much through just a google search.

That is a bunch of royal

. I would go somewhere else. Your not buying a house. Typical closing cost for an auto loan is $0.

Unless she's talking about tax, tags and title. which would be done when you buy it. Are you trying to put all of these into the loan?

defragme · 10-27-2009, 08:12 PM

Ok, I guess that is why I couldn't find anything through googling it.

Maybe I misunderstood her, I was on a cell phone with some background noise around me. Now that I think about it she was talking options and comparing auto loans to home equity loans, so maybe the closing costs was in reference to the home equity loan. The line was something like: "and you wouldn't have any closing costs for that one."

Thanks for the replies everyone, I will talk to her again tomorrow to clarify.

coolman · 10-27-2009, 08:20 PM

Quote:

Originally Posted by defragme

Ok, I guess that is why I couldn't find anything through googling it.

Maybe I misunderstood her, I was on a cell phone with some background noise around me. Now that I think about it she was talking options and comparing auto loans to home equity loans, so maybe the closing costs was in reference to the home equity loan. The line was something like: "and you wouldn't have any closing costs for that one."

Thanks for the replies everyone, I will talk to her again tomorrow to clarify.

Yea, if you where looking at home equity for a car loan that could have costing cost. BECAREFUL though, I never liked having my house tied to a car payment. In these times I think that it's a bad idea.

defragme · 10-27-2009, 08:38 PM

Oh absolutely not. I agree with you. Told her that the home equity option was a big NO. That is probably what I was thinking while she was talking, hence my misunderstanding.

After all of this though I'll really be pissed if I call tomorrow and my bank really is charging closing cost on a car loan, especially since no one else has ever heard of it. LOL

wrek · 10-27-2009, 09:08 PM

LMAO closing cost... find a new bank.

drtwo · 10-27-2009, 09:19 PM

I've used a home equity loan for a car before and is not a bad idea. I didn't pay any fees or anything. Plus the interest is tax deductible! It worked well for me.

JohnInSoCal · 10-27-2009, 09:47 PM

some banks use that as a buy down to have a better looking interest rate, check out the APR which should give you your true rate for that loan. If your bank is way below market on interest rate it may involve a buy down or "loan fee" to make it look good.

defragme · 10-28-2009, 06:45 PM

Ok guys, i called today and asked about any extra fees, there was only like a 150 dollar paperwork fee or some crap. But there was no closing fees. I dont know where I got that from but she was not talking about a car loan apparently.

So I caused a big uproar for nothing...

jrboyd_1980 · 10-28-2009, 06:49 PM

Quote:

Originally Posted by defragme

Talked to my bank today and she mentioned closing costs for the auto loan, I had another question in my head and put it in the back of my mind. I am calling them again tomorrow, just wondering what is a typical closing cost for an auto loan? Is it percentage based like a home mortgage, or a flat fee?

Cant seem to find much through just a google search.

Depends what type of Auto loan you have.. 99% of Auto Loans are Open Contracts which allows you to pay early and not have to pay interest on if you paid early. If you are in a Closed Contract (Not many of these anymore) you still have to pay the same interest if you paid off early or paid off entire contract,

10-27-2009, 07:50 PM	#1
defragme Drives: 2SS/RS LS3 Join Date: Sep 2009 Location: Morehead, KY Posts: 77	Auto loan closing costs? Talked to my bank today and she mentioned closing costs for the auto loan, I had another question in my head and put it in the back of my mind. I am calling them again tomorrow, just wondering what is a typical closing cost for an auto loan? Is it percentage based like a home mortgage, or a flat fee? Cant seem to find much through just a google search.

10-27-2009, 07:53 PM	#2
drtwo Drives: 2SS RS Yellow, Raptor, Vrod Join Date: Jul 2009 Location: South Dakota Posts: 599 View My Garage	I personally have NEVER paid a closing cost for an auto loan. Maybe I'm sheltered by good credit, but I've never heard of it either?! (doesn't mean it doesn't exist) Weird... You pay enough with the interest. Just talk them out of it or get another bank. If you have good credit, you'll not have a problem. __________________ 2SS RS Rally Yellow, LS3, M6, sunroof, extra on the fast!

10-27-2009, 07:55 PM	#3
SlingShot Drives: 2012 ZL1 - #670 Join Date: Jun 2009 Location: Seminole, Fl. Posts: 8,009	Never heard it as a closing cost for auto loan..... Maybe it's just an admin fee for paper work.... __________________

10-27-2009, 09:19 PM	#9
drtwo Drives: 2SS RS Yellow, Raptor, Vrod Join Date: Jul 2009 Location: South Dakota Posts: 599 View My Garage	I've used a home equity loan for a car before and is not a bad idea. I didn't pay any fees or anything. Plus the interest is tax deductible! It worked well for me. __________________ 2SS RS Rally Yellow, LS3, M6, sunroof, extra on the fast!

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10-27-2009, 08:12 PM	#5
defragme Drives: 2SS/RS LS3 Join Date: Sep 2009 Location: Morehead, KY Posts: 77	Ok, I guess that is why I couldn't find anything through googling it. Maybe I misunderstood her, I was on a cell phone with some background noise around me. Now that I think about it she was talking options and comparing auto loans to home equity loans, so maybe the closing costs was in reference to the home equity loan. The line was something like: "and you wouldn't have any closing costs for that one." Thanks for the replies everyone, I will talk to her again tomorrow to clarify.

10-27-2009, 08:38 PM	#7
defragme Drives: 2SS/RS LS3 Join Date: Sep 2009 Location: Morehead, KY Posts: 77	Oh absolutely not. I agree with you. Told her that the home equity option was a big NO. That is probably what I was thinking while she was talking, hence my misunderstanding. After all of this though I'll really be pissed if I call tomorrow and my bank really is charging closing cost on a car loan, especially since no one else has ever heard of it. LOL

10-27-2009, 09:08 PM	#8
wrek 2G1FK1EJ6-9 Drives: 2010 Camaro 2SS RS Transformer Join Date: Oct 2009 Location: Pompano Beach, FL Posts: 661 View My Garage	LMAO closing cost... find a new bank.

10-27-2009, 09:47 PM	#10
JohnInSoCal Drives: RJT L99 500HP Join Date: Aug 2009 Location: SoCal Posts: 535	some banks use that as a buy down to have a better looking interest rate, check out the APR which should give you your true rate for that loan. If your bank is way below market on interest rate it may involve a buy down or "loan fee" to make it look good.

10-28-2009, 06:45 PM	#11
defragme Drives: 2SS/RS LS3 Join Date: Sep 2009 Location: Morehead, KY Posts: 77	Ok guys, i called today and asked about any extra fees, there was only like a 150 dollar paperwork fee or some crap. But there was no closing fees. I dont know where I got that from but she was not talking about a car loan apparently. So I caused a big uproar for nothing...