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Credit Union Auto Loan Rates?

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Valued Contributor

Re: Credit Union Auto Loan Rates?


@FMC wrote:

@SEMO wrote:

Nissan would definately be a better option than a Kia or Hyundai, however financing 20k on a new Sentra will still create a huge amount of inequity just within one year. For Instance, I can buy a 2016 Nissan Sentra for ~11k-13k depending on options. While a 17 may have a MSRP of 20k. In one year's time you will be even farther upside down than you are now.

 

I would definately compare the cost's of having your vehicle fixed (nothing you stated that it needs, is a huge expense or out of the ordinary, the thing's you listed are just routine maintnance items) and the cost of the new loan over the course of it's term. I think you will find that holding onto your current vehicle and paying it off while working on your credit, THEN purchasing a lightly used vehicle in the future, will be your best option financially.


I am going to take my car into the shop in the am, see what my mechanic says. If he deems car safe I will keep it and work on the scores.  

 

 


So? What happened? 


Message 11 of 13
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Frequent Contributor

Re: Credit Union Auto Loan Rates?


@CO_NATIVE wrote:

@FMC wrote:

@SEMO wrote:

Nissan would definately be a better option than a Kia or Hyundai, however financing 20k on a new Sentra will still create a huge amount of inequity just within one year. For Instance, I can buy a 2016 Nissan Sentra for ~11k-13k depending on options. While a 17 may have a MSRP of 20k. In one year's time you will be even farther upside down than you are now.

 

I would definately compare the cost's of having your vehicle fixed (nothing you stated that it needs, is a huge expense or out of the ordinary, the thing's you listed are just routine maintnance items) and the cost of the new loan over the course of it's term. I think you will find that holding onto your current vehicle and paying it off while working on your credit, THEN purchasing a lightly used vehicle in the future, will be your best option financially.


I am going to take my car into the shop in the am, see what my mechanic says. If he deems car safe I will keep it and work on the scores.  

 

 


So? What happened? 


Great news!! The car is safe; as , as long as tires are not wearing unevenly (they are not) and brakes are not being affected(not) no need to do anything. As far as comfort issue goes, I bought new seat covers with soft fabric for 35 bucks, just can take my left shoe off when driving to work to stretch my long left leg. New tires next month will improve ride quality. My plan is to keep car for now and keep improving my scores. In August, Springboard and Cap One both declined me but now approved me so my trend is in the right direction. Financing 23.5K on a new Sentra(or even Corolla) at 14.2%(due to 5400 roll in ) is just plain stupid and irresponsible to my family as long my current car is running safe and not taking $$. Taking 800 bucks for a car that is mechanically fine is dumb, half of nothing is nothing!!

Message 12 of 13
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Member

Re: Credit Union Auto Loan Rates?

Some credit unions are offering walkaway balloon financing which will have awesome rates, so could be legit.  Sometimes the credit union hours are tough, but many times you can go online and get it done, at credit union or at place like FiWize.  

Message 13 of 13
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