I’m looking to buy a new car, went to the bank for a loan, they said they’d only do a car loan if I bought a car that was less than 3 years old. Are you kidding me? My current car is from 2004, I’m hoping for an ~$8k 2012 or something…
My last car purchase I was thinking similarly, I ended up with a '14 with 80000km on it. Bank said “we can’t give you a loan for that, but we can up your line of credit and you can use that”
…
Additionally, if you can get your down payment/trade-in to get your car off the lot with equity then you’ll get a lower interest rate. When my ex and I bought her new car a few years ago we incidentally did that (total value between the down payment and trade in was something like 10k on a 23k purchase) and we were pleasantly surprised to see a full percentage point lower on the loan.
Preapprove loan in the range you want from your bank.
Agree in writing on car price.
Get loan from bank.
Pay for car
Pay back bank.
You say that as if banks are on your side.
Banks aren’t credit unions.
True. The banks are at least marginally more on your side than car dealerships though.
I’ve only ever banked at credit unions.
True. The banks are at least marginally more on your side than car dealerships though.
I’ve only ever banked at credit unions.
True. The banks are at least marginally more on your side than car dealerships though. And I’ve only ever banked at credit unions.
I’m looking to buy a new car, went to the bank for a loan, they said they’d only do a car loan if I bought a car that was less than 3 years old. Are you kidding me? My current car is from 2004, I’m hoping for an ~$8k 2012 or something…
My last car purchase I was thinking similarly, I ended up with a '14 with 80000km on it. Bank said “we can’t give you a loan for that, but we can up your line of credit and you can use that” …
Additionally, if you can get your down payment/trade-in to get your car off the lot with equity then you’ll get a lower interest rate. When my ex and I bought her new car a few years ago we incidentally did that (total value between the down payment and trade in was something like 10k on a 23k purchase) and we were pleasantly surprised to see a full percentage point lower on the loan.