Financing a car

[SweatOutWeaves]

Thinking about financing a 2002-2005 Nissan Maxima or Altima or a Honda Accord, but not sure if I can commit to paying a car note and insurance for 3-6 years. Bills suck, but there's nothing like having a car with low mileage.

[rbk2003]

you can get a whip for 13k with low mileage and have a note of 600+ and be done in 2-3 yrs

[RichieRich]

you can get a whip for 13k with low mileage and have a note of 600+ and be done in 2-3 yrs

Do not listen to the niigga




I don't have anything constructive to say

[CashmereThoughts]

Thinking about financing a 2002-2005 Nissan Maxima or Altima or a Honda Accord, but not sure if I can commit to paying a car note and insurance for 3-6 years. Bills suck, but there's nothing like having a car with low mileage.


accept that you will have a note for the rest of your life.

just make sure you go "certified pre owned". and when you buy the car buy "gap insurance". dont feel obligated to buy any of the other warranty's they try to sell in the finance room. and don't ever buy lo jack.

also keep in mind that there's a huge margin between the initial price they offer and the lowest price they're willing to let it go at

[Ollie Williams]

accept that you will have a note for the rest of your life.
just make sure you go "certified pre owned". and when you buy the car buy "gap insurance". dont feel obligated to buy any of the other warranty's they try to sell in the finance room. and don't ever buy lo jack.
also keep in mind that there's a huge margin between the initial price they offer and the lowest price they're willing to let it go at

c/s

And if you can, get a good down payment up.

[BlackKing03]

Listen to them I had gap insurance on the my last car, I was in a wreck in April and it paid for the whole car, I think it boasts your credit also.

[Brooklynzson]

accept that you will have a note for the rest of your life.
just make sure you go "certified pre owned". and when you buy the car buy "gap insurance". dont feel obligated to buy any of the other warranty's they try to sell in the finance room. and don't ever buy lo jack.
also keep in mind that there's a huge margin between the initial price they offer and the lowest price they're willing to let it go at
how will he have a note for the rest of his life?:huh:

[Writers-Block]

accept that you will have a note for the rest of your life.
just make sure you go "certified pre owned". and when you buy the car buy "gap insurance". dont feel obligated to buy any of the other warranty's they try to sell in the finance room. and don't ever buy lo jack.
also keep in mind that there's a huge margin between the initial price they offer and the lowest price they're willing to let it go at
c,s.

[J-Gunz]

I'm thinking about financing a car myself within a 2 months, the car is going to be between 20-23K, im thinking of saving up between 5000-10K for the down payment, plus trading in the car i have now to put towards it, im illiterate when it comes to interest rate and to car notes but im figuring ima be on the cheap side and attempt to have my car note below 300 a month


Anybody got tips on how to get the car at a cheaper price? I hear you can haggle w/ the dealership and they will knock the price down on the car

I also hear sometimes its good to sell ur car at the dealership and other times its better to sell it elsewhere

[606OnIt]

Listen to them I had gap insurance on the my last car, I was in a wreck in April and it paid for the whole car, I think it boasts your credit also.
damn b....glad u ok...but this is my 1st time hearing of gap ins. what is it, exactly? who do u get it from (dealer? or ins. agent?)?
Thanx....i got a 98 taurus, and by next year i mite upgrade

[detroitwalt]

damn b....glad u ok...but this is my 1st time hearing of gap ins. what is it, exactly? who do u get it from (dealer? or ins. agent?)?
Thanx....i got a 98 taurus, and by next year i mite upgrade

let's say you owe 12k on the car but the blue book value is only 9k. if the car gets totaled, insurance will only give you 9k and you will still owe 3k on a car you know longer have. with gap insurance that other 3k is picked up and you no longer owe anything. i've never had it myself so i don't know where to get it from.

[BlackKing03]

let's say you owe 12k on the car but the blue book value is only 9k. if the car gets totaled, insurance will only give you 9k and you will still owe 3k on a car you know longer have. with gap insurance that other 3k is picked up and you no longer owe anything. i've never had it myself so i don't know where to get it from.

what he said, plus they usually offer it @ the dealership if they dont offer it make sure you ask for it. My car was 350 a month but with the gap it came to 365. If I didn't have gap I would have had to pay for a totaled car, so if you leasing a car get the gap its only like 15 extra dollars. Don't be cheap lol

[ksha402]

Listen to them I had gap insurance on the my last car, I was in a wreck in April and it paid for the whole car, I think it boasts your credit also.

Very important info right there.

[SweatOutWeaves]

Good lookin out y'all.

[CashmereThoughts]

I think it boasts your credit also.

A payed auto loan does raise your fico score. it also builds credibility w/ the auto lender and will help secure you a cheaper rate next time

And if you can, get a good down payment up.

I advise against this. it is best to work your car deal w/ zero down. most of what you put as cash down is front end gross for the dealership and does not actually go to your loan.

if you want to put a dent in your loan hold on to that cash and then pay it directly to the loan after your car deal bills. at this point you owe less and can refi after a few month for a lower payment.

Always work your deal w/ zero down. and go up from there if you have to put cash down to get the deal done

how will he have a note for the rest of his life?:huh:

Traditionally americans dont pay cars off. we usuall trade in every 2 years due to our need for newer nicer sh1t

[Mister Discotheque]

I dont get the logic behind the zero down deal. I mean obviously u can refi etc w/e w/e, but how much?

Just an example

Say I cop a used car for 25K after haggling and everything... I finance it for 48 months. That's like a $600 note per month. Say I put down $5K, then refi after payin for 6 months...

If I refi for another 48 months from that... its still a $400 note. And if they make me do it for 42 months, its $460. Plus u save a little interest... but not a lot

I dunno, I wont buy new till I'm ready w/cash. What they hit u in the head with for interest, and the additional insurance (u gotta get collision. but then when u get in an accident they spike ur rates to cover the cost of repairs)... its just not worth it IMO. I pay like $2500 to insure my car a year... wanna keep it that way....

[The ADD]

6 years? WTF?

[CashmereThoughts]

I dont get the logic behind the zero down deal


If im your "sales consultant". and i wanna sell you a 06 charger(book value $13,000) for $19,000.

the finance company will only pay aprox %110 of the cars value. wich is $14,430. but remember i want to sell you the car for 19k. so the bank will cut the check for 14,430 and where does the extra 4570 come from?

you got it! down payment!(strait in the dealers pocket)

the charger books for 14,430
the dealership bought it for 11,500
you bought it for 19,000

thats 7,500 in front in gross thanks to your "down payment."

[BlvdBrawler]

Yea, never ever ever put a down payment on a vehicle unless you have to.

[Mister Discotheque]

If im your "sales consultant". and i wanna sell you a 06 charger(book value $13,000) for $19,000.

the finance company will only pay aprox %110 of the cars value. wich is $14,430. but remember i want to sell you the car for 19k. so the bank will cut the check for 14,430 and where does the extra 4570 come from?

you got it! down payment!(strait in the dealers pocket)

the charger books for 14,430
the dealership bought it for 11,500
you bought it for 19,000

thats 7,500 in front in gross thanks to your "down payment."
I wouldnt even fukk w/the dealer's financin though, Id prob come thru w/a blank check for an Eloan or somethin. U come thru w/basically cash and it is a whole different ordeal

Plus I would have known the price of the car beforehand... no way I'm buyin a car w/o doin research

[CashmereThoughts]

I wouldnt even fukk w/the dealer's financin though, Id prob come thru w/a blank check for an Eloan or somethin. U come thru w/basically cash and it is a whole different ordeal

Plus I would have known the price of the car beforehand... no way I'm buyin a car w/o doin research


if your buying pre owned. you dont know what they own that car for. they buy them sh1ts so "back of book" its discusting. so having your own financing aint gonna stop them from "clubbing" you


the smart will apply that cash directly to the loan and not give Sh1t to the dealership!

[detroitwalt]

it is best to work your car deal w/ zero down.

you do this with new vehicles as well?

i plan on getting a loan from my bank instead of the dealership, should i still try to go with no money down?

[jade feria]

accept that you will have a note for the rest of your life.
just make sure you go "certified pre owned". and when you buy the car buy "gap insurance". dont feel obligated to buy any of the other warranty's they try to sell in the finance room. and don't ever buy lo jack.
also keep in mind that there's a huge margin between the initial price they offer and the lowest price they're willing to let it go at
No...he's trying to get an older car. Gap insurance is useful for new cars, where there are discrepancies with depreciation value (it's based on mileage and condition rather than standards set by KBB or NADA)...but if you're trying to get it on an 02 model, you're wasting money. Dealerships are the ones who offer the gap, which means more money for them and more that you'll have to pay. Most of the time, you won't be able to even get gap on an older car because it has depreciated so much and already has a set cash value, and if anything happens to the car and it's totaled, the insurance company will pay the Actual Cash Value of it, plus tax, tag fees, and certain modifications such as rims, tinted windows, aftermarket stereo system, etc (PLEASE make sure to check your insurance policy to make sure they pay for these things..if they don't, it's a crap insurance policy).

So if you want to buy a car, make sure you check the ACV with a company like the Kelley Blue book http://www.kbb.com/or NADA Gold Book http://www.nadaguides.com/(this one is usually better, because it's what most insurance companies use). And use THAT to make a decision on how much you will pay for your car when negotiating.


FYI I worked for an auto insurance company and dealt with thousands of totaled cars. In most cases, if someone had an older car financed and it was a total loss, the ACV paid off the whole note.

[CashmereThoughts]

FYI I worked for an auto insurance company and dealt with thousands of totaled cars. In most cases, if someone had an older car financed and it was a total loss, the ACV paid off the whole note.


yeah im currently an auto claims adjuster at usaa and previously was a "sales and leasing consultant" at and acura dealership so i been on both sides.

The reason why i suggest gap in almost every situation is because

A. its cheap. if you negotiate on it u can get it for about $400. adding like $3 to you monthly payment.

B. alotta people driving older cars are still upside down.



They way i used to "club" niccas on car deals its nicas right now drivin 99 intrepids owing 9k on em. so even though the car is old having gap would be beneficial.

its a good gamble especially if its totaled early in your loan.sounds like you def know your sh1t tho

[jade feria]

yeah im currently an auto claims adjuster at usaa and previously was a "sales and leasing consultant" at and acura dealership so i been on both sides.

The reason why i suggest gap in almost every situation is because

A. its cheap. if you negotiate on it u can get it for about $400. adding like $3 to you monthly payment.

B. alotta people driving older cars are still upside down.



They way i used to "club" niccas on car deals its nicas right now drivin 99 intrepids owing 9k on em. so even though the car is old having gap would be beneficial.

its a good gamble especially if its totaled early in your loan.sounds like you def know your sh1t tho
LOL....those people used to get on my nerves! And it's sad when they expect to have the settlement pay off their loan, but instead are disappointed because either a.) they got got on the sale, or b.) Their credit is horrendous, so they end up with a crazy interest rate on the financing.

[Cool The Kid]

I don't ever wanna finance a car. U can find a real basic Altima for like 7-8K though, just buy that shyt cash boss man

U look at it, when u finance u pay extra $$$ for no reason in interest.... then on top of that, u have to get top of the line insurance that they jack up like crazy when u get in an accident anyways.

I would find the best car I could afford cash, then have $$$ in the bank for any emergencies. There are a lot of good deals to be had cash wise

[The ADD]

I don't ever wanna finance a car. U can find a real basic Altima for like 7-8K though, just buy that shyt cash boss man

U look at it, when u finance u pay extra $$$ for no reason in interest.... then on top of that, u have to get top of the line insurance that they jack up like crazy when u get in an accident anyways.

I would find the best car I could afford cash, then have $$$ in the bank for any emergencies. There are a lot of good deals to be had cash wise

That's you best bet but that's not realistic for everyone

I still say IF you have to finance a down payment is a waste. unless you put down huge money.

[Cool The Kid]

if your buying pre owned. you dont know what they own that car for. they buy them sh1ts so "back of book" its discusting. so having your own financing aint gonna stop them from "clubbing" you


the smart will apply that cash directly to the loan and not give Sh1t to the dealership!
Not really, trade in prices on used cars are readily available online just like invoices on new cars. Plus, the longer they have a car on a lot the less its worth so they have more incentive to move it out.

If they paid 13K for the car, why the fukk would I pay 19K for it?

(more importantly do Chargers even command that kind of money anymore???)

[TicaleyedSpic]

I wouldnt even fukk w/the dealer's financin though, Id prob come thru w/a blank check for an Eloan or somethin. U come thru w/basically cash and it is a whole different ordeal

Plus I would have known the price of the car beforehand... no way I'm buyin a car w/o doin research

C/S dealer financing will rape you unless you have great/good credit.

[CashmereThoughts]

trade in prices on used cars are readily available online just like invoices on new cars.


this is the key part most fail to understand.

the internet will tell you what a dealership Should pay for a given model. it does not tell you what they actually did pay.

when you come to the dealership to trade in and by a new car theres a 12 step process thats designed to devalue your trade and basically steal it from you. Infact the leasing consultant make 25- 35 percent of every doller they under pay you for your trade!

so the point is. dealerships be owning these cars for alot less than you think!!!

LOL....those people used to get on my nerves! And it's sad when they expect to have the settlement pay off their loan, but instead are disappointed because either a.) they got got on the sale, or b.) Their credit is horrendous, so they end up with a crazy interest rate on the financing.

yep. did you do sales? you would be amazed at the bamboozlement that takes place. i mean we was convincing niccas to buy a new car and let the current one get repo'ed.

or tellin people "your too upside down but we can better hide your negative equity if you buy 2 cars " then fruck around and you dont get aproved for one of the deals but get approved for the other and you stuck w/ a 01 pt cruiser for 700 a month

[beaniemac]

Thinking about financing a 2002-2005 Nissan Maxima or Altima or a Honda Accord, but not sure if I can commit to paying a car note and insurance for 3-6 years. Bills suck, but there's nothing like having a car with low mileage.

the general rule for financing a car is you're generally looking at $100 a month for each $5000 you finance. and thats given u are doing around 60 months. will be a little higher for 48 months or lower for 72 months. I would never finance over 60 months personally, but thats on you tho.

btw, its a buyer's market, so getting good interest rates is a very doable thing right now.

[beaniemac]

you do this with new vehicles as well?
i plan on getting a loan from my bank instead of the dealership, should i still try to go with no money down?

dude, it doesn't matter what ur down payment is. the only thing that matters is the amount ur borrowing, the # of months and the interest rate. everything else is irrelevant.

both times I bought a car from a dealership, I was pre-approved from my credit union, so I knew how much I could spend, and dont' have to deal with the finance folks at the dealerships. plus, my credit unions interest rate sh*t on the dealership's by like 3 percentage points.

[beaniemac]

LOL....those people used to get on my nerves! And it's sad when they expect to have the settlement pay off their loan, but instead are disappointed because either a.) they got got on the sale, or b.) Their credit is horrendous, so they end up with a crazy interest rate on the financing.

this is something most people don't get. people that are upside down on their car loans (value of the car is less than what they owe), think they can just trade in that car for a new one like its all good. little do they know that that difference in value for the car, and the loan will just be added onto the new car, so the dealer will not be taking that L. most people that are upside down tend to have bad credit anyways, so they either dont know/don't understand/ or don't care.

[loso314]

the general rule for financing a car is you're generally looking at $100 a month for each $5000 you finance. and thats given u are doing around 60 months. will be a little higher for 48 months or lower for 72 months. I would never finance over 60 months personally, but thats on you tho.
btw, its a buyer's market, so getting good interest rates is a very doable thing right now.
So instread of a down payment would it be better to finance the car outright, then just spend whatever you were gonna spend on the down payment just pay down your loan? I'm finna get a car, I can't really afford a brand new joint but I don't want a lemon either. I ain't tryin' to get jipped by a dealership.

[CashmereThoughts]

finance the car outright, then just spend whatever you were gonna spend on the down payment just pay down your loan? .


Yes. the more money you give to the dealership, the more you lost.

the best way to work a deal is with your own financing from your credit union. that way you control more aspects of the deal.

[beaniemac]

So instread of a down payment would it be better to finance the car outright, then just spend whatever you were gonna spend on the down payment just pay down your loan? I'm finna get a car, I can't really afford a brand new joint but I don't want a lemon either. I ain't tryin' to get jipped by a dealership.

all im saying is the only thing that matters is the amount u borrow, interest rate, and loan term (months), cuz that determines ur car note. now say u got 5 G's cash and a loan limit of 15G's, then u can get a car for 20G's total. but if u find a car that only cost 15G's total, and u got 5G's cash, u gotta decide if you'd rather keep ur 5G's and have a $300 a month car note, or put some or all of it down and have a $200 car note. its all up to u son.

[beaniemac]

Yes. the more money you give to the dealership, the more you lost.
the best way to work a deal is with your own financing from your credit union. that way you control more aspects of the deal.

last car I bought, the credit union gave me an amount they would finance me for. but I ended up using like 10 G's less than what they were offering. cuz I knew what I wanted my car note to be, and what I was gonna put down and or trade in to give me the desired car note.

[loso314]

all im saying is the only thing that matters is the amount u borrow, interest rate, and loan term (months), cuz that determines ur car note. now say u got 5 G's cash and a loan limit of 15G's, then u can get a car for 20G's total. but if u find a car that only cost 15G's total, and u got 5G's cash, u gotta decide if you'd rather keep ur 5G's and have a $300 a month car note, or put some or all of it down and have a $200 car note. its all up to u son.
Thanks...you know I'm goin' with the 200/mo. car note moe.

[triplehate]

this is the key part most fail to understand.

the internet will tell you what a dealership Should pay for a given model. it does not tell you what they actually did pay.

when you come to the dealership to trade in and by a new car theres a 12 step process thats designed to devalue your trade and basically steal it from you. Infact the leasing consultant make 25- 35 percent of every doller they under pay you for your trade!

so the point is. dealerships be owning these cars for alot less than you think!!!



yep. did you do sales? you would be amazed at the bamboozlement that takes place. i mean we was convincing niccas to buy a new car and let the current one get repo'ed.

or tellin people "your too upside down but we can better hide your negative equity if you buy 2 cars " then fruck around and you dont get aproved for one of the deals but get approved for the other and you stuck w/ a 01 pt cruiser for 700 a month


gotdamn :ohmy:











:laugh:

[Riot the Rebel]

Shyt I'm glad I came in here before I bought this one car.

I don't really know shyt when it comes to buying a car unless it's straight cash. I was gon get this Focus for 4 gs, an 00 one. So what would be my best bet here? Down payment or no?

[Skrait_Lurkin]

Shyt I'm glad I came in here before I bought this one car.

I don't really know shyt when it comes to buying a car unless it's straight cash. I was gon get this Focus for 4 gs, an 00 one. So what would be my best bet here? Down payment or no?
You would be better off paying cash for that car instead of financing it since its so cheap.

[Riot the Rebel]

Yeah, well honestly that's not me. It's someone I know, and I don't know what to tell them. They ain't makin our kinda money, they still in high school so I don't know.

[CashmereThoughts]

Shyt I'm glad I came in here before I bought this one car.

I don't really know shyt when it comes to buying a car unless it's straight cash. I was gon get this Focus for 4 gs, an 00 one. So what would be my best bet here? Down payment or no?


I would be tryn to pay closer to 3g's for that type of car.

U can grab you a CIvic for the 4k price range. And that civic will ceartainly ride longer

[beaniemac]

Shyt I'm glad I came in here before I bought this one car.

I don't really know shyt when it comes to buying a car unless it's straight cash. I was gon get this Focus for 4 gs, an 00 one. So what would be my best bet here? Down payment or no?
You would be better off paying cash for that car instead of financing it since its so cheap.

yeah what she said. most banks/credit unions wouldn't even finance a car thats 9 years old anyways.

[sayagain]

this has been one of the most informative threads on this site. too bad my credit is too bad to take advantage of any of this info!!!

[CashmereThoughts]

this has been one of the most informative threads on this site. too bad my credit is too bad to take advantage of any of this info!!!


No doubt, I Like tellin niccas the evils of the biz. Kinda my way of reversing all the lives I ruined behind crooked car deals.

[youngkeith]

I would be tryn to pay closer to 3g's for that type of car.
U can grab you a CIvic for the 4k price range. And that civic will ceartainly ride longer
c/s can't say it any better. I love my Civic.

[KoolKid]

a Honda will probably be my next car...once GM goes out of business :mad:

[CashmereThoughts]

c/s can't say it any better. I love my Civic.

Yep, my 1st car was a 99 civic coupe. I drive a 5 series now and sometimes miss my civic. That's sayin a whole lot for the civic

[beaniemac]

this has been one of the most informative threads on this site. too bad my credit is too bad to take advantage of any of this info!!!

its always nice to be able to help ya'll young cats on some things that many people don't understand.