chuckstang Posted January 2, 2007 Report Share Posted January 2, 2007 Just curious how everyone is doing it...Who offers the best auto loan interest rates? Bank of America lists 6.34 for a new car, but would the Ford dealer itself offer a much better rate? She mentioned something like 4.0 would be quite common? I have not bought a new car before so if everyone could voice their opinions on who the best place to borrow from with lowest rates, let me know? I repeat, I am a newb at this lol so be gentle haha thanks! Link to comment Share on other sites More sharing options...
iceman Posted January 2, 2007 Report Share Posted January 2, 2007 I did this one already: http://www.stangsunleashed.com/forums/inde...&hl=finance In the end I went and got the loan at US Bank for 84 mo for 38K and paid the rest in cash. I am planning to pay the whole thing off this year sometime after having it for 6 payments to get it on my credit. Why did I get the loan myself....because someone started talking about having their name on the title and I liked that idea so i just got the loan then went and bought the car with a cert. check. Link to comment Share on other sites More sharing options...
GT500KR Posted January 2, 2007 Report Share Posted January 2, 2007 There are a lot of factors in borrowing money, only you know your credit rating and those that you apply with (that has a lot to do with your rate). You need to do some homework, Now get busy so you can post a picture of your new ride lol Link to comment Share on other sites More sharing options...
cutter Posted January 2, 2007 Report Share Posted January 2, 2007 Just curious how everyone is doing it...Who offers the best auto loan interest rates? Bank of America lists 6.34 for a new car, but would the Ford dealer itself offer a much better rate? She mentioned something like 4.0 would be quite common? I have not bought a new car before so if everyone could voice their opinions on who the best place to borrow from with lowest rates, let me know? I repeat, I am a newb at this lol so be gentle haha thanks! Ford won't give you 4% on a shelby...... Link to comment Share on other sites More sharing options...
Joe G Posted January 2, 2007 Report Share Posted January 2, 2007 I did this one already: http://www.stangsunleashed.com/forums/inde...&hl=finance Hey iceman - I just noticed you're in Fishers. I lived there after college (Purdue) until 1999 when a promotion brought me to MN. Loved the area. It's really gotten popular - lot's of changes and congestion! Would still move back there in a heartbeat. What dealer did you get your Shelby from - a local place or did you do the "out of state" deal? Link to comment Share on other sites More sharing options...
chuckstang Posted January 2, 2007 Author Report Share Posted January 2, 2007 Hey iceman - I just noticed you're in Fishers. I lived there after college (Purdue) until 1999 when a promotion brought me to MN. Loved the area. It's really gotten popular - lot's of changes and congestion! Would still move back there in a heartbeat. What dealer did you get your Shelby from - a local place or did you do the "out of state" deal? thanks for the link but I don't want to read through 6 pages of bickering about how bad or not bad it is to pay over msrp. Im interested in people posting best means/places for an auto loan and I want to know more about how the car can be owned by you rather than the bank (personal loan???) I do not own a house and this is my first time borrowing money for a car purchase. What is the best way to check your credit score (any links?) and how much that affects your interest rate. sorry for all the questions! Much thanks! Link to comment Share on other sites More sharing options...
SVTpower Posted January 3, 2007 Report Share Posted January 3, 2007 I'm assuming this will be the same for the u.s. but there are no special incentives/rates for this car from Ford, and the banks that they use will cost more as they get the rates from the bank and then mark those rates up. You will do better at your own bank or credit union. Link to comment Share on other sites More sharing options...
Alloy Dave Posted January 3, 2007 Report Share Posted January 3, 2007 thanks for the link but I don't want to read through 6 pages of bickering about how bad or not bad it is to pay over msrp. Im interested in people posting best means/places for an auto loan and I want to know more about how the car can be owned by you rather than the bank (personal loan???) I do not own a house and this is my first time borrowing money for a car purchase. What is the best way to check your credit score (any links?) and how much that affects your interest rate. sorry for all the questions! Much thanks! chuck, I'll try to be nice here, but think you should heed your own advice. Iceman gave you a thread where this has been discussed. Your comment about not wanting to read through 6 pages was quite rude to him...he spent the time to give you a link to the information you asked for. We don't want to spend our valuable time reposting all our ideas and opinions on the exact same subject, so I'd suggest you take a look at that thread. As far as your other questions, I work in finance and do personal finance as a hobby. I don't understand your question about how the car can be owned by you. If you get a loan, the bank will have a lien on the car until it's paid off. The bank does not "own" the car...they have the right to own it IF YOU FAIL TO PAY. As far as checking your credit score, DO NOT go to www.freecreditreport.com. Their credit reports are not free...I believe they use deceptive advertising. If you go to www.annualcreditreport.com, you can get a free credit report from each of the three agencies. It will take some time...so set aside an hour or more. However, your credit score (better known as a FICO score - which stands for Fair Isaacs Company) is NOT free. However, they will give you the option to purchase it at the end for a very low fee (I got mine last year...I think it was about $8). Since there are three rating agencies, you can purchase the score from all three (you must pay 3 times), but the scores are typically very close to each other. As far as what the scores mean, any score better than 720 puts you in the "most preferred" category and may take about 1/2% off your rate compared to someone in the average category. The highest possible score is 850. I'm not sure of the lowest...but I think it's 450. People below 600 have some issues to work through. Good luck. Dave Link to comment Share on other sites More sharing options...
jcthorne Posted January 3, 2007 Report Share Posted January 3, 2007 I ended up using an offer I got through lendingtree.com. I had shopped Ford, most local banks and 3 credit unions and was getting rates between 6.9 and 7.1 The rate quoted through lending tree was lower. Strangely enough through the internet marketing group of Capitol One. We have Capitol One as a local bank so I took the offer in to see the local branch manager. He told me the internet offer was typically 0.5% lower than the lowest rate they could offer at the B&M locaton. Odd. He looked over the terms and said they were slightly better also. I will say CapitolOne made the purchase process pretty easy. They gave me a blank check to write to the dealer. Have not had to deal with them as a lender yet. Time will tell. Link to comment Share on other sites More sharing options...
iceman Posted January 3, 2007 Report Share Posted January 3, 2007 Hey iceman - I just noticed you're in Fishers. I lived there after college (Purdue) until 1999 when a promotion brought me to MN. Loved the area. It's really gotten popular - lot's of changes and congestion! Would still move back there in a heartbeat. What dealer did you get your Shelby from - a local place or did you do the "out of state" deal? I ended up going to OH and buying a car I saw on e-bay and worked a deal out with them over the phone. It was Mike Catrucci Ford and they were easy to work with and left everything untouched as they said. I was very happy with the service and follow through. I couldn't get one here to come down to the price I needed to make it work and they were the first one to give me the right deal so I jumped on it after walking from some that we were 1200-2500 apart on. I also went to Purdue - grad. in 1994. Link to comment Share on other sites More sharing options...
ShelbyGal Posted January 3, 2007 Report Share Posted January 3, 2007 Just curious how everyone is doing it...Who offers the best auto loan interest rates? Bank of America lists 6.34 for a new car, but would the Ford dealer itself offer a much better rate? She mentioned something like 4.0 would be quite common? I have not bought a new car before so if everyone could voice their opinions on who the best place to borrow from with lowest rates, let me know? I repeat, I am a newb at this lol so be gentle haha thanks! Try a home equity loan. The term is longer, the payment smaller, and the interest is tax deductible. You can always pay more to pay it off sooner. Karen PS I finally parked mine in the garage last night! Pics will be posted as soon as I'm home when the sun is up. Link to comment Share on other sites More sharing options...
iceman Posted January 3, 2007 Report Share Posted January 3, 2007 thanks for the link but I don't want to read through 6 pages of bickering about how bad or not bad it is to pay over msrp. Im interested in people posting best means/places for an auto loan and I want to know more about how the car can be owned by you rather than the bank (personal loan???) I do not own a house and this is my first time borrowing money for a car purchase. What is the best way to check your credit score (any links?) and how much that affects your interest rate. sorry for all the questions! Much thanks! Nor did I want to read that but that's the way the deal goes when you ask about price and cost & paying for these cars. There is good info in there to be had though. It's impossible to say what is the best for you. My short answer is Cash is King - if you can live life with no debt you are a lucky man but I was not ready to drop a check of 53K of my own money on this or any car before I had even driven the thing. I found US Bank to be good at 6.9% for 84 mo - the trouble is you have to open an account to have them directly take payments from and they don't have a lot of branches so it's hard to go and find one locally - I had to drive 45-50 minutes to go to one in a little town in IN and do the paperwork then I had the $ at my fingertips. The title shows my name with no lien because I didn't secure the loan with the car. My credit is an 800+ so they gave me the $ on signature......I plan to pay this off in 6-12 months because I don't like having debt for a car as I believe even this one will depreciate in the short term (who knows for long term). I've worked with Capitol One on my other purchases and been very happy with them. I would suggest you look at www.interest.com and do a search for the loan terms you want and see what options are out there. That's a good starting point. Usually e-loan and cap. one come up for me as the best but when the 84 mo. term is used US Bank also came up. As for the other threat - sorry if you don't care for the results but it was in fact the same question. If you are too lazy to read that then you are not really that interested in getting your question answered. The simple fact is everyone has a different situation and no one but you (or your accountant) can likely say what's best for you. Good luck Link to comment Share on other sites More sharing options...
Snakehead Posted January 3, 2007 Report Share Posted January 3, 2007 I got lucky (which is better than smart). My credit union was running a special on auto loans. 48 months at 3.99% apr. In general, a home equity loan with a reasonable rate would be your best bet. Since you mentioned you don't own a home, you might consider joining a local credit union. Otherwise, shop around. Link to comment Share on other sites More sharing options...
1FAFP90 Posted January 3, 2007 Report Share Posted January 3, 2007 If I ever get the okay from my boss to get the GT500, I'll pay by cash. It will be a toy in my garage and not a daily driver. I never believed in borrowing money for toys. Life without any loans whatsoever feels pretty darn good. Link to comment Share on other sites More sharing options...
chuckstang Posted January 3, 2007 Author Report Share Posted January 3, 2007 chuck, I'll try to be nice here, but think you should heed your own advice. Iceman gave you a thread where this has been discussed. Your comment about not wanting to read through 6 pages was quite rude to him...he spent the time to give you a link to the information you asked for. We don't want to spend our valuable time reposting all our ideas and opinions on the exact same subject, so I'd suggest you take a look at that thread. As far as your other questions, I work in finance and do personal finance as a hobby. I don't understand your question about how the car can be owned by you. If you get a loan, the bank will have a lien on the car until it's paid off. The bank does not "own" the car...they have the right to own it IF YOU FAIL TO PAY. As far as checking your credit score, DO NOT go to www.freecreditreport.com. Their credit reports are not free...I believe they use deceptive advertising. If you go to www.annualcreditreport.com, you can get a free credit report from each of the three agencies. It will take some time...so set aside an hour or more. However, your credit score (better known as a FICO score - which stands for Fair Isaacs Company) is NOT free. However, they will give you the option to purchase it at the end for a very low fee (I got mine last year...I think it was about $8). Since there are three rating agencies, you can purchase the score from all three (you must pay 3 times), but the scores are typically very close to each other. As far as what the scores mean, any score better than 720 puts you in the "most preferred" category and may take about 1/2% off your rate compared to someone in the average category. The highest possible score is 850. I'm not sure of the lowest...but I think it's 450. People below 600 have some issues to work through. Good luck. Dave Sorry if it came off mean, def. was not directed at him but at those that argue on the morals of paying ADMs. I did read through all those 6 pages as well lol thanks! Also, thanks so much for all the info and links. When I said the bank owns your car, I meant lien. Is there other alternatives to avoid this? just curious as I read this from another member, maybe iceman. thanks again Link to comment Share on other sites More sharing options...
Joe G Posted January 3, 2007 Report Share Posted January 3, 2007 I ended up going to OH and buying a car I saw on e-bay and worked a deal out with them over the phone. It was Mike Catrucci Ford and they were easy to work with and left everything untouched as they said. I was very happy with the service and follow through. I couldn't get one here to come down to the price I needed to make it work and they were the first one to give me the right deal so I jumped on it after walking from some that we were 1200-2500 apart on. I also went to Purdue - grad. in 1994. Good deal. Enjoy the car. Purdue Grad - BA - December 1994. Living far away, I miss going to games a few times a year. Have seen Purdue when they play U of MN up here. Not many Boiler fans up north! Link to comment Share on other sites More sharing options...
VNMOUS1 Posted January 3, 2007 Report Share Posted January 3, 2007 thanks for the link but I don't want to read through 6 pages of bickering about how bad or not bad it is to pay over msrp. Im interested in people posting best means/places for an auto loan and I want to know more about how the car can be owned by you rather than the bank (personal loan???) I do not own a house and this is my first time borrowing money for a car purchase. What is the best way to check your credit score (any links?) and how much that affects your interest rate. sorry for all the questions! Much thanks! I've already read through the responses to this post so I won't "pile on", but offer you a little advice: First, go to www.truecredit.com. It's owned by Transunion, one of the three credit reporting agencies. They have a variety of products (I personally use the $14.95/mo for unlimited access to a consolidated 3-agency report and FICO scores). I also get weekly updates as to whether or not anything has changed on my report. Over the years I have had more than a dozen instances of wrong information being reported, fraudulent use of my credit, etc. They have one-time plans as well. Buy a 3-bureau report with FICO scores. Look your report over carefully. Make sure they're all your accounts. Make sure you don't have late payments, etc. When you look at your FICO scores there will be a narrative that will tell you how you rate and how you can improve your scores in the future....plus it will tell you what's potentially negative at this point. Second, BE CAREFUL about shopping for rates. What will happen is you'll have a half-dozen people hitting your credit bureau info and it will show that you have "too many inquiries". That is a definite no-no in the credit world. Looks like you're on a spree. Check the 'net. Rates are posted everywhere. As another poster stated, if you're over 720 on your FICO you're in great shape. 700 is really the general breakpoint and anything over 760 and you're king of the world. And, as they said, you'll likely be eligible for a lower rate. Google for credit unions that do auto loans. I use a credit union and it has nothing to do with work. All I had to do is open a $50 savings account. I've used them for years and they're awesome. Narrow it down to three and call to shop them. Tell them that you don't want a bunch of inquiries on your report but you have your personal scores (they won't accept them, but they'll know you're doing your homework and can offer you a hypothetical rate IF your score is what you say and all other facets of your life are in order). If it sounds good, tell them to run the bureau on you. They cannot do this without your permission (verbal counts). A good score, a job, a reasonable time of residence and a minimum of 20% down will get you bought at a favorable rate almost anywhere. Hope this helps you as well as anyone else that's interested. The business I manage does about 50 million in revenue (local market only) per year and a ton of our business is based on creditworthiness. It's important to you not only on these matters, but things like auto insurance. Check with your agent and ask the differences for someone with a 500 score and a 750 score (they don't use exactly the same matrix as this but you get the idea). Later- bj Link to comment Share on other sites More sharing options...
chuckstang Posted January 4, 2007 Author Report Share Posted January 4, 2007 Hey that is some awsome information How do you sticky a thread or "subscribe"? I tried doing it by using the options tab at the top of the thread but that only subscribes to "Discussion" threads and not this one or others I would like to sticky/subscribe? thanks again Link to comment Share on other sites More sharing options...
supe Posted January 4, 2007 Report Share Posted January 4, 2007 CASH IS KING... :bowdown: buy this king cant find a car..... Link to comment Share on other sites More sharing options...
VNMOUS1 Posted January 4, 2007 Report Share Posted January 4, 2007 CASH IS KING... :bowdown: buy this king cant find a car..... Then the King is in the Counting House, counting up his dough (instead of making tons of phone calls to find the car at the right price). They're out there, Your Highness. Send some knights on an expedition to find one for you. You'll need an Official Tester before you actually drive it, so swing by here and I'll make sure it's all good for you. xxoo Jester Link to comment Share on other sites More sharing options...
Alloy Dave Posted January 4, 2007 Report Share Posted January 4, 2007 Try a home equity loan. The term is longer, the payment smaller, and the interest is tax deductible. You can always pay more to pay it off sooner. Karen PS I finally parked mine in the garage last night! Pics will be posted as soon as I'm home when the sun is up. First let's get something out in the open. You must have enough equity in your home to do this. There are three ways to have substantial equity. 1) You made a very large initial downpayment (much greater than 20%) 2) Your house has appreciated substantially in value since you bought it 3) You have been paying on your mortgage for quite some time If you bought the house recently, have a long-term loan (i.e. 30 years), have not had substantial appreciation, and did not make a substantial downpayment, then you will not have sufficient equity. Also keep in mind that an appraisal may be required, which can cost $300-$1,000. There are actually two types of equity loans that are very similar. Home equity and HELOCs (Home Equity Lines of Credit). HELOCs have variable rates. Home equity loans are fixed rates. If rates go up, your payment will go up. Of course rates may go down...how good is your crystal ball? With HELOCs you get approved for a MAXIMUM amount...then can borrow UP TO that amount....tapping pieces of it when needed. On the Home Equity loan, you must take the entire amount...and then cannot take more without going through another approval process. Risks associated with home equity loans and HELOCs (not that when they use the word "lines", they mean HELOCs only. If you default, you could lose your home, your biggest asset. • Such loans can be a risky spending tool for younger homeowners who are not established in their careers and have less experience owning a home and managing money. • The loans can be risky for older homeowners who would be tapping their nest egg close to retirement. • Credit lines have variable interest rates, so monthly payments can rise, even if your income doesn't. • If your home's value drops, you can end up owing more than the house is worth -- a bad situation if you need to sell the house. • Using an equity loan to pay off debt might make monthly payments cheaper but could cost you more in the long haul, because you're taking much more time to pay off the debt. • You might not be able to lease your home during the term of your loan. There are some benefits to home equity/HELOC loans, but I find the restrictions/disadvantages listed above to be a bit unwieldy. You'll have to determine for yourself. AD I've already read through the responses to this post so I won't "pile on", but offer you a little advice: First, go to www.truecredit.com. It's owned by Transunion, one of the three credit reporting agencies. They have a variety of products (I personally use the $14.95/mo for unlimited access to a consolidated 3-agency report and FICO scores). I also get weekly updates as to whether or not anything has changed on my report. Over the years I have had more than a dozen instances of wrong information being reported, fraudulent use of my credit, etc. They have one-time plans as well. bj Not disagreeing with anything Brian has said...but to provide another option.... Anyone can get their credit reports (WITHOUT FICO scores) free once each year from www.annualcreditreport.com. You can get all three at once...or you can get one of them now, and the other ones later in the year...however you want. You can PURCHASE the FICO scores...about $8-$10 each I think. I have also seen incorrect information on my reports, but it has always been innocuous. Dave I got lucky (which is better than smart). My credit union was running a special on auto loans. 48 months at 3.99% apr. In general, a home equity loan with a reasonable rate would be your best bet. Since you mentioned you don't own a home, you might consider joining a local credit union. Otherwise, shop around. Again, read my reply on home equity loans. We need to be careful not to steer people to these without letting them know there are many risks. Dave Hey that is some awsome information How do you sticky a thread or "subscribe"? I tried doing it by using the options tab at the top of the thread but that only subscribes to "Discussion" threads and not this one or others I would like to sticky/subscribe? thanks again Only moderators can sticky a thread. Why do you want to sticky a thread? Perhaps you're not clear on the definition of sticky. As for subscribing..I don't use that option, so I can't help you...sorry. Dave Link to comment Share on other sites More sharing options...
chuckstang Posted January 4, 2007 Author Report Share Posted January 4, 2007 Yes exactly, I mean subscirbe to a thread like on any other forum. This site does not seem to have that function or it does not work for me or I just cant find it. It would be great help, so that way I can follow threads I am currently participating in. thanks! Link to comment Share on other sites More sharing options...
68fastback Posted January 4, 2007 Report Share Posted January 4, 2007 Yes exactly, I mean subscirbe to a thread like on any other forum. This site does not seem to have that function or it does not work for me or I just cant find it. It would be great help, so that way I can follow threads I am currently participating in. thanks! Chuck, when you reply to any post in a thread, three boxes appear below the area you're typing in uner POST OPTIONS. The bottom of the three is ENABLE E-MAIL NOTIFICATIONS. Click that box before you click ADD REPLY and when you then click ADD REPLY it will subscribe you to that thread. You can also go into MY CONTROLS, SUBSCRIPTIONS and set a default such that that same box will automatically be checked by defauly in any thread you post in but you may find the above method better to begin with. Good luck! -Dan Link to comment Share on other sites More sharing options...
Alloy Dave Posted January 4, 2007 Report Share Posted January 4, 2007 Chuck, when you reply to any post in a thread, three boxes appear below the area you're typing in uner POST OPTIONS. The bottom of the three is ENABLE E-MAIL NOTIFICATIONS. Click that box before you click ADD REPLY and when you then click ADD REPLY it will subscribe you to that thread. You can also go into MY CONTROLS, SUBSCRIPTIONS and set a default such that that same box will automatically be checked by defauly in any thread you post in but you may find the above method better to begin with. Good luck! -Dan Ok, I'm going to show how stupid I am here. When you subscribe, are you saying you get an email every time a new post comes in? If so, I'd have 1,000 emails a day. I'm scared to click on that box for fear of overloading my email. Please clarify how this works. Thanks. Dave Link to comment Share on other sites More sharing options...
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