# Auto financing help needed **URL:** \ **Category:** NYSpeed Automotive\ **Created:** [March 27, 2008, 7:40pm UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773 "2008-03-27T19:40:30Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [March 27, 2008, 7:40pm UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/1 "2008-03-27T19:40:30Z")
My girlfriend is considering buying either a new or newer used car. She is looking at cars that are around 16-17k new(at most) or used cars around 13-15k at most. Questions: What is she looking at credit wise? She doesn’t have much credit history, but all history is good, not negative. She has had a credit card for a year or two and has used it and always paid it on time. What sort of loan rates will she be looking at? used and new car rates? What if her father co-signs? He has good credit. Her bank(Key), has a chart online that says if you have average credit and want a loan for 10k, the rate is like 13%, is this normal? I was under the impression it was around 7% for used cars. With Key bank, you needed to be borrowing around 35k in order to get a rate like that. So is she better off buying a car from a dealership rather then a private sale?(assuming they can get us a better rate) I am confused, someone please help us. ---
**Author:** ![skylinez07](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/skylinez07/32/4993_2.png) [@skylinez07](https://forums.speedlife.net/u/skylinez07)\ **Post date:** [March 27, 2008, 7:46pm UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/2 "2008-03-27T19:46:34Z")
me,being 19 my rate was 9% w no credit. but a cosigner with good credit. ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [March 27, 2008, 7:48pm UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/3 "2008-03-27T19:48:49Z")
If she’s buying new chances are the dealer will be able to get a great rate through the car company. GM is doing some 0 percent stuff again, and I think I saw Ford doing something similar. The Japs don’t go 0, but they often get down in the 3.9-4.9 range. If it’s a car you can get through a Basil I can’t say enough about PMing TORQDSS. He’s a stand up guy and will do what ever he can to get the deal done. If going used she needs to shop around for lenders. Credit Unions are often more lienient about their lending requirements and sometimes have great rates. With my excellent credit I’ve financed two cars through capital one, both times the local credit unions and banks couldn’t touch their rate. Getting her father to co-sign will almost certainly get her a better rate and open up the option of financing at places who might not take someone with her limited credit history, like capital one. ---
**Author:** ![TORQDSS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/torqdss/32/5125_2.png) [@TORQDSS](https://forums.speedlife.net/u/TORQDSS)\ **Post date:** [March 27, 2008, 8:04pm UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/4 "2008-03-27T20:04:13Z")
^ oh my god i hate capital one… it takes forever to get funded I agree with Jay except for the credit union part because we have been beating their rates lately thanks to the Fed for lowering the rates. let me know if I can help… thanks Jay, hows that $100 working out for you? EDIT: you might want to read through the auto loan sticky… tons of good info from Jay, myself and others in the finance business ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [March 27, 2008, 8:21pm UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/5 "2008-03-27T20:21:21Z")
1st and foremost, before signing for $15000 in debt + interest… Pay $30 for her 3 credit reports & Fico scores. It sounds like she has not done this from your OP. For a lot of reasons, but primarily to make sure that her reports are accurate. **_A simple mistake on the report could mean the difference between a 4% & a 7% interest rate_** for example. 3% on $15k can mean $21 / mo on a 4 yr loan. You do the math. Beyond that, capital one really is very hassless for used cars… For new, dealer will almost surely have the best rates. ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [March 27, 2008, 8:48pm UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/6 "2008-03-27T20:48:39Z")
cool. I will look into capital 1, and get the credit reports. I have been communicating with TORQDSS about a few used cars that his affiliates have for sale. I tend to only buy japanese cars, and have been leaning towards a honda or a scion. So far the favorites have been the civic coupe, tc, and the fit. I am going to have her do all the above suggestions. She really is not good with this stuff, I understand it, but do not have much experience with it. Thanks guys. I am sure I will be back with more questions. ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [March 28, 2008, 5:32am UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/7 "2008-03-28T05:32:08Z")
Thats what we are here for. There is a sticky around here somewhere, with a TON of info towards this. tC :tup: ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [March 28, 2008, 5:53am UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/8 "2008-03-28T05:53:03Z")
I can’t find the sticky ☹ ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [March 28, 2008, 5:55am UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/9 "2008-03-28T05:55:28Z")
I’ll let you slide, since its before 9. [http://nyspeed.com/forums/showthread.php?t=42786&highlight=auto+financing](http://nyspeed.com/forums/showthread.php?t=42786&highlight=auto+financing) note the search terms: “auto financing” 😛 ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [March 28, 2008, 5:57am UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/10 "2008-03-28T05:57:48Z")
why the fuck is AUTO Financing in non-automotive forums? stupid mods ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [March 28, 2008, 6:00am UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/11 "2008-03-28T06:00:17Z")
:mamoru: Cause this is an OT forum that has auto sub-forums? ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [March 28, 2008, 6:05am UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/12 "2008-03-28T06:05:20Z")
haha touche ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [March 28, 2008, 6:08am UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/13 "2008-03-28T06:08:31Z")
> [@TORQDSS](#): > > ^ oh my god i hate capital one… it takes forever to get funded Explain? The two times I’ve used them they fedex’d me a blank check approved to xx,xxx. Walk in, negotiate like you’re paying cash, and write the amount on the check. The dealer called the 800 number to verify I didn’t just print the check at Kinkos and 5 minutes later I left with the vehicle. > [@TORQDSS](#): > > ^ thanks Jay, hows that $100 working out for you? I used to to buy over $800 in parts for the GTO, so I think I need to send you a few more referrals. Speaking of which, you got PM. ---
**Author:** ![OfficerK](https://avatars.discourse-cdn.com/v4/letter/o/4da419/32.png) [@OfficerK](https://forums.speedlife.net/u/OfficerK)\ **Post date:** [March 28, 2008, 6:10am UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/14 "2008-03-28T06:10:43Z")
Ouch I just financed my car on my own through the dealer at %7.99 It is high, but my credit history is kinda of crappy… ---
**Author:** ![Nikuk](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/nikuk/32/7254_2.png) [@Nikuk](https://forums.speedlife.net/u/Nikuk)\ **Post date:** [March 28, 2008, 6:31am UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/15 "2008-03-28T06:31:32Z")
> [@JayS](#): > > Explain? The two times I’ve used them they fedex’d me a blank check approved to xx,xxx. Walk in, negotiate like you’re paying cash, and write the amount on the check. The dealer called the 800 number to verify I didn’t just print the check at Kinkos and 5 minutes later I left with the vehicle. > > I used to to buy over $800 in parts for the GTO, so I think I need to send you a few more referrals. Speaking of which, you got PM. He said “to get funded”… I’m assuming he means from the dealer “cashing” the check - side of the transaction. I’ve used CapOne a few times now, personally and for friends, real aesy on the consumer side, but the dealers aren’t too happy to see them. Maybe this is part of the reason… but its not really a consumer concern I suppose. ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [March 28, 2008, 7:02am UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/16 "2008-03-28T07:02:11Z")
> [@Nikuk](#): > > He said “to get funded”… I’m assuming he means from the dealer “cashing” the check - side of the transaction. > > I’ve used CapOne a few times now, personally and for friends, real aesy on the consumer side, but the dealers aren’t too happy to see them. Maybe this is part of the reason… but its not really a consumer concern I suppose. Well, if that’s the case it actually does hurt the consumer. A dealer who doesn’t want to make the deal isn’t going to give you the best price. ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [March 28, 2008, 7:03am UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/17 "2008-03-28T07:03:48Z")
well, you shouldn’t tell them that until AFTER you negotiate the deal. ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [March 28, 2008, 7:05am UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/18 "2008-03-28T07:05:56Z")
> [@boardjnky4](#): > > well, you shouldn’t tell them that until AFTER you negotiate the deal. Except that capital one suggests using their “just like cash” pre-qualified check as a bargaining tool, so people walk in and say “look how serious I am, I can sign this check and walk out with the car right now”. ---
**Author:** ![boardjnky4](https://avatars.discourse-cdn.com/v4/letter/b/96bed5/32.png) [@boardjnky4](https://forums.speedlife.net/u/boardjnky4)\ **Post date:** [March 28, 2008, 7:17am UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/19 "2008-03-28T07:17:31Z")
great, not even enough history to get a loan through capital one. now what? ---
**Author:** ![Fry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fry/32/7284_2.png) [@Fry](https://forums.speedlife.net/u/Fry)\ **Post date:** [March 28, 2008, 7:22am UTC](https://forums.speedlife.net/t/auto-financing-help-needed/45773/20 "2008-03-28T07:22:25Z")
Cosigner. Meanwhile take the time to understand why she’s not getting approved, and proceed accordingly into the future. (Build credit history.) [Next page](https://forums.speedlife.net/t/auto-financing-help-needed/45773.md?page=2)