I want to buy a car but have no idea what to do

[Aceofspades404]

ok so I have a credit score of 671...I know
I make about 400/week after taxes.
I have no savings so I will have to get a loan.
Thing is idk which route to go.
Should I buy a car from a private seller and get a loan through my bank
or head to the dealership and finance it through there. Which one would be better for me?

 

[Vandelay]

What do you value in your car?

Practicality
Gas mileage
available seating
trunk space/tow capacity
looks
speed

do you have any money saved? you have a decent enough score to not get raped by the dealer, but if you have something saved you may want to go the private seller route.

 

[Poitier]

You need a man. Always making $$$ threads.

 

[Aceofspades404]

What do you value in your car?

Practicality
Gas mileage
available seating
trunk space/tow capacity
looks
speed

do you have any money saved? you have a decent enough score to not get raped by the dealer, but if you have something saved you may want to go the private seller route.

I need a car for school and work. Right now it takes me about an hour and a half just to get to work. that cuts outs a lot of time from school and it's just a hassle. If I wasn't in dire need right now I would save but I can't do that.
On the other hand, I want a car that'll be good for the next 5-7 years so definitely not a bo bo.
Also is buying a car with over 100k miles a good idea?

 

[intruder]

ok so I have a credit score of 671...I know
I make about 400/week after taxes.
I have no savings so I will have to get a loan.
Thing is idk which route to go.
Should I buy a car from a private seller and get a loan through my bank
or head to the dealership and finance it through there. Which one would be better for me?

Lendingtree.com should be one of the places you check.

You can shop for your car loan there and get your financing in order. That way IF and when you buy from a dealer you can tell them you have your own financing and make them give you an even better deal on financing.

I remember about 8 years ago whenmy credit score was in the 6's i did that and ended up with an APR below below 7% while my roommate who was in the same situation was paying 18% or something like that

 

[Aceofspades404]

You need a man. Always making $$$ threads.

shut up.

 

[Fart Knocker]

what is your monthly payment goal?

 

[concise]

ok so I have a credit score of 671...I know
I make about 400/week after taxes.
I have no savings so I will have to get a loan.
Thing is idk which route to go.
Should I buy a car from a private seller and get a loan through my bank
or head to the dealership and finance it through there. Which one would be better for me?

Ask your dad to buy a used one for you?
Put away 50-60 bucks a week for a few months and buy a used one yourself?

 

[Poitier]

shut up.

if you had that 2nd income

 

[Aceofspades404]

Lendingtree.com should be one of the places you check.

You can shop for your car loan there and get your financing in order. That way IF and when you buy from a dealer you can tell them you have your own financing and make them give you an even better deal on financing

so it wouldn't be wise to get a loan through my bank b/c I know it's a higher probability that they will approve me.

 

[The Mad Titan]

A loan through the bank will always be cheaper than the dealership, if you can get one through a credit union (probably not) it would be very very low.

You want some money to put down on it though, at least 10 percent.

DONT GO TO THE DEALERSHIP ALONE If your a not a barterer then go with someone who is. Car salesmen are the most cut throat people I know, they will sale you a 50 thousand dollar car with 75 percent interest rate and a marked up sticker price if they can.


Dont be afraid to walk out, they'll pressure you into why you have to buy now and how they can't promise this or that tomorrow. Don't fall for it.

If you end up buying a car new, don't buy extended warranties, you can put the money that you would be spending on that (which interest is going to blow up) to the side for if you need it for you car.

Get GAP coverage, nothing worse then something happening and you not having the car anymore, but still having to pay every month on a note.

 

[Aceofspades404]

what is your monthly payment goal?

that's the thing Idk what should be my payment goal. To put things into perspective the only expenses I have are my credit cards which are about 100 a month, food, and I help out my family.
I also pay on my student loans but that isn't required if I need to make adjustments.

 

[The Mad Titan]

If you just want something to get you from point a to b, then you might want to look at getting something used, I wouldn't invest in anything over 100k miles on it unless its under 8k after taxes and even then...

 

[intruder]

so it wouldn't be wise to get a loan through my bank b/c I know it's a higher probability that they will approve me.

You can apply at both and see who comes up with a better package.

I bough a car in 2004. I applied with my bank at the time (EFFCU) abd also applied on lendingtree.com. Lendingtree got me multiple offers from different banks.
I compared these offers to my bank's offer and used one of them (HSBC) instead. The dealer ship matched the HSBC offer but would not beat it so i went with the lendingtree HSBC offer. Less than a month later (before i even made my first payment) I got an even better offer from my other bank (USAA) and refinanced the car with them for a lower percentage making my note about $78 lower

 

[BmoreGorilla]

You better get a good ol reliable used Toyota Corolla with less than 50,00 miles. You should be able to get something decent with a monthly payment under $200