topic Re: I want to get an auto loan. in Auto Loans

I want to get an auto loan.

Anonymous — Wed, 22 Jun 2016 23:27:45 GMT

Going tomorrow to the Ford dealer to hopefully buy a 2005 BMW. My lowest score as reported on this site is 713 and my highest is 751. What kind of rate would I be looking at realistically? The car is around $8900 if that matters?

Re: I want to get an auto loan.

Anonymous — Wed, 22 Jun 2016 23:58:31 GMT

Welcome to the board. It will be hard to say what your rate will be based on your scores. But with scores like yours, I suggest you have a check in hand before you go car shopping.

It will make your life and car buying process much easier. Just something to consider.

Re: I want to get an auto loan.

Anonymous — Thu, 23 Jun 2016 00:04:45 GMT

Thanks for the quick response. This is the first time I've ever gone to a dealer to buy a car. So this is all new to me. I've always bought them from a private party I think its better this way but the car I'm looking at is too good of a deal to pass up as my current car is almost 20 years old.

Re: I want to get an auto loan.

GalaxyStars — Thu, 23 Jun 2016 01:33:13 GMT

Every bank and car dealership differs.

Most of the time for scores around 700 it's around 5% and under. Probably the under for sure.

Any down payment?

Re: I want to get an auto loan.

Anonymous — Thu, 23 Jun 2016 01:43:48 GMT

$2000 down payment. No trade in because I doubt they'll take my current POS so I'm not even going to try.

Re: I want to get an auto loan.

Anonymous — Thu, 23 Jun 2016 02:22:32 GMT

I think pretty much all of us here would recommend talking to a credit union first to secure your financing and reduce hard pulls. The financing is where the dealership is going to try to make a lot of money.

Any reason in particular you chose this vehicle?

Re: I want to get an auto loan.

Anonymous — Thu, 23 Jun 2016 02:29:24 GMT

Well I've needed a new car for a while now and I've always wanted a BMW and then I came across this deal locally. I've known a couple of people who have had them and have nothing but positive things to say about them. I know the up keep is going to be expensive but I'm willing to accept that.

Re: I want to get an auto loan.

Anonymous — Thu, 23 Jun 2016 02:44:00 GMT

Also, my primary bank is a credit union so I'm going to try to go through them first and see what happens.

Re: I want to get an auto loan.

Anonymous — Fri, 24 Jun 2016 09:06:06 GMT

Will cost a lot for up keep for a 10-11 year old BMW. Ur old car is 20 years old. Why would u want to buy another "new" car that's already 11 years old?? After tax and all seem u will be spending almost 10k on it. I would rather buy a new one now if can't afford a new one I'll rather buy like a new civic or something where can drive and not worry about repair bills

Re: I want to get an auto loan.

6speed8 — Fri, 24 Jun 2016 14:46:11 GMT

@Anonymous wrote:
Will cost a lot for up keep for a 10-11 year old BMW. Ur old car is 20 years old. Why would u want to buy another "new" car that's already 11 years old?? After tax and all seem u will be spending almost 10k on it. I would rather buy a new one now if can't afford a new one I'll rather buy like a new civic or something where can drive and not worry about repair bills

I'm with Rott on that. Retired mechanic / service manager / service advisor. While your friends may have good luck, an 11 year old German car is really hit or miss BIG TIME, especially buying it used. Trust me I know lol. When they do break, nothing will be cheap. Hell my sister's 11 year old Jetta needs $600 worth of belt tensioners and belts right now lol. Not to mention in the past few years: $1100 cooling fan module, $1500 Trans Conductor plate, $800 water pump, $900 Vacuum pump, $750 drivers door wiring harness....And don't get me started on my friend who traded his Passat for a used BMW 545i. Talk about out of the frying pan and into the fryer lol....

Re: I want to get an auto loan.

Anonymous — Fri, 24 Jun 2016 17:51:39 GMT

@Anonymous wrote:
Will cost a lot for up keep for a 10-11 year old BMW. Ur old car is 20 years old. Why would u want to buy another "new" car that's already 11 years old?? After tax and all seem u will be spending almost 10k on it. I would rather buy a new one now if can't afford a new one I'll rather buy like a new civic or something where can drive and not worry about repair bills

I didn't want to lecture, but this is why I was asking.

Re: I want to get an auto loan.

Anonymous — Fri, 24 Jun 2016 21:55:47 GMT

When I went to Carmax and wanted a bmw, they had a few I liked. BUT my salesman said not to do it and look at Japanese cars since I want to keep it another 10 years and drive it to 200k+ miles. His salesman friend also came out and told me about the cost of ownership, he drives them all the time and warned me not to do it, stick with Japanese. I went with a Lexus instead. I spent less and the salesman was directly responsible and good with it.

Long story short German cars don't last as long, repair bills are crazy high. I understand wanting one badly but you could drive off the lot and something breaks and it WILL cost a lot to fix. Your good deal can turn bad very quickly.

The only way I'd ever do a BMW after hearing the repeated cost of maintenance stories is to lease new.

Re: I want to get an auto loan.

Anonymous — Sat, 25 Jun 2016 20:09:15 GMT

Check out PennFed... low interest rates on new and use...

Im shocked no one suggested that already...

Re: I want to get an auto loan.

Grafton88 — Sat, 25 Jun 2016 20:49:45 GMT

Have you checked out leases on a new BMW? They offer pretty good deals and with your scores I believe you would be in the top tier for rates.

http://www.bmwusa.com/bmw/special-offers

They offer 3 year deals and the new BMWs have a 4 year warrenty.

Re: I want to get an auto loan.

RonM21 — Tue, 05 Jul 2016 02:20:28 GMT

I like Bellalina's suggestion of PenFed or even any Cu. The rates tend to be better.