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Old 01-19-2013, 07:24 PM   #7
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It is always a good idea to get a car when you don't NEED a car.

I personally always recommend that people go through a bank instead of a dealer. Since you don't need a car, you might can try a little trick- if you have a smart phone. Look for compound interest calculators online. Talk to the dealer like you want financing from them. See what they say- plug those numbers into the compound interest calculators and see what they are doing to you. If it's anything like what they tried on my sister, then you can feel free to call them rip off lying scumbags and create a scene. Basically my sister was "qualified" for a 3% interest deal on car (back in the 90's), and the salesman told her how much her payments were going to be- she already knew the principle. Well, she figured it up, and they were telling her 3%, and then the actual loan was 22% interest. They didn't know she'd been working in the loan dept for a bank for 10 years and knew how to calculate interest on a calculator.

Maybe in this day and age with smart phones and online interest calculators- dealers are more honest. I doubt it, but if I were you- I'd see just for kicks. At least you know who you're dealing with. I personally don't want to purchase a vehicle from a den of thieves.

One good thing about purchasing from a bank is that you can buy from an individual- if the purchase price is below value. Keep in mind that banks will only write loans for vehicles out as far as 7 years from the manufacturing year. For example, you can get payments on a 2013 out as far as 2020- if you need it. However you can only get loans out as far as 2015 on a 2008 model vehicle- that's only 2 years. This makes it more difficult to make payments on a used Porsche than it is to make payments on a new Porsche that costs 3x as much. That is from a bank. Now dealers can work out things with 3rd party financing to sell car loans that go out past what banks will do. However, these will be high interest loans.
Be eclectic.
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