Well if you're trying to put nothing down on such a long term, it is possible and probable that you won't have any equity in the car to refinance. Most lenders will only refinance for the current value of the car. Will you be able to make a large payment before refinancing in order to create equity?
Starting Score: 515I'm pretty sure someone will be able to get you financed. 84 month terms aren't all that common. The typical maximum is 72 months. Be sure to shop around pply at your credit union and one or 2 other places. Lastly see if the dealer can beat the lowest rate you got.
@HiFromSeattle wrote:
I am looking at getting a new car loan with $0 down for 84 month term
Is this absolutely crazy talk or no?
This would be the worst thing you could do. Chances are you won't get to refinance unless you surely plan on doing it. You will pay for GAP, more money in interest and your vehicle resale value will be at a 60% loss by half way through the term.
Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011
@HiFromSeattle wrote:I'd like to avoid the dealer for any reasons as much as possible. I don't trust them at all. I have been car shopping before (although, when I was a bit younger, around 19-20) and every place I went got me into the finance room with +1500 more than I needed to spend. Of course, being young but not stupid, I carefully reviewed a lot of the paperwork and noticed a ton of discrepancies between what the documents said and what I was told.
Also, they weren't really willing to haggle on the price as "it is a great deal and on sale already". I walked out each time just to get called a couple of days later "hey by the way, we can cut this or that cost off for you today"! Needless to say, I didn't return any calls. Back then I was really at the mercy of the dealer financing me with horrible terms, so glad I didn't accept them.
So, with that being said, I probably won't be able to purchase a car if the dealership is legitimately the only ones who will finance me. Just can't bring myself to do it.
I have long term relationships with US bank, Capital one (who has been steadily increasing my credit limit, from $300 6 months ago to $2000 today), and Chase.
Lol yeah, this is exactly what I just did. I'm 21, just bought my first car, and got overwhelmed by all the numbers and just the intimidation of buying a new car by myself and ended up overlooking a few things, overpaying for the car, and getting scammed with an "extended warranty." I'm in a situation where I have no down payment, no auto history, etc. so I felt as if I was at the mercy of the dealer in terms of financing and such, and not in a position to question them or haggle. I ended up getting a decent rate (4.55) but if you factor in my overpayment and everything I might as well have gotten a humongous rate.
So yeah I would definitely advise you to do your research and be more prepared when you go in there and DON'T TRUST ANYTHING THEY SAY. The salesman told me I was getting the car for invoice, and silly me I actually believed him, but actually I paid nearly MSRP. Look over your documents carefully and make sure there aren't any added options like a warranty or some stupid stuff when you go and sign that long, final contract.
I really wish I could go back and do it all over again...a few simple things could have saved me a bundle. But I'm over it now. What's done is done, I've learned from it and now I have to move on.
But good luck with your quest...a dealer could probably get you financed as they have a lot of connections and relationships with banks that you don't, but like you said, when you do that you're opening yourself up to getting screwed. I would ask around to friends and family and see if they suggest a reputable dealer to maybe limit your chances of getting screwed. 
