Cars!!!! I need advice.

syiyi
syiyi Posts: 341 Member
in Chit-Chat
So I'm thinking about purchasing my first new car. But I don't know anything about APR .. What are some of the things I need to know when purchasing ????? thx

Replies

  • 4Isaiah
    4Isaiah Posts: 3
    What city are you in?
  • mrmanmeat
    mrmanmeat Posts: 1,968 Member
    So I'm thinking about purchasing my first new car. But I don't know anything about APR .. What are some of the things I need to know when purchasing ????? thx

    Put as much cash down as you can afford. Don't over spend your limits. Don't buy a new car either.
  • MissMaryMac33
    MissMaryMac33 Posts: 1,433 Member
    If you belong to a credit union -- you'll get a much better interest rate than from a regular bank or a dealer.

    If you don't belong to one --- and someone in your family does -- see if they can get you in.
  • WhisperALullaby
    WhisperALullaby Posts: 67 Member
    Wait for some of the model year end deals. I bought a Civic this way, and the entirety of my interest came out to $300 (0.9%). Put down as much as you can comfortably, and shop around for trade-ins. Tell them another dealer offered you blah blah, and they'll magically have more to give you.
  • syiyi
    syiyi Posts: 341 Member
    What city are you in?

    chi-IL
  • bikermike5094
    bikermike5094 Posts: 1,752 Member
    if you want to know what kind of car to buy, go look at their service departments. Ford, Chevy, Dodge dealership garages are always full, why because their cars break down all the time. Go look at a Honda dealership garage... you'll rarely see any cars being worked on because the hardly ever break down. Tells you a lot about the quality of the manufacturer. I'm a Hond car guy all the way. I have a 2006 Pilot and a 2010 Fit. My daugthter has a 2003 civic with 137K miles on it and it purrs like a kitten. I Love my hondas.... and I'm a Harley guy!!!
  • syiyi
    syiyi Posts: 341 Member
    Wait for some of the model year end deals. I bought a Civic this way, and the entirety of my interest came out to $300 (0.9%). Put down as much as you can comfortably, and shop around for trade-ins. Tell them another dealer offered you blah blah, and they'll magically have more to give you.


    thx
  • PalmettoparkGuy
    PalmettoparkGuy Posts: 212 Member
    If you have a specific car in mind, say a Honda or Toyota, apply for credit online at their website. You'll get the best rate through the manufacturers bank rather than at the dealer.
  • kapeluza
    kapeluza Posts: 3,434 Member
    Fiat
  • boopiejones
    boopiejones Posts: 73
    depending on your credit rating, it might make sense to finance at least some of the purchase, even if you can afford to pay the full purchase price in cash. i know mortgage rates are currently insanely low, but i am not sure about auto rates. if you can get a cheap rate, you're probably better off financing it and keeping the cash in the bank. but don't fall into the trap of buying a more expensive vehicle just because the rate/monthly payment is low. i've always followed the "it's just a box with wheels" mentality when it comes to cars. no need to drive something flashy or expensive. my honda will get me from point a to point b just as well.
  • syiyi
    syiyi Posts: 341 Member
    If you have a specific car in mind, say a Honda or Toyota, apply for credit online at their website. You'll get the best rate through the manufacturers bank rather than at the dealer.

    thx!
  • syiyi
    syiyi Posts: 341 Member
    If you have a specific car in mind, say a Honda or Toyota, apply for credit online at their website. You'll get the best rate through the manufacturers bank rather than at the dealer.


    Honda and toyota are my list! even though a friend suggested I never buy such cars because she says they are too expensive..
  • dmpizza
    dmpizza Posts: 3,321 Member
    APR is the resultant interest rate when all the fees and garbage are mixed in.
    The rate you pay is a function of your credit score and the amount of the loan.

    Usually the best rate will be from the dealer because they want to move the car, but it doesn't hurt to shop around.

    Don't get more car then you need.

    If you are just starting out in life, a KIA or Chevy, Ford Fusion, or Honda Civic or CRV are great choices.

    Dealers often do a bit of a bait and switch.

    If you look at a car and you like it, write down all the features it has, type of radio, running boards, roof rack, etc....
    Make sure the invoice also lists those items.
    I have made deals with cars after liking what I saw in the showroom to discover upon delivery some of what I had really liked is now going to cost extra.

    Also, at some point the salesman will leave you alone in an office for a really long time. When they do this they use the phone in the office to listen from another room. What you say to the people with you changes the offer they finally make. So never "show your cards". Keep conversations as private as possible and whatever you say should make it seem like you have options to go elsewhere.

    Good Luck.

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