Car financing question

[drftkng951]

edited...
trying to get another car,(used 2001) the price listed is $7500.
i want to finance for 4-5 years
and my credit score is around 700 (700-730).
how much would it be at around 11% interest?
private seller...
how much is it usually taxes and all the other crap that they add on a loan?
how much would be the total that i'm financing for?

if you have any car salesman experience this is where you come in handy.

what are things i should look out for and things that i will have to pay?


any help would be great

[balmo]

700 credit score? dont get anything more than ~7% if he's insisting the best he can get you is 12%, walk away.

[DUFFM4N]

sounds like a shitty deal to me

[Bubbles]

Right now you should be able to get a 2001 Viper for 9 grand, what is it?

[silviaguy240]

right now i have a 7500 loan for 150 a month for 60 months at 6.75% through my credit union. its not going to take that long, just did it for the payments. and your credit score doesnt have much to do with your rate/approval. its mostly your yearly gross income.

but tax and tags will add another 600-900 to the current price so at worst try to get approved for a 10-10,500 loan.

but for purchasing it, make sure it has some sort of warranty, try to see how long it has been on the lot, if its been around a while you can tend to haggle more unless the cars price has already been dropped a few times. know everything you can about the car. dont let the salesman think he can overinform you to sell the car and just be real firm. and if you are trading somehitng in dont expect much but if they ask, tell them you expect a tad higher or around private party for trade in.

[drftkng951]

700 credit score? dont get anything more than ~7% if he's insisting the best he can get you is 12%, walk away.
my friends credit was 700 to and he got 9% with his dad as a co-signer, i'm guessing that would be the limit nothing over 9%
but i don't have a co-signer.

sounds like a shitty deal to me
well he said i would need 1k down and for 300 or so a month for 36 months

right now i have a 7500 loan for 150 a month for 60 months at 6.75% through my credit union. its not going to take that long, just did it for the payments. and your credit score doesnt have much to do with your rate/approval. its mostly your yearly gross income.

but tax and tags will add another 600-900 to the current price so at worst try to get approved for a 10-10,500 loan.

but for purchasing it, make sure it has some sort of warranty, try to see how long it has been on the lot, if its been around a while you can tend to haggle more unless the cars price has already been dropped a few times. know everything you can about the car. dont let the salesman think he can overinform you to sell the car and just be real firm. and if you are trading somehitng in dont expect much but if they ask, tell them you expect a tad higher or around private party for trade in.

i thought your gross only mattered on newer cars
well i think i can afford the car if it was a 10k loan.
i think he said a 3month 30k mile warranty. it's from a cheesy little used car lot.
the car has been there for about 3 weeks almost.
no trade and i'm trying to get 0 down.

i think i'm asking to much tho.

[drftkng951]

my mom and brother were telling me out the door i would pay around 12k.

[1five10]

You need to haggle with them on the price first before talking about payments and interest rates. Car sales are real slow right now so you are in the drivers seat. Drive by any dealership and look at all the salesmans standing around.

If anything, since you're only 20 years old, you might not have enough credit history established to get the better rates. I would go to your credit union to get the best deal on interest rates if you have one.

Big dealerships also have better rates than those small private dealers. When they run your credit report, they look at your "debt to income ratio." Which is how much you make a month compared to how much your monthly bills are.

[TheWolf]

I got 9% with 620 for 20k at my local bank... but now my wife has sterling credit and she got the new suzuki for 1% for 60 months.. I would try and buy a new toyota at 0% instead of a used at 12%... the payments will be close but the car will be worth much more at the end..

[veilside180sx]

Lenders are going to take into account the following:

1. Gross monthly income or Annual income...as a way to establish your debt to income ratio
2. Credit Score...pretty much every lender uses a performance based price index. That means that the interest rate is set...based on your credit score as it's used in their indexing system.
3. Relationship with the institution is the last thing taken into account. This will have more to do with the approval or terms of the approval. If your DTI is high, this may still help you to be approved.

http://partners.leadfusion.com/leadfusion/firsttech/auto05/tool.fcs

Here's a calculator to help you see how much payments would be. There is no reason you should have to take financing for more than 6-7% based on your credit score...depending on which end of that spectrum you are on.

[silviaguy240]

my mom and brother were telling me out the door i would pay around 12k.

that seems high, im not sure on your state taxes but tax and tags on a 11,000 truck i was going to get was 900 for everything so i'd be 11,900 out the door.

[SimpleS14]

Haggle on pricing...i didn't catch what car is was, but 9K for an '01 does seem odd..especially given the current economy towards autos.

If it helps I got 6% on a 20K loan (5yr) with score of 740...income I will not disclose. :keke:

[Mi Beardo es Loco]

it BETTER be a Mercedes or Lexus or something because 9grand for an 01 is pretty steep. You could get a 05 Armada for like 13 grand easy and those are 35k cars. The depreciation value of current cars are insane.

[UfoZ8myCow]

You guys all fail at math.

Car is listed at $8995. CA tax = 8.25%. Add in the licensing/doc fees (varies from dealer to dealer but most used car dealers simply make it a function of the taxes - ie 50% of tax paid).

So basically you'd be looking at $10,108 out the door. Call it $10,100.

Your APR is based on your credit score and AGI. You have a good credit score, I dont know what you make, but 12% is too high for ANYTHING. Since the car is older than 5 years at this point, you'll have a hard time finding anyone who is going to finance you for less than 9.9%, regardless of your credit. If it were newer than 03-04, you could conceivably find someone to do a 6.9% or mayyybe a 4.9% loan. And keep in mind that the longer you finance it for, the more you're going to end up paying for it (ie if you finance it for 60 months at 9.9% instead of 36 months, you'll end up paying $12,846 instead of $11,715 over the life of the loan). To me, that's like throwing an extra grand out the window. If you can afford the higher payments, do those to finish paying it off quicker.

Anyways, that being said - here are some figures.

$10,100 36 months @ 9.9% APR = $325.42
$10,100 48 months @ 9.9% APR = $255.68
$10,100 60 months @ 9.9% APR = $214.10 (good luck finding anyone who'd give you a loan like this)

$10,100 36 months @ 11.9% APR = $334.98
$10,100 48 months @ 11.9% APR = $265.48
$10,100 60 months @ 11.9% APR = $224.16 (again, good luck trying to get that).

Good luck.

I knew getting my CPA would come in handy one day... Just never knew it would be on Zilvia :naughtyd:

[drftkng951]

You guys all fail at math.

Car is listed at $8995. CA tax = 8.25%. Add in the licensing/doc fees (varies from dealer to dealer but most used car dealers simply make it a function of the taxes - ie 50% of tax paid).

So basically you'd be looking at $10,108 out the door. Call it $10,100.

Your APR is based on your credit score and AGI. You have a good credit score, I dont know what you make, but 12% is too high for ANYTHING. Since the car is older than 5 years at this point, you'll have a hard time finding anyone who is going to finance you for less than 9.9%, regardless of your credit. If it were newer than 03-04, you could conceivably find someone to do a 6.9% or mayyybe a 4.9% loan. And keep in mind that the longer you finance it for, the more you're going to end up paying for it (ie if you finance it for 60 months at 9.9% instead of 36 months, you'll end up paying $12,846 instead of $11,715 over the life of the loan). To me, that's like throwing an extra grand out the window. If you can afford the higher payments, do those to finish paying it off quicker.

Anyways, that being said - here are some figures.

$10,100 36 months @ 9.9% APR = $325.42
$10,100 48 months @ 9.9% APR = $255.68
$10,100 60 months @ 9.9% APR = $214.10 (good luck finding anyone who'd give you a loan like this)

$10,100 36 months @ 11.9% APR = $334.98
$10,100 48 months @ 11.9% APR = $265.48
$10,100 60 months @ 11.9% APR = $224.16 (again, good luck trying to get that).

Good luck.

I knew getting my CPA would come in handy one day... Just never knew it would be on Zilvia :naughtyd:


good info.

it was a lexus IS.

well i figured if i financed it for longer...cheaper the payments, but i would pay more to get it payed off quicker....
with this economy it would be nice to have some leg room....


what about from a Private Party? that would leave out all of the fees right?

so it would just be the tax and interest on the loan correct?

[UfoZ8myCow]

If you take a loan out to buy a car from a private party, no, you wont pay taxes on the car. You just pay the interest over the life of the loan.

[silviaguy240]

Your APR is based on your credit score and AGI. You have a good credit score, I dont know what you make, but 12% is too high for ANYTHING. Since the car is older than 5 years at this point, you'll have a hard time finding anyone who is going to finance you for less than 9.9%, regardless of your credit.

go through a credit union. i got my 6.75%/60mo on the 99 silverado with 120k i just got.

[cserrano86]

Whatever you decide, just make sure you keep in contact with the Finance company. First off, make sure you know who the loan is being sold to. Call the Fin Co the next day and follow up on the status of your loan until it gets approved.
In the event that your loan is denied for whatever reason the dealership can easily take the car back and keep your down payment. You don't want that. This is why you have to be cool with the dealer. Let them know your story, fill them in a little bit on your personal life while you're signing paperwork. I know it sounds lame but if they know you better, it'll be just a little harder for them to be assholes with you.
I actually work for an auto finance company and I hear it from both ends (dealer & customer) all day. Some dealer's are straight out dicks but other's will fight to get your deal approved and that's either because they say you're a good kid or because they want to get paid... When customers are assholes, the dealership has no problem telling me to send the deal back to them and they'll just screw your for your Down payment.

[98s14inaz]

edited...
trying to get another car,(used 2001) the price listed is $7500.
i want to finance for 4-5 years
and my credit score is around 700 (700-730).
how much would it be at around 11% interest?
private seller...
how much is it usually taxes and all the other crap that they add on a loan?
how much would be the total that i'm financing for?

if you have any car salesman experience this is where you come in handy.

what are things i should look out for and things that i will have to pay?


any help would be great

I'm sure everyone else said it already but let me be redundant. 11% bwhahahahahahaha! You shouldn't be paying anything over 7-8% tops. When you have good credit you don't have to pay as much interest.