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Message
looking to buy a new car soon...
Posted on 6/19/13 at 9:42 pm
Posted on 6/19/13 at 9:42 pm
What leverage do I have w/ a credit score north of 780?
6
Posted on 6/19/13 at 9:44 pm to udtiger
How much debt do you have?
Income?
What do you drive now? How many miles?
Income?
What do you drive now? How many miles?
Posted on 6/19/13 at 9:46 pm to udtiger
The only thing the credit score will do IMO is get you a great rate, if you finance.
Posted on 6/19/13 at 9:48 pm to AUtigerNOLA
Income to debt ratio is 20:1.
Looking to finance.
Looking to finance.
Posted on 6/19/13 at 9:51 pm to udtiger
ideal....i mean whatever you want/can afford i guess
Posted on 6/19/13 at 9:55 pm to I Love Bama
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.
Thanks.
Posted on 6/19/13 at 10:03 pm to udtiger
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 6/19/13 at 10:04 pm
Posted on 6/19/13 at 10:19 pm to udtiger
quote:
What leverage do I have w/ a credit score north of 780?
Leverage with your bank or leverage with the dealer?
Posted on 6/19/13 at 10:20 pm to udtiger
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
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
Posted on 6/19/13 at 10:22 pm to udtiger
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.
Posted on 6/19/13 at 10:34 pm to udtiger
Lease don't buy.
Posted on 6/20/13 at 6:47 am to Croacka
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.
Posted on 6/20/13 at 6:57 am to wegotdatwood
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.
Posted on 6/20/13 at 7:22 am to AUtigerNOLA
It's pretty much only good for those who rapidly turnover their cars.
Posted on 6/20/13 at 8:22 am to udtiger
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. 
Posted on 6/20/13 at 8:23 am to Paul Allen
quote:
Lease don't buy.
Have you ever, and I mean EVER given good advice on this board or any other?
Posted on 6/20/13 at 9:25 am to Paul Allen
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 6/20/13 at 9:28 am
Posted on 6/20/13 at 10:28 am to Will Cover
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.
Posted on 6/20/13 at 10:33 am to Will Cover
No lease.
I hold cars for at least 7 years, plus, I put at least 20K miles per year on my car.
I hold cars for at least 7 years, plus, I put at least 20K miles per year on my car.
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