No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Springboards rate is about 2 points better for me than Cap One, has cheap gap ins, but charges a 595.00 loan fee. I uploaded all my docs to them and awaiting verification from them; loan would be joint with me and my wife. Cap one seems simpler; uploaded POI , no co-signer needed as it did not affect rate when I tried with co. Question is would I be in a stronger negotiating position using Cap one or Springboard since Cap one seems simpler and I can finance car in my name only; haggle very hard with dealer on a move it off the lot today type of deal which I can do with Cap One but with with Springboard have to set up closing appointment and maybe have to come back another day.
I am extremely against the idea of paying for gap insurance. It's a scammy way to get more money out of folks. Do you absolutely need gap?
My rule (for everyone) is to never buy a car at more than 80% LTV. If you can't afford to bring the note down to 80% LTV, buy something cheaper. It'll pay huge dividends in interest/fees paid, and you'll always be able to trade or sell without being short of your note balance.
@Anonymous wrote:
With all due respect, if I followed the 80 % rule I would never have owed a car or a house. Rolling in negative equity so yes I need GAP.
Yeah, I've heard this over and over all my life, but those same people have never actually owned a car or house, just financed a portion of one until it's time to finance a portion of the next one. And in 20 years, they'll still never own a car or house!
The difference over 20 years of negative equity financing is incredible and usually amounts to something close to $700,000 in wealth difference between identical parties, one paying a negative equity loan and one paying a positive equity loan.
I do understand "want" for a bigger nicer house/car, but honestly and with all due respect back I'd personally get as cheap of a car as you can get with that negative equity rolled in, and plan so that your next car in 3-5 years is a positive equity loan!
Just wanted to put in my two cents because it can help you save a ton of money over the next decade and roll that into even bigger savings the rest of your life.