You got your for $32,600 OTD ? How do you do that ? That's like $600 UNDER invoice with No dealer fee. Are u sure it not $33,600 ?

 

Maybe you should look into leasing? It'll get you in the car now, allow you to build credit and you can negotiate the monthly lease rate. If you are averse to leasing, then yes, getting a used s2k might be a better move. I would go for the 2.0L cars to get the higher redline (2002/2003 pref). There's just not much of an incentive to be a newer one...they pretty much look the same and performance hasn't changed much if any.

 

Even though you don't heave a credit history, you should be able to get a good rate, under 6% because you are putting $10k cash down. I had no credit history when I bought my Vette several years ago, but I got a 5% loan because I was putting $15k down. The credit union will never be upside down if I were to default and they had to wholesale the car.

Same deal for you.

 

You should try logon to https://www.western.org/home.htm and open a saving and checking account with them. The membership fee is $5 and minimum deposit into Saving account is $5. You should open a Premier Checking account (direct deposit paycheck to your checking account), then apply for car loan.
The best answer is from Western Credit Union, but you need to become a member first to get their attentions.

You had been in America for a couple years, you must have some credit histories. You should have a great chance to get 4.85% car loan with Western CU.

DO NOT rush into buying the car today or tomorrow, get preferred car loan first then shopping for the car later. That way you will save some good money for 48 months !!!

 

Oops, you're right. I forgot I paid a $500.00 deposit. The $32,600.00 is what I wrote the check for. My actual OTD was $33,083.00, but still less than the $33,600.00 we are discussing. I do apologize however, for giving bad information. Here's how it broke down:

$30,434.72 Cost of Unit
$ 6.50 Waste tire and battery acid fee
$ 16.00 Electronic Filing
$ 498.55 Dealer Fee
$ 1,857.35 Sales Tax State
$ 25.00 Sales Tax County
$ 245.00 Tag
$33,083.12 Total
$ -500.00 Deposit
$32,583.12 Total at delivery

I have a very long relationship with my dealer, having been a customer for the last 15 years. I had gone in to buy an 05, but he didn't have any more in inventory. Rather than bring one in from another dealer that I may not buy, he offered me this deal on the 06. It had just come of the truck, literally as I was sitting there, and I'm sure the money he saved by not having to floor plan the car along with our long relationship factored into the deal.

Sorry again for the bad info.

 

Hey guys, they are saying they will get me at interest rate of 9.44% with 10k down on the car OTD at 33,600.

They are saying my monthly payment would be 639, i didn't think that sounded correct at 9.44% or am i mathmatically challenged?

 

What's the term of the loan?

 

Josh,

Interest rate of 9.44% is too high. You should get lower rate than that with $10k down from Western Credit Union.

For a loan of $23,600 and interest rate of 9.44%, the monthly payment should be $592.23 for 4 years term. If interest rate is 5%, then monthly payment is $543.49. Try to join Western Credit Union then get a loan with them, you may be able to save almost $100 a month for 4 years. The dealer is seeing big $ in you, do not let them get in your pocket.

Using this to get the payments for simple loans: http://www.mortgage-calc.com/mortgage/simple.php

 

yeah.. my interest rate is like 4%. shop around or wait until you have better credit to buy such an expensive car.

 

Josh,

Western Credit Union has several branches is LA area, logon to http://www.western.org to find a branch near you, go to that location to talk about becoming a member and car loan.

You should get preferred loan rate with them by moving your current saving and checking account from current bank to them, and may be direct deposit yout pay checks to your new account(s) with Western CU too.