used car financing...??? - PeachParts Mercedes-Benz Forum

vwbuge · #1 01-26-2009, 11:20 AM

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%?

Zeus · #2 01-26-2009, 11:27 AM

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!

TX76513 · #3 01-26-2009, 11:32 AM

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

Pete Geither · #4 01-26-2009, 12:24 PM

Quote:

Originally Posted by TX76513

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

Wow,,, 4.75 ?

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

vwbuge · #5 01-26-2009, 01:26 PM

Quote:

Originally Posted by Pete Geither

Wow,,, 4.75 ?

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

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

DieselAddict · #6 01-26-2009, 01:31 PM

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.

TX76513 · #7 01-26-2009, 01:42 PM

Quote:

Originally Posted by DieselAddict

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.

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

Kuan · #8 01-26-2009, 01:45 PM

Quote:

Originally Posted by TX76513

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

Yesh. That's the best way.

DieselAddict · #9 01-26-2009, 01:51 PM

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

vwbuge · #10 01-26-2009, 02:16 PM

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

Kuan · #11 01-26-2009, 02:21 PM

I'm sure you can get a better rate, especially if you get certified used. Don't finance a new car man. Waste of money.

TX76513 · #12 01-26-2009, 02:22 PM

Quote:

Originally Posted by DieselAddict

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

Stocks

Jim B. · #13 01-26-2009, 02:50 PM

Quote:

Originally Posted by DieselAddict

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.

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

vwbuge · #14 01-26-2009, 04:27 PM

Quote:

Originally Posted by Jim B.

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

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

pawoSD · #15 01-26-2009, 04:40 PM

Yep, anything you have to finance you can't afford. SAVE then BUY. Thats what we did for our 300E a few months ago. Bought it flat out. No payments, no interest. Not paying the bank....priceless.