Auto Loans

[Dodge Trucker]

Hiya'll! I thought I would start a thread about where you get your finance/loan for new/used cars?? I tried to do search for auto loans here in All Deaf, but not find any.

Just curious...where/who did you get loan from/with to purchase your new/used car/truck/van?? Any good experiences with your loan company? Bad experiences? Did you apply for loan through dealer, or did you apply for loan through bank or other Auto loan specialist banks?

I am ordering my car through factory. 2007 Impala LT2. Dealer cant find the kind of car I want with my color option and inside options within 800 miles of where the dealer is, so hafta order. I plan to order 1st of October. Car should arrive and I recieve it around Thanksgiving. I am "shopping" for BEST auto loan with BEST interest rate. I have used my bank which I use MANY time for MANY loans. Looking at GMAC credit..Eloan..Lending Tree..Capital 1 Auto finance...for better loan rates..etc etc.

Just thought I would start a thread and see who have their loan thru with good or bad experiences. Fire away!!

 

[sr171soars]

One good way to purchase new or used is to use a home equity loan. We did that with our most recent used van. Of course, it helps if the interest rate is lower than it is now which our's was at the time. It gives you more control over how you pay it back as long as you meet the minimum at least. We always paid back more than required each month.

 

[diehardbiker]

It is the worst way to do that!!! I would NEVER take out any home equity loan at all! Not for any reason. Why? If for any reason you got into financial trouble. Can happen to anyone, and this is one way u CAN lose your house. Most of financial advisors advise against this idea! I rather have auto loan or personal loan and if I have trouble with finance, I go bankruptcy and wipe them out and still own the house. Of course can lose car, but it is easier to replace car than house.

One good way to purchase new or used is to use a home equity loan. We did that with our most recent used van. Of course, it helps if the interest rate is lower than it is now which our's was at the time. It gives you more control over how you pay it back as long as you meet the minimum at least. We always paid back more than required each month.

 

[deafsqrrl]

Visit Capital One Auto Loan. I just paid off with them. And try your CU if you have it.

 

[sr171soars]

It is the worst way to do that!!! I would NEVER take out any home equity loan at all! Not for any reason. Why? If for any reason you got into financial trouble. Can happen to anyone, and this is one way u CAN lose your house. Most of financial advisors advise against this idea! I rather have auto loan or personal loan and if I have trouble with finance, I go bankruptcy and wipe them out and still own the house. Of course can lose car, but it is easier to replace car than house.

I know what you mean but we had already made a significant dent in our mortgage and we put a down payment on the used vehicle. Interest at the time was like 4% and was well worth the deal. We were not going to get 4% on any auto loan (I believe the lowest was 7%). We had it paid off in less than three years.

BTW the home equity line we have is $15,000 (we refuse to raise it for any reason) and since we paid off the car, we don't use it. With interest much higher on the Equity Line (I think 9% now), we won't be using it anytime soon either.

I hear you DHB about the whole deal but we are extremely disciplined in handling money as it can very easily get away from you. The only debt we have at this point in time is our house. That is paid off in 12 yrs (under a 15 yr loan). When that happens, we will hold a party!!!!

 

[diehardbiker]

That is "burning mortgage" party. For me, I got long way to get there. Really, I am just advising against for general public. Very few people can handle this well, but for general people it is just the worst idea. Whats more, if one owes more than what the property values are, then they will have trouble selling because no lender would let you go loose *if* would still be owed after it is sold. That is something nobody wants to get stuck in.

When that happens, we will hold a party!!!!

 

[Heath]

I was doing good paying the car loan on time then I thought I had car repairs covered but of all days this could not have happened at a more bad time, my car transmission blew out and I could fix it myself but I would need a garage for that and I just did not have the money for it and sprialed into a finanical nightmare so I am $7,000. in the hole from the car loan. It is a good thing I did not have a family, my wife and my kids to feed if I was married so this was a very good learning mistake and definetely not a mistake I could have afforded had I been married with a family to look after.

My recommendation:

Do not get a car loan and work save $$$$ then buy a good car or truck. Buy the car to own the same day you drive it away.

If you are looking for a house, it is better to not take a mortage house loan out and buy a tract of land to have in your own name then go to Lowe's or Home Depot's and buy a basic house with a dishwasher, a/c etc nothing too fancy and it can be an add on to the house for later which should cost you about $3,000 to $5,000. to add on to your house a basic 4 room ( 1 living room, kitchen, bathroom and bedroom ) when you have a growing family. That house will last you 50 years and you don't have to pay one red cent for it. Make sure you have both house fire insurance and flood insurance and any additional insurance for full coverage in case of fire or flood or weather related emergencies and make sure to ask what is included and not included, read the fine print, take home to read compare insurance prices and how fast they will pay you insurance to build a new home after a house fire, I hope you don't have one, a house fire or whatever it is but the insurance will be there. The house you built with your own hands is yours and it is alots better than paying the house mortage. This goes for either a single or a married man with the car loan, house mortage payments. Don't take out a loan. Better to save up and buy to own the same day.

 

[diehardbiker]

Going without mortgage is almost impossible. Don't you have any clue to how much it really cost to build your own house? Nowdays minimum is $120k just for 3 bedroom small house!!! Lumbers aren't cheap anymore, you have to pay survey, sewer hook ups, water hooks up, electric hooks up, these utility hook ups can cost at least $30k just for a starter, this includes all balney permits, and zoning authorization. Plus, even you still have to buy land, and most land cost at least $10k. If you wish to have well water and septic tank, it would cost at least $20k just for a starter. So back to point... it is impossible to go this way without help of mortgage!

I was doing good paying the car loan on time then I thought I had car repairs covered but of all days this could not have happened at a more bad time, my car transmission blew out and I could fix it myself but I would need a garage for that and I just did not have the money for it and sprialed into a finanical nightmare so I am $7,000. in the hole from the car loan. It is a good thing I did not have a family, my wife and my kids to feed if I was married so this was a very good learning mistake and definetely not a mistake I could have afforded had I been married with a family to look after.

My recommendation:

Do not get a car loan and work save $$$$ then buy a good car or truck. Buy the car to own the same day you drive it away.

If you are looking for a house, it is better to not take a mortage house loan out and buy a tract of land to have in your own name then go to Lowe's or Home Depot's and buy a basic house with a dishwasher, a/c etc nothing too fancy and it can be an add on to the house for later which should cost you about $3,000 to $5,000. to add on to your house a basic 4 room ( 1 living room, kitchen, bathroom and bedroom ) when you have a growing family. That house will last you 50 years and you don't have to pay one red cent for it. Make sure you have both house fire insurance and flood insurance and any additional insurance for full coverage in case of fire or flood or weather related emergencies and make sure to ask what is included and not included, read the fine print, take home to read compare insurance prices and how fast they will pay you insurance to build a new home after a house fire, I hope you don't have one, a house fire or whatever it is but the insurance will be there. The house you built with your own hands is yours and it is alots better than paying the house mortage. This goes for either a single or a married man with the car loan, house mortage payments. Don't take out a loan. Better to save up and buy to own the same day.

 

[sr171soars]

... Really, I am just advising against for general public. Very few people can handle this well, but for general people it is just the worst idea. Whats more, if one owes more than what the property values are, then they will have trouble selling because no lender would let you go loose *if* would still be owed after it is sold. That is something nobody wants to get stuck in.

Yea, that is true and the number #1 problem for most people have is more debt than they should have.

 

[Kalista]

I have a car loan from Triple A. It is under Federal Union Loan is much cheaper interest both two used cars.

Deduciable every other week, it is much easier for me because I did not like to pay full each 15th of the month. I split it 15th and 30th every month. I love it...

Much easier to do the budget.