: Financing Companies?



CtsVrod
06-09-08, 08:34 PM
Anyone Know any good Financing Companies? Particularly for Private Party Sales? BofA is a PITA! :rant2:

Playdrv4me
06-09-08, 10:10 PM
Capital One, Roadloans, E-Loan, WFS Financial etc etc. These are all good, but if your credit is good enough to qualify for BofA, then trust me, you need to be looking at doing this with a SMALL local credit union. You will NEVER get better service than that from ANY major bank.

I will let you in on some "inside knowledge" about BofA... I can tell you from experience that they do NOT like auto loans at ALL. They are a pain to manage, collect on and deal with and as a result BofAs credit requirements are VERY strict AND even when you DO qualify they PURPOSELY price themselves out of the market to discourage you from using them. I am not surprised you are having difficulty with a BofA auto finance product at all. Been there ALONG time and never heard positive about it.

CtsVrod
06-17-08, 01:08 PM
Capital One, Roadloans, E-Loan, WFS Financial etc etc. These are all good, but if your credit is good enough to qualify for BofA, then trust me, you need to be looking at doing this with a SMALL local credit union. You will NEVER get better service than that from ANY major bank.

I will let you in on some "inside knowledge" about BofA... I can tell you from experience that they do NOT like auto loans at ALL. They are a pain to manage, collect on and deal with and as a result BofAs credit requirements are VERY strict AND even when you DO qualify they PURPOSELY price themselves out of the market to discourage you from using them. I am not surprised you are having difficulty with a BofA auto finance product at all. Been there ALONG time and never heard positive about it.

Thanks for the Reply! I did get pre-approved from BofA but there rates were really high, and there process was a PAIN! I also got approved from Us Bank (much better rates) but they kept asking me to fax over documentation, and by the 4th day of faxing I said forget it. I might try again when I get back from my Trip, but very discouraged now. With local credit unions do you have to open an account with them? Or can i just walk in and get only an Auto Loan?

urbanski
06-17-08, 01:14 PM
cash

CtsVrod
06-17-08, 01:48 PM
cash

I wish it were that easy.... I could but im using the money from the car I just sold to pay off my Student Loan which has a much higher (not fixed) rate 10%.

Playdrv4me
06-17-08, 01:49 PM
cash

LOL Urby is right... Cash is king!

However to answer your question about the CUs, you do need to open a little savings account with them, usually just put between 5 and 25.00 in it and then this makes you a "member" of the credit union. Once you are a member they'll do a quick review of your credit and you can get your auto loan through them.

You will be *very* pleased with the rate...

urbanski
06-17-08, 01:59 PM
I wish it were that easy.... I could but im using the money from the car I just sold to pay off my Student Loan which has a much higher (not fixed) rate 10%.

what is the rationale for going deeper into debt when you're trying to pay off another loan? when your SL is paid are you going to then get still another payment? welcome to the treadmill

c5 rv
06-17-08, 02:13 PM
Unless you're looking at a GMAC incentive rate for new or CPO, a credit union will have the best rates. My credit union's rates:

http://www.locfederal.com/Loan_Rates_31.html

CtsVrod
06-17-08, 02:19 PM
what is the rationale for going deeper into debt when you're trying to pay off another loan? when your SL is paid are you going to then get still another payment? welcome to the treadmill

LOL... yea thats kinda the situation. The Car I just sold was Paid Off. With the cash I got from the Car I was able to Pay the student loan off. The Payment on the V is only slightly higher than what i was paying into the student loan every month but the term is substantially shorter (5 years vs. 20 years) So I think I chose a pretty good route. So Im actually not going deeper into Debt, but trying to slowly pull myself out of debt... And I used some of the cash to pay down some Credit Card debt as well. Im just trying to get some Customer Service, and a good rate so I can buy my V (which the seller is holding for me so graciously) and move on with my Life!!

dkozloski
06-17-08, 03:36 PM
Several years ago I went to the internet to find the best auto financing rate available. I wound up with a deal at around 1/2 what the local credit unions wanted. If you have good credt they'll fall all over you with offers. I was pre-approved, they sent me a blank check to use to close the deal, and the signed check closed the contract. I did a Google search and found a site that provided comparative rates across the country so it was easy to select what was best for me. Good luck and pay it off as soon as possible.

Playdrv4me
06-17-08, 03:40 PM
Several years ago I went to the internet to find the best auto financing rate available. I wound up with a deal at around 1/2 what the local credit unions wanted. If you have good credt they'll fall all over you with offers. I was pre-approved, they sent me a blank check to use to close the deal, and the signed check closed the contract. I did a Google search and found a site that provided comparative rates across the country so it was easy to select what was best for me. Good luck and pay it off as soon as possible.

National finance companies have tightened up and raised interest rates due to the credit fallout of the home mortgage industry. It doesn't matter what your credit rating is we (larger banks) are no longer giving the "sweetheart deals" we were before. If you live in even a halfway decent sized metro area there will be tons of hungry credit unions that will far outdo anything a corner store bank or Finance company can offer. Capital One was the king of low rates in the past, now they pretty much limit their best offers with serious restrictions, like buying from a franchised dealer only, and only with spotless credit. Credit unions also tend to have substantially more lenient requirements for the collateral (no mileage restriction, no year restrictions etc).

urbanski
06-17-08, 04:17 PM
getting another loan, no matter how small, is no way to dig yourself out of debt. never borrowing again is :)
cash.

CtsVrod
06-17-08, 04:51 PM
getting another loan, no matter how small, is no way to dig yourself out of debt. never borrowing again is :)
cash.

Very True, but at least im financing the car, and not leasing it! But unfortunately living in Los Angeles is very costly, and the only way to live out here is to be in DEBT!

Playdrv4me
06-17-08, 05:02 PM
Very True, but at least im financing the car, and not leasing it! But unfortunately living in Los Angeles is very costly, and the only way to live out here is to be in DEBT!

Uh oh... You do not know the magnitude of what you have just started with that statement. You are about to unleash the Urb. :p

urbanski
06-17-08, 05:13 PM
unleashed indeed.
but then again...those convinced against their will are of the same opinion still

CtsVrod
06-17-08, 05:57 PM
Uh oh... You do not know the magnitude of what you have just started with that statement. You are about to unleash the Urb. :p

Ooops... Didnt mean to stir him up or anything... But to some extent its true. If I had the means to buy the car for Cash I would... But to me the Student Loan was the worst Debt I had, so I just wanted to be rid of the thing.

Is Urb like a debt consultant or something...:hmm:

CtsVrod
06-17-08, 06:10 PM
unleashed indeed.
but then again...those convinced against their will are of the same opinion still

I like that quote... But I am convinced that Cash is the best way to go... That is if you have the Cash :helpless:

urbanski
06-17-08, 07:20 PM
save until you do
otherwise dont buy it :)

dkozloski
06-17-08, 07:34 PM
Ooops... Didnt mean to stir him up or anything... But to some extent its true. If I had the means to buy the car for Cash I would... But to me the Student Loan was the worst Debt I had, so I just wanted to be rid of the thing.

Is Urb like a debt consultant or something...:hmm:
He's highly opinionated on the subject of debt. He's managed to rescue himself and tries to pass the benefits of his experience on those less fortunate than himself. It's a process that can get you in a lot of trouble around here.

CtsVrod
06-17-08, 07:58 PM
He's highly opinionated on the subject of debt. He's managed to rescue himself and tries to pass the benefits of his experience on those less fortunate than himself. It's a process that can get you in a lot of trouble around here.

Well in that case.. Thanks URB! But I can at least argue the fact Im trying to reduce my debt, and get my V at the same time! But im sure Mod Hell will bring me right back! Either way, I appreciate the advice Urb, but I cannot wait long enough to save up cash for the V... I want one NOW! One day, hopefully, i will be fortunate enough to have patience. :cookoo: