Financing a car?

jgl Posted: Jun 19, 2007 07:17 PM

Financing a car?

the lease on my 04 Grand am is almost done. I am going to finance my car. I did some browsing and figured that the amount its going to cost me to lease a new car is a bit more than it would cost to just buy my car. (with getting married and wanting to buy a house, i think its best to own my car)

anyway... here is my question..
I called GMAC for the payment amount but forgot to ask what the the % rate.

I'm wondering if any of you girls financed through a bank or did a loan (not sure how this works) and if you found the % to be less and what it was. Im going to call GMAC again tomorrow.

Im thinking that the Teachers Credit Union might have a good deal.

TIA

AmandaLynn04 Posted: Jun 19, 2007 07:18 PM

Re: Financing a car?

You don't even want to know the interest rate on my car. It makes me want to throw up.

jgl Posted: Jun 19, 2007 07:19 PM

Re: Financing a car?

Posted by AmandaLynn04

You don't even want to know the interest rate on my car. It makes me want to throw up.

oh really...

i was so stupid i forgot to ask. i was talking to my dad and he asked what the % was and i was like 'oh i needed to ask that?' haha

AmandaLynn04 Posted: Jun 19, 2007 07:20 PM

Re: Financing a car?

lol. Well, my credit is horrible, and, we got a used car, which jacks up the rate. I think it's 14%. We are paying almost double the payment every month to lower the rate though.

jgl Posted: Jun 19, 2007 07:23 PM

Re: Financing a car?

Posted by AmandaLynn04

lol. Well, my credit is horrible, and, we got a used car, which jacks up the rate. I think it's 14%. We are paying almost double the payment every month to lower the rate though.

OH MY!!!!!that stinks!!!!! is that locked in or can you possibly get it lowered if you make a bunch of payments on time?

AmandaLynn04 Posted: Jun 19, 2007 07:24 PM

Re: Financing a car?

I'm not sure. But, I know that with the amount we're paying, we'll have the car paid off in less than half the time of the loan. I know that lowers the rate considerably.

jgl Posted: Jun 19, 2007 07:25 PM

Re: Financing a car?

Posted by AmandaLynn04

I'm not sure. But, I know that with the amount we're paying, we'll have the car paid off in less than half the time of the loan. I know that lowers the rate considerably.

oh goood.. then you should just keep doing what you are doing!

ILOVEBRIAN2008 Posted: Jun 19, 2007 07:27 PM

Re: Financing a car?

i financed my car through nissan (nissan motor acceptance corporation)

Chanwich Posted: Jun 19, 2007 07:47 PM

Re: Financing a car?

I financed mine through my bank (Bank of America) and got a decent rate, I think mine is around 6-7%. It does depend on your credit though, so if you have good credit, you shouldn't have a problem getting a good rate at most places

jgl Posted: Jun 19, 2007 07:48 PM

Re: Financing a car?

Posted by Chanwich

I financed mine through my bank (Bank of America) and got a decent rate, I think mine is around 6-7%. It does depend on your credit though, so if you have good credit, you shouldn't have a problem getting a good rate at most places

Thanks for the info!!! yeah i have excellent credit so im hoping that works out for me. Im going to call the teachers credit union FH said his friend at work got a really good rate, maybe i will too. but i really dont know how all this works haha..

Tori9299 Posted: Jun 19, 2007 07:55 PM

Re: Financing a car?

Teachers Credit Union usually has good rates because you don't have to make payments they take it right out of your paycheck.

jgl Posted: Jun 19, 2007 07:57 PM

Re: Financing a car?

Posted by Tori9299

Teachers Credit Union usually has good rates because you don't have to make payments they take it right out of your paycheck.

really?? well i dont want that!!!

Kris10546 Posted: Jun 19, 2007 08:03 PM

Re: Financing a car?

My car is financed through Chase auto finance. I pay 5.9%. FH is through the teachers credit union (he's not even a teacher) and his is only 4.5% and he has a luxury car too so it was a bigger loan then my pathetic Hyundai!