Saturn Sky Forum banner

1 - 20 of 27 Posts

·
Registered
Joined
·
295 Posts
Discussion Starter · #1 ·
Ok, I hope this issue hasnt been :deadhorse: but what do you guys think, and what have you guys (if you have gotten your car), used for financing? From what I understand, GMAC will not have very good rates on this car since they do not need to "talk anyone into" buying the car with attractice interest rates. What about some websites that offer car loans like eloan.com or lendingtree.com? I have never applied for a car loan online, is that a good or bad idea?

I do not know what my bank's interest rate would be, but in general, would banks be better on interest than GMAC for this car? Assuming you have a checking account with the bank, and I do.

Is it in my interest to try to find a better rate than GMAC? I have good credit, fico score of 719, and I am about to pay off my SC2 this June. This would be my first car purchase on my own credit, I had a co-signer for my SC2. If I can save $10-20 a month on payments that would be good, but if my savings per month will be less than that then its probably not worth my time trying to use something other than GMAC. Thanks for any advice given.
 

·
Registered
Joined
·
136 Posts
go for a credit union, hands down the best thing out there. Haven't actually used one myself, but i know people that got much better rates with a credit union.

GMAC is typically good when they're offering the incentives, otherwise nothin spectacular. And even banks don't seem to give that good of rates either? credit unions seem to be the place to be
 

·
Registered
Joined
·
1,417 Posts
You can always buy out the GM loan if you find a better rate somewhere else.

Once you have the car a bit and have looked at what other loans you may be able to get, you can definately make a decision to change.
 

·
Registered
Joined
·
136 Posts
1994SC2 said:
You can always buy out the GM loan if you find a better rate somewhere else.

Once you have the car a bit and have looked at what other loans you may be able to get, you can definately make a decision to change.

The problem with refinancing though is it tends to be higher rates than the new car loan right off the bat, at least from what I've noticed
 

·
Registered
Joined
·
4,876 Posts
If you own a home -- a line of credit will get you a good rate - plus it is tax-deductible. Many people don't like to tie their house to a car (I have to say I am one of them)
Credit union is usually very very good if not the best rate.
The bank where you have savings/checking usually can help.
Believe it or not the best rate I have found to date was a company known for credit cards (What's in YOUR wallet!). They sent me a blank check (with an upper limit) and once I use it -- the amount will be my loan...
GMAC might offer me a better one and the dealer said they will try to beat my best price when I close, so one never knows....
Try Lending Tree... It can't hurt!
 

·
Registered
Joined
·
295 Posts
Discussion Starter · #6 ·
Rick Tinley Park said:
If you own a home -- a line of credit will get you a good rate - plus it is tax-deductible. Many people don't like to tie their house to a car (I have to say I am one of them)
Credit union is usually very very good if not the best rate.
The bank where you have savings/checking usually can help.
Believe it or not the best rate I have found to date was a company known for credit cards (What's in YOUR wallet!). They sent me a blank check (with an upper limit) and once I use it -- the amount will be my loan...
GMAC might offer me a better one and the dealer said they will try to beat my best price when I close, so one never knows....
Try Lending Tree... It can't hurt!
I've got two "What's in your wallet?" cards in my wallet. Had excellent credit history with them, I may give that a try. I have heard that most car loans are only valid for 30 days, and I think my car will be here within that time, so I am looking around at my options.
 

·
Registered
Joined
·
136 Posts
Capital one is definitely one of the best out there, simply, painless, I got rejected from places whenever I was actually looking at the car, and trying to get financed through the dealership.
But I went online, filled it out, instantly financed up to a certain amount. no downpayment, they dont' care mucha bout the car, or anything like that, VERY painless and easy :D good rates too, better than a lotta banks
 

·
Registered
Joined
·
92 Posts
As an employee of the "wallet" company, It's nice to see that people are having a good customer experience... :D
 

·
Registered
Joined
·
115 Posts
My advice would be a credit union. In most cases they're more flexible in terms of financing options. Your FICO score is high however, and I don't see where you would have a problem securing credit at any financial institution, unless you have a limited or insufficient credit history. It's strange but true, that people who have high FICO scores can also be denied credit. It will be to your advantage to simply shop around various financial institutions and see who gives you the best deal...........:cool:
 

·
Registered
Joined
·
4,876 Posts
ku4zs said:
I've got two "What's in your wallet?" cards in my wallet. Had excellent credit history with them, I may give that a try. I have heard that most car loans are only valid for 30 days, and I think my car will be here within that time, so I am looking around at my options.
Actually theirs is good for 45 days and if needed a phone call extends it...
 

·
Registered
Joined
·
295 Posts
Discussion Starter · #11 ·
Ok, I applied with "what's in your wallet" and they approved me at 7.09%. I thought that was kinda high, but it is for 72 months. I played with the payment calculator and even with a 6% APR, my monthly payments really do not change much. I plan to pay it off before 72 months anyway. Is GMAC doing better than 7.09%? Does anyone know?
 

·
Registered
Joined
·
4,876 Posts
ku4zs said:
Ok, I applied with "what's in your wallet" and they approved me at 7.09%. I thought that was kinda high, but it is for 72 months. I played with the payment calculator and even with a 6% APR, my monthly payments really do not change much. I plan to pay it off before 72 months anyway. Is GMAC doing better than 7.09%? Does anyone know?
Mine was 5.9% but for 60 mo...
 

·
Registered
Joined
·
1,129 Posts
IN my Wallet

Trebuchet said:
As an employee of the "wallet" company, It's nice to see that people are having a good customer experience... :D
Hey, let me blow your horn! That is how I am financing my Sky, and I got a good rate, plan to pay it off early so convenience is my big deal. It is painless. If the car doesn't get here, you just resend everything. The company has treated me well, and I ditched all my other cards. Their online stuff is the best.
 

·
Registered
Joined
·
1,073 Posts
I got my financing through a credit union. They usually offer the best financing. I understand Chase is very competitive as well. I am not sure if this information varies from state to state.
 

·
Registered
Joined
·
4,876 Posts
Angelqute1 said:
I got my financing through a credit union. They usually offer the best financing. I understand Chase is very competitive as well. I am not sure if this information varies from state to state.
I was very disappointed with Chase -- and I have my mortgage and a card with them -- they were a full point higher than Capitol One.... When I asked they said I was getting the "great" rate due to my fine credit standing -- YIKES!
 

·
Registered
Joined
·
154 Posts
costco

For those of you that are Costco members, they have spome great rates & you can do it all on line in about 5 minutes or less. They send you a blank check good for 45 days, Min amount $7,500 max amount is the amount you apply for on line.
I got 5.4% for 60 months. I was going to put down a whole lot more in up front cash but at that rate I can keep the money invested & probably make more money with it in the long run.
Try Costco.com!
 

·
Registered
Joined
·
92 Posts
FYI- The Costco program is in partnership with CapitalOne... :)
 

·
Registered
Joined
·
154 Posts
Costco

But you have to be a Costco member, and I found those rates to be lower than just going to CapitalOne
 
1 - 20 of 27 Posts
Top