Buying a New car

[Airhog]

I plan on purchasing a new car around the first of the year. So I am looking for advice. Good websites with solid reviews of the different models, etc.

My work offers a ford and a Nissan Employee Purchase program. Which I am thinking about using, but I want to read some professional reviews first. I am leaning towards a midsized car.

Just a few random questions here,

How tough is it going to be to get a loan? I have some credit although I have only had it for about 4 months. I have had the same job for 2 and 1/2 years, lived in the same place for over a year, and I make more than what they require in monthly salary.

Can I get the loan to include tag title and tax?

How much do I need to put down? I can probably afford to put down 3-4% of a 15,000 dollar loan, which is probably right around my price range.

Is it better to get a loan through the dealer, or work with an outside lender?

Thanks for any suggestions you can throw up

[Rizon]

hxxp://www.edmunds.com/

hxxp://www.consumerreports.org/cro/index.htm

A few things to think about when buying a car:

1) Negotiate UP from the price the dealership paid for the car, NOT down from the price on the sticker. The price on the sticker is way, way above what a car is worth.

2) Be prepared to leave. If you think they are ripping you, which 99% of the time they will try, then leave. They'll call you back, ALWAYS, with a better deal. Have several different cars in mind, and don't settle on just one, and NEVER tell them that's the car you WANT. They'll whine and cry and try to be your friend that you just hurt, but it's all a con, and you have to be able to see through it.

An outside lender will probably get you a better interest rate, like say a Credit Union. Figure out what you want to pay for the car and then try to find rates. If you go straight to the dealership they'll cream you with a high interest rate.

As long as you aren't trying to buy a luxury car you should have no problem getting a loan.

PS: Yes, the loan will cover all of the tax and the initial tags. You'll have to pay to renew the tags each year, so keep that in mind.

[Airhog]

I shouldnt have to worry about the price if I buy a car through employee purchase since they are legally bound to show you think invoice price, and obligated to only mark the car up like 3-5%, but I will keep that in mind if I go with a car not covered by the plan

[leeDarb]

Assuming you've been paying your bills more or less on time, you can definitely get a loan for the full purchase price + tax and title. If you can only afford a 3-4% downpayment - which is basically nothing - you might think about a shorter term loan (w/correspondingly higher payments but a lower interest rate). My advice as to borrowing would be to line up as advantageous a non-dealer loan as possible first (ps credit unions usually aren't that great - try online lenders like capital one etc), and then negotiate the price of the vehicle with the dealer first (telling them that you already have full financing), and then, and only then, after the price is set, let them beat your outside lender financing (which they will try/want to do).

[JS19]

I wouldn't recommend going through the dealership for the loan. I've been going through my credit union when dealing with car loans and such. I have no complaints. Much lower interest rates, and its quick, well at least at my bank. Takes no more than a day have a check in hand.

[14ers]

I always choose the ZERO percent interest option from the dealer when buying a new car.


And, wait till after the 1st of the year to buy a new car.

[Peregrine]

If you're using the employee pricing thing, and want a lot less hassle, shop around a bit to find the car you want, then seal the deal over the internet, it's very easy to work with the internet sales guy at most dealerships and often you can get a very good price that way too, all you have to do then is show up and sign the paperwork.

[GrantDawg]

Originally Posted by Peregrine

If you're using the employee pricing thing, and want a lot less hassle, shop around a bit to find the car you want, then seal the deal over the internet, it's very easy to work with the internet sales guy at most dealerships and often you can get a very good price that way too, all you have to do then is show up and sign the paperwork.

I agree with this. Either deal with an internet manager or a fleet sales manager. This way you can get the exact features you want, and not just what the saleman is going to force on you. You'll get a chance to test drive before you buy, and you can always walk if it is not to your liking.

If you do that, walk if the car is different once you get there than what you ordered. There are a few places that will lie to you just to get you in their store. DO NOT BUY FROM SOMEONE WHO LIED TO YOU! Do not believe the "honest mistake" line. They are always, always, always trying to get something over on you. If the are dishonest in one thing, they will be dishonest in other things. Confirm they have the exact car you want before you go, and if they don't once you get there, then walk.

[GrantDawg]

BTW, they are no hassle purchasing websites that will often get you a better price than the employee plan, like carsdirect.com.

[GrantDawg]

Another note, the Hyundai Sonota is a good choice for a midsize close to your price range. Most others are going to be a couple thousand more, and the Sonota is an incredible car. When I went to the Camry kick-off, they were very open about how much they fear the Sonota. Still, you are looking at 18,000 with tax and all on any new mid-size. You might want to consider a compact like Corrolla or Sentra. They are roomier than you might think, and closer to your price range.

[Airhog]

Thanks for the info, I found a really good website that talks about buying a car online like that. And also have plenty of good tips to keep the consumer from getting ripped off in the process. I plan to do my homework, and know what I want, and how much I plan on paying before I step foot inside a dealer

http://www.carbuyingtips.com/