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Car Loan ?

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  1. chancew chancew is offline

    Salt Lake City, UT
    United States

    Posts: 1,209
    Joined: Dec 06

    Feb 3rd, 2011 (2/3/2011 1:57am)

    I've never taken out a car loan before and am wondering what to expect.

    I own a 2006 BMW 330xi that has a value of +/- 20k and my credit is ok. I want 8-10k.

    Does this sound like it would work? And are there any loopholes/bullshit that I should look out for?

    Thx
  2. JKoblyn JKoblyn is offline

    Torrington, CT
    United States

    Posts: 2,763
    Joined: Mar 08

    Feb 3rd, 2011 (2/3/2011 2:00am) in reply to chancew

    expect mountains of bullshit from car salesman - that's how they stay in business. my father in law enjoys going back and forth with them for hours until he has exactly what he wants, so I hide like a pussy in the break room while he gets me some sick deal.
  3. gutbirdxx gutbirdxx is offline

    Spokane, WA
    United States

    Posts: 2,293
    Joined: Jan 06

    Feb 3rd, 2011 (2/3/2011 2:02am) in reply to JKoblyn

    you mean you already own the car, and you're borrowing money against it?
  4. chancew chancew is offline

    Salt Lake City, UT
    United States

    Posts: 1,209
    Joined: Dec 06

    Feb 3rd, 2011 (2/3/2011 2:13am) in reply to gutbirdxx

     
    Originally Posted by gutbirdxx View Post

    you mean you already own the car, and you're borrowing money against it?

    yes. sorry for the confusion
    Thread Starter
  5. Geoff Moore Geoff Moore is offline

    CO
    United States

    Posts: 1,823
    Joined: Feb 09

    Feb 3rd, 2011 (2/3/2011 2:18am) in reply to chancew

    Ship the milly, fck the loan :)

    in all honesty just make sure to shop around for the best rates everywhere you can and most importantly make sure that you don't get suckered into a deal with extremely low monthly payments because you will pay WAY more in the long run on the $$ you borrowed.

    GL
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