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Old 10-29-2014, 09:20 PM
 
Location: Ohio
780 posts, read 2,137,860 times
Reputation: 628

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Since you are also in Columbus, OH, try CME FCU and BMI FCU. I used to be a member at CME and it costs only $5 to be a member there and take advantage of their auto loans.

In order to get fair pricing or at least what's considered fair pricing, arm yourself with book values. I constantly look for a vehicle in my bucket list and I use KBB, NADA, and Edmunds. My searches start on the internet and I limit contacts with dealer personnel unless it's CarMax. Research and focus on one or two models, including trim levels and options. Then, search for them; I use cargurus.com for my current search. Collect the ones that meet your criteria and pursue those; hopefully by now you have only up to 3 choices.

If you're not limited to dealers within Columbus, PM me for one owned by a friend in Cambridge OH. He's the favorite used car dealer for a Columbus-based car forum.
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Old 10-29-2014, 09:25 PM
 
Location: Rathdrum, ID
4,123 posts, read 3,875,461 times
Reputation: 7840
The past few posters are correct. You should be looking at pre-owned, (or used), cars. The absolute best place to purchase a used car is from a new car dealership. Dealerships take in a lot of trade-ins, and a vast majority of them are wholesaled out and sold at auction. They only keep the best ones to resell. Reason being is that they have a reputation to safeguard. They won't sell junk and possibly ruin whatever goodwill/reputation they have.

The most important thing . . . be ready and willing to get up and walk out! It is your money, and you have the power. Don't give it to a car salesman or his manager/closer. Purchasing a car is a very emotional experience. Try to take the emotions out of it and view it as a business transaction. Immediately walk away from high-pressure sales tactics. If what they are selling is worthwhile, it will sell itself.

p.s. A hearty second recommendation for Dave Ramsey's "Financial Peace University". It will change your life and place you on the path to financial freedom and independence.
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Old 10-29-2014, 09:34 PM
 
2,620 posts, read 2,350,779 times
Reputation: 7195
Quote:
Originally Posted by volosong View Post
The absolute best place to purchase a used car is from a new car dealership.
Yes, but new car dealerships are not going to hold a used car while a prospective buyer spends days and days agonizing over a purchase. So while it's fine to be prepared to get up and walk out, be prepared for that car to not be there tomorrow when you do your research and discover the deal was pretty good after all.

Seriously, if you're petrified of car dealerships--to the point where you'll pay money to CarMax to buy the car for you--you should be buying from a private party.
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Old 10-29-2014, 09:39 PM
 
Location: Rathdrum, ID
4,123 posts, read 3,875,461 times
Reputation: 7840
Quote:
Originally Posted by LoriBee62 View Post
...you should be buying from a private party.
Purchasing from a private party could be good. However, I've been burned before . . . back in my youth. The absolute only way I would purchase today from a private party is if he allowed me to take the car to the mechanic of my choice and have the mechanic perform a "pre-purchase inspection". It will cost you a few bucks, but at least you will be fairly certain what the mechanical condition of the car will be before handing over your money. Also, if you are going to get a loan, the finance company will want to inspect the vehicle before issuing the funds.
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Old 10-29-2014, 10:03 PM
 
48,519 posts, read 81,086,895 times
Reputation: 17978
There are lots of sites that give average price paid in your area but not much help since this is late in year for 2014 models. Now is when 2014 will have large incentives tho.But you need to shop around and know what you will pay or walk away after giving it some thought.Never get in a hurry is my advice.
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Old 10-30-2014, 07:00 AM
 
Location: East TX
2,085 posts, read 1,823,777 times
Reputation: 3175
Quote:
Originally Posted by volosong View Post
The past few posters are correct. You should be looking at pre-owned, (or used), cars. The absolute best place to purchase a used car is from a new car dealership. Dealerships take in a lot of trade-ins, and a vast majority of them are wholesaled out and sold at auction. They only keep the best ones to resell. Reason being is that they have a reputation to safeguard. They won't sell junk and possibly ruin whatever goodwill/reputation they have.

The most important thing . . . be ready and willing to get up and walk out! It is your money, and you have the power. Don't give it to a car salesman or his manager/closer. Purchasing a car is a very emotional experience. Try to take the emotions out of it and view it as a business transaction. Immediately walk away from high-pressure sales tactics. If what they are selling is worthwhile, it will sell itself.

p.s. A hearty second recommendation for Dave Ramsey's "Financial Peace University". It will change your life and place you on the path to financial freedom and independence.
^^^Best advice so far. As a former salesman, sales trainer, manager and current fleet manager I can tell you a few pointers to go along with this advice. Dealers do have a reputation to uphold and also a legal responsibility regarding ethics in many states. Don't believe all the horror stories. Private parties have absolutely ZERO obligation to be truthful to you about a vehicle they are selling. It is buyer beware.

Definitely buy late model used and research the financing as a seperate issue from the price of the vehicle. Dealers are allowed to mark up the apr they charge you from the "buy" rate they are given from the lender. Getting our own financing options ahead of time will make a great bargaining tool. I understand the credit issue is hard, and the rates may not be great. Contrary to most posters here, I know that most credit unions won't touch a substandard credit score. That is how they keep overall rates lower for the "good" paying customers. You may need to pay a higher rate than you wish, but make sure it is at a financial institution, not a buy here/pay here place. They are not required to report to the credit bureau as a financial lender is required to do.

Use the internet for the finance shopping and the auto pricing. Edmunds gives a more realistic value on used cars then Kelley Blue Book (KBB.com) or NADA. Dealers love those two for the inflated numbers. I suggest Edmunds and then also look at autotrader.com for current vehicles and availability in your region. It will give a good idea of what is available and what the current value is. Often in the margins there are banner ads for bankrate or lending tree that can be a great source for shopping the financing as well.

In the world of subprime credit, your auto loan for a used car will not be much different than a new car rate, and the money you save on the depreciation will more than make up for not buying the brand new car. It may be painful, but if you use a legitimate lender and pay it off early, you can rebuild the credit and the subsequent purchases will get easier and less costly.

Be honest with the sales person and the manager. If you keep this on a friendly tone they (if they are professionals at all) will work to help you. If you make this confrontational or fight for every last penny in the deal, their willingness to help goes down. They do have a right to make a profit and earn a living at what they do.

Finally, remember that a huge majority (90% range) of all buyers buy a vehicle based on emotion. "ooh - I like it. I gotta have it." This is where the dealers can get you in trouble. As has been stated, keep yourself in a position to walk out. If they ask for your drivers license, get it back before you go on the test drive. Use the excuse that you know it is illegal to drive without it and get it back in your pocket. Do not give the sales rep the keys to your trade or a deposit until you are writing a contract at the end of the negotiation.

When this is over, update us. I am curious how it goes. Also - do the Dave Ramsey course. It can be a life changer.
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Old 10-30-2014, 07:53 AM
 
Location: North Texas
23,615 posts, read 31,183,401 times
Reputation: 26682
Also if you're doing subprime auto financing, avoid Santander Consumer USA.
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Old 10-30-2014, 08:20 AM
 
Location: 4222'55.2"N 7124'46.8"W
4,837 posts, read 9,244,121 times
Reputation: 2878
Quote:
Originally Posted by Rynldsbr View Post
^^^Best advice so far. As a former salesman, sales trainer, manager and current fleet manager I can tell you a few pointers to go along with this advice. Dealers do have a reputation to uphold and also a legal responsibility regarding ethics in many states. Don't believe all the horror stories. Private parties have absolutely ZERO obligation to be truthful to you about a vehicle they are selling. It is buyer beware.

Definitely buy late model used and research the financing as a seperate issue from the price of the vehicle. Dealers are allowed to mark up the apr they charge you from the "buy" rate they are given from the lender. Getting our own financing options ahead of time will make a great bargaining tool. I understand the credit issue is hard, and the rates may not be great. Contrary to most posters here, I know that most credit unions won't touch a substandard credit score. That is how they keep overall rates lower for the "good" paying customers. You may need to pay a higher rate than you wish, but make sure it is at a financial institution, not a buy here/pay here place. They are not required to report to the credit bureau as a financial lender is required to do.

Use the internet for the finance shopping and the auto pricing. Edmunds gives a more realistic value on used cars then Kelley Blue Book (KBB.com) or NADA. Dealers love those two for the inflated numbers. I suggest Edmunds and then also look at autotrader.com for current vehicles and availability in your region. It will give a good idea of what is available and what the current value is. Often in the margins there are banner ads for bankrate or lending tree that can be a great source for shopping the financing as well.

In the world of subprime credit, your auto loan for a used car will not be much different than a new car rate, and the money you save on the depreciation will more than make up for not buying the brand new car. It may be painful, but if you use a legitimate lender and pay it off early, you can rebuild the credit and the subsequent purchases will get easier and less costly.

Be honest with the sales person and the manager. If you keep this on a friendly tone they (if they are professionals at all) will work to help you. If you make this confrontational or fight for every last penny in the deal, their willingness to help goes down. They do have a right to make a profit and earn a living at what they do.

Finally, remember that a huge majority (90% range) of all buyers buy a vehicle based on emotion. "ooh - I like it. I gotta have it." This is where the dealers can get you in trouble. As has been stated, keep yourself in a position to walk out. If they ask for your drivers license, get it back before you go on the test drive. Use the excuse that you know it is illegal to drive without it and get it back in your pocket. Do not give the sales rep the keys to your trade or a deposit until you are writing a contract at the end of the negotiation.

When this is over, update us. I am curious how it goes. Also - do the Dave Ramsey course. It can be a life changer.
I like the fact that people are giving her not only car buying advice, but also life advice. She sounds young (mid 20's?) so I hope the advice doesn't go through one ear and out the other. If she's at all serious about improving her credit score and her financial situation then she should definitely take a look at the Dave Ramsey course or at least a few of his books.
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Old 10-30-2014, 08:23 AM
 
2,620 posts, read 2,350,779 times
Reputation: 7195
Quote:
Originally Posted by Rynldsbr View Post
Be honest with the sales person and the manager. If you keep this on a friendly tone they (if they are professionals at all) will work to help you. If you make this confrontational or fight for every last penny in the deal, their willingness to help goes down. They do have a right to make a profit and earn a living at what they do.
Thank you, very well said! My husband sells cars. He's very honest, non-pressuring, and up-front with customers. For every one story a person has for getting treated badly at a dealership, I can give you 50 stories of confrontational customers who come in acting like jerks, expect something for nothing, think the car is going to be given away, and show total disrespect for every employee they encounter. And most of the comments on this thread not only perpetuate that attitude but encourage it. Unbelievable!

Trust me, you don't have to be an a-hole in order to get a good deal. In fact, pretty much the opposite is true. All you need to know is the value of the car you want to buy. Cars are no different than groceries. Shop around for the best deal, and buy it when you find it. Being a dick about it is completely unnecessary and won't get you anywhere.
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Old 10-30-2014, 09:35 AM
 
Location: Columbus, OH
575 posts, read 936,745 times
Reputation: 674
Waiting to get another car is not an option we want to take unless we can't find financing at the rate we want. I am a stay at home mom and my husband works a lot. He's gone (with our only car) for 13+ hours a day M-F making errands such as doctor appointments almost impossible to achieve. If our kid gets hurt or sick, I have no way to get her to where she needs to go without asking my husband to take off work or calling an ambulance.

We've managed with one car for several years now and we're finally at a place where we can afford to purchase a second vehicle. As long as the payments don't go over our budget (which if they did, we wouldn't buy the car anyway), they'll only be taking up about 5% of our income. As for a 72 month loan term... We do not plan to take 72 months to pay the vehicle off. However, we want to take out a long loan term to reduce the monthly payments. It is our intention to have the vehicle paid off within 24 months. I also thought that $1500 was a good down payment on a $12,000 vehicle - the last vehicle I purchased was over $13,000 and I only put $500 down for it. But I admit that I really don't know about that.

I do appreciate the advice, of course. But we are rebuilding our credit and want to buy a house in around 3 years. A car loan would go a long ways to helping us be approved for a mortgage in the future. However, we are entirely willing to walk away with no car if the terms aren't right and we will try again in about a year after further building our credit. I would rather take a huge hit to our credit from inquiries than get stuck with a bad deal.

I did have a question for everyone though. When applying for financing for an auto loan, does it look bad to have multiple inquiries?? I have been told this by dealers but a google search says that as long as they are in a relatively short window of time then it shouldn't affect our scores with each hit. It seems that it would not make sense for each inquiry to hurt you since you don't want to take the first offer you get, right?
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