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@ScoreBooster wrote:Their blank-check program is as easy as it gets. They are a high volume car-lender - and that's why you get more negative stories. But generally - and based on my own experience - they do a good job.
Aren't most like that though? I just heard of high APRs form them.
I'm already looking into a "back up car" in case I can't get a loan for 40k. What's a decent rate I should be looking for? I don't mind pay a little extra for the first year as it's my first loan, but something like 15% is out of this world insane.
With your scores, you should be able to pull in less than %5... new rates are cheaper than used rates. You should be able to find a really nice vehicle for about 25k, which would be reasonable given your income and debt situation... I like luxury cars so for me, that would be a 1-3 yr old Acura, BMW, Mercedes...
Last car i got was a red 2008 Volvo S40 with all the bells and whistles, it had 14k miles on it, 19k car loan through Volvo Financial. Was making 75k per yr at that time plus bonuses... Ended up paying the car off in 24 months with bonus money.
Had plenty of room in my budget, so that I didn't learn to hate the car because of a crazy payment. Its actually I think my most favorite car out of everything I've ever bought, just for that reason!! Still love the car, and I can see myself driving it for another 5 yrs at least. Next car I buy, I will pay cash for. I love driving something that's paid for, so that I can invest my funds and watch them grow without lifting a finger. Last month, my investments made more money than I did, and I make 120k per yr. go figure :/
If you want to end up in a very nice place financially, I would stay away from the 40k car.
@Anonymous wrote:
@ScoreBooster wrote:Their blank-check program is as easy as it gets. They are a high volume car-lender - and that's why you get more negative stories. But generally - and based on my own experience - they do a good job.
Aren't most like that though? I just heard of high APRs form them.
They are also well-known to offer auto-loans to individuals after BK - and that could be the reason why you read so much about high APRs. Although, offering somebody a $20K auto-loan a year after discharge with an interest-rate of less than 8% isn't that bad either..
Welp, I got pre-approved for up to 41k by my credit union (Pen Fed). Question now is...do I want to get a used G37 (~$500/month), or go with my Evo (~$700/month)
What was the interest rate?
@mvc wrote:What was the interest rate?
Ooops, forgot to mention. I got 2.49%
@Anonymous wrote:Welp, I got pre-approved for up to 41k by my credit union (Pen Fed). Question now is...do I want to get a used G37 (~$500/month), or go with my Evo (~$700/month)
I think that's a personal question that only you can answer.
Personally, I'd go for the cheapest car payment but that involves researching which one is more fuel efficient and has had better reviews (i.e. Consumer reports, etc...)
But then again, I'd never pay $500 for a car and then on top of that, whatever the insurance may be.
Follow my financial journey: http://www.frugalrican.com
@FrugalRican wrote:
@Anonymous wrote:Welp, I got pre-approved for up to 41k by my credit union (Pen Fed). Question now is...do I want to get a used G37 (~$500/month), or go with my Evo (~$700/month)
I think that's a personal question that only you can answer.Personally, I'd go for the cheapest car payment but that involves researching which one is more fuel efficient and has had better reviews (i.e. Consumer reports, etc...)
But then again, I'd never pay $500 for a car and then on top of that, whatever the insurance may be.
hehe, I'd never pay over $500 For my next car I'm going to try to just pay cash or if I end up financing with a large Down Payment, only financing what I can pay off in 1 yr.