What is the best way to finance a car?

Question

I'm looking for a car under $10,000. I make a good income and bring in about two grand a month. I need to be financed and so far i've been rejected from Capital one auto finance. soooo. i was wondering if it would be better if i went to a credit union... or went straight to the dealership... but i'm trying to avoid having to fight with them over the car price and over the terms of the loan. I mean is it a good idea to just go to a dealership... My wife and I always argue about it...

Answer 1

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Answer 2

go for the credit union. the dealership will never be able to match them. my brother and my roommate both financed their vehicles through credit unions and got way better deals than the dealer could come up with. credit unions also tend to be a little more forgiving with spotty or limited credit records.

the dealership may give you a better short term deal but over the life of the loan you will do much better with a loan from a credit union.

Answer 3

I would try to find either a credit union or another source of financing.  Most banks will only finance 80% of the value of the car though.

If the car dealer is offering an interest rate below 9%, I would go with the dealership financing.  You can always refinance the loan if you can find a better rate.

Answer 4

The best idea is to put off the car, save up some more money, and then buy a cheaper, probably used, car for cash.  Then instead of paying interest on car payments, save that money for 3 years (while YOU earn interest on the money) and then buy the car you like for cash.  You can keep doing this, trading up each time, and never have a car payment because you will always have the cash to buy a car.  BTW I always fight with them over the car price because that is the check I am going to write.  If you just worry about payments, they will keep the price up and just add a year to the loan.  You should never finance anything that is going to lose value as soon as you take possession of it because as soon as you drive the car off the lot, it is worth less than the amount that you owe on it and you are "upside down".