Both mundane and pointless.
Today I almost bought my very first new car. I’ve never owned a car worth more than $2000, and now I have a shiny brand-new Toyota Echo.
I really like this car. Yeah, I know it’s not everyone’s dream car, but I love its funky look, its fuel efficiency, and I hope it’ll be reliable. I drove it around today with a goofy smile on my face.
But today is Saturday, and tomorrow is Sunday, and then comes Memorial Day, so it’ll be Tuesday before there’s anyone at the bank to make a decision about my loan.
And I’ve both had bad things happen to me and made bad choices, in the past, and so my credit is, as they say on the late-night TV ads, “less than perfect.”
I may well get my loan. Or there is a real chance that they could turn me down.
And then I’ll have to take my shiny Echo back to the dealer and give them back the key and drive home in my '93 Tempo with the 130,000 miles.
And I just wanted to share with someone how anxious I feel, and how much I want to keep this car.
And I don’t think I can stand to wait until Tuesday.
If your bank turns you down, and you find yourself taking the car back to the dealership, be careful - - they could say “we can get you in this car!” and play on your emotions to get you to sign for outrageous interest, or a balloon payment scheme. Especially if they can smell how much you like the car.
Just a reminder to keep your head and don’t let this car you love turn into a financial monster.
I have about seven Volkswagen dealers in a bidding war right now to sell me a new Cabrio. I want to trade the car this week, before I move, but it might be tricky.
Just to ask, what do the other Dopers out there consider to be good terms for an auto loan? I have my own idea, but I’d like to hear what others have to say. (I want to do it long-term, since I’ll be making a lot more three years from now than I do now.)
Dr. J
I just bought a Toyota Tacoma X-Cab! :D:D:D:D
If you’re a Costco member, you can arrange financing through PeopleFirst. (and probably get a better price for the car) Or you could go through Toyota.
I was pre-approved at my credit union. But both PeopleFirst and Toyota beat my credit union’s interest rate. So shop around a little, you’ll get the money.