SodaLuvr

A friend of mine is buying an used car through Hertz, and is financing through their affiliated bank.

She has no prior credit history (19), but a decent paying part time job. Hertz was able to get her approved, but what rate should she be looking for if she does not wish to have her parents co-sign?

Thanks

SodaLuvr

Update, her mom's going to be a secondary on the loan, with her as a primary.

Hertz got her 8-9%, can she do any better?

Crazy Bimmer

Try a credit union

dallison

buying a rental car, never

AS3.0CL

look around to a few different credit unions.....usually they have better financing.

Dr. Colorado

i'm financing my porsche with zero down at a 5% fixed rate for 60 months through a federal credit union. my fico score is 781 though

Soccer_playa1579

yea buying a rental is not the most best and brightest idea=). but its her money =)...

AZuser

8% or 9%?

Tell her to save up. And stay away from rentals too.

SodaLuvr

Exactly, it's her money. However, I of course recommended the extended warranty to cover my own ass. Got a even better price for it from a different vendor, $745.00 for the Toyota Extra Care Platinum $0 deductible 7-yr/100k plan.

, which is why I only buy cars if I can pay for them in full.

Costco

How the hell is she gonna get approved with no credit history and no cosigner? I tried to do that myself 3 months ago, I had a credit card for over a year which I used all the time for gas, food, pretty much everything unless I didn't have it on hand (in order to build credit) and I never missed a payment, except for one close call. Still, my credit score was 730+ and STILL I couldn't get approved by 2 different credit unions, because my credit was too "new". Without a cosigner I got a rate of 6.44% at a credit union, a .50% deduction because I opened an account with them and chose automatic billpay, BUT it didn't finalize because I needed a cosigner.

SodaLuvr

She had her mom co-sign and act as her secondary. She's the primary on the loan.

GreenMonster

Former daily rental ??

You do realize how most people drive rentals, right ??

Hopefully the carfax doesn't identify it as a fleet/rental vehicle... or else it might be tough to unload it when she's done with it...

SodaLuvr

Yeah, it's a hit or miss I guess. Hertz said that these are the best ones from their fleet, the rest have been auctioned off elsewhere. That's why I recommended the $745 extended warranty...

Carfax does identify it as a rental that has only had one owner. Only two entires in the Carfax list.

My neighbor bought a 01 Chevy Prizm from Hertz back in 02 from the same location and he has 220k+ on his with the original engine/transmission, and he drives harder than most rental customers.