Newer car, little to no credit

[verse]

I just sold my Alltrac tonight. I'm looking to get a newer car, maybe around a '99-'02. Anyone have any tips on where to go or what is a good interest rate?

 

Also, any ideas on cars. Mostly something import or euro around $12k, 4-door, luxury style or a really nice car. So far my biggest ideas are.

 

BMW 5 Series

Infinity G20

Toyota Avalon

Lexus LS

 

I'm leaning to the G20 the most just b/c parts aren't too expensive and they can be had within my price range.

[evan9381]

i dont think youre going to find a 99-02 bmw 5 series in that price range...i was looking for 94-99 m3s and the best i could find was about 18k

[Mallard]

There are a few S4's in the Corral for that price.

[Primera]

Infinity G20

 

If you are gonna sweat my style, atleast spell Infiniti right

[Trouble Maker]

There are a few S4's in the Corral for that price.

 

Just be warned, you could have a lot of maintence into this car. I should know I own one. Not complaining, I love the car, just so you know. Do some research. If you find one that's had the big stuff done, that's great. But you probably won't find one of those for that price.

[thorne]

If you want good intrest rate go up a few more years make its 00-06. Also, you don't want a G20 its a sentra. I believe it's still front wheel drive to in which case a Nissan SE-R SpecV would be a much better fit and meet your criteria.

[OSUGT]

I just sold my Alltrac tonight. I'm looking to get a newer car, maybe around a '99-'02. Anyone have any tips on where to go or what is a good interest rate?

 

Also, any ideas on cars. Mostly something import or euro around $12k, 4-door, luxury style or a really nice car. So far my biggest ideas are.

 

BMW 5 Series

Infinity G20

Toyota Avalon

Lexus LS

 

I'm leaning to the G20 the most just b/c parts aren't too expensive and they can be had within my price range.

 

 

Dont you work at Saturn? Ask Jody White to give you some ideas about what these cars bring at wholesale. Then you can decide if your price range is realistic. He'll shoot you straight.

[87GT]

I hope you have a good down payment to throw down on. That can lower your interest...

[HotCarl]

I hope you have a good down payment to throw down on. That can lower your interest...

 

No it can't. It may encourage the salesman to work harder at a lower interest rate. All a downpayment does is put money in the salesmans pocket. Interest rates are dependant solely on your credit, downpayments go straight to sales. This is all on the preminition that you are financed through some sort of firm (bank, manufacterer financing, etc...) and not the dealer itself.

 

On topic, i would consider going slightly newer. i got my 05 jetta used (22k) from honda marysville with 0$ down and a crappy credit score, however my interest rate is raping me as we speak. The only money i had to put down was to balance the price of the car 15,xxx and what honda financing would give me, i think i was 700ish short i told the finance manager all i could throw down was 300 (which was kinda true, thats all i WANTED to put down) so he lowered the price of the car. At no point in time did we even talk about a downpayment.

 

Most of the car's you listed are pretty expensive, you sure you want to dedicate that much income towards something thats not a neccessity when you could just buy a cheaper car? being that your an employee of saturn dont you get some sort of discount?

[thorne]

He should get the GM employee discount.

 

Harry you can buy points down . a large downpayment can get you from a secondary bank to a primary if the ammounts large enough. we have some credit experts on the board i forget who it is though.

[87GT]

No it can't. It may encourage the salesman to work harder at a lower interest rate. All a downpayment does is put money in the salesmans pocket. Interest rates are dependant solely on your credit, downpayments go straight to sales. This is all on the preminition that you are financed through some sort of firm (bank, manufacterer financing, etc...) and not the dealer itself.

 

On topic, i would consider going slightly newer. i got my 05 jetta used (22k) from honda marysville with 0$ down and a crappy credit score, however my interest rate is raping me as we speak. The only money i had to put down was to balance the price of the car 15,xxx and what honda financing would give me, i think i was 700ish short i told the finance manager all i could throw down was 300 (which was kinda true, thats all i WANTED to put down) so he lowered the price of the car. At no point in time did we even talk about a downpayment.

 

Most of the car's you listed are pretty expensive, you sure you want to dedicate that much income towards something thats not a neccessity when you could just buy a cheaper car? being that your an employee of saturn dont you get some sort of discount?

 

I never get a loan through a car dealership. I do everything through my bank except my mortgage. They like my debt and give me good interest rates =/

[Primera]

Why not look into BMW 3 series? I'm sure you might be able to find a nice mid 90s 325 in your price range.

 

you don't want a G20 its a sentra

 

The only thing the G20 and Sentra (SE-R) share is the engine (SR20DE)

[Got-Boost?]

With little to no credit you are going to be lucky to get a loan. You can def get financed but you will have a higher interest rate regardless of what you put down. Like most others have stated DO NOT have the dealer finance you. Go to any bank or pref a CREDIT UNION for the best deals.

 

Also check out a 01-03 Acura TL or TL-S for that price range.

[BloodRed]

I always tell people, try to get the loan first. Ask your bank how much they would finanace a car for you. They can even give you the monthly payment amount up front, so you know for sure how much you would be paying. Then once you have a price, then start looking for cars that are less that the loan amount and still fit your monthly budget. Then when you go to the dealership tell them you will be paying cash for the car. If they are a good dealership and a good sales man, they will work with you to fit your price. And remember always start low and work up on the price. Never tell them the total you are approved for. And don't forget to include taxes and title into the price. Also most banks will have some requirements about the milage and year of the car when approving the final loan. After giving the bank the info and they approve the car, pick up check and pick up car. I have done this for the last couple cars I have purchased and have walked a way with great deals.

[OSUGT]

With little to no credit you are going to be lucky to get a loan. You can def get financed but you will have a higher interest rate regardless of what you put down. Like most others have stated DO NOT have the dealer finance you. Go to any bank or pref a CREDIT UNION for the best deals.

 

Also check out a 01-03 Acura TL or TL-S for that price range.

 

 

Look, I know most of you guys think that dealers are out to screw you, but that being said, dont tell him things that just are not true or could harm him down the road.

 

If you finance through a Credit Union, fine. He said he has little credit which is fine. We all start off with nothing. I would imagine the goal with this next loan is to build credit. That being said, MANY credit unions do not report to credit bureaus.

 

What does this mean? It means the next time you want a loan, and you tell the bank you had a previous loan through a credit union, you are in the same position you are in now. You dont get credit for paying off Credit Union/local bank loans in many cases.

 

Dealer financing can work to your advantage. Do your homework, know what average rates are, see what you can get! Many times they are lower because of the bulk business we send banks. Do we get paid when you finance through us? Yes. About 2-3% of what you finance. We dont get rich. I'm much more willing to negotiate with a customer giving me the financing than a cash buyer.

 

Finally, whoever said that a downpayment goes into the salespersons pocket is full of crap. Does it happen? Yes. Where? At sleazy "buy here pay heres"

Any decent dealership does not do this. Does a downpayment make a difference in your rate? 99% of the time, no. Does a downpayment make a difference between an approval and leaving empty handed? Lots of times, YES! IT'S ALL ABOUT RISK! The less money financed on an asset worth X amount of dollars to a bank, the better. Finance as far below "X" as you can get.

 

Bottom line. Get your facts. Go to the dealer, and work your deal. If they dont want to work with you, come see me.

 

PS

 

You will qualify for dealership pricing and not employee pricing. If you dont want a new Saturn, you are out of luck.

[OSUGT]

I never get a loan through a car dealership. I do everything through my bank except my mortgage. They like my debt and give me good interest rates =/

 

 

Of coarse they like your debt! And they would love to keep all your debt! LOL

[Mallard]

I actually had better luck going through the dealer...they called around to different banks and found me the best rate. My personal bank would only give me a flat rate, and it sucked big time. With no credit record you may have a hard time finding a decent rate, unless you buy from a dealer and they're offereing 0%.

 

Another option is doing one of those leases where you pay everything up front. A co-worker got a quad cab 4WD Dodge Dakota on a 2 year lease for ~$2500.

[Got-Boost?]

Look, I know most of you guys think that dealers are out to screw you, but that being said, dont tell him things that just are not true or could harm him down the road.

 

If you finance through a Credit Union, fine. He said he has little credit which is fine. We all start off with nothing. I would imagine the goal with this next loan is to build credit. That being said, MANY credit unions do not report to credit bureaus.

 

What does this mean? It means the next time you want a loan, and you tell the bank you had a previous loan through a credit union, you are in the same position you are in now. You dont get credit for paying off Credit Union/local bank loans in many cases.

 

Dealer financing can work to your advantage. Do your homework, know what average rates are, see what you can get! Many times they are lower because of the bulk business we send banks. Do we get paid when you finance through us? Yes. About 2-3% of what you finance. We dont get rich. I'm much more willing to negotiate with a customer giving me the financing than a cash buyer.

 

Finally, whoever said that a downpayment goes into the salespersons pocket is full of crap. Does it happen? Yes. Where? At sleazy "buy here pay heres"

Any decent dealership does not do this. Does a downpayment make a difference in your rate? 99% of the time, no. Does a downpayment make a difference between an approval and leaving empty handed? Lots of times, YES! IT'S ALL ABOUT RISK! The less money financed on an asset worth X amount of dollars to a bank, the better. Finance as far below "X" as you can get.

 

Bottom line. Get your facts. Go to the dealer, and work your deal. If they dont want to work with you, come see me.

 

PS

 

You will qualify for dealership pricing and not employee pricing. If you dont want a new Saturn, you are out of luck.

 

What did I say that wasn't true, please explain?

 

You just listed why NOT to go through a dealer on a USED car. He isn't looking for a NEW car so ZERO percent THROUGH A DEALER just isn't possible.

 

WTF kind of bank/credit union do you use that doesn't report to the credit bureaus?

 

Surprise surprise you work at a dealer as a SALESMAN.....

[carl1647545492]

Before I had a good credit score I had good luck with a credit union,why dont you go there first and see if the dealer can beat it?

[OSUGT]

What did I say that wasn't true, please explain?

 

You just listed why NOT to go through a dealer on a USED car. He isn't looking for a NEW car so ZERO percent THROUGH A DEALER just isn't possible.

 

WTF kind of bank/credit union do you use that doesn't report to the credit bureaus?

 

Surprise surprise you work at a dealer as a SALESMAN.....

 

 

Who the hell are you? Did I ever mention you by name? No. Some guy said in an earlier post that interest rates were contingent on down payments.

 

I quoted your post because I wanted to respond to your blanket statement about not having the dealer do your financing. You are eliminating options for him without justification. Many banks have first time buyer programs. ON USED CARS. You probably got "screwed" by a dealer and you hate them all. I'm sorry that happened to you. What do you do? You get smarter, and dont make the same mistake again.

 

You've got no right to belittle me even if I was a salesman. Seriously, who the hell are you? If you work hard, provide for your family, and do the right things in life, you have no right to judge me.

 

 

I stand by every word I said. I've got no reason to lie, and I am not a salesman.

 

My first car loan was from Core One Credit Union. They did not report to a bureau. There is your example. Did I ever say they all didnt? No. Did I say not to get a loan through a CU? NO. Did I say what might happen? YES

So until you look at Credit Bureaus everyday and have to answer concerns that customers have because their loan isnt showing up...BACK OFF.

 

I deal with people like you all the time. You hear what you want to hear and then attack.

 

Chill bro. Not every dealer wants to rip your head off. I make an honest living, and I have to look in the mirror every day knowing I didnt rip off the people that I live among.

[Got-Boost?]

Who the hell are you? Did I ever mention you by name? No. Some guy said in an earlier post that interest rates were contingent on down payments.

 

I quoted your post because I wanted to respond to your blanket statement about not having the dealer do your financing. You are eliminating options for him without justification. Many banks have first time buyer programs. ON USED CARS. You probably got "screwed" by a dealer and you hate them all. I'm sorry that happened to you. What do you do? You get smarter, and dont make the same mistake again.

 

You've got no right to belittle me even if I was a salesman. Seriously, who the hell are you? If you work hard, provide for your family, and do the right things in life, you have no right to judge me.

 

 

I stand by every word I said. I've got no reason to lie, and I am not a salesman.

 

My first car loan was from Core One Credit Union. They did not report to a bureau. There is your example. Did I ever say they all didnt? No. Did I say not to get a loan through a CU? NO. Did I say what might happen? YES

So until you look at Credit Bureaus everyday and have to answer concerns that customers have because their loan isnt showing up...BACK OFF.

 

I deal with people like you all the time. You hear what you want to hear and then attack.

 

Chill bro. Not every dealer wants to rip your head off. I make an honest living, and I have to look in the mirror every day knowing I didnt rip off the people that I live among.

 

If you didn't want a response from me then you shouldn't have QUOTED my post, plain and simple. Since I didn't mention anything about a down payment, you had no reason to quote it.

 

If you didn't like my statement about having a dealer finance him, tough luck. Just like you said BANKS have first time buyer programs, NOT DEALERS.....BANKS! Dealers get a cut on any financing they establish for a buyer so if he shops around he will beat a dealer price 99% of the time UNLESS it is on a new vehicle for ZERO % financing or he just has plain jacked up credit (NOT LOW CREDIT).

 

If you think I'm judging you, you will have a long hard life ahead of you over one post on the internet, PLEASE.....GET REAL!

 

The point is, I have not once had a dealer offer me a straight up out the door deal WITHOUT having to break there arm for it. They are out to make $$$$ and they normally don't care how. Yes, the first car I bought the dealer tried to screw me. Thinking I wouldn't get the OASIS report for the vehicle or do any research on the car. They got egg on there face and had to take the car back AND return my money, I guess they showed me. :jerkit:

 

As for your Core Credit Union experience, who the heck is that? Maybe if you would have tried a large and well know Credit Union and not some small town joby that no one has heard off, you would have gotten some loan history. Maybe you should take your own advice....

 

FYI, you don't deal with people like me everyday because I would NEVER buy a POS Saturn. Good day!

[iwishiwascool]

If you honestly believe that all sales people are scam artists and out to "get you", you are the one that has the "hard road in front of you".

[Got-Boost?]

Where did I say anything of the sort?

 

 

 

Did I SAY ALL SALES PEOPLE, NO! I was referring to the CAR SALESMAN majority that are out to screw you......

[OSUGT]

If you didn't want a response from me then you shouldn't have QUOTED my post, plain and simple. Since I didn't mention anything about a down payment, you had no reason to quote it.

 

If you didn't like my statement about having a dealer finance him, tough luck. Just like you said BANKS have first time buyer programs, NOT DEALERS.....BANKS! Dealers get a cut on any financing they establish for a buyer so if he shops around he will beat a dealer price 99% of the time UNLESS it is on a new vehicle for ZERO % financing or he just has plain jacked up credit (NOT LOW CREDIT).

 

If you think I'm judging you, you will have a long hard life ahead of you over one post on the internet, PLEASE.....GET REAL!

 

The point is, I have not once had a dealer offer me a straight up out the door deal WITHOUT having to break there arm for it. They are out to make $$$$ and they normally don't care how. Yes, the first car I bought the dealer tried to screw me. Thinking I wouldn't get the OASIS report for the vehicle or do any research on the car. They got egg on there face and had to take the car back AND return my money, I guess they showed me. :jerkit:

 

As for your Core Credit Union experience, who the heck is that? Maybe if you would have tried a large and well know Credit Union and not some small town joby that no one has heard off, you would have gotten some loan history. Maybe you should take your own advice....

 

FYI, you don't deal with people like me everyday because I would NEVER buy a POS Saturn. Good day!

 

 

A few things here, genius.

 

1. I work at a Ford Store.

 

2. Core One is now Kemba. It sits right next to Jim Keim Ford. Pretty big if you've ever seen it. My guess is you haven't because you know everything and nothing at all.

 

3. Dealers are legally officers of the BANK. Bank programs are MY programs. In fact, every Franklin county credit union has organized into an organization called "Aimbridge" That means dealers on the Aimbridge program get every CU's rate sheet and offer the SAME rates to the general public. The dealer actually facilitates MEMBERSHIP! Why would CU's do this?? Cuz they are losing business hand over fist at dealerships who use other LOWER rates!

 

4. Get it straight, genius. We dont get a "CUT" of the financing. We get a flat pay from the bank for doing THEIR job and closing a loan for THEM! Why? Again, I'll repeat this for you. Because we are officers of the bank.

 

5. I'm sorry that you can't get a good deal without begging for it. Maybe your know it all attitude prevents anyone from wanting to work with you. If I ever met you, I'd still try to help you out. My negotiations take an avg of 15 mins. We can either do it or not. But keep this in mind, genius. It's a business. Do you go to work for nothing? NO? Niether do I.

 

6. Actually, my life isnt so long and hard, but thanks for caring.

 

7. Finally, you are just hostile man. I'm trying to offer a professional opinion with all of the ramifications. The guy is asking questions about buying a car. I thought, "Hey, I'm a sales manager at a Ford store! I think I'll throw in my 2 cents." All of the sudden you are on me like a bum on a bologna sandwich. I never said to do or not do anything. Stop being such a hothead who thinks the world is out to get him. Maybe YOU'll have an easier life then.

[Got-Boost?]

Well I guess I took your post the wrong way similar to what you did with mine. No biggie as I guess I took my crappy day yesterday in this shit hole country out on you.

 

1. I assumed you worked for Saturn since you posted something about a deal on one.

 

2. I wasn't referring to the size of the building but how well known it was. As in NATION/STATE WIDE and everyone knows who they are and what kind of business/deals they run.

 

3. You are still thinking small town. I buy cars across the country for the best deal so the local "Ambridge" program, I don't follow. I go for the best deal regardless...

 

4. You are still making money by financing the customer. If the buyer shops around, he can normally NOT pay that additional fee.

 

5. It doesn't have anything to do with begging for the deal. It's called right and wrong and sleeping well at night and not screwing good people over. I wish I could play with figures like that in my line of work. Luckily lives are more valuable than some of these shaddy car dealers. If you aren't one of them, great!

 

6. Good for you!

 

7. I'm hostile, ha....funny! He received a both sides of the coin reply which was the point of his post. Good luck with selling cars and have a nice day.....