I’m a 24-year-old with a 4-year credit history consisting of two credit cards and nothing else, and a FICO score that floats around between 750 and 800, depending on my revolving utilization each month. I make 72k, and I have existing relationships with Ally, Discover, Schwab, and Chase.
I’m looking to buy a car fairly soon because my hand-me-down is rapidly becoming a money sink. I have a rough idea of what vehicle I want, and if I were okay with completely wiping out my savings, then I could technically buy it in cash. Since I’m not okay with completely wiping out my savings, I’ll be needing to finance the purchase, and I’d like to know what options make sense for someone in my position to consider.
Sometimes your bank is going to be cheapest, other times it’ll be the dealer financing. There’s too many variables but check which brands have the best deals.
Just know however, this is one of the worst times in history to buy a car. You’re going to get reamed and inventory is at an all time low, so if you can hang on a few months, then do so.
It’s best to visit a local credit union and get pre-approved for your estimated loan total. They will give you an APR. Keep this a secret from the dealership.
Once you’re in the finance office of the dealership, they run your credit and offer you an option. Use your pre-approval APR as leverage for a lower rate (that’s if they don’t offer you a lower rate in the first place). They will most likely beat it, but if they don’t then you call the credit union to go through with the financing (you may have to leave to get the check, or they’ll call dealership and sort it out).
What kind of car do you have now?
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