Im currently 6 weeks from graduating from college. Im currently hoping to get a job working at the company I'm interning at now.

Now my real question is, What do you guys think is best, Going thru the bank or credit union for a loan? Or trying to finance through a dealer? I currently have a 99 ford explorer that I plan on getting rid of for at least what I owe before I get a Evo.

I have good credit, my credit score should be high 600's or low 700's. Wondering if it would be possible to get a 5 year loan on used evo? Im trying to keep the payments under 400$ a month.

Thanks for any help.

 

Well the payment is gonna depend on the price,interest rate and down payment.

If the dealer thinks they can get you a good deal, see what they can do with their banks. If not, go to a credit union before a bank
Each bank will have stipulations on how much of the value they will give dependant on year and then how long they will loan out for.

I just picked up an 05 and got 6.49 for 60 months. Not horrible, but couldnt go below 6.49 because no acct at that bank, no auto payments and the year of the vehicle I guess. Payment on a little under $22k with taxes and all that misc crap is like $430 a month.

 

The bank I went to said they can't go under 7.19 on used vehicles. If I dont get a good deal at the dealer I'll probably end up going to a credit union. I think I'll talk to the dealer and say this is what I want, if you can't get me into this car for under 400 a month then I can't do it. How about this approach? With the economy the way it is you think this might be a good idea?

 

try looking at www.capitaloneautofinance.com good financing and easy to work with and get approved evo's value being closer to 17k/18k now, you should be able to get it under $400.
I used these guys for my evo and found a private seller.. as you usually can know the history of a private seller's vehicle than one that is at a stealership.

gl

 

Its a bad Idea to negotiate payments, dealer will get creative with financing. Negotitate the price and calcualte what your expense will be rolled into the loan (Registery Fees, sales Tax, Documentation fees)

$400 month for 5 years is about $20K loan (It migh vary a little bit with interest rate) You can use an amortization calcalator to paly around with interest rates, the monthly payments don't change drastically with the interest rate.

 

I am a finance manager at a Ford dealership. The best way for you to go by far is a credit union the stipulations will be less rigorous and the terms will be much better. Most dealerships can send your deal through the credit union for you and most credit unions wont let the dealers make any points on your loan. Your best bet is to sign up at the credit unio before you go car shopping that way they can tell you what your rate will be before you start then negotiate the price with the dealer.. hope this helped..

 

Thanks! and awesome car btw. I'll be sure to check out that site.

Very good info man! Thanks

Thanks brah! I'll be sure to stop in and talk to a credit union before actually heading to a dealer or a private party.

 

Good Advice. I think the key is to do your financial legwork before you go to the dealership. You don't want to be unprepared and make a financial decision based on your emotions at the dealership.

 

Should insurance be lined up right away as well then? Im in the process of getting my loan but had not thought about that side of things.

 

Yes. If you have full coverage on your vehicle now you should be covered for 14 days after trade in, at least with AllState that's what they told me. I feel scammed...I could only get 7.6% and I have good credit, but I do have a decent amount of debt since I bought a home by myself 2 years ago and some of my income is unverifiable (roommate)

 

I have liability now, but Im sure with a loan Ill need full coverage.

 

^^^what he said^^^

 

When I buy a car I get my insurance swapped for that day before I actually sign the paperwork. I want to be covered rather being in that gray area incase something happens.

I would think you that you would want to get a insurance quote before talking pricing just incase an Evo is lot more more than expect to insure. I would think would play into the part of what someone can afford.

 

Credit Unions usually have the best rates, but make sure you check out insurance rates before you buy an EVO. I have know a couple of guys that have been very surprised once they bought their car and then went to get insurance. Just a heads-up

 

Money wont be so much of an object. But I understand what you're saying. Ill definately look into getting the insurance ASAP then since I know Ill be driving a long distance with it home since apparently Iowa doesnt offer yellow Evos .