Car Loans (Lending Tree etc)

I did the Lending Tree application last night...got one offer from Capital One, 6.75% on a 12k loan (if I do the auto pay bank thingy). 7.25% if I don't.

I thought there were supposed to be companies falling over themselves and competing for my business.....WTF?

Anyone here use any other websites with better results??

Many thanks
Gov

No idea on the credit, but it should be good-very good. Never missed any payments, have at least a 1k credit card bill each month which we've never missed in 8 years. Have had multiple credit balances paid off for various things over the years, never been late.

30

Tough times on the income cause the Mrs is doing her PhD. Jointly, it's in the 65k area.

We are homo-ners as well.

I'm 25 yrs old. steady job, about 10k in credit card debit, 70k in school loans.

That said, when Ford rolled out 0% I took it. I financed $28,000 for 0 % over 6 years.

Thanks for your help punchdrunk.

Will the avg dealership do better than that on a used car they sell??

My wife doesn't have any student loan debts at all. Yes I put her on the app....maybe I should take her off? I put her down for $1300 per month.

I should also add, we live in Indianapolis. This ain't NYC, San Fran etc for living expenses!!

My main beef with the whole thing was that Lending Tree advertises multiple quotes...so far this did not happen!

edited...cause I'm stupid

my thought is that the car dealership will give you a better deal. They make money off the sale, not just the loan.

"That said, when Ford rolled out 0% I took it. I financed $28,000 for 0 % over 6 years."

That's what I did, too.

Things get trickier when you try to buy a used car, though. You normally can't get that deal on a used car.

I went to Bank of America and Wachovia to check their rates. One of them offered a rate around 9%. Another one said they don't even do used car loans anymore. So, I figured that by the time I add 9% financing over 5 years to the price of the car, I was better off buying a new one at 0%.

I don't know if this helps, other than to say, "Yeah. Used car loans suck."

I hear ya. I'm looking at a similar situation. It all depends on the % rates for new vs used. In some cases the monthly payment is virtually the same (new vs used).

maybe you should go see Bob Roooohhhhhhhrrrrrrrman

"I'm 25 yrs old. steady job, about 10k in credit card debit, 70k in school loans.

80k in debt and you bought a new car? I'm confused.

" maybe you should go see Bob Roooohhhhhhhrrrrrrrman"

We did visit him the other day...he makes Matt Linland look like Tom Brady.

Oh yea

I was able to obtain a rate of 5.25 on my new car loan for my Pontiac GTO a few months ago from Bank of America. I did alot of shopping around too.
I put 6k down and took out about 22k.

-Fin

"I'm 25 yrs old. steady job, about 10k in credit card debit, 70k in school loans."

Some friendly advice:

Lay off the credit card. Pay it off ASAP. Credit card debt is like endentured servitude.

If you can't buy something with cash, don't buy it.

Save some money up front. Put it someplace safe and don't blow it on booze, strippers, and lottery tickets. This is your EMERGENCY money. This is the money you use INSTEAD of putting things on your credit card.

Sorry if I sound like your parents, but I hate to see this stuff happen to people. My brother screwed himself over with credit cards... twice. Both times, he racked up about 30k in credit card debt. He tried to declare bankruptcy, but didn't qualify. So, he's pretty much hosed. Do NOT let this happen to you.

The student loans are something different.

SirPrize is correct.

Thanks PD...good advice there! I'm looking at 2006 or new models...so it'll probably be a "Dealership" , not a used car lot.

One question about this though:

"Don't let them talk you into running your credit before you are sure you want to buy the car. As this will lower your score a few points each time."

How can they give me the best rate if I won't let them run a credit report??

it's better that your brother is hosed instead of declaring bankruptcy and hosing us.

stephen

I would love a CRV....but for the money, I'm currently looking at something I never thought I would have, a Mazda5.

Thanks again mang.

80k in debt and you bought a new car? I'm confused.

Schools loans I don't count so much, they are between 2-3%. Credits cards were at 11k, got them down to around 9. I pay about $500.00/month to my credit cards, sometimes more if I make good side money that month.