Georgia Firearm Forums - Georgia Packing banner
1 - 18 of 18 Posts

·
Registered
Joined
·
3,405 Posts
Discussion Starter · #1 ·
I opened an account at Georgia's Own CU yesterday. I spoke briefly with the guy about a loan but not to much in detail, just that I would probably need 10-15% down (no surprise) and maybe need a co-signer. But what would be a descent rate for a 22 year old with a relatively good credit score in low 700s making between $30-40,000 a year. Would the dealer have good rates or should i look at the CU the most.
 

·
Registered
Joined
·
1,153 Posts
Depends on what dealer. Very often, your financial institution will be able to beat their rates pretty well, especially on used vehicles.

That score and that income should get you a pretty good rate, but it's been a few years since I financed a vehicle, so I don't know what rate are looking like right now. My sis-in-law, with terrible credit, no co-signer, and bad income to expense ratio just got something like 10-12% on a vehicle she just bought. I would imagine you could cut that in half, if not better.
 

·
Registered
Joined
·
69 Posts
My .05c is that if you get charged more than 8% at the credit union, the dealer will probably do better than that. But make sure that the interest rate from the dealer is fixed, if you go that route.
 

·
Registered
Joined
·
700 Posts
Know what rates are available and by who when you go to the dealer. Then see what they can offer. If they can't beat one of your outside rates, tell them. Then see what they come up with. I did it with my 2009 Ram. BOA was advertising 4.75 and the dealer wanted to give me their financing at 6+. I told them about BOA and they got me 4.45 from BOA.
 

·
Registered
Joined
·
4,901 Posts
Dealer's get a credit for any financing they get you. Use that to your advantage.

Even @ 22, with a scores as yours you shouldn't need a co-signer.
 

·
Banned
Joined
·
2,559 Posts
It's been awhile since I bought a vehicle, but I would think that with your status and the slow market, that the dealer sould let you finance through them with a rate comparable to the credit union with no cosigner. It is a buyer's market is it not?
 

·
Registered
Joined
·
4,543 Posts
Whats wrong with paying cash? Being that young, making that kind of money, it shouldn't take too long to save up enough to do so.
 

·
Registered
Joined
·
222 Posts
I'm also 22 and bought my first car a couple months ago. Went through Delta CU and got 6.5% (Being 22, unemployeed, with a co-signer, but had almost half of the car price in cash saved up).
 

·
Registered
Joined
·
3,405 Posts
Discussion Starter · #9 ·
rankhornjp said:
Whats wrong with paying cash? Being that young, making that kind of money, it shouldn't take too long to save up enough to do so.
I have to save for a house and other things now.
 

·
Registered
Joined
·
6,313 Posts
a_springfield said:
rankhornjp said:
Whats wrong with paying cash? Being that young, making that kind of money, it shouldn't take too long to save up enough to do so.
I have to save for a house and other things now.
Bear in mind, this mindset of saving & buying with cash is not necessarily always the smart strategy. One has to do an proper analysis and make a decision.
 

·
Registered
Joined
·
960 Posts
Couple of thoughts -
With low 700s and that income, if you need a cosigner and/or significant down payment, then your loan amount requested is too big. Associated Credit Union has done 0% down for some of the younger people I work with with no cosigners.
Unless you're set on getting something, pushing off having a car payment will let you hit those other goals (especially the house) downpayment faster. No idea if the housing market has bottomed out, but you should consider whether you think you'll be able to get as good a deal on the house you want at a later time.
Good luck - definitely shop other banks and credit unions (though CUs will probably be your best bet). IIRC, your credit isn't dinged any more if you have multiple queries in a short time frame for a car or house loan.
 

·
Registered
Joined
·
3,405 Posts
Discussion Starter · #12 ·
XshootX said:
Couple of thoughts -
With low 700s and that income, if you need a cosigner and/or significant down payment, then your loan amount requested is too big. Associated Credit Union has done 0% down for some of the younger people I work with with no cosigners.
Unless you're set on getting something, pushing off having a car payment will let you hit those other goals (especially the house) downpayment faster. No idea if the housing market has bottomed out, but you should consider whether you think you'll be able to get as good a deal on the house you want at a later time.
Good luck - definitely shop other banks and credit unions (though CUs will probably be your best bet). IIRC, your credit isn't dinged any more if you have multiple queries in a short time frame for a car or house loan.
I am looking at a base plus A/C Wrangler sticker is about 22,000. I can not wait to long to get it b/c my current ride is about to die, I am looking at getting the jeep for 20 with trade in and a some cash to be financing around 18,000 I am going to get some numbers Friday if I can get off early and hoping to get it Saturday or Sunday [-o< :crossfinger:
 

·
Registered
Joined
·
4,901 Posts
a_springfield said:
XshootX said:
Couple of thoughts -
With low 700s and that income, if you need a cosigner and/or significant down payment, then your loan amount requested is too big. Associated Credit Union has done 0% down for some of the younger people I work with with no cosigners.
Unless you're set on getting something, pushing off having a car payment will let you hit those other goals (especially the house) downpayment faster. No idea if the housing market has bottomed out, but you should consider whether you think you'll be able to get as good a deal on the house you want at a later time.
Good luck - definitely shop other banks and credit unions (though CUs will probably be your best bet). IIRC, your credit isn't dinged any more if you have multiple queries in a short time frame for a car or house loan.
I am looking at a base plus A/C Wrangler sticker is about 22,000. I can not wait to long to get it b/c my current ride is about to die, I am looking at getting the jeep for 20 with trade in and a some cash to be financing around 18,000 I am going to get some numbers Friday if I can get off early and hoping to get it Saturday or Sunday [-o< :crossfinger:
A very good point above....some good used very inexpensive vehicles out there.

A friend of mine just bought a '02 TJ with 70k miles for $9. It had a hard top, metal doors, inline 6. Far from the base model.
 

·
Registered
Joined
·
3,405 Posts
Discussion Starter · #14 ·
psrumors said:
a_springfield said:
XshootX said:
Couple of thoughts -
With low 700s and that income, if you need a cosigner and/or significant down payment, then your loan amount requested is too big. Associated Credit Union has done 0% down for some of the younger people I work with with no cosigners.
Unless you're set on getting something, pushing off having a car payment will let you hit those other goals (especially the house) downpayment faster. No idea if the housing market has bottomed out, but you should consider whether you think you'll be able to get as good a deal on the house you want at a later time.
Good luck - definitely shop other banks and credit unions (though CUs will probably be your best bet). IIRC, your credit isn't dinged any more if you have multiple queries in a short time frame for a car or house loan.
I am looking at a base plus A/C Wrangler sticker is about 22,000. I can not wait to long to get it b/c my current ride is about to die, I am looking at getting the jeep for 20 with trade in and a some cash to be financing around 18,000 I am going to get some numbers Friday if I can get off early and hoping to get it Saturday or Sunday [-o< :crossfinger:
A very good point above....some good used very inexpensive vehicles out there.

A friend of mine just bought a '02 TJ with 70k miles for $9. It had a hard top, metal doors, inline 6. Far from the base model.
I know that there are some good deals on used jeeps I just dont want to get a "new" vehicle and have to work on it. plus the price difference in a used on means that I will have to get one with over 50,000 to save 5 grand I would rather pay a little more and get new and not worry. plus two different dealers told me that 35's and a 3.5" lift dont void the warranty.
 

·
Registered
Joined
·
4,901 Posts
a_springfield said:
psrumors said:
[quote="a_springfield":3uxnx4bc]
XshootX said:
Couple of thoughts -
With low 700s and that income, if you need a cosigner and/or significant down payment, then your loan amount requested is too big. Associated Credit Union has done 0% down for some of the younger people I work with with no cosigners.
Unless you're set on getting something, pushing off having a car payment will let you hit those other goals (especially the house) downpayment faster. No idea if the housing market has bottomed out, but you should consider whether you think you'll be able to get as good a deal on the house you want at a later time.
Good luck - definitely shop other banks and credit unions (though CUs will probably be your best bet). IIRC, your credit isn't dinged any more if you have multiple queries in a short time frame for a car or house loan.
I am looking at a base plus A/C Wrangler sticker is about 22,000. I can not wait to long to get it b/c my current ride is about to die, I am looking at getting the jeep for 20 with trade in and a some cash to be financing around 18,000 I am going to get some numbers Friday if I can get off early and hoping to get it Saturday or Sunday [-o< :crossfinger:
A very good point above....some good used very inexpensive vehicles out there.

A friend of mine just bought a '02 TJ with 70k miles for $9. It had a hard top, metal doors, inline 6. Far from the base model.
I know that there are some good deals on used jeeps I just dont want to get a "new" vehicle and have to work on it. plus the price difference in a used on means that I will have to get one with over 50,000 to save 5 grand I would rather pay a little more and get new and not worry. plus two different dealers told me that 35's and a 3.5" lift dont void the warranty.[/quote:3uxnx4bc]

Shouldn't have to work on a 70k mile vehicle and that isn't a $5k savings rather a $11k. New @ $20k, used @ $9k is a $11k savings....none the less I do understand wanting a new vehicle.

With that said, the dealership will tell you anything....35s and a 3.5" lift CAN void your warranty. It will not void your a/c warranty but if you have an axle, trans or engine go out district WILL VOID your warranty. The last I heard any Chrysler product with a major warranty claim gets a look by district.
 

·
Moderator
Joined
·
16,485 Posts
psrumors said:
Shouldn't have to work on a 70k mile vehicle and that isn't a $5k savings rather a $11k. New @ $20k, used @ $9k is a $11k savings....none the less I do understand wanting a new vehicle.
Closer to 13-14k once you add in the extra interest he'll be paying.
 

·
Yukon Cornelius
Joined
·
11,767 Posts
a_springfield said:
XshootX said:
Couple of thoughts -
With low 700s and that income, if you need a cosigner and/or significant down payment, then your loan amount requested is too big. Associated Credit Union has done 0% down for some of the younger people I work with with no cosigners.
Unless you're set on getting something, pushing off having a car payment will let you hit those other goals (especially the house) downpayment faster. No idea if the housing market has bottomed out, but you should consider whether you think you'll be able to get as good a deal on the house you want at a later time.
Good luck - definitely shop other banks and credit unions (though CUs will probably be your best bet). IIRC, your credit isn't dinged any more if you have multiple queries in a short time frame for a car or house loan.
I am looking at a base plus A/C Wrangler sticker is about 22,000. I can not wait to long to get it b/c my current ride is about to die, I am looking at getting the jeep for 20 with trade in and a some cash to be financing around 18,000 I am going to get some numbers Friday if I can get off early and hoping to get it Saturday or Sunday [-o< :crossfinger:
i assume you're wanting a pretty new jeep for that price?? if i was you id get an older low mileage jeep like a 2004-2006 with the 4.0L instead of the 3.8v6...idk if youd be opposed to driving a Right hand drive Jeep but low mile RHD Jeeps are always on ebay and they bring less than a regular model

or if your wanting a tough 4x4 get a Tacoma they are overbuilt

if you want something fun to drive may i suggest a new Base Model f150 with the new Coyote 5.0 DOHC motor with a 6speed auto and 3.55 limited slip from the factory mmmmm tasty they come in right at 22k ;)
 

·
Registered
Joined
·
15,974 Posts
I'll just keep buying cheap used cars cash, drive them until they die, and focus on the important things like buying more guns. :wink:
 
1 - 18 of 18 Posts
Top