How should I get financing for a new car I found?

[rio95]

I would recommend not getting a loan. I can't believe no one has mentioned this. Don't take it personal, but putting a car that is 7-8k on a card is just stupid.

It is also crazy with the amount of open credit you have. I'm sure your credit score would be alot higher if you were to get rid of those card (all but one of course). But I guess it depends on what your priorities are.

FYI. I was in a bind during school and knew that I would soon be getting a real job, so I got a car loan from NuUnion at 7.02%. When I found a cheaper car I sold the truck and paid the load off in two months though. Then I needed a bit of money to put into my new vehicle, so I got a signature loan, but it is at 11%. But now that I have a job, I don't care how high that rate is, b/c I will have only paid one or two months interest since I will be paying it off in a few paychecks. Also, when I got my signature loan, they didn't care one bit what is was for. I actually told them it was for a car. I just didn't get a car loan, b/c I didn't want full coverage insurance on my grand am. FYI. I walked out with cash in about 20 min both times. One time being $5500.

So I would check into NuUnion if it is around you (I'm not sure).

 

[BlackVert]

It is also crazy with the amount of open credit you have. I'm sure your credit score would be alot higher if you were to get rid of those card (all but one of course). But I guess it depends on what your priorities are.

i'm pretty sure the score is actually higher if you have unused credit. it shows that you are worthy of being able to get lots of money, and at the same time it shows that you don't NEED all the money you can borrow.

but i'm with you on this ... i would not borrow money to buy it, i'd save for it and then pay cash for it.

 

[reddy351]

+1 Being smart with your money/credit is exactly what gives you the higher FICA score. Having a high limit and a low balance is the key.

Killer, if you have that kind of CC limit available, I'd say you could walk into your bank and walk out with pretty much whatever amount (sig loan) you need. (They'll be happy that they are getting a chance to make some $$$. Something your credit card companies aren't doing with those limit vs balance cards you have mentioned. Good for you, not so good for them.) Car loans are a lower rate than sig loans, but the car is too old to qualify for a "car" loan.

Good luck!

 

[rio95]

i'm pretty sure the score is actually higher if you have unused credit. it shows that you are worthy of being able to get lots of money, and at the same time it shows that you don't NEED all the money you can borrow.

but i'm with you on this ... i would not borrow money to buy it, i'd save for it and then pay cash for it.

Actually they look at it badly at a certain point, b/c it is potential for you to get in debt in a hurry if you are not smart. There is alot more that goes into it and I'm no expert. Some of it is magic in my opinion. haha

good luck though!

 

[Ozz]

LOL

My car is always for sale, For the right price though! I'll give you a hint, its not $8,000.

Fine, 10K with your name on it sitting right here. Just say when

Personal loan from a bank should be fine, some credit unions offer some real low percentages I've seen. Never got one, but get the offers all the time so I know they're out there. Last thing I want is debt. **** that. Anyway, tell 'em it's for home improvements, car repair, vacation, whatever. It doesn't matter. It's personal

Good luck!

edit: FWIW I wouldn't go into debt for a car either but on the other hand a car like this doesn't just come around every week. Plus it's what he really wants. Sometimes it's worth it. It's only 8K anyway, not like it's 20+. If I did that, though, I sure wouldn't take 3-4 years to pay it off unless absolutely necessary, but again - sometimes you can't dictate your own situations (not saying that's the case, cuz I have no idea).