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TOV Forums > General Talk > > Re: Financing Help

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JNorthcut
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Financing Help    (Score: 1, Normal) 07-16-2004 10:38
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I have never bought a new car so I don't really know anything about how to go about financing it. Capital One has 4.49% APR on a 60 month term loan - that sounds pretty good to me. Do dealers usually offer lower APRs than banks, or are they typically the same or higher?

Also, I am changing jobs soon but it isn't quite "official" yet, am I going to have to wait until I actually start working? I assume the bank/dealer will actually call my employer before approving the loan for me.

Would you typically get the loan from the bank and go in with a check, or negotiate a price first and then go get the loan?

Thanks,
-J

cobalt
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Re: Financing Help    (Score: 1, Normal) 07-16-2004 12:09
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I'm not going to have the best answer, but in my previous experience:

Honda usually has good financing available. This is what they often give you instead of cash-back as incentives. My wife's Civic we got 1.9% and my Accord we got maybe 2.9%. This is better than what any bank will give you, and it is a lot smarter for both you and them because although it is effectively free money, it doesn't hurt resale value in the long term.

Acura seems to be a lot more stingy. A couple years ago all my brother could get from them was over 8%. He told them that was ridiculous, they said he couldn't do any better. Within a day he had 6% from a bank and went back there to transfer the financing to the bank. He said there was a several day window over which he could do this. Obviously you could do it any any time, but within those first couple days it was still easy. Whether or not that was a special exception for him, I don't know. That's something to ask the dealer.

When applying for loans, a car loan is much easier than a home loan. They will check your credit at the very least, because that usually tells them enough information. Some places may want to verify income, but again I suspect this is more common for home loans than car loans, so it may not be an issue. I should point out that both my cars were purchased on a sunday -- they ran our credit and within a couple hours we had the car. There was no chance for them to verify our income.

(Furthermore, you can even get a home loan with no income verification. Good for drug dealers --- errr, I mean for those who got a "loan" from their parents but don't want to have to report it to the tax man. This might cost you in terms of APR, however.)

Again, I'm not an expert.

constructicon
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Re: Financing Help    (Score: 1, Normal) 07-16-2004 12:52
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JNorthcut wrote:
I have never bought a new car so I don't really know anything about how to go about financing it. Capital One has 4.49% APR on a 60 month term loan - that sounds pretty good to me. Do dealers usually offer lower APRs than banks, or are they typically the same or higher?

Also, I am changing jobs soon but it isn't quite "official" yet, am I going to have to wait until I actually start working? I assume the bank/dealer will actually call my employer before approving the loan for me.

Would you typically get the loan from the bank and go in with a check, or negotiate a price first and then go get the loan?

Thanks,
-J



My father always says to not switch jobs if you're trying to get approved for a loan on a major purchase. It can really throw you out of whack. On that note, I would suggest you wait a few pay periods after you've started your new job.

4.49% isn't too bad. That's about what I pay through Capital One. AHFC does offer some very competitive rates, too. You'll see Civics offered with 1.9% from time to time, and Accords and some other models at 2.9%. Be patient, and wait for your deal.


 
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