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Message
First Time Car Buyer - Update on page 4
Posted on 4/11/16 at 8:13 pm
Posted on 4/11/16 at 8:13 pm
Here with another question. I'm in the market to buy a car ASAP. My wife and I are lucky enough that we came from families that provided us with decent cars to start out with. My wife's car is now 11 years old and starting to experience several problems at once. I'd rather get it off my hands and start putting that money towards a car note for a vehicle I actually want to drive than continue to sink money into repairs.
I'm a young buc with no experience at this. I've been looking online at places like cars.com and autotrader to get an idea of what is available in the market right now. I will soon start test driving my options. Are there any other easy paths I should be exploring for options? I have a strong credit score and I'm not looking to break the bank (looking at used cars in the $15,000-$20,000 range). I would like to get preapproved for a loan so that I can strike immediately when I find the car I want. What would be the best way to go about this? I know several companies offer approval online.
I'm a young buc with no experience at this. I've been looking online at places like cars.com and autotrader to get an idea of what is available in the market right now. I will soon start test driving my options. Are there any other easy paths I should be exploring for options? I have a strong credit score and I'm not looking to break the bank (looking at used cars in the $15,000-$20,000 range). I would like to get preapproved for a loan so that I can strike immediately when I find the car I want. What would be the best way to go about this? I know several companies offer approval online.
This post was edited on 4/20/16 at 8:41 am
4
Posted on 4/11/16 at 8:18 pm to tlsu15
penfed
lightstream
DCU
and whatever credit union you deal with in your area. Probably start with your bank. And if you're already looking to go to 20K, pay a little more and buy new, unless you're looking at SUVs. It's worth it
And of course read this thread
lightstream
DCU
and whatever credit union you deal with in your area. Probably start with your bank. And if you're already looking to go to 20K, pay a little more and buy new, unless you're looking at SUVs. It's worth it
And of course read this thread
This post was edited on 4/11/16 at 8:21 pm
Posted on 4/11/16 at 8:35 pm to tlsu15
Posted on 4/11/16 at 8:37 pm to bubbz
From BR, but now I live in Dallas.
Posted on 4/11/16 at 9:58 pm to tlsu15
Unless you've already made a firm decision on the exact vehicle, and (especially) if you're not a car guy, Consumer Reports is your friend. Taking a look at J.D. Power also isn't a bad idea, in order to have a double check. And I'd definitely look at your local credit union, in addition to banks and online sources, for financing options... maybe even your insurance agent (State Farm had good rates a year or so back).
Good luck.
Good luck.
Posted on 4/12/16 at 8:47 am to Jag_Warrior
Penfed will cut you a deal when you use their car buying service. I heard when it first started, they were offering 0%
When I bought my used car in 2011, i used Lacap locally and they were charging me something like a 3-4% interest rate. I quickly refinanced after that with pen fed for 1.49%.
Depending on the care you buy, you may get a fairly good deal at the dealership. I know Toyota does 0% financing for 60 months on some of their cars throughout the year. Free money...
When I bought my used car in 2011, i used Lacap locally and they were charging me something like a 3-4% interest rate. I quickly refinanced after that with pen fed for 1.49%.
Depending on the care you buy, you may get a fairly good deal at the dealership. I know Toyota does 0% financing for 60 months on some of their cars throughout the year. Free money...
Posted on 4/12/16 at 9:37 am to TigerRob20
If you plan to purchase in BR area, come see me and I will walk you through it and answer all your questions, and do employee pricing on any new vehicle. If not, my email is under my acct, just email me any particular questions you cant find answer to. GL
Posted on 4/12/16 at 9:46 am to TigerRob20
quote:
Depending on the care you buy, you may get a fairly good deal at the dealership. I know Toyota does 0% financing for 60 months on some of their cars throughout the year. Free money...
I don't think any dealers are doing 0% on a used vehicle.
To OP- Pre-approval is nice leverage to have in the negotiation. When buying used, it's good to have a high percent down. Most places I've looked have tiered rates based upon how much you're financing. (10%, 25%, 50%).
If you can finance less (net of purchase amt, trade-in, cash down) then 50% you should be able to attract a low rate.
Posted on 4/12/16 at 9:49 am to Oenophile Brah
quote:
f you can finance less (net of purchase amt, trade-in, cash down) then 50% you should be able to attract a low rate.
I was hoping this would be the case, but due to the frustrations my wife's Accord has been giving me recently, I will be buying sooner than I had planned. I'll probably only have around 30% down at the time of purchase.
This post was edited on 4/12/16 at 10:09 am
Posted on 4/12/16 at 9:50 am to tlsu15
What type of cars do yall like. Based on how long yall seem to keep cars, I'd lean toward buying new so that you have a full warranty and can pick the exact features you want.
Posted on 4/12/16 at 9:52 am to tlsu15
quote:
I was hoping this would be the case, but due to the frustrations my wife Accord has been giving me recently, I will be buying sooner than I had planned. I'll probably only have around 30% down at the time of purchase.
My credit union offers around 2% without having to put anything down. You may end up paying an extra $300 for gap, but that's a small price to pay to keep your money liquid IMO.
Since you have experience with the Accord, I'd recommend a new Accord Sport. Lots of features, good looks, great reliability, and can be had for around $25k or less.
Posted on 4/12/16 at 9:59 am to LNCHBOX
We are looking for either a Sedan or small SUV/Crossover. We do keep cars as long as possible, so reliability goes a long way. We are also planning on having kids within the next year or two, so safety is a concern as well. I am by no means a car guy. I obviously want something that looks/feels nice to me though.
Right now, the frontrunner for us is the Volvo S60/S80. It gives a great combination of style and safety, although the company's reliability rating seems to be lower than it traditionally was. I can find numerous options ranging from anywhere between 20,000-60,000 miles within my price range. Lower mileage is obviously better.
If it were up to me, I'd probably just get a civic or camry newish that would last 10+ years with limited upkeep. I'm sure I'm not the only one here who has a wife that likes to keep up with the Joneses though
We live in Dallas and like many residents here, most people at our work drive "luxury" brand vehicles.
Right now, the frontrunner for us is the Volvo S60/S80. It gives a great combination of style and safety, although the company's reliability rating seems to be lower than it traditionally was. I can find numerous options ranging from anywhere between 20,000-60,000 miles within my price range. Lower mileage is obviously better.
If it were up to me, I'd probably just get a civic or camry newish that would last 10+ years with limited upkeep. I'm sure I'm not the only one here who has a wife that likes to keep up with the Joneses though
We live in Dallas and like many residents here, most people at our work drive "luxury" brand vehicles.
Posted on 4/12/16 at 10:01 am to castorinho
quote:
lightstream
Great company to deal with. I have an unsecured loan at 1.99 % for my truck. Yes, unsecured.
Posted on 4/12/16 at 10:04 am to tlsu15
quote:
Right now, the frontrunner for us is the Volvo S60/S80. It gives a great combination of style and safety, although the company's reliability rating seems to be lower than it traditionally was. I can find numerous options ranging from anywhere between 20,000-60,000 miles within my price range. Lower mileage is obviously better.
I jumped ship from Volvo over reliability & the relentless "upscaling" of vehicles. S60/80 are nice, though, as you get decent towing capacity in a sedan (very difficult/impossible to find in most comparable US cars). So if you have a small boat, utility trailer, etc, the Volvo is a decent choice.
Posted on 4/12/16 at 10:04 am to Will Cover
quote:
Since you have experience with the Accord, I'd recommend a new Accord Sport. Lots of features, good looks, great reliability, and can be had for around $25k or less.
Great idea.
Accord Sport can go for 22873.00 at the moment.
Posted on 4/12/16 at 10:10 am to hungryone
Can you give me any horror stories you had involving Volvo's reliability?
What year/model did you drive?
What year/model did you drive?
Posted on 4/12/16 at 10:10 am to Coach Guidry
quote:I got a 2016 for $21,750 at Honda of Covington recently; they came a decent bit off sticker. I like it so far.
Accord Sport can go for 22873.00 at the moment.
Posted on 4/12/16 at 10:14 am to tlsu15
quote:
Right now, the frontrunner for us is the Volvo S60/S80. It gives a great combination of style and safety, although the company's reliability rating seems to be lower than it traditionally was. I can find numerous options ranging from anywhere between 20,000-60,000 miles within my price range. Lower mileage is obviously better.
A Volvo will put you back in the same situation that you're in. The repairs are not cheap. I own a Volvo. Why don't you look at something new in your price range that comes with a new warranty? The Mazda CX-5 is highly rated and in your price range. You say SUV/Crossover but the S60 and S80 are sedans.
This post was edited on 4/12/16 at 10:15 am
Posted on 4/12/16 at 10:15 am to Louie T
quote:
I got a 2016 for $21,750 at Honda of Covington recently; they came a decent bit off sticker. I like it so far.
Damn. That is getting in there. Great deal.
Posted on 4/12/16 at 10:22 am to NewIberiaHaircut
quote:
A Volvo will put you back in the same situation that you're in. The repairs are not cheap. I own a Volvo.
This is the only thing holding me back from a purchase. How often do you need repairs/around what mileage does it really start to break down in your experience?
I'm not generally a fan of buying a new car with where I am in life right now. Me and my wife are both in entry level jobs (my wife is in the middle of being promoted though), and we are trying to save up for the other aspects of starting a family. A car purchase is just one piece of the puzzle here. I understand the pros of buying a new car under warranty, but I can buy a certified pre-owned with a warranty for 75% of the sticker price.
Also, I stated we were looking for a Sedan OR SUV/Crossover, as both would fit our family needs. I currently drive a Mazda Tribute so we already have a small SUV in the arsenal.
This post was edited on 4/12/16 at 10:30 am
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