Crap, my piece of crap minivan is dying and I'm nerved up (semi-bad timing).

[SarahB]

I wanted to get a new (or newer used) vehicle in a couple of months (current one's paid off for more than 2 years), but it looks like I have to get it sooner. My income's fine, my credit's fine, though all I have to put down is my piece o' crap minivan (which I'll get about 10% of the value of the vehicle I want to put down), but I've only been at my current job 2&1/2 weeks.

If my credit's good, I'm not going to get socked with a horrid interest rate, am I?

[Adsos Letter]

1. You may do better to sell it yourself

...if you can wait long enough.

[SarahB]

3. No time.

I'm pretty sure it's on it's last leg from my standpoint (either starter or alternator) and I want to put zero money into it at this point (put in enough already- included my entire poor single mom tax refunds for two years for a new transmission and brakes), just started a new full-time+ job, husband's working and in school 60+ hours a week, and I have the biggest test (my RN licensure exam) in 8 days. Plus kids. Nope, no time to deal with this or mess around with people calling me and coming to my house to look at the car.

I'm just not sure if the new job thing puts me at a higher interest rate with otherwise good credit. I may just have to wait and see tomorrow. Right now I just worked 3-11:30, can't sleep, and obsessing a bit. :scared:

[boilerbabe]

4. I Hear Ya!

But unfortunately, if you want to sell your minivan, you have to deal with people. I have a driveway full of dead cars...like 2 dead, 2 alive? If you can afford to wait until after your nursing exam, then do that. Otherwise, maybe some auto-savvy friends can help you out?

I have friends offering to do things for me all the time, and then I never take them up on it, and then later, they give me shit. But if I really asked them it would have been one of those avoidance things. I have the most extensive collection of junker vehicles ever.I am tired of my friends and family dogging me about getting a new car. Do they want to take over the payments? So there. I make good money at what I do, but I have a credit card debt I want to clear and besides, if I get a new car, my brother will wind up driving it and it would be just like I never had a car anyway. so fuck it.

So, if you are tired of lame advice, then just buy a junker to get you by, and run it into the ground until you get to the point where you can buy a new car!

By the way, I hear ya on the having to deal with people when selling a car. I pretty much let most of my cars get stolen because I just didn't want to deal with allthat shit.

[Wapsie B]

2. I'd just make sure and get financing through your bank

or credit union. If your credit's good you should get a decent interest rate.

[pagerbear]

5. If you financd jointly with hubby and he's been in his job for more than a year

....you will probably do better than you think. Online resources like cars.com have financing calculators and lots of information about financing--as well as tips for avoiding unnecessary add=ons in the auto dealership's finance office.

[Droopy]

6. I've been at my current job for 5.5 months

and I just bought a condo and got a decent interest rate- even with no money down. Like you I have good credit and my income is decent.

[Omphaloskepsis]

7. Buy a super shitty car that works...

Use that until you can get good financing.

[NMDemDist2]

8. check out the 'graduation' rebates many dealers offer

you should be fine

[datasuspect]

9. don't use dealer F&I

they sock it to ya on the back end (you can avoid the front end by being very firm with them).

if you have good credit, been on the job at least one year, you can get your own financing.

NEVER, NEVER, NEVER walk into a dealer without your own financing. it gives you tremendous leverage.

NEVER, NEVER, NEVER give a downpayment.

let me repeat that:

NEVER, NEVER, NEVER give a downpayment. that is just free money to give the dealer. they inflate the price of the car, use the cash downpayment to offset a rigged bottom line figure.

example

Car X has a sticker price of 19,750

if used, the dealer has about 10,000 in it.

your trade will only ever bring you the lowest wholesale price, say 1500.

the dealer has 9,750 in gross profit to play with.

a less scrupulous salesman will remove the stickers when he gets on shift and say it costs 21500

if he's really good, he'll have the manager's cost sheet and know what they have in it.

okay, deduct 1500 from 9750, that's 8250, that is still enough gross profit.

but the dealer will sell your unit for about 3500, so they make 2000 off that.

ADD a 2000 down payment to 8250, that's 10250 they make off the deal, plus the 2000 in profit from your trade, that's 12250, plus any points or credit insurance the F&I manager can squeeze for shopping your paper to less than prime lenders or a favored bank (cash kickback)

pretty sweet deal for the dealer. shit for the consumer.

[NewJeffCT]

10. Are there any credit unions you could join?

I think AAA also offers car loans at pretty good rates. You'd just have to sign up for a yearly membership to get access.

A good local credit union is the one associated with UTC (United Technologies - Pratt & Whitney, Hamilton Sundstrand, Carrier, Otis, etc)