looking to buy a new car soon... | TigerDroppings.com

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udtiger
LSU Fan
Louisiana
Member since Nov 2006
25500 posts

looking to buy a new car soon...



What leverage do I have w/ a credit score north of 780?






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wegotdatwood
Arkansas Fan
Member since Aug 2009
17094 posts

re: looking to buy a new car soon...


How much debt do you have?

Income?

What do you drive now? How many miles?






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AUtigerNOLA
Auburn Fan
New Orleans, LA
Member since Apr 2011
10424 posts

re: looking to buy a new car soon...


The only thing the credit score will do IMO is get you a great rate, if you finance.





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udtiger
LSU Fan
Louisiana
Member since Nov 2006
25500 posts

re: looking to buy a new car soon...


Income to debt ratio is 20:1.

Looking to finance.






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I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
32526 posts

re: looking to buy a new car soon...


ideal....i mean whatever you want/can afford i guess





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udtiger
LSU Fan
Louisiana
Member since Nov 2006
25500 posts

re: looking to buy a new car soon...


We bought wife's last ride before the credit collapse in 07/08. Just trying to figure out if financing was as tight as it was when I bought my car in 10 (bought new house in interim).

Thanks.






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AUtigerNOLA
Auburn Fan
New Orleans, LA
Member since Apr 2011
10424 posts

re: looking to buy a new car soon...


You should get a great rate with that score. Be sure to negotiate a price that you want/can get, then let them run your credit after you get all the deals worked out.


This post was edited on 6/19 at 10:04 pm


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Will Cover
Washington Fan
Whiskey Dick Mountain, WA
Member since Mar 2007
25048 posts

re: looking to buy a new car soon...


quote:

What leverage do I have w/ a credit score north of 780?


Leverage with your bank or leverage with the dealer?






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Croacka
UNLV Fan
Denham Springs
Member since Dec 2008
51532 posts
 Online 

re: looking to buy a new car soon...


Don't fret over dealer financing

Penfed car loans can be had at 1.74% last I checked

Sometimes it pays to finance with the dealer for added incentives and then refinance to a credit union once the incentive is gained






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Will Cover
Washington Fan
Whiskey Dick Mountain, WA
Member since Mar 2007
25048 posts

re: looking to buy a new car soon...


quote:

Income to debt ratio is 20:1.

Looking to finance.


When negotiating with dealer, understand that financing is secondary. Work on the price of the vehicle first. As a backup, you should have your financing pre-approved through a credit union or through PenFed.

The dealer will ask, "Are you planning to finance or lease the vehicle?" Just tell them that you haven't made your mind up and that you're more concerned about the price, because that will determine what you plan to do.







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Paul Allen
USA Fan
Baton Rouge, LA
Member since Nov 2007
29349 posts

re: looking to buy a new car soon...


Lease don't buy.





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wegotdatwood
Arkansas Fan
Member since Aug 2009
17094 posts

re: looking to buy a new car soon...


Why?





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Volvagia
LSU Fan
Baton Rouge
Member since Mar 2006
40996 posts

re: looking to buy a new car soon...


quote:

Sometimes it pays to finance with the dealer for added incentives and then refinance to a credit union once the incentive is gained


I like to do the opposite, or at least consider it:

Walk in with the preapproved loan from a CU and give them the chance to beat the rate.






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AUtigerNOLA
Auburn Fan
New Orleans, LA
Member since Apr 2011
10424 posts

re: looking to buy a new car soon...


quote:

Why?


Yea why? I've leased and rather buy. Leasing puts you in a trap with a specific dealer or brand. Plus you have a never ending note.






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Volvagia
LSU Fan
Baton Rouge
Member since Mar 2006
40996 posts

re: looking to buy a new car soon...


It's pretty much only good for those who rapidly turnover their cars.





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Ranger198
LSU Fan
Member since Oct 2012
673 posts
 Online 

re: looking to buy a new car soon...


If you know you are going to buy walk into the dealership pre approved, and as someone else mentioned do not talk financing with them until you have settled on a price. 780 will get you good rate also. Good Luck.





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GaryMyMan
USA Fan
Lower Garden District
Member since May 2007
10778 posts
 Online 

re: looking to buy a new car soon...


quote:

Lease don't buy.

Have you ever, and I mean EVER given good advice on this board or any other?






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Will Cover
Washington Fan
Whiskey Dick Mountain, WA
Member since Mar 2007
25048 posts

re: looking to buy a new car soon...


quote:

Lease don't buy.


Leasing is nothing more than a long term deal with Hertz. - Dave Ramsey

Leasing provides a good deal for four parties - the sales person, the F & I guy, the dealership’s owner and the finance company (leasing company). It is a lousy deal for the customer. You owe something, but you own nothing. Leasing adds a layer of complexity to the deal that allows the salesman to hide or misrepresent the true purchase price.

Most people are quick to answer a sales person when he/she asks if they’re planning to buy or lease a vehicle. As soon as you give away that you’re planning to lease, the price of the vehicle (capitalized cost) will freeze up. You’ve essentially lost any leverage you had at this dealership. You should negotiate the price of the new vehicle as if you’re going to pay for it with cash out of your own pocket and then bring that over to the lease, if you're dead set on leasing.

Leasing has become an incredibly effective tool for dealers to sell their product at a significantly higher price and profit margin and is often “pushed” or “encouraged” through the sales process.



This post was edited on 6/20 at 9:28 am


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GaryMyMan
USA Fan
Lower Garden District
Member since May 2007
10778 posts
 Online 

re: looking to buy a new car soon...


Last year I sold a truck that I had driven for 5 years. I added up all my costs including repairs and subtracted my selling price to realize that I had driven a great truck for $63/month. You can't do that leasing.





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udtiger
LSU Fan
Louisiana
Member since Nov 2006
25500 posts

re: looking to buy a new car soon...


No lease.

I hold cars for at least 7 years, plus, I put at least 20K miles per year on my car.






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