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Old 09-16-2016, 11:51 AM
 
Location: NC
663 posts, read 1,612,879 times
Reputation: 183

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I am planning to buy a new vehicle (big Honda dealers in the area) or perhaps a almost new vehicle (from Crossroad infinity) in the 30k+ range.

My credit scores are great. How should I go about securing an auto loan? I figure if I can get something around 1% then I'll finance else pay in full.

Can I do with the dealers? Anything to watch out with them?

Thanks
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Old 09-16-2016, 11:52 AM
 
2,819 posts, read 2,566,319 times
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I would go to your bank rather than the dealers as they may have better rates. But compare the two before jumping in. Credit unions also tend to have great options if you become a member.
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Old 09-16-2016, 11:54 AM
 
9,265 posts, read 8,209,163 times
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You can get a good rate through the dealer, but it's all a game. Lower the rate, higher the price, doc fees, etc.

Go in knowing what you want for a rate, term of loan, what you want to pay for the car, and what you want to pay in doc fees, and don't budge.

Or, go to Carmax and have a MUCH less stressful experience.
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Old 09-16-2016, 12:03 PM
 
Location: Raleigh, NC
19,374 posts, read 27,616,159 times
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Go to your bank and get what they can give you before you set foot in a dealership. Better yet, a credit union.

Then, go to the dealership. Tell them your undecided about financing, you might pay cash, you might finance through them. Negotiate the price of the car down to the point that it's acceptable to you. Then, let them tell you what they can do for financing without changing that price.

For us (with excellent credit), this meant we used dealer financing (1.99% or less) in all car purchases for the last 15 years except one in 2015, where USAA beat the Toyota financing.
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Old 09-16-2016, 12:24 PM
 
Location: Boydton, VA
4,554 posts, read 6,240,923 times
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Do it all, from shopping to financing (if you choose) to delivery thru Carvana.

We will never set foot in another dealership.

Regards
Gemstone1
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Old 09-16-2016, 12:37 PM
 
Location: Hickory, NC
1,197 posts, read 1,538,936 times
Reputation: 1713
Carvana doesn't sell new cars.

See what rates you can get at the banks. Then go to the dealer (or call), negotiate your price, and see if they can beat your rate.

Also, search for your car on cars.com or autotrader.com before you set foot in the dealership. Find the dealers that have the car with the options/colors you want. No point in wasting time on the lot if they don't have the car you're looking for.
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Old 09-16-2016, 01:45 PM
 
767 posts, read 1,843,565 times
Reputation: 413
I like to have my financing before hand. I secured financing on Lightstream.com before purchasing. I'm not interested in some financing people making even more money off me. Sure cuts down buying time as well.
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Old 09-16-2016, 01:56 PM
 
606 posts, read 900,397 times
Reputation: 1267
Once you secure financing outside of the dealership, be prepared for them to be less friendly. It's all fine and good with me. I had mine when I went in and they STILL kept trying to ask me what I wanted my monthly payment to be. It's all a big game. Having a root canal might be slightly more fun than car buying.
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Old 09-16-2016, 02:29 PM
 
88 posts, read 220,810 times
Reputation: 71
Big fan of Pentagon Federal Credit Union (www.penfed.org). Don't have to be military to join; just small donation to a military charity. Rates are super low / competitive.
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Old 09-16-2016, 02:34 PM
 
Location: My House
34,937 posts, read 36,095,423 times
Reputation: 26546
Quote:
Originally Posted by igolfchip View Post
Big fan of Pentagon Federal Credit Union (www.penfed.org). Don't have to be military to join; just small donation to a military charity. Rates are super low / competitive.
I like Penfed. I also have Navy Fed. Both have excellent rates and are easy to do business with.
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