topic Re: Recommendation - First Time Buyer in Auto Loans

Recommendation - First Time Buyer

angelcred10 — Wed, 04 Dec 2013 18:04:09 GMT

Read and have re-read the article at the sticky.

i love it!!

unfortunately due to a situation with my current vehicle, i must purchase a new vehicle.

i have put myself in a bad situation as i recently put a large purchase that reported on my credit card so i know my d-i ratio is poor

i would like you alls input in this auto forum before i go out and make a rash decision.

what all information should i give to get feedback on this situation

Re: Recommendation - First Time Buyer

Luscher — Wed, 04 Dec 2013 18:54:07 GMT

Are you able to pay off the large purchase? if so pay it off and wait for it to report and then go purchase the new vehicle

Re: Recommendation - First Time Buyer

angelcred10 — Wed, 04 Dec 2013 19:12:11 GMT

It unfortunately won't be completely paid for 2 months, and in the situation I have it is unfortunate that I am almost unable to wait THAT long.

Possibly a month or less

Re: Recommendation - First Time Buyer

StartingOver10 — Wed, 04 Dec 2013 22:26:39 GMT

Why? If it is an auto repair, can you find a way to bandaid it together short term until you get your credit in order?

The reason I say the above is taking on a vehicle loan is a long term proposition, generally 36 mths or more. If you put yourself in the best possible financial condition before you attempt to finance a vehicle you will get the best possible terms and rate given your score and income at the time of application. You can see where this can really help you long term if there is a substantial difference in your score between now and two months from now when the large debt is paid off.

Re: Recommendation - First Time Buyer

angelcred10 — Thu, 05 Dec 2013 02:52:38 GMT

Full Transmission Failure.

6K fix it..

only paid 5k for car originally a few years back

I would much rather be in a better position and understand that it puts me in a greater bargaining tool for financing.

I am possibly going to be able to go a month with a borrowed car, but it is still MUCH sooner than I'd originally anticipated.

Re: Recommendation - First Time Buyer

Creditaddict — Thu, 05 Dec 2013 06:03:45 GMT

What are you looking to buy?

have you gone anywhere and applied?

Re: Recommendation - First Time Buyer

angelcred10 — Thu, 05 Dec 2013 06:13:44 GMT

Have not yet applied due to aforementioned situation as well I don't have as much as if like to put down.
Plus wanting input from the great forum

I'm looking at possibly a civic LS or Mazda 3 sprinkle in other little favorites but those have caught my eye for my budget and needs

Re: Recommendation - First Time Buyer

Creditaddict — Thu, 05 Dec 2013 06:18:32 GMT

@angelcred10 wrote:
Have not yet applied due to aforementioned situation as well I don't have as much as if like to put down.
Plus wanting input from the great forum

I'm looking at possibly a civic LS or Mazda 3 sprinkle in other little favorites but those have caught my eye for my budget and needs

I think Mazda will be more credit challenge friendly.

Re: Recommendation - First Time Buyer

angelcred10 — Thu, 05 Dec 2013 06:19:41 GMT

Still recommend Credit Unions/banks etc.

Re: Recommendation - First Time Buyer

angelcred10 — Fri, 06 Dec 2013 04:50:53 GMT

so unfortunately or fortunately, I went into a credit union today and started a connection with them.
It is Southwest Federal and went and talked with a nice young woman who happened to tell me where I stand and ask me where I want to go.
Very helpful I felt
The big news was my credit score currently and she said basically pay my credit cards down a little (duh) to improve it

But she says what she pulled up was 695 (through application to join the credit union)

Much better than I thought it was at.
Basically she told me if I pay down my CC it's possible I'll be above 700 and qualify for a sub 2.5% Auto Loan through them and even 0% through a dealership
I was sitting here thinking it would be worse in qualifying for a good percentage

now knowing where that stands, what do you guys suggest is my main goal for now, finding out the costs on the vehicle(s) Ive narrowed it to?

Or should I worry about paying those down and waiting until next month when pricings will adjust because of 2014?

Is now really the best time to be shopping/buying or is there something I'm not aware of?

Re: Recommendation - First Time Buyer

Creditaddict — Fri, 06 Dec 2013 05:00:44 GMT

Well Mazda is 0% for 60 months PLUS Cash back - start shopping them for the price of the car before even going in.... You know you qualify for the 0% so don't even get into a finance talk with them... talk about best internet price... don't let them push you to come in to talk about that... I will come in if you give me numbers that are worth me coming in for!

Honda is 1.9% so if you are going honda route not sure it's better now then later... I feel like 1.9 will always be around or you have your new Credit Union... the 0% plus cash and what not might not be around in those same terms but I don't think it's end of world to wait if you want to or just get it now if you want it... 0% is 0%!

Re: Recommendation - First Time Buyer

angelcred10 — Fri, 06 Dec 2013 05:28:08 GMT

WOW had not heard about the Mazda currently.

I will be shopping the price on the Mazda 3 in my area
however I am still unsure on any cars to look at without touching and feeling.. very visual person
I do not want to get to a point with 3-4 dealerships on 3 different types of cars asking me to come in.

Re: Recommendation - First Time Buyer

Creditaddict — Fri, 06 Dec 2013 05:35:30 GMT

I'm just simply saying you can get the ball rolling ahead of time with a contact, an internet price, etc....

maybe your mazda dealership is a more no haggle type of place... I love them when they are... and you get some straight forward discounts and pricing... then im okay with possibly not squeezing every ounce out of a deal if I dont' need to do pressure wheeling and dealing.

Re: Recommendation - First Time Buyer

angelcred10 — Sat, 07 Dec 2013 21:34:02 GMT

that's true!
Man.. These places here all hate dealing with email.
I've already had two "managers" call asking me to call them directly
I've only asked for quotes to compare against other places

Re: Recommendation - First Time Buyer

Creditaddict — Sat, 07 Dec 2013 21:38:47 GMT

Don't say your quoting to other places but I'd call and ask if they were able to put those numbers together for you yet... They will ask you to come in.
You say my time is to valuable to come in of we don't have numbers to talk about (sort of thing)

Re: Recommendation - First Time Buyer

angelcred10 — Sat, 14 Dec 2013 20:14:12 GMT

yup, thats where I am at right now

kind of stuck since all these places say bring in my lowest quote so they can beat it

I dont think they get how this works...

Re: Recommendation - First Time Buyer

Anonymous — Sat, 14 Dec 2013 21:31:40 GMT

I'm quite sure they know how it works, but it's pretty clear that you don't.

Don't negotiate if you don't know that you want to buy the car. You're just wasting your time and the dealer's.

1. Schedule a test drive. Be up front that you are cross shopping Y model.

2. Test drive the cars you'd like to buy, Shake the salesman's hand and take his card.

3. Decide what car you are ready to buy, and at what price you want to pay for it.

4. Now call your salesguy and say I am ready to buy and here is where I am at, and name your figure.

5. If they won't meet your figure, approach dealer #2 and say, I have already test driven, I am at these numbers and you have the car in stock, can you do this price?

They have no incentive to give you numbers, you have no idea if you want the car, haven't even test driven it or given any indication that you're serious, so they're either going to give you numbers that are bull*hit because they know you aren't serious and the odds of you coming in are slim, or they're not going to give you any numbers at all.

Being educated, informed about what a reasonable price is, and showing your face in person will get you a lot farther than the pointless email bomb. The whole "email every dealer in a 5 state radius" thing came and went and we are now back to being in person. Dealerships realized that the effort involved in producing internet quotes was wasted time and energy that didn't result in sales, and the guy is right in that asking him to name his bottom price isn't reasonable because there are market forces involved outside of just you wanting to buy this car.

Re: Recommendation - First Time Buyer

angelcred10 — Sat, 14 Dec 2013 22:24:36 GMT

1. I have
2. I have
3. I have
4. Have called all dealerships explained I have to go through email due to my schedule at work I have little time to talk on phone (which is true)
5. All have given me a basic quote DUE to me calling I am, as I said, stuck with now none are telling me any numbers because one dealer has I believe gone lower than they like and are telling me if I bring it in they'll beat it but not how much