UPDATE :SCHOOL ME ON RENT TO OWN USED CARS.......
- Thread starter Mr.Plan B
- Start date
nikka IDK THAT WHAT THE SIGN SAID................
BlvdBrawler
Superstar
I would not sign anything if I were you.
its just another term for buy here pay here.
Don't fukk with these if you got bad credit or no credit. Went to cop a whip from one a few weeks ago. nikkas tried to hit me with a 23.99% interest rate
This
These people are essentially pay day loans of the auto world. When you default, they repo the car and then put it right back on their lot. They're the epitome of grimey.
It's a good business though. Easy way to get in the dealership game and work your way up...
That's a bad decision. Those types of dealerships sucker in fools.
1. You won't be able to haggle the price of the car lower.
2. It's for people with bad financial sense and/or are desparate.
3. Save your money and buy a car outright.
or 4. Go to a bank or credit union and get financing. Use your check stub as proof of income. Don't use dealership financing. The 0% financing is enticing (if your credit is good), but it allows the sales manager to peep at your finances (how much you make and how much you can afford) and that allows them to not go as low as your offer because they know you can afford more. But, if you pull this off at the end of the month, they may take your lower offer if it helps their sales figures.
How would i do this?
Do i just go in there and say i need financing for a car? Then what.....
Yes, when you go in a bank, there are the tellers, and then there is usually a place for customers who need services not provided by tellers, getting loans, certificate of deposit, access to safe deposit boxes, etc. So yes, you just go in and tell them you are interested in a loan.
First, take a look at your financial situation. How much are you making? What are your current bills/expenses? How much are you saving? You take your net income minus expenses minus savings. That's about how much discretionary income you have. Now, you don't want to blow your entire discretionary income load on a car note.
How much you want to spend on a car per month is up to you, but you want to leave some extra cash for things like insurance, title, registration, inspection, gas, repair and maintenance.So, how much do you want to spend on a car? Do you have any money saved up? Let's just say there are cars in the $4,000 range and you want to loan $5,000 (hypothetical. It can be more or less). This amount will get you a car, plus, title, tax and registration.
You go to the bank and say you are interested in getting a loan for a car. They can get you two different kinds of loans. 1. A personal loan or 2. an auto loan. A personal loan will have higher interest, but you will own the car after the purchase. No lien. The repo man can't take your car, but they can get their money in other ways. Don't screw around with your credit history. You'll be uber-screwed when you want to apply for things that require a good credit history. Cell phone account, home loan, another car loan, credit card, etc.
An auto loan will have a lower interest rate, but the bank will possess the title until you pay it off. So if you stop paying, the repo man will come by. If you are approved, they will give you a check. You deposit that check into your bank account. Then, you can shop around for a car, haggle and make an offer. Now that you have your own financing, you can make low offers on cars (like $1000 to $6000 below sticker price), but not low ball offers, and possibly get a better price because you aren't getting financing from the dealership.
You can also just buy a car from a private owner (non dealership) because they may be willing to go lower on the price than a dealership. Like autotrader.com is a good website to check out.
See if you are eligible to become a member of a credit union. You may be able to get a better interest rate than a bank because you are a member.
But stay away from rent-to-own.
Yes, when you go in a bank, there are the tellers, and then there is usually a place for customers who need services not provided by tellers, getting loans, certificate of deposit, access to safe deposit boxes, etc. So yes, you just go in and tell them you are interested in a loan.
First, take a look at your financial situation. How much are you making? What are your current bills/expenses? How much are you saving? You take your net income minus expenses minus savings. That's about how much discretionary income you have. Now, you don't want to blow your entire discretionary income load on a car note.
So, how much do you want to spend on a car? Do you have any money saved up? Let's just say there are cars in the $4,000 range and you want to loan $5,000 (hypothetical. It can be more or less). This amount will get you a car, plus, title, tax and registration.
You go to the bank and say you are interested in getting a loan for a car. They can get you two different kinds of loans. 1. A personal loan or 2. an auto loan. A personal loan will have higher interest, but you will own the car after the purchase. No lien. The repo man can't take your car, but they can get their money in other ways. Don't screw around with your credit history. You'll be uber-screwed when you want to apply for things that require a good credit history. Cell phone account, home loan, another car loan, credit card, etc.
An auto loan will have a lower interest rate, but the bank will possess the title until you pay it off. So if you stop paying, the repo man will come by. If you are approved, they will give you a check. You deposit that check into your bank account. Then, you can shop around for a car, haggle and make an offer. Now that you have your own financing, you can make low offers on cars (like $1000 to $6000 below sticker price), but not low ball offers, and possibly get a better price because you aren't getting financing from the dealership.
You can also just buy a car from a private owner (non dealership) because they may be willing to go lower on the price than a dealership. Like autotrader.com is a good website to check out.
See if you are eligible to become a member of a credit union. You may be able to get a better interest rate than a bank because you are a member.
But stay away from rent-to-own.
Holy shyt you can do all that wtf nobody told me this.................
Brah im going to my credit union today im already a member at the one in my area...................
Im try to get a auto loan....... Like you said for 5000...... then all i have to do is pay off the 5000 and the cars mine right?
Right. I've always paid my loans off early to get the title. They'll mail the title and it will have a stamp on it that there's a lien on it. But, they'll provide a document that says the lien has been released. You bring all that paperwork to the DMV and get the title transferred to your name.
Other notes, if you go the auto loan option, they have different interest rates for different year cars. Not by much. So for new cars, interest rates are low. Cars that are two to three years old, a little higher, and then older cars have higher interest rates. Depending on the car, that will affect the auto loan interest rate. But it's not a huge deal. This allows you to shop around, whether it is a big dealership, small dealership, government car auction, bank repo'ed car sale, or private seller.