Has anyone ever applied for a auto loan with Wamu? I was wondering if they want collateral (sp) or not. I've been working at the same place for over a year and I've been w/ Wamu for over a year. They know I work, they know my check comes every 2 weeks. Would that influence them to give me a loan? I don't own anything but the car I have now which is a 93' Cavalier. I wanted to sell it (yes, it can be sold for U.S. dollars, not many but it can) . I want another car $5-7 thousand that will last me 1-5 years. Honda Accord? Ford Taurus? Toyota Camry? What would you suggest?
I'd take an Accord or a Camry before I touch a Taurus. If you can go down further, maybe you can get a Honda Civic.
While that may be true, the Accord and Camry are known for reliability (for the most part) - so you won't have to necessarily fix anything. Of course you could end up with a clunker, too. If it costs $100 to fix the Accord and you have to fix it once, is that worse than having to fix the Taurus 3 times at $50 each time? Also, when you're without your car, will you be missing time from work? This is why I always put a car's reliability above everything - looks, performance, etc., included.
I don't think unsecured loans exist any more. My mom and dad tell me stories about how they used to exist.... .. kinda like the Wooly Mammoth -- droxford
Toyota makes the most reliable car in the world imo. I remember when I took my 4 runner in for service, a guy there was just like "200K miles and there nothing wrong with it at all? Wow, is that suppose to happen?" And the guy working there was like, yeah it's a good car. it'd be a perferct commercials except ppl wont believe it.
Why not get pre-approved for the amount using the future car as collateral? Tell them you want a used car loan and they will tell you what you are approved for. Then find the car you want to buy, give the loan officer the vin number of the car. You may have to put a $100 of your own money to hold the car - tear the $100 check up once the deal is closed. The LO will cut you the check to give to the person/dealer and they will help you the rest of the way. The things that would effect the loan from going through or for how much are: Have you ever defaulted or paid late on a loan? How much do you make and how long at that position (1 year is good)? How much do you owe now (currrent car loan, school loans, credit cards etc)? Basically, have you been responsible with what credit you've been given? On the car, in that price range I shop for all 3 but my order would be Toyota, Ford and Honda. The reason I'd put the Taurus up there is I owned 1 for 6 years and they aren't that bad of a car. You should be able to pick up a fairly nice one with low miles for that kind of cash vs the other 2 will have high miles, but Toyota is my fav of those 2 (even though I just bought a Honda - long story). On shopping for a used car - Take someone or have them reve the engine it to check for smoke out of the exhaust. Blue means broken or bad rings. Black means it's running too rich - rare nowdays. White means it's running lean - again rare. No smoke - good! Water - don't worry. Check the fluids. Are they the right level and color? The oil should be clean or dark - no white or foamy. If not, close the hood and walk away - bad head gasket. The trans (checked while running) should have a nice red shade not too full or too low. Check the radiator fluid (1st - when the engine cold! - Do not open it hot!). Is it a nice yellow/green or pink? It should be. Check for spots on the ground indicating a leak - don't get the a/c water mixed up with a leak. If the a/c is running, it will drip water. Do all the warning (check engine, air bag, etc) lights come on when you start the car and go off after a 10 second period? If it doesn't come on, it's been disconnected - and that's not good. If they don't go off, that not good either. Take the car out on a smooth freeway with the radio off and the windows up. How does it handle and run at 70? Shakes? Vibrations? Does it pull left or right? All these would indicate a somewhat minor problem but you would have to put another $100-$500+ to fix the problem. Listen for noises while driving and while checking under the hood. Check all the electrical functions while parked - radio, windows, locks, etc. And if you are in the market for a good used, well maintained Windstar - I can make you a deal! {It's been in the paper for 3 days now and I haven't gotten 1 call. I've priced it well below private party value - close to trade-in value - below comp others in the paper...}. Which reminds me, check www.kbb.com or www.edmunds.com for what the car is worth. Your price should be somewhere between private party value and loan value. Enjoy and be patient...
I test drove the Accord, and it rode like a CATERPILLAR. I tried the CAMRY, and the ride was smoother than a baby's butt. Check out www.carfinance.com or any other online auto-finance site, and get a low APR. Then show up at the dealership, bargain the price, and slap their ass with the check from the online financial firm, and they will be stunned to hear you got a lower APR than they gave you. YOu don't have to use it if the dealership gives you a lower one than the online people. Anyway, a CAMRY will last longer than any other comparable sedan from an AMERICAN company. Even if it takes a little more ca$h to repair a Camry, it is worth the comfort and value. I took the Camry to FLORIDA and back and it was smoother than silk or, again, a baby's butt.
Good point - Honda matched my Credit Union rate of 3.65%. But used cars are usually higher at a dealer than they are from an individual.
Thanks ArtV and SwoLy-D, I just went to that link and filled out the 15 minute application. There's a family friend mechanic of my g/f's parents who I want to take the car to look at before I buy it. He did the same w/ my g/f's car before she bought it. Will a dealership let me do that though? Drive 20 miles to MY mechanic to let him check out their POS?
Tell your mechanic you'll buy him a beer if he goes with you to the dealership. And then, when he finds stuff, buy him a 12-pack. If he doesn't drink, give him a gift certificate to Bath & Beyond. JK You can take him with you to the place where the car is. But do NOT tell the dealership that he's the mechanic, or they will be reluctant to show damage, and stuff.
As far as damage goes: 1) dealers rarely even sell cars that have prior accident history 2) If they do, they have to diclose it to you up front, whether they are asked about it or not. If they don't, they are violating the D.T.P. Act. 3) Don't ask a mechanic to check for prior body damage, ask a body man or painter. You have to be more wary of buying from 2nd hand used car dealers noadayas than you do primary dealers.
And it should be added - Never buy a reconditioned car (a car with a reconditioned title). Oh - and sorry to hear about the loan.
I used to be a Personal Financial Representative with WaMu and I can tell you that their rates on resale auto loans are above market. They start at 8% based on credit and move up from there. IMO, you would be better off to look at Toyota or Honda's certified resales. If they do the financing inhouse the rates start as low as 4% and you get an extended warranty. Plus, you know your the car has been treated well.
Hey man, I've tried a few loaning websites and they've all declined my loan. Let me tell you my information and what is it about it thats so bad they would decline it? : I've lived in my apartment for 1 year. Been at Walgreen's for over a year making $8.00 an hour, my total liquid assets for right now is surpassing $2,000. The amount I'm trying for is the minimum ($5,000 some places and $7,500). I'll be getting any car that they'll loan me money for, meaning it doesn't have to be a specific year to make me happy. My previous job I worked there for 4 years. So what is it? What's so bad about that?
the first thing is your age the second is that you are a renter the third is that you probably won't be in a well "secured" position the fourth is that your debt to income ratio is too low I'm not trying to sound harsh, but these are the qualifiers. What's more is that you now have had your credit pulled at least twice, and the inquiries go against your credit rating for two years. Your best shot is to either get your parents to cosign. Or go to a dealer and look for a car in the 5k range, then put down as much as you can. The better leveraged the deal for the finance company, the more likely they will make the loan.
