Car loan

[mozzandherb]

Thinking of taking a car loan out at a bank....found a 2009 Mitsubishi Evo Ralliart for approx $25000 with 29K miles...and I really want it. The bank rate is 3% interest and I'm thinking of taking a long term 84 month term...just seeing if this is a good deal. The car looks mint and I love these cars winter or summer, but I'm more concerned about the bank loan. Anyone in take out a big enough loan for a car from the bank? Any regrets?

[phatdoughnut]

Thinking of taking a car loan out at a bank....found a 2009 Mitsubishi Evo Ralliart for approx $25000 with 29K miles...and I really want it. The bank rate is 3% interest and I'm thinking of taking a long term 84 month term...just seeing if this is a good deal. The car looks mint and I love these cars winter or summer, but I'm more concerned about the bank loan. Anyone in take out a big enough loan for a car from the bank? Any regrets?

Many people do it, have you actually checked into it or is that interest rate from an advertisement?

First and foremost, you need to qualify for the loan, then only if your credit score is good enough will you get that advertised interest rate. Next, I think in most cases the interest rate is for a specific time 36 months or whatever.

Interest rate will vary depending on how long the loan is stretched out.

Do you know your credit score? If not I suggest running your credit score from one of the free sites. This will at least give you some Idea of what it is and if you should even apply.

Let us know what happens!

[deevergote]

3% is quite low, so that's good. I think I got over 6% for my Fit, and I have a very good credit rating!

Do you plan on accelerating your payments to pay it off sooner? A 7 year loan for a car that's already 3 years old... you're going to be making payments on a 10 year old car! I financed my Fit for 6 years, but I'll have it paid off in about 3.5. I took the long financing period just in case my income dropped... I may be paying for a long time, but at least my payments are lower. In that case, a long financing period is good. However, if you find yourself jobless in 3 years, with 4 years to go on that loan... that's rough! Selling it for what you owe would be difficult at that point.

[mozzandherb]

I know I have a decent credit score and steady income for a while, I guess the best thing is to just give them a call because right now is just a guestimation, and the 3% might just be smoke and mirrors. The only problem is, I would finance this car, trade in my Mazda3, but there are zero dealerships around that have this car in stock.

[phatdoughnut]

I know I have a decent credit score and steady income for a while, I guess the best thing is to just give them a call because right now is just a guestimation, and the 3% might just be smoke and mirrors. The only problem is, I would finance this car, trade in my Mazda3, but there are zero dealerships around that have this car in stock.

If you are going in to a dealer with a bank loan. Jew them down, dont tell them you have the money and a trade. You will get the best deal

But im sure you already know that.

[fatboy1185]

Jew them down

Ban for racism.

[phatdoughnut]

Ban for racism.

shut up fat lazy cat

[mozzandherb]

If you are going in to a dealer with a bank loan. Jew them down, dont tell them you have the money and a trade. You will get the best deal

But im sure you already know that.

yeah, I used to work as a car salesman..lol. But like I said no dealers in my area have these cars in their pre-owned inventory. I might have to look in other cities

Edit: And maybe my priorities are out of place...seen as I'm still renting a house...maybe I should consider owning a house before owning a nice car, but it's so tempting

[19dabeast85]

You'll have to make the priority decision for yourself man. Right now IS a great time to bargain for a house AND get locked in at 4% mortgage rates. We're facing HUGE inflation so a 4% mortgage rate will essentially start making you money after a few years because inflation will outrun it.

As for your car:

84 month $335 pmt $28,100 total paid
60 month $455 pmt $27,300 total paid

You have to remember the car will depreciate in value about 20% each year. If you have a business and use your car occasionally for the business you can claim some of the depreciation on your taxes, if you don't have a business you're just losing value.

[JohnD1079]

please remember this guy is from Canada, so the rates and all that so its different. There is no locked in rates in Ontario if I remember correctly or it changed.

I also never quite understood people taking out huge loans for cars. Having said that, I would not do it.

[HondaB18]

yeah, I used to work as a car salesman..lol. But like I said no dealers in my area have these cars in their pre-owned inventory. I might have to look in other cities

Edit: And maybe my priorities are out of place...seen as I'm still renting a house...maybe I should consider owning a house before owning a nice car, but it's so tempting

what is wrong with renting? owning a house is a much much bigger responsibility than a simple car payment. house values have still been dropping with no sure signs of recovery. if you have such doubts about a 30k loan, how much doubts are you going to have about a 300k loan?

but your decision, you only live once

[deevergote]

You can buy a decent house in a decent neighborhood for FAR less than 300k. Nothing spectacular, but there are affordable places that are good first homes for a reasonable amount.

A house is still a greater investment than a car, regardless of the condition of the market. Especially if the plan is to remain in the house for at least 5 years (I'm going on 8 in my own...)

[kosheen1]

Ok i saw you in canada.

For a loan, the bank will give it to you no questions asked if you have a good credit, if you are around 25 or more of age. Depending on the income you make, etc.

When you'll get the loan. Think about the insurance. They ask(insurance comp) that cars bought from bank loan to a particular insteed of a dealership to be insured both sides(all covered). So the price of the insurance will go up a lot depending on how long you been driving, past record, age, the car itself and so on.

When they advertise for 3% interest on loan, it's for a short term... something like 6month, or a year depending on the bank. I've got a loan for 3years and interest went up crazy. So think about it for a 7year term. You should call the bank to see what interest plans are for each year terms and see which fits you best.

I'd say, if you going to get a loan, take advantage of it and use it in a profit way. Open a business or whatever that can bring you even more money out of it... otherwise... if your good at poker, go at the casino... fuck bitches, get money!

[stewie]

I'd say, if you going to get a loan, take advantage of it and use it in a profit way. Open a business or whatever that can bring you even more money out of it... otherwise... if your good at poker, go at the casino... fuck bitches, get money!

start up a shitty small buisness and use the car as a write off

going to the casinos to play poker as a 2nd source of income is something i do regularly, but lately ive been getting fucked over...every fucking time I go...Im seated at a table with the same guy....a 700 pound brown guy with well over 5000$ in chips playing at a 1-2$ blinds table....dosnt matter what hand you get... eg: I get pocket aces....ill raise 50$...flop comes down, he raises 1800$ where as i only bought in for 500$...not worth the risk knowing he may have 3 of a kind...fucking cock sucker...hes taken my money every week for almost a month

[h22sparkle]

I can personally speak from experience I make enough money to support my habit for cars own a house and maintain things I need in my life. I would say if you can pay it all up front or dont get a loan at all. Its much easier that way.

I can buy just about almost any car on the market today if I wanted to with my credit becasue its that good. Now would I do it nah becuase I dont need it. You can buy a used evo9 for that much I dont know why would you get a ralliart thats just me.