Best bank to get a personal/car loan from?

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paparoach429
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Postby paparoach429 » Thu Jan 10, 2013 12:41 am

Does a 10-12k car thats going to be either a 2003-2005 sound like a no go?


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djrez4
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Postby djrez4 » Thu Jan 10, 2013 6:50 am

From a major bank, probably a no go. You may have luck with a credit union, but a lot of them have cutoffs too. A large down payment may change their mind.

What vehicle?
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paparoach429
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Postby paparoach429 » Thu Jan 10, 2013 6:48 pm

Dodge srt-4

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djrez4
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Postby djrez4 » Thu Jan 10, 2013 10:21 pm

I'm trying really hard not to judge you for that. :ppp

You're going to have a tough time finding a loan on a 2003-2005 Dodge anything without a huge down payment and high interest rate. Your best chance is to find a dealer who does in-house financing. I can't think of a single major bank or credit union that will give you a loan on that vehicle.

If that's your dream car, though, I hope I'm wrong.
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paparoach429
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Postby paparoach429 » Fri Jan 11, 2013 2:43 am

No, I'd really like a Subaru STI but for what Id be able to afford for that Id get one with high miles or beat to hell. Also for the part of Chicago I live in I think it would get messed with. Not to mention the increased insurance. If you never drove an srt4 before people really shouldnt judge it. They compare pretty equally with the Evo and Sti and they are alot cheaper. The name "Dodge" and the looks of the car just give people bad views of it.

paparoach429
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Postby paparoach429 » Fri Jan 11, 2013 2:45 am

Also, I was going on the very high end of what I would need for a loan. Most of the srt4s that Ive found are under 9k, plus I would have about $1500 from income tax plus totally open credit cards to use to help me along. How should I go about this?

paparoach429
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Postby paparoach429 » Fri Jan 11, 2013 4:01 am

Also, how does this all work? I try to keep this short and to the point although it is a little complicated. My dad for the most part plans on retiring and wants me off his auto insurance plan. The cheapest quotes Ive gotten has been through Progressive but I have a few issues. 1.) I'll be 21 on April 29th (my insurance will obviously drop significantly) 2.) I had an accident that will be off my record on April 20th 2013. My concerns are: If I was to buy a car between now and April 20th could I "update" the policy after April 29th after my accident and Im 21, or does auto insurance policies stay the same for 6 months? Would I just have to bite the bullet and pay more from now until then until this drops or do I have to wait 6 months from whenever I make the policy? Its cool that Progressive doesnt seem to take into effect the "type" of car you are insuring. They are classiflying the srt4 i want as a regular Dodge Neon, and the Chevy Cobalt SS Im looking at as a regular Chevy Cobalt, does this seem accurate?

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Postby kcarter609 » Fri Jan 11, 2013 9:53 am

paparoach429 wrote:Also, how does this all work? I try to keep this short and to the point although it is a little complicated. My dad for the most part plans on retiring and wants me off his auto insurance plan. The cheapest quotes Ive gotten has been through Progressive but I have a few issues. 1.) I'll be 21 on April 29th (my insurance will obviously drop significantly) 2.) I had an accident that will be off my record on April 20th 2013. My concerns are: If I was to buy a car between now and April 20th could I "update" the policy after April 29th after my accident and Im 21, or does auto insurance policies stay the same for 6 months? Would I just have to bite the bullet and pay more from now until then until this drops or do I have to wait 6 months from whenever I make the policy? Its cool that Progressive doesnt seem to take into effect the "type" of car you are insuring. They are classiflying the srt4 i want as a regular Dodge Neon, and the Chevy Cobalt SS Im looking at as a regular Chevy Cobalt, does this seem accurate?


You can call them "mid-policy" (I'd wait till the first week of May or so) and ask them to re-evaluate because of your accident. Your insurance doesn't drop much when you hit 21. You just won't have any more inexperienced driver points from Progressive's point of view. It's very minimal. 25 is the big age for it dropping.

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Postby DoingHomework » Fri Jan 11, 2013 4:37 pm

Watch out for Progressive! They might be giving you a cheap quote but they have really screwed over policy holders. With insurance you get what you pay for. If you just want the minimum liability then you might be fine but you also might do better with someone else. If you want a company to actually cover you if you have an accident or your car gets messed with then I would look around for another company.

Based on your statement that you live in a bad part of town, realize that you are probably paying a lot extra just because of where you live.

Also, late to the game here but there is no reason you should ever apply for more than 1 loan. You can find out your score yourself in advance, talk about it honestly with the loan officer at the bank (NOT the dealer's finance guy!), then only after you have preapproval should you sign anything or apply. And NEVER sign anything at the dealer.

I agree that the dealer might be able to give you a better rate and if so I see nothing wrong with financing through the dealer if you understand what you are doing. But many if not most dealer loans are downright ripoffs so you have to be very careful. (This does not apply to manufacturer financing such as through Ford Motor Credit for example). Dealers are notorious for giving what seems to be a good payment then people finding out it is weekly instead of monthly and that sort of thing. Dealers have also been known to shop the loan around to generate a lot of inquiries to put you in a position on only having them as an option. I would strongly suggest that you have your financing prearranged before visiting the dealer. Then if you can get a better deal from the dealer get it in writing, take the documents home and read them 3 times, get anything you do not completely understand clarified in writing, then buy the car.

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Postby DavidNY » Fri Jan 11, 2013 6:00 pm

DoingHomework wrote:Watch out for Progressive!


I wouldn't trust them..



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