|
Throatwarbler posted:Words I do vaguely recall engine sludge problems in toyotas, is it specific to the V6 models? I only guessed that '05 was a V6 because it was an SE, but I've since learned that you can get SE in both 4cyl and V6 models. The ad probably would have mentioned if it was a V6, anyway. In general I'm looking for a 4cyl just because I care about mpg more than performance. gvibes posted:I think perceived quality difference > actual quality difference, so pay more of a premium than you need to. I've had very little experience with Mazda 6s aside from my friends who bought a new one the first model year (V6 model), and for the 3 months they had it, it was in the shop for 6 weeks. Mazda lemon-lawed it with the next model year car, and they had similar problems with it (CEL all the time, going into limp mode often) and Mazda bought that one back from them. I like the style but I don't know enough about them to know how reliable they are overall. I definitely like subarus, but our local subaru specialist replaces EVERY headgasket on any car they get to sell. Apparently subaru uses really lovely, thin headgaskets on the cars from the factory, or at least the outback/forrester lines. Once that's done I guess they're good to go. The only things I don't like about subarus is they're comparatively expensive, and while the AWD is nice it's not worth the loss of economy vs. a FWD car with winter tires. I'd love to find a WRX wagon but the chances of finding one unmolested for a reasonable price is slim to none.
|
#
?
May 20, 2011 20:55
|
|
|
|
| # ? Apr 19, 2024 23:55 |
|
|
sanchez posted:What mid-late 00's midsize Chrysler/Dodge sedan wasn't a piece of poo poo? He should get that 01 Camry or something similar (stick with the 4cyl) and drive it forever. The Sebring, Stratus and Avenger from that era are all perfectly reliable cars, with double wishbone front and multi-link rear suspension while most competitors used cheaper Macpherson struts. I live in a very heavy Chrysler/Dodge city, and everyone I know who have had Sebrings, often multiple generations, have had excellent reliability.
|
|
#
?
May 20, 2011 21:02
|
|
|
I thought about starting a new thread, but I think this fits here. Buying a car: a resale perspective I worked for a major car rental agency for a few years and I learned a lot about purchasing cars. For a company that rents cars, resale value is extremely important, because within two years of purchase nearly 100% of rentals will be sold. I wanted to share some info and dispel some myths. First, and perhaps most importantly, virtually 100% of cars will depreciate (lose value). We need to accept that owning a car is a net loss; that is to say, a car is not an "investment." It is a cost. To a degree, you can limit this loss. The cars that depreciate the most? 1) Minivans 2) Luxury cars We all know that old adage: a new car is worth less the instant you drive it off the lot. This is doubly true for minivans. Buying a new minivan is a losing proposition. Fortunately, a used minivan will be a great deal. A luxury car is expensive to own, and most people don't plan for that. The thinking is, "A C300 is only $400/month?! I can afford that!" Then comes insurance, maintenance, etc. So you can always snap up a "deal" with a used luxury car, but understand that not only is the depreciation a killer, but so are the ancillary costs. The most important factors for resale value are, in order of importance: 1) Condition 2) Mileage 3) Options 4) Color Condition and mileage are quite obvious: a car with a broken axle or with 200k on the odometer is a bad deal. But options and color are truly a distant 3 and 4. Note that few rental cars have in-dash GPS, rims, or leather seats. That's because those items are overpriced from the dealer and do not significantly boost the resale value of the vehicle. Color is virtually immaterial in the resale market, so if you're buying a new car, don't bother paying extra for a special color. The key to understanding this information is that when buying a new car, you can feel free to get rims, heated leather seats, GPS, and a sunroof, as long as you understand that those options are for your enjoyment and will ultimately be a "waste" of money. For you nerds, it's like buying an second-gen i7 instead of an i5...ten years from now, that extra cash you spent will not make that processor significantly more valuable. Additionally, this is valuable info for buying a used car. Don't be dazzled by in-dash GPS if the car has extra mileage and dents on it; understand that the options are not valuable in the market and you'll feel more comfortable negotiating. I also see a lot of people worried about buying used from a rental company. But let me put it this way: The company I worked for bought 7% of all new cars in 2005. Let's say that all rental car companies together bought 10% of all new cars. Within two years, those cars are virtually all sold. But less than 10% of all of those cars go through the official branded rental sales division. Those cars are the ones that were maintained on schedule. Where do the others go? Bulk auctions to used car lots. That's right: that car you bought from a dealer, the one advertised as having "one owner"? That's technically correct; it was owned by a rental company and driven by hundreds of people. And in fact it probably missed at least one LOFR interval by 10k miles. But let's say you buy a car from some individual who bought it new. Maybe they drove it like poo poo 100% of the time, whereas if a rental has 100s of drivers, it was not driven like poo poo 100% of the time. When you buy from a rental company, you get maintenance records, a lower price, easy financing, and the possibility to buy (overpriced) extended warranties. It's worthwhile to consider if you're in the market for a used car.
|
|
#
?
May 20, 2011 21:18
|
|
|
Throatwarbler posted:The Sebring, Stratus and Avenger from that era are all perfectly reliable cars, with double wishbone front and multi-link rear suspension while most competitors used cheaper Macpherson struts. I live in a very heavy Chrysler/Dodge city, and everyone I know who have had Sebrings, often multiple generations, have had excellent reliability. Why do they get such horrible survey rankings then? Perhaps because you live in a heavy Chrysler/Dodge city your bar for excellent reliability is lower. Even if they were reliable the Sebring is still a pig to drive. At least mention something like the 3.8 Impala or perhaps even a Fusion, they must be getting cheap now.
|
|
#
?
May 20, 2011 21:32
|
|
|
sanchez posted:Why do they get such horrible survey rankings then? Perhaps because you live in a heavy Chrysler/Dodge city your bar for excellent reliability is lower. Even if they were reliable the Sebring is still a pig to drive. The Impala is a full size. You wanted to talk about Chrysler Mid-size sedans. http://consumerguideauto.howstuffworks.com/2001-to-2006-chrysler-sebring-2.htm http://www.autos.ca/used-car-reviews/used-vehicle-review-chrysler-sebring-2001-2005 The JR body style Sebring has no serious reliability issues with its drive train, some minor electrical issues are confined to the 2001-3 model years and are largely absent from the later half of the model cycle. You can get a 05-06 Sebring for half the price of an equivalent Camry or Accord, so who cares if you experience 1 or 2 more minor problems? I've had my Intrepid for almost 2 years now, the one problem I've had (bad camshaft position sensor) I fixed with $60 worth of parts and about an hour of labour in my driveway. Boy I sure regret not spending an extra $4,000 to get a 2 year older Accord with 2x the mileage! Throatwarbler fucked around with this message at 21:54 on May 20, 2011 |
|
#
?
May 20, 2011 21:51
|
|
|
dreesemonkey posted:3. Generally speaking the honda/toyota cars have a big leg up in build quality. They're not fancy luxury cars, but they are built well (I wouldn't even consider a dodge/chrysler vehicle in the year range we could afford). As a whole Honda and Toyota make some incredibly reliable cars with very few "lemon" models. Where as to pick on Dodge for instance, LOL headgaskets, LOL fwd transmissions across many models in their line over the years. I won't disagree with you on the mechanical parts, but my current car is a 1999 Corolla CE and the interior has had a lot of issues since I bought it in 2006. The drivers side inside door handle broke as well as lots of other plastic pieces and parts inside the car. I would chock it up to a one off, but my friend's wife had one when they got married (one year different, same colors even) and it had the exact same stuff break at similar times. That said, some of it is easily replaceable or just doesn't matter all that much. I also may be expecting too much. We just sold my wife's 98 Saturn and by the time we did I really felt like the whole car might just burst at the seams, cartoon style, and leave me sitting on a seat in the middle of the road.
|
|
#
?
May 20, 2011 22:05
|
|
|
Throatwarbler posted:The Impala is a full size. You wanted to talk about Chrysler Mid-size sedans. Bullshit. The chrysler 2.7L had some very nasty sludging issues and I don't think they ever fixed it. The 3.5 isn't bad though I think it's getting old.
|
|
#
?
May 21, 2011 06:14
|
|
|
nocal posted:That's right: that car you bought from a dealer, the one advertised as having "one owner"? That's technically correct; it was owned by a rental company and driven by hundreds of people. And in fact it probably missed at least one LOFR interval by 10k miles. What does LOFR stand for?
|
|
#
?
May 21, 2011 06:48
|
|
|
kimbo305 posted:What does LOFR stand for? Lube, Oil, Filter, and Rotation. Which is strange, I figure that a car rental company would either hire a mechanic if they have enough inventory, or put that work out on a contract basis.
|
|
#
?
May 21, 2011 06:53
|
|
|
CornHolio posted:Bullshit. The chrysler 2.7L had some very nasty sludging issues and I don't think they ever fixed it. The 3.5 isn't bad though I think it's getting old. The design of the water pump and oil pan was revised after around 2001 which supposedly solved the problem. Keep up with synthetic oil changes every 3k miles and it should be fine. As with all cars of this type, the 4 cyl with manual transmission is really the best way to go if you want reliability.
|
|
#
?
May 21, 2011 07:28
|
|
|
Throatwarbler posted:The design of the water pump and oil pan was revised after around 2001 which supposedly solved the problem. Keep up with synthetic oil changes every 3k miles and it should be fine. As with all cars of this type, the 4 cyl with manual transmission is really the best way to go if you want reliability. http://www.oilsludge.com Though 2002 according to that link. I also know they used the A604 transmission until just a few years ago. That was a terribly unreliable transmission.
|
|
#
?
May 21, 2011 18:39
|
|
|
CornHolio posted:http://www.oilsludge.com The transmission problems had also been fixed at that point. I'm not saying you should buy a 1999-02 V6 Sebring(generally, depends on the price really). But you can get an 05-06 Sebring for much less money than a similar year Camry and it will be just as reliable, especially if you get a I4 manual.
|
|
#
?
May 21, 2011 18:59
|
|
|
There is also Ford. A Focus is a good car. Also, didn't Nissan make some decent cars in that era?
|
|
#
?
May 24, 2011 00:56
|
|
|
Faced with a tough decision. Currently driving a '98 Olds Eighty Eight with 170k miles and rear drivers side door damage from a minor wreck. This past Saturday, as I pulled into my apartment complex the dashboard alarm sounded in 4-beep cadence a bunch of times, then as I turned into my parking spot the drat thing completely shut down. Took it into the shop, they found $2k of repairs needed (intake manifold leak+water pump leak). They could not reproduce or find the root cause of the sudden shutdown, so I'm debating whether it's worth sinking $2k of repairs into a car that is barely worth that much, and possibly will still randomly shutdown on me while driving. I've prided myself on being frugal and getting myself out of debt the past few years, so spending on a driving appliance isn't something I really want to do. Had a sub-600 credit score in 2009 due to being a college dumbass with no income, now with my $60k/yr job 1 year out of college my score is an excellent 760. I still have $50k in student loans but I'm aggressively paying them off and should be free of them within 10 years. Despite that, I still have $13k cash saved up (hooray Indiana cost of living) and no debt besides the student loans. I'd like to pay cash for whatever I buy, but going sub-$10k for a Honda Civic or similar "reliable" model gets me... an early-decade model over 100k miles. Just feels like I'd be dropping a ton of money to metaphorically "spin my wheels", going from a well-traveled late 90's sedan to a well traveled early 00's sedan. Another option is to buy something like an Elentra, Mazda3, or Civic from the last few years, but those just don't dip below $12-$15k it seems. All things considered I'd rather just have my drat Olds still run, since I literally just want a reliable point A to point B machine, just seems like a "damned if i buy new damned if i don't" situation.
|
|
#
?
May 25, 2011 00:33
|
|
|
Hey guys, just a heads up: Don't ever do this or famously this. Learn from the mistakes of others!
|
|
#
?
May 25, 2011 01:38
|
|
|
I really do think you're at the point of diminishing returns on that Oldsmobile. Condition trumps mileage on those Hondas - just because it's over 100k doesn't mean it's done. Also, search more if you can't find a 3 below $12k, Craigslist for Indianapolis (since I don't know where in Hoosierland you're actually at) just came up with this and this. It also came up with this but since this is BFC, I'm not going to say it's a good idea. I'm going to AI and posting it there and telling one of them to buy it 
|
|
#
?
May 25, 2011 01:42
|
|
|
Yeah, I'm in Indianapolis. Thanks for the links, I was still early in the search process and hadn't seen those listings. The used market is not bad around here, but I'm really hoping to somehow make the Olds last until fall when prices should drop off a bit. I'm more than willing to spend $500 now to save $3-$5k on the replacement, but the original quote of $2k is just pushing it. Took it into a second shop to see if they could figure out the "sudden shutdown" problem and possibly get a cheaper quote for the other repairs, now time to wait.
|
|
#
?
May 25, 2011 18:50
|
|
|
Found a Mazda3 2007 iTouring on Craigslist for $3000. This seems too good to be true, the True Market Value listed on edmunds.com has the iTourings from that year going at 11k. Going to do everything to avoid being scammed (never bringing cash to anywhere other than the DMV when the title is switched, running a carfax, having a mechanic inspect it, etc.) Here's the email exchange. Any of you more experienced with the car buying process smell a rat? quote:Hello, quote:Hi , quote:Sonja, Her email is firstname.lastname##@comcast.net, so if it's a scam they've at least covered their bases.
|
|
#
?
May 27, 2011 14:20
|
|
|
If it was legit it would have sold by now to someone who called to ask where it was and arrived 30 minutes later. You should try and do this in any case, you can get the VIN for a carfax when you're looking at it. sanchez fucked around with this message at 14:27 on May 27, 2011 |
|
#
?
May 27, 2011 14:24
|
|
|
The "I got this car from my divorce and am selling it super cheap cuz I don't have a license" is a common CL scam. Don't bother.
|
|
#
?
May 27, 2011 14:36
|
|
|
I would definitely do that if I wasn't stranded at home without a car (why I'm in the market in the first place). Have to wait for my fiancee to get off work to go anywhere. I checked craigslist and the listing was removed, even though her email was sent about 40 minutes ago, so maybe someone did jump on it. If not, I'm sure as hell going to get out there as quickly as I can.quote:The "I got this car from my divorce and am selling it super cheap cuz I don't have a license" is a common CL scam. Don't bother. Great, thanks man. I figured there were common tropes of craigslist scams, but just haven't been looking for long enough to notice those patterns.
|
|
#
?
May 27, 2011 14:37
|
|
|
So, I was doing some research for my brother because he was thinking about leasing a new Fit or Fiesta. After doing the math, assuming $3,500 down and a two year lease, either car will only cost about $8,000 over two years, with a reasonable buyout afterward. Extending the lease length makes it turn terrible quickly, but if somebody just needs a good, reliable car and won't put many miles on it, is there anything I'm not thinking of that would bar this from being a reasonable thing to do?
|
|
#
?
May 27, 2011 15:05
|
|
|
Lord Of Texas posted:I would definitely do that if I wasn't stranded at home without a car (why I'm in the market in the first place). No, you don't get it - this car never existed, there was no car to "get". If you had kept up the discussion it would've turned to "WIRE CASHIER'S CHECK HERE AND WE SHIP THE CAR", and then you'd be out of money. Anytime you see a car that's way cheaper than it should be, it really, truly is too good to be true.
|
|
#
?
May 27, 2011 15:51
|
|
|
CornHolio posted:So, I was doing some research for my brother because he was thinking about leasing a new Fit or Fiesta. If he's looking at 3500 down and a 2 year lease, why doesn't he just buy the drat thing? Some kind of monthly cashflow issue? Ford has 2 deals on the Fiesta right now. 500 cash back, or a 3 year lease (31,500 miles) for 180 a month with 1800 due at signing. This would have a cost of about 8300 for a 3 year term. Leases have advantages, but usually on higher end cars.
|
|
#
?
May 27, 2011 16:04
|
|
|
skipdogg posted:If he's looking at 3500 down and a 2 year lease, why doesn't he just buy the drat thing? Some kind of monthly cashflow issue? Not really, he makes decent enough money though I don't know the specifics of his finances. He rents an apartment in Cincinatti (no idea how much that costs). I think he just doesn't want to keep it for more than two years and doesn't want to go through the hassle of selling it. That is a really good deal on the Fiesta though, drat. I'll have to mention it. Hell, if one of my cars gives up the ghost I might even consider it. 
|
|
#
?
May 27, 2011 16:10
|
|
|
IOwnCalculus posted:No, you don't get it - this car never existed, there was no car to "get". No, I get it, I was responding to this: quote:You should try and do this in any case, you can get the VIN for a carfax when you're looking at it. In the case it was legit. I didn't see shredswithpiks' post until after mine submitted. I'm aware of the typical methods of internet scams, just not specific CL tropes such as "divorcee without a license offloading for cheap". I wouldn't wire money over craigslist for a Big Wheels, let alone a Mazda. If I do end up purchasing over CL, the only transaction of funds I'm making is at the DMV after the title's been transferred, and I'm never bringing cash to anywhere other than a public place. Anyway, I'm beginning to entertain the possibility of buying a new Civic or Mazda3. Both models are unanimously praised, both have a history of reliability, and their total cost of ownership (incl. low depreciation, low insurance rates, low post-warranty repairs) is very favorable. I could put down $9k and have a very affordable monthly payment in the $250 range for 36 mos, since the average rates around here are ~3.5% and I have excellent credit. However, I'm wary of the "econobox bubble" that I've been heard is currently in existence - supposedly the demand for efficient models such as the Civic and Mazda3 is through the roof due to people putting too much weight on gas prices, and the value of these econoboxes is supposed to drop significantly once the bubble bursts. I don't want to commit to a $9k down payment and an $8k loan just to be close to upside-down if the 2011s plunge below $10k. Can anyone with more knowledge of pricing trends speak to this? Lord Of Texas fucked around with this message at 16:56 on May 27, 2011 |
|
#
?
May 27, 2011 16:49
|
|
|
For the Civic, that's a car that has been wildly popular and will continue to be wildly popular for years. I don't think you can expect the price for a new civic to go down next year or something. It's a very firmly entrenched market segment and Honda is very good at pricing it at the sweet spot where they make a profit but still compete well against the other major competitors (toyota in particular). I don't know as much about the pricing for the Mazda. But it's also a popular enough brand and car that I'd be surprised to hear the manufacturer suddenly offering incentives or something if gas prices drop back down to $3 or whatever. On the other hand - if there is an actual shortage of these cars, where people are having to pay above MSRP to get one, then I would certainly shy away from that. There's no reason to pay extra for an econobox just because people are panicking. The market for used cars is more flexible and there I would guess you'd see prices for modestly-used high-economy cars going up and down in response to gas prices. But the Civic has demanded a premium on the used market for the last decade anyway, due to its reputation, compared to other similar cars from other manufacturers. Enough so that I wouldn't buy one, in fact; there's plenty of cars with similar quality, longevity, and efficiency that don't carry such a high premium.
|
|
#
?
May 27, 2011 19:34
|
|
|
A Carfax wouldn't necessarily have helped verify the listing - 95% of those scams copy the text and info wholesale from another legit listing, so there would be a VIN and a history to go with it. On the econobox 'bubble', that absolutely only applies to their used valuation. The only car company I can think of that has actually lowered MSRP on a new car in recent years is Volkswagen on the Jetta and Passat - and that's because they purposely redesigned them to a lower price point than before. If you're going to buy new, you shouldn't worry that a year later the MSRP on the same (new) car will be less, regardless of gas prices. Even people who bought the older higher-priced VWs I mentioned earlier don't need to worry because their cars are actually significantly nicer than the new cheaper models. It does potentially affect your resale value, but resale shouldn't be a major concern here (since if you're talking purely financially-driven decisions, the best choice is to buy one of these cars and run it for 200k+ miles). Mazda3 versus Civic, that's a hard choice. I'd probably do the 3 and trade a small hit on fuel mileage for a little more fun on the road. They're both very nice cars though. Leperflesh is right about inflated Civic prices, though when comparing new versus new, that may be minimized. I've always shopped Hondas when I've looked for used cars, but I never end up buying them; people just want too much drat money for used Hondas. Also, if you're seriously considering new, look at Hyundai and Kia as well (same company). They've been massively improving their product and especially in the compact market, they build a very good car, that no longer needs the "for the money" qualifier you had to use for older Hyundais.
|
|
#
?
May 28, 2011 15:51
|
|
|
I recently purchased a 1996 Saturn SL1 w/ 144k miles for $1000 with the understanding that it would need work, including a new set of tires. Right now the tires on it are very worn: on the front tires the tread just comes up to the top of Lincoln's hair on a penny and there's almost no tread left on the rear tires (it comes up to just inside the inside rim on a penny). This is my first car (that I've owned) and I've never had to buy tires before so I'm not sure what to do to ensure I buy the right tires (i.e. that aren't junk but aren't more than I need). My two concerns are safety/performance and cost, and safety trumps cost (i.e. I'll pay more (to a degree) for tires which handle significantly better than a cheaper set). I'm looking for All Season tires that have decent to good performance in snow (which is important because I live in Minnesota and I can't afford two sets of tires for this car). I also want to keep the cost down because even if this car was in perfect shape it'd be worth less than $2000, and after the other repairs I need do to it right away I'll have already put a lot in to it. I'm planning on using this car almost exclusively for commuting to my job (about 1600 miles/month, 80% highway for the next few months until I move, then about 800 miles/month afterwards) with occasional in-town driving (grocery store, etc.). I'm only planning on keeping this car for 2-3 years while I build up some savings to buy a newer one. I have a few questions. Firstly, where should I go to research tires? So far I've mainly been looking at online reviews at Tire Rack, are there any other good places to look? Second, are any "cheap" tire brands actually decent? Specifically I've been looking at General Altimax tires because they're not too expensive with a decent average rating, though the reviews are mixed (people seem to complain they only last about 30,000 miles and some people praise them for their performance in snow while others trash them). Third, would something "name brand" like Michelin Harmony (which cost almost double but get much more consistently good reviews) be worth it over Generals, especially if I don't plan on keeping this car for a long time?
|
|
#
?
May 28, 2011 18:05
|
|
|
Need some advice: I wanna buy a Jeep Cherokee XJ for about $1000-$1500 as a car to learn on. The problem is that right now I'm a full-time student and currently unemployed. I'm wondering what my chances are of getting a car loan? Currently my credit score is 818 on Experian. And I *will* be working by mid-Summer so I'm not too concerned about taking on a small loan right now.
|
|
#
?
May 28, 2011 22:40
|
|
|
Mr.Radar posted:I have a few questions. Firstly, where should I go to research tires? So far I've mainly been looking at online reviews at Tire Rack, are there any other good places to look? Second, are any "cheap" tire brands actually decent? Specifically I've been looking at General Altimax tires because they're not too expensive with a decent average rating, though the reviews are mixed (people seem to complain they only last about 30,000 miles and some people praise them for their performance in snow while others trash them). Third, would something "name brand" like Michelin Harmony (which cost almost double but get much more consistently good reviews) be worth it over Generals, especially if I don't plan on keeping this car for a long time? TireRack is the best place out there for that, to the point where I rarely look anywhere else for tire information. If you're concerned about better handling, tire lifetime is one of those things that will need to take a hit; one of the ways to improve handling is to use softer rubber, which will be shorter-lived. Those Generals should be fine. Iron Squid posted:Need some advice: I wanna buy a Jeep Cherokee XJ for about $1000-$1500 as a car to learn on. The problem is that right now I'm a full-time student and currently unemployed. I'm wondering what my chances are of getting a car loan? If you're unemployed, how do you plan on paying for the loan? It's also going to be impossible (and a hilariously bad idea) to get a loan on a car that cheap.
|
|
#
?
May 28, 2011 22:50
|
|
|
IOwnCalculus posted:If you're unemployed, how do you plan on paying for the loan? So how can I get a loan for $1500? Do credit unions do personal loans for...whatever? I once got a $500 loan for a Seagate HD back in the day. As for paying it back, my wife and I have enough in savings to do it but convincing her to part with any of that for a Jeep is just going to lead to a lecture. Heh.
|
|
#
?
May 28, 2011 22:59
|
|
|
Iron Squid posted:So how can I get a loan for $1500? Do credit unions do personal loans for...whatever? I once got a $500 loan for a Seagate HD back in the day.
|
|
#
?
May 29, 2011 02:50
|
|
|
seacat posted:With a 818 you'd definitely be approved for a personal loan except for the no job thing. That is really going to hurt you when trying to get any type of credit, unless you have like 20,000$ in the bank and can prove it, but then why would you need a loan? Yeah, that's the thing. I think I'll either take money out of savings or sell some camera gear that I no longer use and go from there.
|
|
#
?
May 29, 2011 03:41
|
|
|
Iron Squid posted:Need some advice: I wanna buy a Jeep Cherokee XJ for about $1000-$1500 as a car to learn on. The problem is that right now I'm a full-time student and currently unemployed. I'm wondering what my chances are of getting a car loan? Even the newest Cherokee is too old to get a car loan on. You'd need to take out a personal loan.
|
|
#
?
May 29, 2011 13:54
|
|
|
seacat posted:With a 818 you'd definitely be approved for a personal loan except for the no job thing. That is really going to hurt you when trying to get any type of credit, unless you have like 20,000$ in the bank and can prove it, but then why would you need a loan? I believe the term is a "Cash on Hand Loan." I applied for one from Wells Fargo when I was close to graduation for a new computer as a graduation present to myself. I didn't get the loan since I didn't have cash flow. So, I'll be surprised Iron Squid manages to get a loan.
|
|
#
?
May 29, 2011 14:00
|
|
|
I want to buy a used car that's going to be in the ballpark of $30,000. My current/first car is worth nothing (salvage title maybe worth 500 bucks) so I am not hedging on its trade-in cost. I have about 22K available I could drop as a down payment on the car and then I want to finance the rest. I was thinking maybe I could get a 10K loan from a bank/credit union/whatever, use it to buy the car and then pay it off asap (ideally by end of year) How do I go about this correctly? My credit is pretty good (~740 or so) but I've never bought a car on my own before, my current car is still my beater from college that just lived forever. My current bank/CC lender - Wells Fargo - is offering me 5.99% Checking out Bankrate.com has listings for Chase and Kaiser floating around 4%. Is there anything I'm missing? My thought was to go to the bank, get the 10k loan, then go to the seller/dealership and drop the cash and then pay off the loan normally. Is there anything about auto loans different than a standard loan I need to know about, like not being able to pay it off early or anything like that? Sorry for all the  questions but I like to go into stuff knowing everything, and loans are not my forte.  Thanks!
|
|
#
?
May 29, 2011 18:50
|
|
|
BotchedLobotomy posted:How do I go about this correctly? My credit is pretty good (~740 or so) but I've never bought a car on my own before, my current car is still my beater from college that just lived forever. You could get 3.99% from USAA if you financed $15,000 of it. You could then put the rest of the down payment in as a big payment if you wanted to keep interest from accruing. Financing less than $15,000 bumps the rate up to 4.69%. Either way if you are paying off 8-10K in 6-12 months a point of interest either way is going to be insignificant. I just did a USAA used car loan and it was pretty simple. Fill out the application online for approval, call them to verify, fax them proof of ownership, then get a check in the mail and go buy the car with your down payment + the check. After that you just list them as a lien holder when you register the car.
|
|
#
?
May 29, 2011 19:24
|
|
|
Thanks for the tips. The USAA is only available if you're part of the military right? How does the car work with the lien setup being registered? Once its paid off do I need to re-register it under my name with the lien holder removed or anything like that?
|
|
#
?
May 30, 2011 11:17
|
|
|
|
| # ? Apr 19, 2024 23:55 |
|
|
When you pay off an auto loan, the lienholder sends you the title (if they don't, you should call and ask for it) and then you take the title to DMV and I think pay a small fee and the car gets titled to you. It's very easy and routine. WRT your purchase - what you do is go get pre-approved for the loan, then when you are ready to buy the car, you give your bank the VIN and other info, they give you the money (or write a check directly to the dealership) and you drive away in the car. This is a good idea anyway because you can negotiate on the basis of cash, and then see if the dealer will offer you better terms than your pre-approved bank loan (sometimes they can). The key thing is to not discuss financing in any way (refuse to do so) until you have nailed down the final price. All that's assuming you're buying from a dealer. I've never bought a private-party car with a loan so I'm not sure how that complicates things.
|
|
#
?
May 30, 2011 19:37
|
|