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post #1 of 24 (permalink) Old 02-27-2007, 10:04 PM Thread Starter
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financing advice

so I bought my car in october. and I was wondering when/how long is a good time to re-finance? I would like to be able to get my car payment and insurence in one if possable. It costs me $317 a month for 60 months + 280 for insurence(the joys of being a 21 year old male). basicly I have low credit. which is one reson why I got stuck with a pretty sucky deal and what I do have isent that great. I have never done this befor. and I thought I would ask people who would have a bit more experence with this. so anyone got some advise? thank you all!
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post #2 of 24 (permalink) Old 02-27-2007, 10:42 PM
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Do all you can to get your credit established a bit more, then refinance. I bought my car after being in the country for only 6 months, and had to deal with a 16% rate. I refinanced about 8 months later at 6.99%...
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post #3 of 24 (permalink) Old 02-27-2007, 11:33 PM
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My advice is to buy an older car that you can afford without financing.
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post #4 of 24 (permalink) Old 02-27-2007, 11:40 PM
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My advice would be to try your local credit unions!
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post #5 of 24 (permalink) Old 02-27-2007, 11:56 PM
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Quote:
Originally Posted by IntrepidBus IV
My advice would be to try your local credit unions!
x2. I pay rediculously low interest rates on my Special because I'm financed through a Credit Union. I'm locked at 5.9% for 60 months, $350 a month. That's with the taxes rolled into the loan, disability insurance (disabled for 14 days and the loan starts paying itself) and gap insuance.

Last edited by LOUD98ES; 02-28-2007 at 12:06 AM.
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post #6 of 24 (permalink) Old 02-28-2007, 12:02 AM
 
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Originally Posted by IntrepidBus IV
My advice would be to try your local credit unions!
Seconded.

Since my wife and my credit was a little on the bad side they did insist on a $1500 down payment. But we were able to get 8.25% interest and for a 36 month term our payment is around $200 a month.
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post #7 of 24 (permalink) Old 02-28-2007, 12:04 AM Thread Starter
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so if I re-finance do you useualy have to come up with another down payment?
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post #8 of 24 (permalink) Old 02-28-2007, 12:29 AM
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Originally Posted by newbe04
so if I re-finance do you useualy have to come up with another down payment?
Not necessarily! The CU's will look up the NADA value of the car and typically let your borrow up to that amount, or at least 90% of it!
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post #9 of 24 (permalink) Old 02-28-2007, 12:37 AM
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My CU wanted $1,000 cash to re-fi to a shorter term when I had my '04 Liberty.
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post #10 of 24 (permalink) Old 02-28-2007, 01:07 AM
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Credit Unions ftw.
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post #11 of 24 (permalink) Old 02-28-2007, 03:11 AM
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I paid cash for mine, I HATE paying intrest! It's fun watching the salesman drool when he finds out he can get his cash right away.... you can get a great deal that way.

If you don't have time to save up try hitting up the parents if they have some spare cash around, pay them back in payments instead of the dealer. Even if you pay them the intrest they would have normaly made on it you'll be way ahead.

Here are some tips I got from a credit report I just had done: (Help you get your credit up faster)

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There are several factors taken into account that help determine your credit score. The factors making the largest impact are listed below. Remember that these factors vary in how strongly they impact your credit score. For example, if you have a very high credit score, the negative factors in your analysis are likely to have a small impact. For very low credit scores, the opposite is true in that negative factors have a very large impact on your credit.

Here are the top factors that make your score lower:

1.The balances on your bank/national revolving accounts are too high. High levels of debt can signal to potential lenders that you are spending more than you can afford. It is a good idea to use your credit cards regularly but remember to keep your balances below 35 percent of your available credit limits. If you have balances above 35-50 percent, you could see your credit score start to drop.

2.Your loan balances are too high in comparison with your loan amounts. High levels of debt can signal to potential lenders that you are spending more than you can afford. It is a good idea to use your credit cards regularly but remember to keep your balances below 35 percent of your available credit limits. If you have balances above 35-50 percent, you could see your credit score start to drop.


3.Your most recent bank/national revolving account has not been open very long. Time is one of the most important factors for a healthy credit score. The longer your accounts have been opened, the better they are perceived by lenders. Opening new accounts can cause your credit to appear unstable, because a record of responsible use has not yet been established for the account. Your credit score will improve as you keep your new accounts open, active and paid on-time

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There are steps you can take to ensure that each time a new "credit picture" is taken, it shows your best side. By observing the following guidelines, you can influence your credit worthiness for the better:

1. Be punctual - Pay all your bills on time. Late payments, collections, and bankruptcies have the greatest negative effect on your credit score.
2. Check your credit profile regularly and take the necessary steps to remove inaccuracies - Donít let your credit health suffer due to inaccurate information. If you find an inaccuracy on your credit profile contact the creditor associated with the account or the credit reporting agencies to correct it immediately.
3. Watch your debt - Keep your account balances below 50% of your available credit. For instance, if you have a credit card with a $1,000 limit, you should try to keep the balance owed below $500.
4. Give yourself time - Time is one of the most significant factors that can improve your credit score . Establish a long history of paying your bills on time and using credit responsibly. You may also want to keep the oldest account on your credit profile open in order to lengthen your period of active credit use.
5. Avoid excessive inquiries - A large number of inquiries occurred over a short period of time may be interpreted as a sign that you are opening numerous credit accounts due to financial difficulties or overextending yourself by taking on more debt than you can easily repay.
Hope that helps

Last edited by DJDiggler; 02-28-2007 at 03:13 AM.
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post #12 of 24 (permalink) Old 02-28-2007, 04:00 AM
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mine was 0% financing from my local Chrysler dealer. Wasnt that a widespread trend??? so its 0% for 60 months. The new honda was 2.9% for 48 months.

Trying getting a cheaper car and you will save on insurance too. BTW that insurance is really high, mine is something like 250$ + $150 and im only 20 yrs old with 2 cars LOL... You might wanna try statefarm since they offer a good student discount.

Good luck
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post #13 of 24 (permalink) Old 02-28-2007, 04:04 AM
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Quote:
Originally Posted by DJDiggler
I paid cash for mine, I HATE paying intrest! It's fun watching the salesman drool when he finds out he can get his cash right away.... you can get a great deal that way.
As a salesman myself, it matters not whether the customers payment comes via cash or loan, either way we get paid the same. It's all money. And you will actually get a better deal by financing, as that is how the dealerships make their money. We make next to nothing on the cars themselves.
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post #14 of 24 (permalink) Old 02-28-2007, 04:23 AM
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Quote:
Originally Posted by DJDiggler
I paid cash for mine, I HATE paying intrest! It's fun watching the salesman drool when he finds out he can get his cash right away.... you can get a great deal that way.

If you don't have time to save up try hitting up the parents if they have some spare cash around, pay them back in payments instead of the dealer. Even if you pay them the intrest they would have normaly made on it you'll be way ahead.

Hope that helps
the dealership/employees get their cash on the spot.... i hope u know that. The only benefit to cash is that you can get some serious deals with some tax cuts, but seniors usually get 15% off in Canada on high end models so thats a pretty nice discount. Its the bank that finances you that doesnt, the dealer gets the cash before you pick up the car, all of it (unless its a lease of course).

I like the parents idea LOL.... i get free cars that way HHAHAHA ... then again my dads business is in my name so i get to guy the cars LOL.

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post #15 of 24 (permalink) Old 02-28-2007, 04:28 AM
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Quote:
Originally Posted by linuxglobal
the dealership/employees get their cash on the spot.... i hope u know that. The only benefit to cash is that you can get some serious deals with some tax cuts, but seniors usually get 15% off in Canada on high end models so thats a pretty nice discount. Its the bank that finances you that doesnt, the dealer gets the cash before you pick up the car, all of it
Only if the customer walks in with a fist full of greenbacks.

The dealership doesn't get the cash until the deal is bought by a financial institution, and they send the money to the dealership, and that usually doesn't happen until long after the car is delivered. Ever heard of the term "rollback"? Thats a car that the dealership has had to get back from the customer because they couldn't secure financing.
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