Buying a new car on the down low. What's the best way?

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>>1006985
Get a car loan from a credit union
Once you find out how much you can be approved for find out what you can get for that. Either buy from a private party or go to a dealership and find the car you want. If you go to a dealership and you start talking price tell them you're approved for x amount (price you're willing to pay whether it's the full loan amount or not). They'll most likely try to get you to apply for one of their shitty loans but don't do it. If they try to say they don't want to deal with getting the money from your credit union it's BS. They literally get handed a check so it's like you're paying cash to them.

>>1007077

Don't you have to tell them the car and go through all that first?

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>>1006985

What this nigger said

>>1007077

Plus, remember that a personal loan is going to be around 7%, while an auto loan through a dealer is going to be around 4%-5% for a used car. An auto loan from a credit union can be as low as 1%...

>>1007077
Credit unions are worth the effort to find what you can afford related to your income. The trouble is they will tell you you can buy a car that's less than 7 years old with less than 75 K miles. Good luck finding one of those. happened to me. I make a shitty $31K year, tho.

>>1007077
I work for an auto financing company. The reason they want to take out a loan through their lender is because they get kickbacks from the actual auto lenders that they don't get from the credit union down the street. If a dealer sends us a high interest rate loan, we will usually kick a few hundred dollars their way, but I've seen some accounts with participation as high as $4k.

They will try to pass on this difference to you if you go in with a pre approval or cash in hand. You can still get a good deal on financing with a big auto lender though. Me personally I'd rather go in already knowing what I'm going to spend, so a pre approval or cash in hand is better. It's also a little better for the dealer as it allows them to get the cash faster than if they fund with an auto lender. Doing deals on the fly like that can put the dealer in an awkward position. Usually the customer has already left with the car, before we've funded. If the deal doesn't get approved now the dealer has to do the work of repossessing the car.

The point is, with a pre approval or cash in hand you still have room to talk them down and don't let them push you around. There are fucking dealerships out the ass everywhere, shop around.

>>1007269
In 2013 I found a 06 civic si coupe with 88k miles and it was the original owner.

>>1007281
I figured this. I went to a deleaship and found the same car as above but with only 33k miles. I offered blue book value from dealer with my pre approved loan from credit union. Salesman wanted to sell it to me but his manager was trying to Jew me. Tried to get me to pay 24k or something like that when blue book was 16k then the salesman tried to say that kbb is a lower value and that dealers pay for real blue book values which is higher top kek. I wouldn't budge. Salesman kept leaving to managers office to try to convince him to sell it to for what I offered but he wanted to keep paying the insurancer to keep it in his lot every month so I walked

>>1007288
Kek, they were feeding you a line of bullshit. Good on you for walking out. Cars like that the dealer probably picked up at a dealer auction for cheap. They will find some sucker to sell it to though. Your average car buyer doesn't know what they are doing when it comes to all this stuff. They assume the dealer is some expert on this shit and take his word for it.

>>1007295
Yeah and I guess since I was just a young 19 year old the manager was kind of upset that I knew what I was talking about and didn't want to give me a good deal

>>1007330
a civic si coupe is a great car for suckers though so he probably closed on someone more foolish.

It's really hard to justify buying or financing a new car. Buy one that's a year old if you really want something new. It'll save you thousands.

If you're financing you better be earning a shitload of money because between the payments for years and the doubling of insurance due to liability of the car you don't yet own it's going to exceed a reasonable outlay on what amounts to fancy transportation. Sorry for the run on but I spend less than 10% of my income on my car and I think that's reasonable.

>>1007281

> pre approval
> cash on hand

What do you mean by pre-approved? I'm on good terms with a credit union willing to approve me for an auto loan, but I'm unsure of the logistics. Do I need to pick the car out first and notify them or can I pick the car, give them a call, and go from there or could the credit union send me a blank check?

As far as cash on hand, that's why I was going for a personal loan and turning it into an auto loan. Would that work or is it not worth the hassle?

ddjkgloigejdio

You go in with cash all $100s walk in tell them the car. Count the cash. for an offer. Walk out with the cash, repeat until offer is accepted. make them defend their price to the last penny.

You rarely finance cars.

>>1007263
Good credit gets you a 0% loan from the dealer atm senpai.

>>1009196
Are you Chinese?