Quote:
Originally Posted by vwbuge
Wow, you sound like my wife. Wait, change that, my wife doesn't even bug me about the motorcycles. They are all paid off and more than a few of them I took out loans for. Besides, if I sold all of them I don't think I could still pay $15,000 cash. Besides my school loan I have only about $3k in credit card debt. Sorry, I don't live in a perfect world where I can pay cash for everything.
Back to my original question.
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Having been in the car business let me help you out. First of all credit unions normally give the
WORST rates you can get. I never understand why people accept these horrible rates from credit unions but its their money.
Anyway, depending on your current credit score and credit history is how you should be able to work out a interest rate.
If your going to buy a used car from a dealership get the dealership to finance it for you. Whatever rate they give you negotiate down 2 points as dealers make money on interest rates. The bank normally allows a 2 point profit for the dealer so whatever rate they give you know that you have 2 points to work off.
They always say the shorter the loan term the better, but dont get to short of a term just in case you cant make the higher payment when you could have had a longer term and pay the lower minimum.
And sorry for all you that say "pay with cash" but with that state of mind i should spend 30 years of my life saving money to buy a house when i could have it now and pay little by little.
I wanted my C32 now not a year from now, i financed my C32 with a 4 year loan and paid it off in less then a year. I could care less about the interest because honestly money is just paper.