topic Re: any advice on buying a new car in Auto Loans

any advice on buying a new car

Anonymous — Sat, 12 Jul 2008 05:39:43 GMT

hi , jst a question to all , im looking into getting a new honda lx-p , my score are : EX: 632 , EQ : 656 , TU : 670 . what kinda rate ya think i can get with my scores , paid down most of my debt , use about $1000 out of $10,000 of available credit , got only 1 late payment with a store card in 6 yrs but they won't remove it . so i think i have a low utilization , so what kinda rate i might get ? i am going to to see if my local CU , will do some for me , any reply will be greatly appreciated thx .

Re: any advice on buying a new car

Anonymous — Sat, 12 Jul 2008 06:55:03 GMT

Try visiting the "Get a Loan" link at the top of the page (green bar).

Good luck and keep us posted!

Re: any advice on buying a new car

marty56 — Sat, 12 Jul 2008 12:19:56 GMT

If you are a member of a CU, ask them which dealers they deal with. Same goes for your bank. Also tell them or better yet show them your CR and see if they will tell you at what rate your would qualify for. They may not do this but it is worth a shot. You an ask the dealer but I would ask my banks first.

Never take the car unless you have a contract that says who will be financing it, what the interest rate and payment will be.

Dont pay for an extra warrenty, gap insurance unless you know 100% that you will be able to use it. Only you know how many miles per year and how long you will keep the car. I wouldnt get either one anyway.

Re: any advice on buying a new car

Anonymous — Wed, 16 Jul 2008 02:19:54 GMT

ok , today i open a credit union account , my score is as follow 7/10/2008 EX : 632 7/10/2008 TU : 670 7/10/2008 EQ : 656 They pulled my credit report and they use my experian score and they said they will approve any new or used car that i buy . and the interest rate they offered me is : 8.5% variable rate for 48 mnth or more month if i want to 9.25% fixed rate for same term . my question for you all , which rate should i go with : the fixed or the variable ? i will be waiting for ya'll reply ...

Re: any advice on buying a new car

Anonymous — Wed, 16 Jul 2008 13:05:32 GMT

Never take a variable rate on any loan IMO. And 9.25 rate seems high for a CU, most CU's are offering 8 - 8.5% fixed on auto loans with similar scores.

Re: any advice on buying a new car

Anonymous — Wed, 16 Jul 2008 17:49:59 GMT

thx , so fixed is the way to go , and also yes 9.25 is a little high , so i will ask to see if they can drop it more thx