6.8 % on a 8k car, how shitty of a deal is it? With option to

absolutely horrendous. do u have no credit?

>>14328201
I have good credit card payment history, but I have tons of student loans to pay off still. The car is a 09.

>>14328196
It's not great, but if your credit is shit-tier and you've got plenty of income, go ahead and do it and make double payments. You don't want to shit an extra thousand bucks down the drain just to build credit.

If your credit sucks, go google "improve my credit score" and work some other things into your habits (e.g., use your credit card instead of cash/debit; open another credit card but don't use it; make sure that you aren't closing old accounts; pay everything on time; etc)

>>14328207
It's probably your debt/income ratio that worries them. Pay that shit down.

>>14328196
not bad bro, I pay 59 percent on my payday loan. you and me are kings compared to the rest of the clowns on /o/.

>>14328212
Ive never missed a payment. It must be this. >>14328214
I am currently working kind of a low paying job, while interviewing for a higher paying job in my major. My current car is going to shit the bed any day now and I need a reliable DD.

>>14328229
I get kek'd out of 30% of mine, fuck my life, the more I make the less I seem to bring home.

By the way, whats the difference between FICO score and what the dealership is, because I looked my Fuck score and it says I have 760, that must be only for my credit cards then. My student debt must be buttfucking me in the other financial score.

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>>14328245
>taking a payday loan ever

sweet jesus it's one of LPGs customers

>>14328357
Oh, I was talking about paying the biggest stealership in the world, good old Uncle Sam.

>>14328207
>student loans
>not going milfag for glorious gi bill of rights
enjoy paying off that shit

>>14328378
Listen here faggot, I am a coward. I was still in high school when post 9/11 happened. There was no way in hell I was going to die/get maimed for that shit.

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>>14328372

>>14328398
Life in the middle class baby.

>>14328266
Join credit karma and see what they say. 760 is a decent score.

>>14328266
dude i got 3.25% with crazy debt and under 700 score. this dealership is trying to fuck you. mine told me 7%. sales manager said he could do 4.5 when I laughed in his face.

lightstream.com

easiest loan of my life.

>>14328392
Sat my ass in an office for 4 years. When I deployed, I just sat in an office in a different country. Most dangerous thing was I might spill hot coffee on myself. No one ever said you needed to choose a combat job.

>>14328482
I havent signed anything yet, gonna go back tomorrow and see if they cut me a better deal. What should I say?

>>14328498
Why don't you go to a credit union on your way there, or maybe try the website that anon helpfullly linked for you?

>>14328196
Well let me give you some perspective OP

With average credit (a FICO of roughly 650) with no serious negative marks on your record, teh 'average' rate on a newer than 10 years old car loan is 10-12%

Fair credit is 7-9%

Good credit is around 4

Strong credit is less than 4

6.8 is pretty decent in the grand scheme of things, but i would recommend checking out the credit union options in your area and shooting for something closer to 4-5% if you can.

A ~7% loan with no early payoff penalty isn't terrible though, if you are looking to build some credit

>>14328529
Hey thanks LPG, helpful as always.

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>>14328529
yo LPG, long time reader, first time responder: do you de-trip to shitpost with the rest of us, or do you only post when summoned?

>>14328498

I'll second CreditKarma. It's a great site and they actually will show you offers on there that you're likely to get, like auto/personal loans and various credit cards. I convinced my ex to sign up and she ended up with a Discover card with a $9k limit and decent interest rate. You can also try lendingtree.com for auto loans.

>>14328547
No problem.

>>14328566
From force of habit, I almost always post with my trip anon

>>14328603
I will third Credit Karma. Great place to get your feet with with figuring out your credit

>>14328498
tell them your looking to explore other credit options.

When they ask who, say credit union... finance guy will say oh well it just happens that we are an authorized branch of the union let me just run the numbers with them

>>14328529
So the financial manage said that, for an old car ('09) the 6.8% is the best they can do). Can you please tell me how the age of the vehicle affects the percentage?

>>14328703
Banks are more hesitant to finance older cars because:

1. One of the major reasons a new car has better rates than a used car is that a new car's resale value is easier to predict. Imagine you're the bank lending money; you might need to repossess the car someday. If it's a new car, you can easily estimate how much it will depreciate over time. That's harder to predict when the car is several years old, has thousands of miles on the odometer and could have mechanical issues, as well.

2. Credit scores are another reason why new cars have lower rates than used ones. People with higher credit scores tend to go for new cars, while those with lower scores pick used ones. That isn't always the case, as we know that many people with high credit scores buy used cars. But generally it's true, which is why lenders tend to offer higher rates on used cars. After all, a lower risk of repossession means lower interest rates -- and the risk of repossession is much lower with new cars.

>>14328718
Makes sense, do you think I should go through my bank (chase) for the loan? And see what the dealership counter offers?

>>14328724
>guys do you think I should accept one offer that seems high to me or should I actually ask around

What do you think, dumbass?

>>14328703
Older the car is, usually the higher the rate will be, as an older car represents a higher risk

But that isn't to say you can't get a low rate. My wife financed her '05 Honda at 4.5 with her credit union

It is always to your benefit to shop the financing offer around

>>14328724
You can go to your bank or other banks. Be sure to bring a copy of the deal/pricing worksheet so the bank knows exactly what you need to finance.

You can also just ask the dealership finance manager to show you your actual approval -- my dealership "holds" 2 points as dealer policy and works down from there. Your buy rate may actually be 4.8% and they're trying to make a few extra bucks on you.

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>>14328732
Ok so the FM told me I had a score of 630.

>>14328845
There is a third credit agency, but it's unlikely that it's that much lower.

>>14328845
Print that. Take it back, tell him to give you 3% or he can stick his loan up his ass

>>14328853
Experian usually mirrors Equifax fairly closely

>>14328845
Ask which bureau they ran for your initial credit app at the dealer, and what your approval was based on.

It doesn't matter if you have a 752 Transunion if the bank going to give you a loan only bases off of Experian or Equifax.

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>>14328860
I see that my Equifax is poor because I had tons of inquries, but that was because I was applying for law enforcement positions, and they for some reason required me to access my credit record. Fucking hell.

>Credit

Why? Don't give me the nomalshit answer like "lol how will u get a house xD?"

>>14328874
Oh wait, those inquiries are from the dealership. Fuck I should have printed this before going to the dealership.

>>14328875

-You have to have it to get a mortgage
-You have to have it to get a car loan
-It affects your insurance rates
-It affects your ability to get public utilities like water/power/gas
-it affects your ability to get any contract based service like a cell phone, cable, or internet
-Many employers now pull your credit before extending a job offer
-Almost any decent apartment complex will pull your credit as part of a rental application
-Good credit gives you access to some kick ass perks and buyer protection options via credit cards

>>14328845

That's a hell of a difference in scores. Usually mine are like 10+/- from each other.

>>14328921
Yea, I am confused too.

>>14328921
>>14328933
They use different formulas to calculate your score. It's possible one of your open accounts is pulling the average down far more on the Equifax formula than the transunion one

>>14328960
Ok so the checklist for tomorrow is;
1. Print off the Credit Karma report
2. Stop at my bank and ask for preliminary car loan print out through them
3. Ask the FM what credit bureau he used and what my actual scores came out as
4. Demand a lower percentage
5. ???

>>14328703
lightstream

age doesnt matter. just go to their website and look at their rates for christs sake

>>14328990
i mean dear lord man its all online and their worst rates are better than what youve been offered.

stop being dumb. im serious. their rates are online you are doing yourself a disservice.

lightstream.com

they even have unsecured loans for bikes and shit.

>>14328990
3.99-5.74% for 60 months

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>credit scores
Only in the lands of the free

>>14330213
Great news, another dealership has pre approved me for another car I was looking at, and they gave me 4.6%. Now I have some real leverage I think.

>>14332780
Wut kar

>>14332794
The 4.6 is a 2005 Rav4, but it has some signs of rot in the frame, so I am going to pass. The Outlander is in much better shape and is only 1k more.

>>14332811
Outlander a shit

>>14332829
Yea but the cancer, its already took hold of the RAV4. Outlander just has a little bit of surface rust.

>>14332836
They're both shit. What's your zip and max price

>>14332836
>getting into debt for a car where the rust is visible to the naked eye
don't say you weren't warned