RX7+1

Did any one get a loan from local credit union? What need to be prepared? what's the procedure? Thanks

M23RX8

I looked into it but it turned out, at least from my credit union (local 177), that the rate was the same as I would get elsewhere so I needent bother with establishing an account which was the only requirement. Best bet from what Ive seen is to know someone at a dealership who'll give you his rate without tacking on the extra 1% (typically). Its not the be all end all, just what Ive seen so far. Good luck.

BunnyGirl

I got a loan through a credit union. I had to join it and set up a savings account. It cost $10 to join and you need to keep $5 in the savings at all times. They were offering the lowest rate at the time when I was ordering my car, so I went with them. I signed up, which only took a few minutes. I then got a preapproval from them when I had an estimate of when the car would actually arrive that said they would loan me up to a certain amount of money, which was more than I actually needed (wasn't necessary to get the preapproval but I did anyway in an attempt to save time on paperwork, which didn't happen LOL). I got my loan through them and it works out well. However, since it isn't my usual bank I have to deposit money into the account once a month for the automatic payment. If I really felt like it I could set it up to transfer funds from my primary bank into my savings account there to then take the payment from. But then I wouldn't have to go in, which I like doing because a friend of mine since I was about 6 works there and I always visit with her.

It was pretty easy to do and didn't really take any more time or effort than using anyone else for a loan.

M23RX8

This and any financing situation will all depend on your credit score. Im sure its why my credit union was not a help to me

RX7+1

I went to my credit union last week and open a new account with $5 fee. I requested the auto loan on line in the same day and got their call the day after. They told me I can get 5% with autopay( what do you think?), but I forgot asking what I need to do after. Question: Should I go to dealer chose my new RX8 first or I should get a check from CU first? Thank you for your answers

rglbegl

most credit unions need you to contract the car before they give you the check. they usually just send it to the dealership you bought from. 5% is a great rate. Ask the credit union how long the approval is good for. Then get a direct phone number for a rep that you can call while you are in the finance office of the dealership. If you wanna save a few more dollars, ask the credit union how much they charge for GAP insurance. Then you can laugh at the finance guy at the dealership when he hits you up for 4x that amount.

shaunv74

I would get the rate you are going to go with from the credit union and see if the dealer can beat it. Sometimes they can get you a better deal. You may also be able to negotiate the price down if you tell them you don't need their financing. Just make sure to read the fine print and have them outline any charges they are tacking on. Tell them you want to take their full offer home and look it over with someone you trust who knows finances.

no dice

if you own a home, get a LOC against your home through eloan. Good rates, and youll have the cars title in your hand and you can even get a revolving line for 10 years..

RX-XSIV

hey im new to the financing thing.. im only 19 and i plan on financing an 8 in the beginin of january.. i was just wondering.... if i put like 9 or 10 grand down payment.. would it be better to finance through the dealership? or just get a loan from a bank/credit union and pay them instead? Also, wats GAP insurance?

no dice

Gap insurance is a one time fee you pay to the lender. Incase you go upside-down on your car, they will payoff the entire loan if you total it or it gets stolen. Without gap insurance, lets say you owe 25k, and its only worth 19k KBB, then youre in the hole 6 grand. Gap will erase that.

your best bet is to not mention you have any money down and buy the car for as low as you can. Once thats established, and youre all financed, pay a huge lump sum, 9-10k. usually when you mention a downpayment, the dealers ADD that to the purchase price, further increasing the cost of ownership.

shaunv74

Here's my advice on working with dealers.
1: Don't go alone and don't ever make a deal on the spot.
2: Negotiate the price of the car first without discussing down payments, trade ins, and financing.
3: Your financing APR will depend on your credit score. If you're 19 you probably won't have much of one so you'll need a parent to co-sign or pay cash. See what kind of financing you can get from your bank or credit union before you talk to the dealer about what they can get you.

4:Negotiate each piece separately and write it down. That way if they try to change things you've got it listed and can call bulls*&t.

5: get their best deal in writing and take it home to look at it before saying yes. That way you can make sure you've gone over it and know exactly what you are paying for everything.

6: If you like it buy it!

RX-XSIV

waht i wanna do is get my payments closest to around 300-350 a month.. either for 60 or 72 months it dont matta to me.. but i will have around 9-10 grand to put down though..

RX-XSIV

but basicalyl waht ur saying is... go 2 the dealership and start a finance with no money down.. then pay a huge lump sum right off the bat?.. thats wut i was gonna do but it would still mean my monthly payments would be alot higher than what i wanted.. paying a large lump sum for a 1st payment wouldnt lower my payments for the rest of the financing term.. it would just shorten the amount of time i have to finance for.. what i wanna do is have low monthly payments ..idc about how long i gotta finance it for really..

RX-XSIV

idk how good my credit score is.. i have a credit card and i use it eveyr month for things and i always pay it off on time ..ive had it since like march.. and i havent missed a payment or aynthing yet and i always pay 3x the minimum payment or more..i dont know if that would entitle me to a good credit score or not yet but whateva.. i really am not sure what to do though.. because here is my predicament in full:

I plan on putting 9-10 G down payment..with the combination coming from

1. selling my integra + 2. a $5,000 settlement that im not allowed to touch until december 28th.. so with the combination of those 2 thigns that should give me about 10 grand to put down.

what i wanted to do was just take a 5,000 loan from a bank/credit union right now.. this way i can sell the acura now and put the whole 10G down now.. then pay off the 5 grand i got from the bank in december with the 5,000$ settlement im receiving.


or.. should i wait until i get the settlement in december then buy the car?

shaunv74

I would wait to buy the car. Dealers are always ready to deal in December when they're trying to get a few more off the lot for the end of the year. Plus if you live in a state that gets snow no one is looking to buy a sports car.

If you want to see what monthly payments would look search the web to find websites on calculating car loans. There are a ton at bank websites and Edmunds.com

map

Buy in December. You'll get a cheaper price then anyway.

Your credit score is not going to be good. It's not only that you've made all your payments, it's how long you've had the card that also counts. They want to see a record that lasts a good 5 years. You will need a consigner or you're going to get raped on interest.

rglbegl

Buying in December makes no difference. Buying at the end of a month makes no difference. Forget all the rumors these people have told you. They heard it from a salesman who needed a deal at that moment and was willing to tell them anything they wanted to hear. Now they think it is gospel.
However, they are right when they say to get the price first, then work the trade, then the down payment, then the rate.
And as your credit goes, You are what is know as an artificially inflated high score. I would go in to the details, but it would take too long. There are many factors.
Again, go to your bank first, see what they will give you. If the dealership does better than that, you know they are not trying to screw you.

no dice

I believe you are misinformed sir. When theres a new model year available and they need to move prior model years off the lot to make room for new model years, you better believe they will give you a deal. Now you are correct that month doesnt make a difference, but timing sure does..

map

Did you read his last post? I told him to buy in December because he doesn't have the money now, and wants to take out a bank loan and an auto loan just to pay for an extra 2 months. This sort of thing is how people get too far into debt. For someone that doesn't have a credit history like him it is a really bad idea. Also, prices will be cheaper in December. Every month brings the possibility of new incentives while 06s still sit on the lot with the 07s. They certainly arent going to get more expensive.

rglbegl

The discount they give on a previous model year is far outpaced by the depreciation. Example - they give $3000 off, the car is already worth $5000 less than a new model year.
And he said that his credit union would give 5%. That is a great rate.
Also remember, they will give the same discount on a new one as they will on a year old one. (as long as both are still considered 'new stock')
I know all the tricks. I started working for dealerships before I could even drive. I know what I am talking about.

map

Which really doesn't matter if you're keeping the car more than a couple years. A car is not an investment, pay as little as possible.
The original poster is different than the one asking if he should buy now or december. This one has very little credit history from the sound of it and i would be very suprised if he got a decent rate on a loan without a cosigner.
Not when incentives are only valid on the year old one.

rglbegl

Sorry, my bad. I thought it was the same guy talking about the credit union.
But the price and discount apply no matter how long you plan to own the car. And IT IS AN INVESTMENT!!!!!! Whether you think so or not, just ask your bank! ( of course it is the worst investment you can make, but is also the most fun)
Again, the incentive thing - You go ahead and buy the old one. These are thing I see EVERY DAY!!. People getting burried in a car because they thought they were getting a good deal.
Again, I see about 10 deals a day/5 days a week/since 1990. You do the math

RX7+1

Hey,guys. Thanks for replying! I just close my deal today and picking up my new car Sat. But instead of buying a RX8, I bought a G35x. Coz I don't wanna change tires twice a year...but the RX8 still a very nice car, I can feel the better handling, that's no dout.
I would like to talk about my finance exprience: Before I go to dealer 3weeks ago, I checked my credit scort what I got is 721. Opened an account in my credit union, applied loan online, they called me back the day after and told me the rate was 5% with autopay. I spent 2 weekend on testing drive the 8 and the G. when I decided I would go for the G the dealer told me they can only give me 6.5% and I got good rate from my CU. I sign a purches contrat and they gave me the infomation my CU will need. I brought all the documents(contrat, insurance blinder, paycheck stub) to my CU, then they gave me the check the day after. Gave the dealer the checks and all settled down, waiting for Picking up now...