HELP ME get a car LOAN~~

[Capn]

Since this is a car loan thread, maybe someone can help me out as well.

Looking to pay about $300 a month for 60 months, with 4k down

Anyhow, I'd like to secure a car loan before I actually start my car search in earnest (looking for a used car). I looked at www.lendingtree.com and they want information about the exact car you intend to buy. Will anyone out there give you loan information without a specific car in mind?

Can you request more on a loan, then if you find a cheaper car, reduce your monthly payments? Or are you locked in on the monthly payments but the loan term is lower?

I'm 22 with a clean driving record, I don't know my credit rating and I don't have much of a credit history, what kind of percentage rate can I expect? (Tried to use those online credit checks but I don't have a credit card, only a mastermoney card from my bank)

Thanks

 

[Doggiedog]

Is the RSX $20.7K with Tax? If it isn't you better tack that on too. I'm thinking it will be even more than the $20.7K you are saying with tax, license, registration, etc.

What state do you live in too? When I lived in NYC, I got a Honda Prelude SH when I was 27 with a clean record, no tickets or accidents, and All State wanted $7.5K, yes $7,500, a year for insurance! I eventually went with Geico for $3,600/yr. That is something you should investigate before buying anything, your insurance rates.

 

[trulfe]

i heard that places like lending tree can actually hurt your credit because basically you are applying for loans to everyone on their list, and applying for a lot of loans can hurt your credit.

 

[kranky]

Stay away from 5-year car loans! If you have to drag your loan out that long, you can't really afford the car. Increase your down payment, get a cheaper car, or something.

You can easily end up "upside down" - owing more on the loan than the car is worth. That's bad. If your car is stolen or wrecked, you are going to have to come up with the difference because your insurance only pays the value of the car.

That could happen if your car is depreciating faster than you are paying back the loan, and/or because the loan is structured so you pay the bulk of the interest at the beginning. Dangerous.

 

[QTPie]

<<1. the license/registration fee (~250/yr ?),
Wow, which state do you live in? I only pay ~35-40 bucks a year >>

California. Depends on values of your car, it's from $300 to $150 for cars less than 5 yrs old (I don't know about luxury cars, though since I never had one)
$50/yr for car over ten years old.