View Single Post
Old 09-08-2005, 08:50 PM   #5 (permalink)
handsolow
Upright
 
My 2 cents.

Instead of asking the loan first/car first issue. Decide how much you care to finance. Is it 5k? 6k? or is it 8k? How long of a loan do you want 3 years? 5 years? How much extra are you paying in interest over the life of the loan? How much do you want to pay a month? I say decide how much you want to spend first. That way you don't start off by looking at a $5000 car, and then the dealer shows you how much better that $14,000 car is... financing offers a quick slippery slope into bad debt if you're not careful.

Next find a car that matches your budget, and the other specifics of what you're looking for (check the TFP motors area in the forum for car advice).

Then look for a loan. When I got my nissan maxima, the dealership offered me a MUCH lower interest rate (9.5%) versus bank of america's 12.5% rate for used cars. And nissan had autopayments as well, it was very easy to do business with them. Your mileage may vary, but feel free to shop around for a loan. The dealership usually loves to finance it themselves, let them give you a quote, then take that quote to other places to see if somewhere else can do better.
handsolow is offline  
 

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73