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Valued Member
chadwick
Posts: 73
Registered: ‎01-15-2010

First car buy!

Hey everyone. I'm about to purchase a used car and I think I've found the one I want. It's a 2009 Honda Civic Hybrid with about 50k miles. It's from a dealership and it's a certified pre-owned. Listed for $14,991.

 

My questions are about financing and getting the best price. This is my very first car purchase, all by myself (I'm 24). I'm a member of both USAA and NFCU, but I just applied for a loan with USAA tonight. Waiting for approval tomorrow sometime. Unfortunately I didn't see the car I want in their Car Buying Service but not sure if that gives much of a discount or not. Should I apply for a loan with NFCU also and see who gives me the best rate, and have them bid against eachother, or do that with the dealership? I just don't want a million inquiries after this.

 

For this car, KBB lists the "sweet spot" at $14,295. Should I ask the dealer to match that or beat that? Here's the link for with the price ranges.

 

http://www.kbb.com/honda/civic/2009-honda-civic/hybrid-sedan-4d/?condition=very-good&vehicleid=22664...

 

Not sure if I should go in for a test drive, or communicate by email beforehand and get a final price set? Tips and advice are much appreciated! :smileyhappy:

Moderator
Revelate
Posts: 8,147
Registered: ‎12-30-2011

Re: First car buy!

A million inquiries are expected when car shopping.

 

Absolutely do NFCU as well, and if you don't have a stellar rate let the dealership run your credit as well.  It'll all get rolled up into a single inquiry if you do them within a specific time period: it's two weeks grace period on even the oldest of the FICO algorithms in use ('98) and a month or longer on the modern  and very prevalent '04 and '08 versions.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 703, TU 708, EX 702* (05/30/14, EX older)
Goal Score: 700 in all three (01/01/15)


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Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012

Re: First car buy!

[ Edited ]

I would get as close to the $11k private party value as possible because that's the most it is worth to you after you leave the lot. Plus you will have tt&l.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Established Contributor
SamsungHDTV
Posts: 517
Registered: ‎10-25-2011

Re: First car buy!

negotiate price via email and to all the dealers in your area.


chadwick wrote:

Hey everyone. I'm about to purchase a used car and I think I've found the one I want. It's a 2009 Honda Civic Hybrid with about 50k miles. It's from a dealership and it's a certified pre-owned. Listed for $14,991.

 

My questions are about financing and getting the best price. This is my very first car purchase, all by myself (I'm 24). I'm a member of both USAA and NFCU, but I just applied for a loan with USAA tonight. Waiting for approval tomorrow sometime. Unfortunately I didn't see the car I want in their Car Buying Service but not sure if that gives much of a discount or not. Should I apply for a loan with NFCU also and see who gives me the best rate, and have them bid against eachother, or do that with the dealership? I just don't want a million inquiries after this.

 

For this car, KBB lists the "sweet spot" at $14,295. Should I ask the dealer to match that or beat that? Here's the link for with the price ranges.

 

http://www.kbb.com/honda/civic/2009-honda-civic/hybrid-sedan-4d/?condition=very-good&vehicleid=22664...

 

Not sure if I should go in for a test drive, or communicate by email beforehand and get a final price set? Tips and advice are much appreciated! :smileyhappy:


 

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.

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