KamikazeTL

I'm planning on getting a new car and I'm ready to buy the car I've been wanting which is the IS250. My question is I've never bought a car from a dealership only private party. My price range of the IS250 is like 25,000 and plan on putting $8,000 down. Do they base the APR interest rate based on your credit? Because my friend told me they will offer you a low apr rate and it doesn't matter about your credit right about now because the dealerships are kind of slow right now. Is this true?

Moog-Type-S

cartalk

v6cord2k5

iTrader: (1)

Bearcat94

I'm sure they are giving cars away to anyone who walks through the door. Doesn't mattter - good credit, bad credit, no credit - it's never been easier to get a $17,000 loan from a bank. ESPECIALLY in CA.

Credit Crisis? What Credit Crisis?

Moog-Type-S

Go here:
http://www.letmegooglethatforyou.com...dealership%3F+

wasupdog

iTrader: (2)

acurazine: a helpful bunch of blokes

S14 n Tsx

wait! brand new IS250 for $25,000? wtf... where I'm in.

GL find that kind of deal.

Dan

Lowest I was qouted was 30K.

black label

He's been here 2 years and 3 months longer than you.

To the OP, yes without a doubt. All manufacturers are down on sales and it's the end of the year. If you can pull the trigger before the end of December there's definitely deals to be had. To be honest, Tuesday the 30th could literally be the best day to buy a new car in the last 20 years. You don't want to go on the very last day of the month, they need to have the car off the books and the money in house before the year is up. Every manufacturer across the board is struggling.

KamikazeTL

haha not BRAND SPANKING NEW! I meant to say slightly used but yeah bro look on craigslist.org and I've seen one go for $21,000 with 62k miles though which is kind of high.

vas25tl

Yes, the dealers are desperate to sell cars but if you have shit credit, you won't get a good APR rate...no matter how desperate they are to sell the car. It'd more difficult than ever to get a car loan with less than good credit.

vas25tl

What was the reason for the credit crisis? Was it maybe because people with 450 credit scores could get car loans for broken down used cars priced at $5K over what they're worth? hmm...

iTimmy

They also rolled $3k in negative equity over from their last loan

That said, loans are still available, both mortgage and auto, its just now they aren't giving loans to everyone, just those who have demonstrated they can exercise fiscal responsibility in the past. The days of nothing down with maxed out credit cards never should have happened, but now when those people can't get loans they think the sky is falling, they never should have had them to begin with.

Shoofin

Banks are still financing, but the subprime market is taking a big hit from it. The banks don't want to finance people with bad credit. My latest "whoa", a customer who I got 2 cars for in the past, her credit score is 480 and her brother (who she used as a cosigner last time) is now a 508. Not a shot in hell will these scores will she be able to lease her next car so fast. She's looking to replace her '06 Sienna XLE with an '09 Sienna XLE. She's up there in age (50+), as is her brother. I don't know what I'm going to do with them..

S14 n Tsx

Okay.

Gilgamesh

I'll try and be a little helpful.

Interest rate is based on the term of your note and your credit score. Your friend is retarded. You may be able to get them to drop the price a bit, but not the rate if your credit is trash.

jeffkinetictypes

take it from someone who sells hondas/acuras....


Its dead right now, yes, you will get a good deal on the car...


the loan may be a different story, its going to completely depend on your credit and the structure of the loan. meaning, the value of the loan compared to the amount of money they are loaning, they want to be in a good equity position, and by putting 8gs down, that will def help, the rest is depended on your credit.

Thats part of the reason the car market is in the tank right now also, because of the bank situation a few months back, banks definitely tightened up loan approvals and stipulations, its harder to get deals approved that would have been no problem a few months ago. its a pain right now.

the dealers are at the mercy of the banks, unless someone is paying cash, we have to do what they tell us to make loans possible.

vas25tl

What dealer do you work at?

and ^^

jeffkinetictypes

I work for Hinshaw's Acura and Honda, near seattle, one of the first honda dealers in the country, as well as Acura, we are a really well established and well known dealer in the seattle-tacoma area, and even being a large dealer, we have been feeling the crunch. honda and acura are not going anywhere thats for sure, and neither are we, its just a weird time right now.

FiftyFive

Ouch you guys are harsh

vas25tl

I work on the Honda Service Marketing with Steve

Islandsnowz

>This is just a question in general<

Do dealers consider "no credit and bad credit" almost same thing or "no credit" has a better chance of getting low interest rate?

MR1

Credit is tight right now. Why not go to annualcreditreport.com and get an idea how you look? You can buy your FICO score for less than $10.00. This will give you an idea where you stand. You should be able to get a good price on the car.

The better way to go IMHO is to shop for financing first at your credit union or bank. You then know up front how much you qualify for. Don't share this info with the dealer until you have worked the deal ftw.

Gilgamesh

It used to be that no credit was worse than bad credit, for example my buddy got a loan with horrible credit, and he was broke, but they charged him 18%, on a car.

Around the same time, my brother had no credit, 20k in savings and could not get financing on a car, at any interest rate.

That's not to say that they look at your assets when buying a car, but just to relate that bad credit used to be better than no credit. Not too sure about now though.