New Car Financing
Author: CoffeeCrisp
Posted: Wed Dec 22, 2004 6:06 pm
Post subject: 0% Financing on a New Car
Do you have to have the credit history of God and all the Saints to qualify for those or can the average Joe qualify?Im talking about the ones from Chevy,Ford and Dodge.
Author: NightStar
Posted: Thu Dec 23, 2004 12:04 pm
Post subject: 0% Financing Offers
If you are referring to the zero financing and other deals they offer, then yes - you would have to have prime credit for that.
I would recommend pricing the car you want, then trying to apply with a local bank or credit union for the loan - then go back to the dealership money in hand for the car.
That is what I hear to be the best way to pick up loan, and not have your credit shopped to death by the dealership.
May help to pull your credit report, and scores direct from the 3 bureaus, then take that to the bank and ask them if it is good enough for a loan, that way if they know it is not, they can tell you and save having to pull the credit report themselve.
I have never bought a new car myself, always used here... one time financed a small ford escort I found for $7k, but that is the most I have ever looked to put into a car myself.
Author: dani24
Posted: Thu Jan 27, 2005 7:01 pm
Post subject: 0% Financing Offers
Last year my boyfriend bought a new Ford Explorer. He did get the 0% financing. His credit scores all fell in the 750-775 range. His credit history pretty much consisted of one credit card that he almost always paid off in full every month.
I also bought a new car, a month before he did. I also had credit scores between 750-780. The manufacturer I bought from did not offer 0%, and the low APR they offered would have cost me more in the long run than taking the cash rebates (make sure you look into that with any new car you buy, because a low APR does not always mean you'll save more money). However, I shopped around online before buying my car for a good auto loan rate. I got a really good rate through ELoan (5%), and brought it with me to the dealership. The dealership offered to see if they could beat it, and they did, by .25%. The terms were otherwise identical (no prepayment penalty, same length, no closing fees, etc.) It's best to have a loan secured beforehand, and if they can beat it, then go for it.
Also, check out www.carbuyingtips.com and read the whole thing front to back. I read through that entire site before I bought my car and ending up getting an almost unheard of deal on my car. I also negotiated the deal on my boyfriend's car for him, and got an incredible deal that had the finance guy at the dealership in awe. In particular, be sure to educate yourself about "holdback" and negotiate to get the dealer to cut you a portion of it. Another place to check out is www.carsdirect.com. In general, don't pay any more for a car than what you'd pay on that site. Use that as your high cost, and then negotiate for something lower than that.
Author: nixuzer
Posted: Thu May 12, 2005 7:20 pm
Post subject: 0% Financing Offers
dani24 wrote:
The dealership offered to see if they could beat it, and they did, by .25%. The terms were otherwise identical (no prepayment penalty, same length, no closing fees, etc.) It's best to have a loan secured beforehand, and if they can beat it, then go for it.
Having worked in the automotive sales industry before I can tell you that dealerships can get kickbacks from finance companies by funding your load through them at the time of purchase. So even if they match the rate tell them some like, "Well if you drop some $$ of the price of the car I'll go with you." Or work the situation in some other way, car dealerships make a tremendous amount of money in many ways so don't feel guilty in any way knocking them down in $$. The internet has only caused them to have to work more to make a profit, it has put them out of business in any way.
Posted: Wed Dec 22, 2004 6:06 pm
Post subject: 0% Financing on a New Car
Do you have to have the credit history of God and all the Saints to qualify for those or can the average Joe qualify?Im talking about the ones from Chevy,Ford and Dodge.
Author: NightStar
Posted: Thu Dec 23, 2004 12:04 pm
Post subject: 0% Financing Offers
If you are referring to the zero financing and other deals they offer, then yes - you would have to have prime credit for that.
I would recommend pricing the car you want, then trying to apply with a local bank or credit union for the loan - then go back to the dealership money in hand for the car.
That is what I hear to be the best way to pick up loan, and not have your credit shopped to death by the dealership.
May help to pull your credit report, and scores direct from the 3 bureaus, then take that to the bank and ask them if it is good enough for a loan, that way if they know it is not, they can tell you and save having to pull the credit report themselve.
I have never bought a new car myself, always used here... one time financed a small ford escort I found for $7k, but that is the most I have ever looked to put into a car myself.
Author: dani24
Posted: Thu Jan 27, 2005 7:01 pm
Post subject: 0% Financing Offers
Last year my boyfriend bought a new Ford Explorer. He did get the 0% financing. His credit scores all fell in the 750-775 range. His credit history pretty much consisted of one credit card that he almost always paid off in full every month.
I also bought a new car, a month before he did. I also had credit scores between 750-780. The manufacturer I bought from did not offer 0%, and the low APR they offered would have cost me more in the long run than taking the cash rebates (make sure you look into that with any new car you buy, because a low APR does not always mean you'll save more money). However, I shopped around online before buying my car for a good auto loan rate. I got a really good rate through ELoan (5%), and brought it with me to the dealership. The dealership offered to see if they could beat it, and they did, by .25%. The terms were otherwise identical (no prepayment penalty, same length, no closing fees, etc.) It's best to have a loan secured beforehand, and if they can beat it, then go for it.
Also, check out www.carbuyingtips.com and read the whole thing front to back. I read through that entire site before I bought my car and ending up getting an almost unheard of deal on my car. I also negotiated the deal on my boyfriend's car for him, and got an incredible deal that had the finance guy at the dealership in awe. In particular, be sure to educate yourself about "holdback" and negotiate to get the dealer to cut you a portion of it. Another place to check out is www.carsdirect.com. In general, don't pay any more for a car than what you'd pay on that site. Use that as your high cost, and then negotiate for something lower than that.
Author: nixuzer
Posted: Thu May 12, 2005 7:20 pm
Post subject: 0% Financing Offers
dani24 wrote:
The dealership offered to see if they could beat it, and they did, by .25%. The terms were otherwise identical (no prepayment penalty, same length, no closing fees, etc.) It's best to have a loan secured beforehand, and if they can beat it, then go for it.
Having worked in the automotive sales industry before I can tell you that dealerships can get kickbacks from finance companies by funding your load through them at the time of purchase. So even if they match the rate tell them some like, "Well if you drop some $$ of the price of the car I'll go with you." Or work the situation in some other way, car dealerships make a tremendous amount of money in many ways so don't feel guilty in any way knocking them down in $$. The internet has only caused them to have to work more to make a profit, it has put them out of business in any way.
posted by CardRatings.com at 12:19 PM
0 Comments:
Post a Comment
<< Home