Banking and Credit Questions

[Ranger]

I suggest you goto various banks and credit unions and pre apply. Be sure to tell the person you are applying to that you are shopping around and looking for the best interest rate you can get. Banks want your business as bad as you want the loan, remember they are not doing you any favours, you are the customer, they work for you.

 

[beefcake]

3 years in the bureau is good. 5 is better but usually not an issue.

I'd also make sure you make sure your CC balance is as low as possible if it isn't already. Try to get it at least under 1/3 of your limite a couple weeks before applying so it's updated on your bureau.

Banks love equity. So 20% down is excellent. Ford also has a great student program if you are currently enrolled full time, or graduated in the last 2 years.

Another great option is your local credit unions, their rates are typically very good. I do all the ebay stuff for our dealership, so I sell alot of out vehicles out of town, and as long as whoever your dealing with, knows what they are doing. You should be in good shape.

Beef

---------- Post added at 03:30 PM ---------- Previous post was at 03:27 PM ----------

I suggest you goto various banks and credit unions and pre apply. Be sure to tell the person you are applying to that you are shopping around and looking for the best interest rate you can get. Banks want your business as bad as you want the loan, remember they are not doing you any favours, you are the customer, they work for you.

Most banks can't do much for you anymore. Even most branch presidents / managers are glorified tellers. The info goes to some central office where someone that doesn't see you / your situation could care less.

The credit unions are a different story and care much more for their members.

 

[Tautog]

Credit unions the way to go IMO, I got 2.9 for 48 which I thought to be pretty fair.

 

[RaptorScrew]

Get with Randy! I'm a business manager at a GMC dealership and with 20% down there are rates as low as 1.95% for 5 years. Also 2.30% for 72 mos.


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I am here: http://maps.google.com/maps?ll=44.200569,-92.655273

 

[beefcake]

Credit unions the way to go IMO, I got 2.9 for 48 which I thought to be pretty fair.

we've got local c.u.'s with equity discount as long as 2.95 for 72 months right now!!! 84 @ 3.45

shorter terms with equity discount in the 1.9's, but not for the longer term

 

[getpower]

That's all very good to know.

I never dreamed of an APR lower than like 5% being that I'm in the current situation that I'm in having never bought a new vehicle before.

Everything that I have heard elsewhere had me believing that being in a good financial standing doesn't mean squat.



Would it be possible to have the taxes and licensing fees included in the purchase price? Or at that point would it cost the same as ordering a fully-loaded brand-new truck from the dealer?

 

[beefcake]

That's all very good to know.

I never dreamed of an APR lower than like 5% being that I'm in the current situation that I'm in having never bought a new vehicle before.

Everything that I have heard elsewhere had me believing that being in a good financial standing doesn't mean squat.



Would it be possible to have the taxes and licensing fees included in the purchase price? Or at that point would it cost the same as ordering a fully-loaded brand-new truck from the dealer?

It's not the your in a bad situation. You just are young (i'm assuming) or limited. Limited isn't necessarily bad, as long as their is no bad.

The biggest problem I run into on a daily basis, is young and bad. Someone that really is limited in credit, but got that cell phone at 18 or something and didn't pay it. One small bad mark at a young age can hurt you for years.

As far as "including". "Purchase" price is different than out the door. You can work on an "out the door" price. But, sales tax will be paid to your state, whether it's collected up front by the purchasing state or not.

Sales tax will always be listed seperate than the "purchase price"

 

[getpower]

It's not the your in a bad situation. You just are young (i'm assuming) or limited. Limited isn't necessarily bad, as long as their is no bad.

The biggest problem I run into on a daily basis, is young and bad. Someone that really is limited in credit, but got that cell phone at 18 or something and didn't pay it. One small bad mark at a young age can hurt you for years.

As far as "including". "Purchase" price is different than out the door. You can work on an "out the door" price. But, sales tax will be paid to your state, whether it's collected up front by the purchasing state or not.

Sales tax will always be listed seperate than the "purchase price"

Okay, I gotcha.

BTW I'm 21. It was explained here in another thread, I just didnt want it permanently displayed. I am a Union concrete mixer driver.

Also, I used the wrong terminology. But when I said purchase price, I did mean out the door price.

I'm not limited, but rather I am limiting myself, because I dont want to end up in a bad financial situation. I'm a pretty smart guy, and now I am doing well for myself, but its been a long hard road so far, and then the economy hit.

Do I NEED a Raptor? No. Do I want one? Yes, and I think I kinda should buy something like this for myself. Is it going to happen for sure? Dont know yet, too early to tell, but for all the research that I have done so far, it seems more than doable. I just have to hammer out a bunch of final details that would potentially make or break the deal.

 

[beefcake]

By limited, I meant limited "credit / age wise".

I had a guy in a similar situation. Coal miner from east coast, young, but made tons of $$ and nothing bad. Nothing to do where he lived and cost of living was super cheap, so he saved a lot of $$ for down payment. Really wanted a Raptor.

His buddy who was young rolled him into town in a real nice Lexus. Bout the only thing they have to spend money on is nice cars.

There is nothing wrong with having a nice vehicle. I just tell younger people to look at your budget / cost of living. Job stability, etc...

Biggest thing you don't want to do is get in over your head at a young age.

Okay, I gotcha.

BTW I'm 21. It was explained here in another thread, I just didnt want it permanently displayed. I am a Union concrete mixer driver.

Also, I used the wrong terminology. But when I said purchase price, I did mean out the door price.

I'm not limited, but rather I am limiting myself, because I dont want to end up in a bad financial situation. I'm a pretty smart guy, and now I am doing well for myself, but its been a long hard road so far, and then the economy hit.

Do I NEED a Raptor? No. Do I want one? Yes, and I think I kinda should buy something like this for myself. Is it going to happen for sure? Dont know yet, too early to tell, but for all the research that I have done so far, it seems more than doable. I just have to hammer out a bunch of final details that would potentially make or break the deal.

 

[getpower]

Oh yeah, I completely agree. The last thing I would do is make a deal if I figured out that it would take more than half a weeks pay for 5 years. I understand how some people dont mind the cost and will spend $1000 per month on a vehicle.

Nothing bad on them, but thats not me. I would need to still be putting money in the bank as well.

Like I said before, they are making some nice stuff now, and its all expensive. But wether or not I can comfortably make the payment is up to me.

But, from where I'm at. I can get a Raptor for the cost of a fully-loaded ecoboost lariat, and then I'd still have to pay for aftermarket lift, wheels, and tires, as well as exhaust-and it wont sound as nice as a V8.

I get a Raptor, then its got a factory warrnaty, and its setup in a way that I'd personally leave it stock besides a few things, like leveling it and maybe a Line-X. Havent decided whether I'd like a bed cap or not, but nothing that'll void the warranty.

In the long run, it makes sense to me.

Thanks again guys for all of your replies. I'll call who I need to call from here when it comes time and we'll see if we can make a deal that'll make us all happy.