I am going to buy a used car here in the next few months. What is everyone's experience with financing? I called my bank and they will not loan money on a used car older than 2003. Should I call around some more or trust the financing through the place where I plan to purchase? I am guessing I should expect an interest rate between 7-8%?

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'85 300SD (formerly california emissions)
'08 Chevy Tahoe
'93 Ducati 900 SS
'79 Kawasaki KZ 650
'86 Kawasaki KX 250
'88 Kawasaki KDX200
'71 Hodaka Ace 100
'72 Triumph T100R

7%? You should be able to get a better rate than that, no?

Not sure about the US, but you can get an LOC in Canada for prime+1, and if you have good credit/salary, can easily negotiate prime. Which for all the major banks is currently 3%.

It's a good time to buy. Good luck!

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Chris
2007 E550 4Matic - 61,000 Km - Iridium Silver, black leather, Sport package, Premium 2 package
2007 GL450 4Matic - 62,000 Km - Obsidian Black Metallic, black leather, all options
1998 E430 - sold
1989 300E - 333,000 Km - sold
1977 280E - sold
1971 250 - retired

"And a frign hat. They gave me a hat at the annual benefits meeting. I said. how does this benefit me. I dont have anything from the company.. So they gave me a hat." - TheDon

My local credit union will do (almost) any year. Just this weekend they were promoting 4.75 used car rates my mail.

Edit 4.99 they inluded a coupon for another .25 in the mailer
http://www.mecuanywhere.com/ASP/home.asp

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BENZ THERE DONE THAThttp://www.peachparts.com/shopforum/...c/progress.gif
15 VW Passat TDI
00 E420
98 E300 DT
97 E420 Donor Car - NEED PARTS? PM ME!
97 S500
97 E300D
86 Holden Jackaroo Turbo D
86 300SDL
(o\|/o)

Wow,,, 4.75 ? I just got 7.5 on a 2000 from my CU and thought it was a pretty good deal.

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95 SL500 Smoke Silver, Parchment 64K
07 E350 4matic Station Wagon White 34K
02 E320 4Matic Silver/grey 80K
05 F150 Silver 44K

that is what I am thinking. We are in the same neck of the woods also. What year vehicle?

__________________
'85 300SD (formerly california emissions)
'08 Chevy Tahoe
'93 Ducati 900 SS
'79 Kawasaki KZ 650
'86 Kawasaki KX 250
'88 Kawasaki KDX200
'71 Hodaka Ace 100
'72 Triumph T100R

I don't agree with financing used cars. If you have to finance it, you can't afford it and you should aim lower, unless you need it for business or something like that.

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2004 VW Jetta TDI (manual)

Past MB's: '96 E300D, '83 240D, '82 300D, '87 300D, '87 420SEL

So if I wanted a 08 S65 we should just plunk down cash?

__________________
BENZ THERE DONE THAThttp://www.peachparts.com/shopforum/...c/progress.gif
15 VW Passat TDI
00 E420
98 E300 DT
97 E420 Donor Car - NEED PARTS? PM ME!
97 S500
97 E300D
86 Holden Jackaroo Turbo D
86 300SDL
(o\|/o)

Yesh. That's the best way.

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You don't need a weatherman to know which way the wind blows - Robert A. Zimmerman

Yeah, that is how I would buy one. I would first invest the money, and use the profits from the investment to purchase a toy like that.

I recomend a local credit union. Sikorsky Credit Union was advertising 4.75%, and AFAIK they will lend on older cars.

I'm waiting to buy a new truck until I can pay cash, its killing me because I just found a dark blue 2008 Chevy 1500 with 3,500 miles on it! For $13k! Must wait, must wait.

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2016 Corvette Stingray 2LT
1969 280SE
2023 Ram 1500
2007 Tiara 3200

I am currently saving to buy a car cash. I just dont know what to buy. Newer cars really dont interest me, but I dont want to buy a clunker either.

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1984 300SD Orient Red/ Palomino
1989 560SEC
2016 Mazda 6 6 speed manual
1995 Ford F-150 reg cab 4.9 5speed manual

So is it safe to assume that those of you that are against financing have no mortgages, no credit card balances and own your vehicles outright! I am very impressed that you saved the money needed for the purchase prices of all those possesions and paid for them in cash at time of purchase. Very impressive!!!!!

Yah, become a congressman like Stennis and get paid for not growing rice on your tennis courts.

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1991 560 SEC AMG, 199k <---- 300 hp 10:1 ECE euro HV ...

1995 E 420, 170k "The Red Plum" (sold)

2015 BMW 535i xdrive awd Stage 1 DINAN, 6k, <----364 hp

1967 Mercury Cougar, 49k

2013 Jaguar XF, 20k <----340 hp Supercharged, All Wheel Drive (sold)

I have a better idea. I'll invest in Ethanol.

__________________
'85 300SD (formerly california emissions)
'08 Chevy Tahoe
'93 Ducati 900 SS
'79 Kawasaki KZ 650
'86 Kawasaki KX 250
'88 Kawasaki KDX200
'71 Hodaka Ace 100
'72 Triumph T100R

Yup, or even better invest that cash in something that appreciates.

__________________
2004 VW Jetta TDI (manual)

Past MB's: '96 E300D, '83 240D, '82 300D, '87 300D, '87 420SEL

So if I have to finance, I should buy new or not get another car altogether?

__________________
'85 300SD (formerly california emissions)
'08 Chevy Tahoe
'93 Ducati 900 SS
'79 Kawasaki KZ 650
'86 Kawasaki KX 250
'88 Kawasaki KDX200
'71 Hodaka Ace 100
'72 Triumph T100R