re: Car dealership/finance guys: Trying to put my son in a car

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you've had a stroke or something. lot of misfires on threads the past 24hrs.

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I can confirm that I have not had a stroke.

I’ve had a couple of OPs in the last few that didn’t take off but this board has been such a mess this week I’m probably not alone.

(no message)

Rates are higher for used cars and higher still for used cars bought from a private seller. Auto dealers see to it that it’s nearly impossible to sale a low mileage late model used car yourself. I just went through this. Sold a 2015 Toyota Sequoia with 48K on it for $27K. Buyer was told he’d get a batter rate if he’d pay more for the same car at a dealership! I had 7 dealerships offer me between $22 and $25 for this vehicle and was told by 2 of them they had buyers at $30 K waiting on my car. This is one reason why used vehicles lose value so quickly......it’s nearly impossible to find a buyer for a private sale of a late model used car. Plus the buyer has to pay for registration out of pocket unless they finance it with the vehicle. Houses are the same thing to a lesser degree....much easier for a buyer to get a mortgage on a new house than a resale because the bank the builder uses has a vested interest...they already have a sucker on the line in a resale....

Find a credit union. Pentagon federal has really good rates.

I got a copy of my credit report with hand written figures the bank person wrote. They added 1.3% for it being a used car.

The next people we called offered 3.24% on the same proposition.

As I said earlier, the 6+% offer was from a local credit union that I’ve ran numerous loans through and have had account since 1987.

excellent credit should get you about 4% on a used car maybe a little less

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Why isn't your son paying for his own car?

Have him work and buy a beater.

Work ethic. Hoeofully your son will learn it.

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He wants a car so he can get a job.

Nice try.

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I have borderline prime/super prime credit and my bank is trying to put me on a 6% rate for a used car loan.

Is this right?

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6% backend for 48-60 months on a four year old vehicle, or newer, is a good deal these days with 10-20% down.

You can probably do better with a personal access loan from your credit union and just pay it off as fast as possible.

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Check the Car Facts to be sure it wasn’t used by ISIS in Iraq or Syria.

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Just check for CIA vehicle markings

I got 2.9% thru my credit union. Jefferson Financial CU