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Old 02-16-2008, 04:50 PM   #1
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Advice on getting a loan

I'm wanting to buy this: Cars For Sale: Car Details - AutoTrader.com

I have 5k to put down on it right now. By the end of the month it'll probably be 6k... so I would just need a loan for around 11-12k. Do you think I would have a better chance getting the loan through the Ford dealership or my bank? Any advice on the process? Never have gotten a loan before and told myself I wouldn't but I don't think I want to pass up that car....
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Old 02-16-2008, 05:11 PM   #2
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Re: Advice on getting a loan

I know right now Redstone's rate is really low, something like 5%. Not sure what Ford could do for you, but thats not bad through Redstone. Plus it is easy to pay since all you do is log in and transfer the money over every month.
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Old 02-16-2008, 05:13 PM   #3
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Re: Advice on getting a loan

(1) pay off any current debt you may have
(2) run your credit ahead of time FreeCreditReport.com | Free Credit Report and Credit Score Online by Experian, get an idea where your credit is
(3) get the loan through ford, you will most likely get a better rate through them
(4) also, talk to your bank, get a comparison, if they are lower, see if ford can beat it


give me a call if you need to, i'm currently going through this for a house
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Old 02-16-2008, 05:34 PM   #4
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Re: Advice on getting a loan

I already ran the credit report. My credit is above 700. Can't remember the exact number but it's good.

Only debt I have is a Newegg Preferred account. It's not due till next year though. No interest or payments for 12 months and I almost have that paid off anyway.

I'm self employed so what will I need to convince them that I can afford this loan? I want this car. It's perfect.
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Old 02-16-2008, 06:18 PM   #5
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Re: Advice on getting a loan

my advice would be to save up and pay cash

that's how I roll...
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Old 02-16-2008, 06:24 PM   #6
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Re: Advice on getting a loan

Yes that's usually how I roll too. Though, this is tempting the hell out of me and I know I could have it paid off in under a year.
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Old 02-16-2008, 07:21 PM   #7
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Re: Advice on getting a loan

financing for 11k won't be bad at all. good credit, large down payment... id be guessing around 200 monthly payments.
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Old 02-16-2008, 07:24 PM   #8
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Re: Advice on getting a loan

i can see why you're tempted. that's a nice mach

hell, if you're so sure you can pay it off that quickly, go for it
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Old 02-16-2008, 07:55 PM   #9
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Re: Advice on getting a loan

Congrats Brent! I agree with Nicole and would definitely try to go through the dealership first. They generally work with a bigger network of lenders and hopefully you can get a better dealer/lower APR. Although, with a strong 700, you shouldn't have a problem getting a loan at either place.

Good luck!

EDIT: Very nice Mach 1 by the way, can't go wrong w/ SB!
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Old 02-17-2008, 06:53 AM   #10
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Re: Advice on getting a loan

Compare bank loan with dealership. Use the two as bargining tools. Take which one is the best deal for you. Also I would caution you to buy anything that will make you alter your life style (food budget, bills, etc.). If it doesn't buy the Mach and have a blast.
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Old 02-17-2008, 08:34 AM   #11
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Re: Advice on getting a loan

also consider the future. definitely take hendog's advice and make yourself a budget. if i was you, i would take a few months of near poverty (as long as i could afford it) if i knew i could comfortably afford it in the near future. also, remember that EVERYTHING is negotiable. the final price, the loan's interest rate, monthly payments, etc.
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Old 02-17-2008, 11:02 AM   #12
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Re: Advice on getting a loan

I would try Ford, I had a great rate on mine (well till I put it in my own bank after 3 years) its a good looking car, you can go to a bank and get a pre loan from them and walk into ford and say give me the keys. haha
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Old 02-17-2008, 05:11 PM   #13
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Re: Advice on getting a loan

write it off as an asset for mustangevolution and then use the depreciation as a tax shelter. just kidding.. seriously... dont do that.
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Old 02-17-2008, 05:14 PM   #14
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Re: Advice on getting a loan

go with a credit union for the best loan rate, if your credit score is indeed above 700 you shouldnt have any problem, dont let more than a couple banks run your credit if you can help it, not having a cosigner is a good thing and it will help build your credit. take this as an opportunity to help build your credit.

some say never take out loans ever... well they may think they have amazing credit because they have no debt but a lack of history is just as bad as having bad history when it comes to choosing who gets a loan and who does not. i would just make sure to pay it off asap and not take an entire 5 years to do it.

if you can get a good loan rate then i wouldnt worry to much about taking out a loan for 10-12k... as thats not a very high car loan compared to what some do and you can manage that pretty darn easy and have it paid off pretty quick.

just make sure that you are able to save up for a home when you get to the point you want one, i would recommend doing your best to have 20% to pay on a home when you decide to buy one and some other put back as well as its just good idea to have 4-6 months worth of monthly expenses saved up
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Old 02-17-2008, 06:01 PM   #15
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Re: Advice on getting a loan

yeah if youre going to finance ~12k you should seriously have no problems. the credit union thing is a good idea but you might have to be under a "first time buyer" program with a slightly higher APR, however your bank might not do this.
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Old 02-18-2008, 08:46 AM   #16
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Re: Advice on getting a loan

I went through my bank on the cobra, financed right at 20k on it. Got a sucky interest rate but I figured I'd rather pay a little more now in interest than on a house loan in the future.
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Old 02-18-2008, 09:51 AM   #17
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Re: Advice on getting a loan

updates?
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Old 02-18-2008, 01:00 PM   #18
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Re: Advice on getting a loan

I ended up getting a 5 year Home Equity loan with Compass Bank. The interest is tax deductible, where as regular loans from the bank are not.
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Old 02-18-2008, 03:43 PM   #19
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Re: Advice on getting a loan

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updates?
I believe he is going to go talk to the bank and look at the car tomorrow.
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Old 02-18-2008, 04:08 PM   #20
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Re: Advice on getting a loan

I just bought it, it's cool. I'll send it to you via truck next weekend. :}
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Old 02-18-2008, 08:02 PM   #21
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Re: Advice on getting a loan

tell him to get his *** back in here when he gets some more info
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Old 02-21-2008, 02:28 AM   #22
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Re: Advice on getting a loan

Time for an update!
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Old 02-21-2008, 07:26 AM   #23
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Re: Advice on getting a loan

I believe he passed it up as he didn't want the payments. Probably because he has to get an apartment by himself now.
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Old 02-21-2008, 07:48 AM   #24
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Re: Advice on getting a loan

Quote:
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I believe he passed it up as he didn't want the payments. Probably because he has to get an apartment by himself now.
Do you now post for Brent?
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Old 02-21-2008, 08:03 AM   #25
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Re: Advice on getting a loan

tell brent there is a red 99-00 gt in rogersville at a car lot, not sure which one... only like two in the city so wont be hard to track down.
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Old 02-21-2008, 09:07 AM   #26
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Re: Advice on getting a loan

yeah!
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Old 02-21-2008, 12:35 PM   #27
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Re: Advice on getting a loan

Quote:
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Do you now post for Brent?
I do when I know the answer and I know he isn't going to be on for 10 hours because he is asleep...
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Old 02-21-2008, 04:40 PM   #28
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Re: Advice on getting a loan

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Do you now post for Brent?
I've gone out and hired a spokesperson for myself. Why I chose Nate, I'm still not sure. 2:
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Old 02-21-2008, 05:14 PM   #29
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Re: Advice on getting a loan

Quote:
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I've gone out and hired a spokesperson for myself. Why I chose Nate, I'm still not sure. 2:
Did you get this post approved by him before making it? He may leave you now due to slander.
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Old 02-22-2008, 09:16 AM   #30
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Re: Advice on getting a loan

:elephant:
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Old 02-22-2008, 09:36 AM   #31
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Re: Advice on getting a loan

Did you get a new vehicle or what
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Old 02-22-2008, 09:48 AM   #32
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Re: Advice on getting a loan

Quote:
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Did you get a new vehicle or what
His PR rep already addressed that question.

Quote:
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I believe he passed it up as he didn't want the payments. Probably because he has to get an apartment by himself now.
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Old 02-22-2008, 10:51 AM   #33
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Re: Advice on getting a loan

Applesauce -
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Old 02-22-2008, 10:57 AM   #34
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Re: Advice on getting a loan

didnt he sell the v6, so now hes driving nothing?
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Old 02-22-2008, 11:23 AM   #35
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Re: Advice on getting a loan

geo metro mode
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