Auto Loan Help

• CheckMate12

  Its that time where I will be buying my first car on my own, and I have some questions. (The car is used, so 0% is not an option )
  
  1. Where is the best place to look for a loan?
  
  2. Should I apply several places and see where my best rate will be?
  
  3. Do I just go with the Dealership rate?
  
  4. How can I figure out what my rate will be prior to going to the dealership so I can be in the position to negotiate?
  
  Any help would be greatly appreciated!!!
• Fab1b

  

  Can I ask how old you are?
  Do you plan on buying new or used?
  Buying or leasing?
  How's your credit?
  Price Range?
  
  You can determine some rates if you know how close of an amount you will finance. You could probably check your bank for a preapproval of sorts.
• CheckMate12

  Fab1b wrote: Can I ask how old you are?
  Do you plan on buying new or used?
  Buying or leasing?
  How's your credit?
  Price Range?
  
  You can determine some rates if you know how close of an amount you will finance. You could probably check your bank for a preapproval of sorts.

  23 years old
  Used (2007)
  Buying
  Credit is great as far as I know.
  $20,000 is the sticker price
• sleeper

  

  I mean usually I'm not the one to LOL at help threads, but 20k for a car at age 23? Why not save up and pay cash? You can get by much easier with a 5k or less car and you won't have to waste money paying the bank.
• Benny The Jet

  

  Jesus, 20k vehicle at 23...ballin! haha
  
  I bought my first vehicle at 24 and it was an 05 Trailblazer. Cost 9k, and GMAC gave me a loan for 4.9%. I just called around and basically told them the year,make,model,price of vehicle and credit rating...they'll pretty much ball-park it from there.
• derek bomar

  

  yea dude don't waste your money...buy a used car
• Manhattan Buckeye

  Go with (2) as long as there isn't a credit check, nothing wrong with options.
• fan_from_texas

  With some quick googling, you can probably find a handful of places that might be able to give you quotes. If possible, you want to avoid having them pull your credit, as it could make a nominal impact on your score in the short-term (though a lot of pulls all at once shouldn't make much of a difference). We just bought a car a month ago, and it's possible to get some great rates on used cars right now if you shop around. Our best rate was at a credit union.
• Fab1b

  

  Get some quotes like the poster above mentioned and check with your bank as well. You can see what the dealer can give you if your credit is good. However 20,000 on a used car at 23 is alot, I of course don't know your financial situation but why go so big??
• CheckMate12

  Yeah I have been back and forth on what to go for, but this is a vehicle I have wanted, and its coming off a gently used lease and they are going to certify it. Basically a new car with 25K miles on it.
  
  I'm not sold on the truck yet, but I need to get my ducks in a row!!
  
  As far as finances, I had a job lined up before I graduated, had a well-paying internship and have a decent paying job with very limited bills (No Debt other than a few small school loans). I have done a great job with my personal finances thus far (One of those lessons I learned from observing my parents and what NOT to do), and I feel if I am going to do this, get something dependable I will be driving for the next 7 to 8 years so I won't have a car payment when it comes time to start a family.
  
  This is my rationale anyway. I appreciate everyone's help on this because i'm not sold on what to do!!
• iclfan2

  

  If it were me, I'd pay off all debt, then start saving until you can buy a decent car with cash. I hate paying interest. This coming from another 23 year old with no debt (Thanks to my parents, not trying to act like I did it myself), enough money to buy a new car with cash, but driving a 2001 Honda Civic with 121,000 miles on it.
• september63

  

  To each their own!! If he worked hard thru college, had nice paying internships and has little school loans? Id say get yourself the vehicle you want. The one exception, which you mentioned, If you are close to getting married............You have to think about that.