Best Place To Get a Used Car Loan?

[Aimster]

I am in need of a $30,000 used car loan.

I am putting down $5,000.

If it matters I will have $7,000 in savings as well. Do banks even check your savings/checkings history when you apply at a bank?

 

[EagleKeeper]

Bankd and/or credit union.

Also, most places that sell cars can arrange a loan; the terms may not be the best though.

 

[DainBramaged]

I would go to one of those car title loan places.

 

[Kaieye]

Don't spend that kind of $$ for a car. Get a clunker or a good used card for less than $6k or you will regret it. This is not applicable to someone who inherit at least $500k or won the lottery...

 

[Aimster]

I heard car dealerships wont give you the best loans and the bank is the best place to go.

&

I will probably regret buying this car when I am 30 and my car has lost 90% of its value.. but ..

2005 Infiniti G35 Sport Package w/Navigation for $32,000 5,000 miles = hot.
(Carmax.com Price)

 

[Drakkon]

yikes 30K for a USED car? unless its a classic (which most banks wont finance) or something special (again possible bank wont finance) i'd pass...
but anyways best deals always can be found at local credit unions...always had excellent lowest rates for the last 2 cars i purchased through them.

 

[Aimster]

So a bank will not easily give me a loan for a 2005 G35 with 5,000 miles on it?

 

[Carrot44]

Not unless you have a high paying job with a long term history there.
And they usually want 25% down. Which is 8000 plus your tax and licensing. Buy a new Hyundai it will do the same thing.

Ken

 

[Drakkon]

when i said something special i ment like a lamborghini or something outrageous like that, unless your at one of those exclusive banks or there for a LONG time, at least thats what my bank person told me when i joked around about buying a viper with my "pre-approved" ammount.
A g35 isnt special so the bank would probooly give you a loan but at a rate (like 8-9% over 60 months) that would end up you paying out over 45K on the life of the loan, i could be wrong, but thats where a buddy is at with the used g35 he bought. imho as great as the car is its not worth 50K

 

[Aimster]

yeah I don't have 25% down.

The only thing I have is a great credit history and credit.

I was doing some estimates:

USED: $30,000 loan at 8% interest: $608.9/month
NEW: $30,000 loan at 3.9% interest (brand new): $551/month

I just won't get a navigation with the new... and I'll save $3,474 after 60months vs the used.

I doubt I'll be able to negotiate much on the G35 coupe. Maybe $500 off MSRP.. that's it.

 

[Aimster]

According to edmunds.com

MSRP G35 coupe w/premium package: $36,850

What others are paying: $36,850

Looks like I have to pay sticker.

 

[Chrono]

GET IT!

 

[BNO]

Originally posted by: Aimster
According to edmunds.com

MSRP G35 coupe w/premium package: $36,850

What others are paying: $36,850

Looks like I have to pay sticker.

First of all, find a carsdirect.com dealer in your area if you want to buy new. MSRP is $37,300 with a target price of $34,940. Second, don't use Edmunds, it sucks.

And for the people saying you can't get a loan on a used car, you need a 25% down payment or that you need a very high income to get approved, dream on. I sell cars and you can get financed on almost any car. The biggest factor by far is credit score. If you qualify with that and have a verifiable source of income you will get approved. If your score is good you can do $0 down on a used car with no problem.

As for rates, most car dealerships will match the prevailing bank rate on both new and used cars and often have special APRs available. You can even get special financing on used Certified cars depending on make. At Toyota we have 3.9 - 4.9% financing on certified used cars and other car makers do to. That said, if you can get a loan from a credit union and there are no special rates from the manufacturer on the model you want, you will usually save 1-2% over the bank rate. Many people use home equity loans to finance cars which gives the same results.

Before you commit to a bank loan, call the dealership and ask what credit terms they have for tier 1 credit customers and you might get a pretty good deal on financing.

 

[mugs]

Originally posted by: BNO
Second, don't use Edmunds, it sucks.

Why does Edmunds suck?

 

[compuwiz1]

First of all, hows yer credit? If over 680 FICO with no recent issues, a credit union is going to be your best rate. If you are not already a member, you should join a main stream credit union in your area, then get preapproved.
Dealerships are on the CUDL (credit union direct lending) system and have the ability to get your approval instantly.
If credit is not so good, then try Roadloans or Capitol One. You can preapply online.

BTW I do auto finance for a living, but not for the general public, only when a car is purchased from where I work.

 

[BNO]

Originally posted by: mugs

Originally posted by: BNO
Second, don't use Edmunds, it sucks.

Why does Edmunds suck?

If you try to build and price a car they often leave out a lot of the very common options on the car so you don't get an accurate price. I've compared the MSRP and invoice they list vs what I know to be true(esp. invoice) and it just never matches. I much prefer pricing cars from carsdirect because you have access to all of the options and their prices seem much more accurate. Edmunds also will let you select option combinations that make no sense. For instance, I just built a Toyota Avalon on both and selected navigation. On carsdirect it correctly stated that you are upgraded for free to the JBL stereo but edmunds will let you choose the JBL as a seperate option so you would end up paying $600 for something that is free.

As a dealer, I'd prefer that you use edmunds, better price for me, but for a consumer looking to save money and find accurate info., I don't advise it.

 

[mugs]

Originally posted by: BNO

Originally posted by: mugs

Originally posted by: BNO
Second, don't use Edmunds, it sucks.

Why does Edmunds suck?

If you try to build and price a car they often leave out a lot of the very common options on the car so you don't get an accurate price. I've compared the MSRP and invoice they list vs what I know to be true(esp. invoice) and it just never matches. I much prefer pricing cars from carsdirect because you have access to all of the options and their prices seem much more accurate. Edmunds also will let you select option combinations that make no sense. For instance, I just built a Toyota Avalon on both and selected navigation. On carsdirect it correctly stated that you are upgraded for free to the JBL stereo but edmunds will let you choose the JBL as a seperate option so you would end up paying $600 for something that is free.

As a dealer, I'd prefer that you use edmunds, better price for me, but for a consumer looking to save money and find accurate info., I don't advise it.

You're talking new cars, right? I mostly use Edmunds for used car prices. They seem more accurate than KBB. KBB is way too high. KBB said the 2005 TSX we bought used with 5000 miles should have cost more than a brand new one.