Buying a used car

[Hassan Darkside]

Alright, I need some help from my resident OS experts here. I'm finally looking to buy a new (used) car and have ultimately decided that it's going to be a 2002 (or possibly 2001) Trans Am. I've just always wanted one.

So unfortunately, my money trees aren't of much use to me outside of being a perfect place for shade so I can't buy one with straight cash, homies.

What I'm wondering is what sort of options do I have? I can finance, I know. My credit score, however, is just mediocre at best. My other question is what options do I have if I want to purchase from a private seller, who seem to have better deals on my desired wheels than dealerships from what I've seen. I'm not sure how a loan or something like that would work where I could compensate the seller right off the bat but be making payments to somewhere else, if that's even an alternative.

[Trevytrev11]

Re: Buying a used car

Alright, I need some help from my resident OS experts here. I'm finally looking to buy a new (used) car and have ultimately decided that it's going to be a 2002 (or possibly 2001) Trans Am. I've just always wanted one.

So unfortunately, my money trees aren't of much use to me outside of being a perfect place for shade so I can't buy one with straight cash, homies.

What I'm wondering is what sort of options do I have? I can finance, I know. My credit score, however, is just mediocre at best. My other question is what options do I have if I want to purchase from a private seller, who seem to have better deals on my desired wheels than dealerships from what I've seen. I'm not sure how a loan or something like that would work where I could compensate the seller right off the bat but be making payments to somewhere else, if that's even an alternative.

Do you bank with a local credit union? Our credit union offers rates on new/used cars that beat most dealerships promotional rates. Right now rates are <2% on a 5 year note...of course there are credit score qualifications to get these rates.

Even if you don't currently bank with a credit union, usually all it takes to sign up is $5 in a savings account (usually you just have to work or live in the city it operates). I've had $5 in a savings account with our credit union for probably 5 or 6 years and have just used them for killer auto loan rates.

Your credit is going to be the deciding factor on the rate you get, but I would start there. You should be able to use them even if you are buying from another person. I've never done it, but know some that have. I think you will need both parties to go in there and fill out all of the paperwork to transfer title, etc. However, I would go in ahead of time, apply for the loan you need and make sure you can qualify before involving the other party.

[dales]

Re: Buying a used car

Alright, I need some help from my resident OS experts here. I'm finally looking to buy a new (used) car and have ultimately decided that it's going to be a 2002 (or possibly 2001) Trans Am. I've just always wanted one.

So unfortunately, my money trees aren't of much use to me outside of being a perfect place for shade so I can't buy one with straight cash, homies.

What I'm wondering is what sort of options do I have? I can finance, I know. My credit score, however, is just mediocre at best. My other question is what options do I have if I want to purchase from a private seller, who seem to have better deals on my desired wheels than dealerships from what I've seen. I'm not sure how a loan or something like that would work where I could compensate the seller right off the bat but be making payments to somewhere else, if that's even an alternative.

There are some banks and credit unions that will finance a loan for a private vehicle purchase. Not all do, though, because purchasing through a private seller can be viewed as more risk than buying at a dealership to them. The interest rate on the private purchase will be higher, too, and you do generally need good credit to be approved. Most bank websites will tell you in the FAQ about their used car loans whether or not they'll do private auto loans. If not, you could always call and ask.

[Candyman5]

Re: Buying a used car

I'm in same boat. I want to get a Toyota Camry Sedan. As long as it's the new body style then I'm fine and I think they started in 2003 with them. My credit is great though and was wondering what the best method would be going about getting one? This be my first car purchase from a actually dealership per se. I don't have a lot of cash to pay up front either.

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[eF 5ive]

Re: Buying a used car

Join a credit union, get some cash and then get the car.

A car is a crappy investment. If you guys don't hVe money now what are you going to do with a car payment?

What do you do when you need tires, oil changes, emergency mechanical needs?

Get your stuff together before you slave after a payment.

But if you don't listen to me at least shop and only accept reasonable rates.

Sorry not trying to be that guy. :/

[VDusen04]

Re: Buying a used car

I am struggling in the used car market right now. Right when I find one I'm really interested in on craigslist, it seems to be purchased by someone else immediately. I keep on seeing a car I kinda like, building myself up to grow attached to it, then once I'm committed it giving it a shot, it's gone. Eyed a Nissan Altima a couple weeks ago only for it to sell while I was at work the next day. Then I just had a Pontiac Vibe I saw last night and got all excited about the prospect of fitting my mountain bike in the back. Sold by this morning.

Back to the drawing board.

I guess the good news is I wasn't fully sold on the ruby red color of the Vibe. Red seems to work for sports cars; wasn't so sure about hatchbacks.