Auto Financing (advice?)

[RyanNicholson]

I'm looking at buying a truck (ideally an 03+ Ram 1500 quad cab). After pricing it out online and shopping around I can afford it comfortably and everything, but the only issue is I have some shaky credit at the moment...its a long story, but I'm pretty much back on track now.

Any advice on getting a loan in such a situation? I hear the bad credit, no credit bs advertised and stuff all the time. I can accept the idea of paying more due to the situation though.

[BostonSVkid]

Digital Federal Credit Union

I have my car through them and they give pretty good rates. Plus they do house loans and getting those is easier when you have had car loans through them.

[Pigman]

Buy a Chevy or GMC.......

[RyanNicholson]

Buy a Chevy or GMC.......

I wouldn't mind either, like i said...preferably a dodge but its pretty open depending on what I can find. Its more the loan I'm wondering about.

[Degsy]

Go to your local credit union. They rely more on the interview than the credit score. Part of their mandate is to lend to local people with varying credit history. You should do much better there than at a dealership.

derek

[R1]

Buy a Chevy or GMC.......

I have a 2002 silverado Z71 and ill tell ya what, its become the biggest pos ever. let me explain, rear-end junk, 3 CVjoints, Brakes about 5 times now, 2 weeks and 250 miles old new steering column, recall on reversed brake pads, you have to love labor unions, and the window regulator just went a few weeks ago. it looks nice, engine runs great, but everything else has poor quality.

i also had an 89 fullsize blazer, 92 yukon, and 86 fullsize 8 foot bed 6 cylinder K5....... These were reliable. but you had to keep up with them. I was always doing something to em'.

I had over 7000 invested into the 89 blazer before i cut my loses. alot of the problems i had with the blazer thought were due to the tires i had on and the conditions i put it through. I will say this, Stock Ride height, 33x13.5 baja claws, great running 350, and solid front axle, this truck is unstoppable. Unless you get wedged between 2 trees. then you are fucked. way off topic sorry!

but with all the newer trucks quality is just no longer there, and the repair costs are outrageous.

dont worry about what brand you get. all the new trucks are the same. The quality has gone out the window years ago and there is no brand that stands above the rest anymore.

[R1]

Go to your local credit union. They rely more on the interview than the credit score. Part of their mandate is to lend to local people with varying credit history. You should do much better there than at a dealership.

derek

+1

also credit unions can offer some of the lowest interest rates in the state. shop around!

[catch2otwo]

if your able, put as much down as you can. this will keep your monthly payments down which may be easier on you down the road.

as for the chevy or dodge arguement, ive had both (04 dodge 2500, and now a 05 chevy 2500) both trucks are the same. just have to accept the fact both brands have their quirks. theres no such thing as a perfect truck. just keep up on your maintenece and they will treat you good.

[Doc]

Get a Toyota

[butcher bergs]

Granite State Credit Union

I have had several loans thru them and they generally seem to have the lowest rates.....and even if they don't, they are the most resonable place to deal with after the fact, IMO.

Triangle Credit Union sucks.

Member's First Credit Union is meh.

[ChrisNoF4i]

Triangle Credit Union sucks.

As a matter of fact, I'd stay away from ALL banks named after geometrical shapes. I'd look for an online bank. I always say, "If you can't do it on the internets, then it's probably not worth doing."

[RyanNicholson]

Granite State Credit Union

I have had several loans thru them and they generally seem to have the lowest rates.....and even if they don't, they are the most resonable place to deal with after the fact, IMO.

Triangle Credit Union sucks.

Member's First Credit Union is meh.

I was actually looking at their website after the credit union comments....seemed pretty reasonable. I'll have to swing in there when I get a chance and see what happens.

Thanks for the tips guys

[butcher bergs]

"If you can't do it on the internets, then it's probably not worth doing."

what about teh secks?

[brendanp]

Get your financing done at the credit union like Degs said. Then when you go to buy the truck, it will be the same as paying cash. Go to the dealership towards the very end of the month. Dont even waste your time with one of the pee on salesman. Go right to the General sales manager and tell him you wanna have a sit down in his office. Offer him 300-500 over his invoice. Tell him you want to see the actual invoice for the truck. They have to show you it. Make the deal and you will be done.

Dont do a trade in.

[BLACK SQUIRREL]

I would Suggest Getting your Credit Report so you know what you are dealing with first.

[butcher bergs]

Ryan- You do know not to pull numerous credit apps, right?

If you're doing your own financing it should be a non-issue but don't go pulling credit a bunch of times because it costs points....I wanna say 2 or 3 per pull.

I would Suggest Getting your Credit Report so you know what you are dealing with first.

That's a pretty good idea. It's free (unless you want all your credit information but, IMO, the freebee offers enough info to get by on) and it arrives in about a week or so.

[BostonSVkid]

again like said above



Digital Federal Credit Union Digital Federal Credit Union.

[RyanNicholson]

yea i know not to pull random credit apps...i actually had fantastic credit, then I lost a HUGE client of mine unexpectedly (like 50% of my income at the time) and things went to shit for a bit.

I've done the freecreditreport.com thing before and its a royal pain in the ass to get out of once you sign up. You can get it right from experian cant you?

[Stoneman]

Get your financing done at the credit union like Degs said. Then when you go to buy the truck, it will be the same as paying cash. Go to the dealership towards the very end of the month. Dont even waste your time with one of the pee on salesman. Go right to the General sales manager and tell him you wanna have a sit down in his office. Offer him 300-500 over his invoice. Tell him you want to see the actual invoice for the truck. They have to show you it. Make the deal and you will be done.

Dont do a trade in.

Most of this has worked for me. Although the invoice they show you could be a dummy one - I actually caught a salesweasel do this to me. Also, give yourself like a week and a half before the end of the month. That'll leave you a little negotiating time before the end of the month and YOU won't leave yourself running around trying to get everything sorted out at the last minute...

If you're thinking of a trade, DO NOT mention this to them until you nail an out-the-door price on the new vehicle. One thing at a time - then you beat 'em up with the trade. You make your offer, then your demand. Then walk away. You WILL hear from him...

I personally won't waste the GM's or the sales manager's time. I let the salesweasel do that. Makes 'em sweat a bit more...

[Shortermemory]

You'll have more leverage if your FICO is above 700. If it's not, then I would hold out right now. Unless you are willing to pay 6.9 to 9.9 at the least for a used car loan, I wouldnt do it. I have been "up-side down" in cars and Motorcyles before and it hurts down the road when you want to move on.

From this point on I am leasing a nice car $300/month and keeping the miles down, and bought a beater to drive the hell out of.

You might have success at negotiating a deal now. But keep in mind that if you had shaky credit recently, the dealership will have the advantage not you and your ability to come out on top is less likely.

[Daytona440]

if you get a dodge get the Hemi. the 4.7 is way under powered...

[Stoneman]

Equity line of credit?

[butcher bergs]

I've done the freecreditreport.com thing before and its a royal pain in the ass to get out of once you sign up. You can get it right from experian cant you?

There's a phone number you can call but don't even bother trying to find a human to talk to.....they have that all locked up.

And, IMO, anywhere in the 6% range for a used vehicle isn't that bad. That's pretty much where I've been at with "older" used vehicles and my credit is very good.

[BostonSVkid]

I pay 6.5

[bbhzx10]

Try the dealer first, they have buy rates lower than you'll ever get from a CU, however if they suck you won't get that rate. DCU is great, most CU's have good auto rates. Before you buy drive a diesel, it's worth the extra $.