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post #1 of 20 (permalink) Old 11-12-2006, 10:40 AM Thread Starter
 
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taking an auto loan

anyone even get a loan over the internet for a used car?
i applyed at 2 different sites. one says i gotta buy from there car lot. (sorry no thanks) and one just sends you a check in your name to cash and buy a car anywhere.(e-loan) anyone else have any luck with this type of loan? im looking to get a $5,000 loan. so i can go buy a car (my trep died)
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post #2 of 20 (permalink) Old 11-12-2006, 12:34 PM
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I had success w/lending tree. Overall I was very impressed with the process, I got the loan check from capital one, and it is good for 30 days and if you don't use it no harm done. The only draw back with them was the minimum loan was $7500
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post #3 of 20 (permalink) Old 11-12-2006, 12:47 PM
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I went with lending tree, and they are very good. Got a really good deal with AmeriCredit. They sent the check in the mail, and I went picked out the Intrepid.
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post #4 of 20 (permalink) Old 11-12-2006, 01:24 PM
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Quote:
Originally Posted by EspizTrep
anyone even get a loan over the internet for a used car?
i applyed at 2 different sites. one says i gotta buy from there car lot. (sorry no thanks) and one just sends you a check in your name to cash and buy a car anywhere.(e-loan) anyone else have any luck with this type of loan? im looking to get a $5,000 loan. so i can go buy a car (my trep died)
I have bought both of my Intrepids with those loans. One was from People First LLC in California and this June was with Capital One. You tell them what kind of car you are looking for and a maximum amount that you'll need to borrow. They send you a check that is good for up to that amount but there is a minimum amount you can borrow, they don't want you buying a $1500 car with the check. I'm not sure if they support buying a car from a private party that way or if you have to buy from a dealer for some reason.

If you are in a hurry when you apply online, agree to pay the $5 or $10 charge for overnight sending of your loan check because I guarantee you that it will take another day, another day, for it to show up if you are anxious for it to arrive. My check was supposed to go out on Thursday but as of Saturday it hadn't arrived yet. The car was 120 miles from here and it was going to work out perfectly for me to get it on Saturday - instead I had to finagle a ride out on a bus on Monday evening, ugh. For the few extra bucks I could have been able to plan.

I don't think these online auto loan companies are into the 'Bad credit OK, no credit OK, bankruptcy OK...' thing. It probably does take a solid credit rating, steady employment etc. to qualify. Lucky for me my credit rating is about as good as it could be; after I applied online Capital One told me in about two minutes that I qualified for the loan. I think it's a great system, and I wouldn't finance any other way.
(Pictured are my two Internet Loan Intrepids....)

Last edited by Indiana Intrep; 11-12-2006 at 01:35 PM.
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post #5 of 20 (permalink) Old 11-12-2006, 01:29 PM Thread Starter
 
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well i just tryed capital one for $7500. i have a credit card with them so i figure id have a better shot with them. my credit is so so. (today they are closed and i shoudl hear from them tomorrow) if i get approved then ill be going to get my car pretty damn soon lol. dunno what car tho... im kindda liking the camero like a 99 ish. but im stil undecided. i may stay with a chry. tho soooooo i dunno lol. taking the bus sucks. i need something thats gonna last me for as long as imma be paying for it or more lol
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post #6 of 20 (permalink) Old 11-12-2006, 01:31 PM Thread Starter
 
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also... if im buying a car. for $7500 with a capital one black check.... the car would be be paid off for the dealership or private party so will full coverage insurance be needed ? or could i get away with having just liability for a few months? i wanna use the same plates and insurance policy from the trep im patiung out now.
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post #7 of 20 (permalink) Old 11-12-2006, 01:40 PM
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Quote:
Originally Posted by EspizTrep
also... if im buying a car. for $7500 with a capital one black check.... the car would be be paid off for the dealership or private party so will full coverage insurance be needed ? or could i get away with having just liability for a few months? i wanna use the same plates and insurance policy from the trep im patiung out now.
I believe you do have to get full coverage on the car including fire, theft, and collision. Otherwise, the car gets crashed or stolen and the owner can stop paying and the lender is SOL. Either there is nothing to repossess or else they can come get a junk pile. You can bet they are not going to leave themselves open to that scene. Insurance on your older Intrepid isn't going to just swap onto the new car like a tire - they want the VIN number, and somehow I doubt that the insurance you have on an older Intrepid being parted out, is sufficient for a newer vehicle worth $7500 or more.l

Due to how the paperwork is processed, they will hold the title and their name is on it as lienholder, same as with any car loan. Shop carefully and buy a car that is really worthwhile and will last. Don't overpay just because you like the car. Get your money's worth so the car will last as long as the payments.

Last edited by Indiana Intrep; 11-12-2006 at 01:50 PM.
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post #8 of 20 (permalink) Old 11-12-2006, 01:44 PM
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Quote:
Originally Posted by EspizTrep
also... if im buying a car. for $7500 with a capital one black check.... the car would be be paid off for the dealership or private party so will full coverage insurance be needed ? or could i get away with having just liability for a few months? i wanna use the same plates and insurance policy from the trep im patiung out now.
If you're gonna be $7500 in the hole for a car, you dam well better have full coverage. You rear end somebody with no collision, you're fucked. Also, how's your credit? Credit Unions have excellent interest rates. I've financed my Jeep, my Sebring, and now my 300M Special through the same credit Union, all at less than 6%.
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post #9 of 20 (permalink) Old 11-12-2006, 01:58 PM
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Quote:
Originally Posted by LOUD98ES
If you're gonna be $7500 in the hole for a car, you dam well better have full coverage. You rear end somebody with no collision, you're fucked.
Basically that's the whole thing. Even if you can get a loan, if you can't afford insurance, you still can't afford the car. I just paid 6 months full coverage including collision on my 03 SXT; $241.70. I can handle that. (There are advantages to being 50 and living in a fairly rural state, and having a clean driving record.)
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post #10 of 20 (permalink) Old 11-12-2006, 02:00 PM Thread Starter
 
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yup. so i guess im not getting a car then. i cant afford full coverage. only had my license for a year and im in NYC. :/
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post #11 of 20 (permalink) Old 11-12-2006, 02:44 PM
 
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Quote:
Originally Posted by EspizTrep
yup. so i guess im not getting a car then. i cant afford full coverage. only had my license for a year and im in NYC. :/
Ouch.
Bet that's pricey.

Cheers

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post #12 of 20 (permalink) Old 11-12-2006, 02:59 PM
 
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Get an old piece of crap that'll last you a year. Then buy another one etc etc until your rates go down a bit. It's actually amazing what you can get for $1000. Good luck!
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post #13 of 20 (permalink) Old 11-12-2006, 03:50 PM
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Originally Posted by Treppin99
Get an old piece of crap that'll last you a year. Then buy another one etc etc until your rates go down a bit. It's actually amazing what you can get for $1000. Good luck!
I agree, there is alot around from $1000 to $4000. Down the road from me there is a white 2nd Gen ES Trep with leather and a sunroof for $3200. There is alot of good deal's around for cheap, if you look around. Don't get into trouble by getting a loan on a car that you can't afford. At least if you get a cheap car, and pay cash, you don't need full coverage on it. Anyway's I wish you the best on finding a new car !!!
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post #14 of 20 (permalink) Old 11-12-2006, 05:07 PM Thread Starter
 
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what bout leasing..... full coverage is deff. needed on that correct? lol. see , my delemma is this. i dont wanna spend $1000 on a crap car cause ill be getting like 5000-6000$ in january from income tax $. soooo i dont wanna spend 1000$ for only maybe 2 months of use. ... but i need something for now due to my mother being sick. sooooo i dunno what i should do. i was thinking to finance a car for $5000. pay the payments for 2 months then with the income tax money just pay it all off. but then i would need full coverage for those firt few months. soooo im stuck. lol.
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post #15 of 20 (permalink) Old 11-12-2006, 06:25 PM
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I recommend getting a $1000 beater and driving it until it disintegrates. While you are driving this, you can let that refund chill in your bank account and search for a really good deal on a car you are interested in. It's hard to let that much cash sit around but fight the urge to spend it quick.
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