New car suggestions...!

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jumbo
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New car suggestions...!

Postby jumbo » Fri Feb 07, 2014 12:16 pm

I am thinking of getting a new car (20K - 25K range) for my brother (he recently got his first credit card, around early 2013), so I might have to apply for better rates due to credit history. And since he is 18+, he has to be jointly applying on the application. He lives around Concord, New Hampshire, so getting a car from somewhere around there will be reasonable.

My primary bank is BofA. I have never bought a new car or a car from a dealership before. So what is the best route for the loan with best possible rate, apply BofA for car loan (lowest they offer is somewhere around 2.9% apr), or go with the companies (say toyota) advertisement offers, or go to dealership (I have read, and people have said not to do it).

My mind is clogged up with all the reading I am doing about car buying tips. :confused:
Any fresh eyes would be helpful.
Let me know if you need any more info. Thanks.
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sakhalin
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Postby sakhalin » Thu Feb 13, 2014 4:45 am

Have you looked into any local credit unions? My local credit union has an excellent rate.
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jumbo
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Postby jumbo » Thu Feb 13, 2014 11:06 am

Thanks for the suggestion sakhalin.
I haven't actually. I found a 2009 preowned car in the dealership for around 16K. I am thinking of paying 10K with my AMEX Delta Gold (and paying of AMEX at the end of statement), and finance the 6K through dealership. My FICO score is around 750 so I should have a decent APR on that 6K. I am not too worried about it, planning to pay it off by the end of this year.
BofA Cash Rewards | CapitalOne QuickSilver | Discover More
Gold Delta AMEX | Citi DoubleCash | Citi Simplicity
Chase Freedom | Kohls Charge Card

sakhalin
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Location: West Coast

Postby sakhalin » Thu Feb 13, 2014 4:12 pm

Have you asked the dealership if it is okay to use your credit card? I know some dealers don't allow credit card transactions due to the high fees, but it should be fine with bigger dealers.
AMEX BCE ($20,000), Citi Forward ($6,800), Discover IT ($5,250), BoA Travel Rewards ($1,800)

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jumbo
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Postby jumbo » Mon Feb 17, 2014 9:50 am

Just found out that the dealer will only allow up to 2.5K on my Amex.
Time to look for another dealer now.
BofA Cash Rewards | CapitalOne QuickSilver | Discover More
Gold Delta AMEX | Citi DoubleCash | Citi Simplicity
Chase Freedom | Kohls Charge Card



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