Best Way to Finance a new car?

[Tony_SS]

The only way I would ever buy a new car again is if the interest rate was 0 or 2.9% AND with a few thousand off the sticker. Used car deals are out there, even on a newer car with less than 10k miles, there's still warranty left and cost is a lot less than new, but the kicker is the high interest rate on the used car loan.

 

[Silent viewer]

i bought our 05 impala ls with 32,000 miles for below trade in value and 4.9% interest with a gmac loan, certified and still under warantee from the original purchase. thats pretty much the only reason i got it besides the fact that it gets 31 mpg on the hyway

 

[Tony_SS]

i bought our 05 impala ls with 32,000 miles for below trade in value and 4.9% interest with a gmac loan, certified and still under warantee from the original purchase. thats pretty much the only reason i got it besides the fact that it gets 31 mpg on the hyway

I got a few good rates from gmac as well... but that's a great rate for a used car!

 

[hujass]

I'd second the credit union reply if you are looking to buy something older like that Sentra. Over the years I've financed a few cars that way at much lower rates than traditional banks. And most credit unions will finance 15 and 20 year old "neo-classic" cars where banks won't.

Certified pre-owned GM is a great way to go for late model stuff. If you use GMAC you can get stupid low rates and extended warranties if you need it. 2005 and 2006 Impalas, Montes and Malibus are very reasonable, selling at less than half of new and you get more car for the money. With deals like that I would never waste the money on new. :wink:

 

[78mali350]

you should look into hyundai. don't they have transferable 100k warrantys?

 

[Silent viewer]

you should look into hyundai. don't they have transferable 100k warrantys?

i would rather shoot myself! lol but i guess with the way gas is going i might have to look in that direction also.......

 

[85 Cutlass Brougham]

Honestly, it is down to a Hyundai Accent or an eyesore, Toyota Yaris. The Yaris is cheaper than the Accent with the equipment I want ( A/C and nothing else), but it is just hideous to look at. The dash has that odd center mount speedo, but it is a Toyota, which means it probably is better than the Hyundai for dealer service. Hyundai's warranty is non transferable ( not for the full 100k), and has an exclusion for any kind of delivery work--meaning it is useful to me only as toilet paper the first day I deliver pizza in it. Plus, the Accent's interior can best be described as a Rubbermaid bin with the plastic having the texture of 36 grit sand paper. I want cheap, but the door "upholstery" on this thing is bad enough to make a Chevette look like a Cadillac. I could also look at a Honda Fit, but it is about 30% more expensive than the Toyota or the Hyundai. Plus, it is a 4 door and I really want a 2 door hatchback. The Kia Rio is the same car as the Hyundai ( same company), and more pricey. The Chevy Aveo is expensive, and made by Daewoo, plus I have no faith in new GM products since they are usually built by union labor ( but it is probably made in South Korea, so this may not apply). The final choice is the Smart Fortwo, but there is a one year waiting list and it is as expensive as the Fit with less utility. Plus, it is not worth waiting a year for 3-4mpg. In a year, someone else will have a better option for the price and I would be stuck with a lesser car for 5 years. I may end up waiting a few more months as I have all but one bad account settled or paid off, so I want some more positive credit history before I finance anything. I am also going to put my first car ( 1979 AMC Spirit with an AMC 360 swap) back together and sell it, giving me a bigger down payment. I really can't afford 2 project cars anyhow, and I like the Cutlass far better.

 

[BACKSLAP]

DONT buy new, youll always have a payment! marry the car first
then marry your insurance agent
oh then hope no one hits your bumper or blows a stop sign.
then hope no one takes it

 

[85 Cutlass Brougham]

I bought my truck new 10 years ago, and have not had a payment in 6 years. I did my research then, and new was actually cheaper than used. A one year old one was going for the same money as the new one, with a 1% higher interest rate to boot. It's not as bad as you would think. However, I am not convinced of anything yet, and am still shopping the used market for an acceptable alternative as well. With the kind of car I want, I either want it brand new or very cheap. The theory being that cheap, small commuter cars are usually not well cared for by their original owners since they tend to trade frequently. So, you are buying in to poor maintenance and future headaches when you pay a premium for a newer used one. If you get a cheap old one, you then have the extra cash to get it caught up and can make it a good car again since they are plentiful in junkyards. As for which old one, I prefer a 1991-1999 Nissan Sentra or 200sx. I have had 2 of them ( one of which I bought new) and they are very robust and easy to upgrade with great fuel economy to boot. A Honda civic from the same period is almost as good, but the engine uses a timing belt which is it's Achilles Heel. So, I would take either of those for under $1500 as long as it is a 2 door with a 5 speed.

 

[dan2286]

I think the only thing that would hold me back from buying a new car, is that my insurance rates will go up alot. I will just stay with my car for right now as it is payed off, and insurance isnt that bad. Even though it has 165000, I am not havin that many issues with repairs except for maintinance. As much as I would love to buy a new car, it would just be way more money than the car is costing me now.

Once my car finally dies, I think I will be lookin at the Scion Tc. Its not that small, it comes with some pretty nice options, and gas mileage isnt that bad, and its less than 20000. If I find a really good job anytime soon I would definately consider the Pontiac G8 GT. I would first like to find if people are havin good luck with the Holden platform they used in the GTO, to see if the quality is okay.