Auto Loan Advice. (Need some Guru's Please.)
#1
03-04-2009 | 02:34 PM
Thread Starter
|
KWITCHERBITCHIN
Joined: Sep 2007
Posts: 6,024
From: Gallatin, TN
Auto Loan Advice. (Need some Guru's Please.)
Ok, so as the time draws closer to me making the move on a new (used) car I've realized that I need to figure out how to find the best deal on my loan.. It's probably going to be a small loan ($10k or less) and I'm looking at doing the loan for 48mo. with no early payoff penalties.
So, what's the best way to compare rates? I've heard of online credit brokers, but am unsure of which ones to trust and how to go about figuring that out. It seems like doing this online would be the best way to get the maximum amount of exposure and more competition between companies, not to mention a fair amount easier than going from bank to bank, credit union to credit union, etc...
So, C'mon, I need some expert advice please. Thanks!
So, what's the best way to compare rates? I've heard of online credit brokers, but am unsure of which ones to trust and how to go about figuring that out. It seems like doing this online would be the best way to get the maximum amount of exposure and more competition between companies, not to mention a fair amount easier than going from bank to bank, credit union to credit union, etc...
So, C'mon, I need some expert advice please. Thanks!
#6
03-05-2009 | 06:55 PM
Ketchum & Killem
Joined: Sep 2007
Posts: 12,065
just try to get the lowest interest rate you can, see how much you are approved for. not much else to the financing part, it is the dealership where you gotta play ball.
look at the car, show you are interested, let them a make an offer, say the car is not worth that much, they will re-offer, then refuse. make an offer WAY below what they are expecting. when they say they cant do it, give them your phone number and tell them yer gonna go to another dealership because you really want a car.
Go get some lunch, they will call with a new offer, refuse tell them you think you found a private seller who might have a better deal and thank them for thier time.
they know a private sale takes a little while, they will call back again or the next day and give you about the lowest price they possibly can
right now they WANT sales. it is a buyers market..
be a dick about it, use his time then walk out. It is YOUR money you are spending. Dont spend a penny more than you have to.
look at the car, show you are interested, let them a make an offer, say the car is not worth that much, they will re-offer, then refuse. make an offer WAY below what they are expecting. when they say they cant do it, give them your phone number and tell them yer gonna go to another dealership because you really want a car.
Go get some lunch, they will call with a new offer, refuse tell them you think you found a private seller who might have a better deal and thank them for thier time.
they know a private sale takes a little while, they will call back again or the next day and give you about the lowest price they possibly can
right now they WANT sales. it is a buyers market..
be a dick about it, use his time then walk out. It is YOUR money you are spending. Dont spend a penny more than you have to.
#8
03-05-2009 | 07:15 PM
Thread Starter
|
KWITCHERBITCHIN
Joined: Sep 2007
Posts: 6,024
From: Gallatin, TN
just try to get the lowest interest rate you can, see how much you are approved for. not much else to the financing part, it is the dealership where you gotta play ball.
look at the car, show you are interested, let them a make an offer, say the car is not worth that much, they will re-offer, then refuse. make an offer WAY below what they are expecting. when they say they cant do it, give them your phone number and tell them yer gonna go to another dealership because you really want a car.
Go get some lunch, they will call with a new offer, refuse tell them you think you found a private seller who might have a better deal and thank them for thier time.
they know a private sale takes a little while, they will call back again or the next day and give you about the lowest price they possibly can
right now they WANT sales. it is a buyers market..
be a dick about it, use his time then walk out. It is YOUR money you are spending. Dont spend a penny more than you have to.
look at the car, show you are interested, let them a make an offer, say the car is not worth that much, they will re-offer, then refuse. make an offer WAY below what they are expecting. when they say they cant do it, give them your phone number and tell them yer gonna go to another dealership because you really want a car.
Go get some lunch, they will call with a new offer, refuse tell them you think you found a private seller who might have a better deal and thank them for thier time.
they know a private sale takes a little while, they will call back again or the next day and give you about the lowest price they possibly can
right now they WANT sales. it is a buyers market..
be a dick about it, use his time then walk out. It is YOUR money you are spending. Dont spend a penny more than you have to.
This is what I'm looking for, I know there are a ton of lenders out there, and I want to find the best interest rate available. I know there are ways of "brokering" your loan out to several lenders and then they will compete to get the best interest rate available, but I don't feel comfortable using just any old web site to accomplish this.. I want to get pre approved so that I can go to the dealer and say "hey, I've got the cash, let's get this deal done.."
#9
03-05-2009 | 07:42 PM
Senior Member
Joined: Mar 2008
Posts: 949
From: Clarksville, TN
We went to our bank and military credit union (a couple of places we were familiar with) and applied online. I got respones in few hours and the paperwork in a couple days. I wouldn't be putting my financial info out on just any website.
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