Members collinwho Posted January 11, 2010 Members Share Posted January 11, 2010 My own personal preference would be to go older with low mileage, but I'm not really that much of a car guy. I hated the Element until I got in a co-workers and was able to see everything it could do inside. I'm a big fan now, as well. Link to comment Share on other sites More sharing options...
Members Thunderbroom Posted January 12, 2010 Author Members Share Posted January 12, 2010 Decided this morning that I'm going to get an Element from somewhere...maybe this week. We're gonna keep the van for now as well (unless the cost to fix it ends up being ridiculous). I guess I've got to figure out how much I want to spend now. Link to comment Share on other sites More sharing options...
Members #6 Posted January 12, 2010 Members Share Posted January 12, 2010 welcome to the brotherhood.... Link to comment Share on other sites More sharing options...
Members Hotblack Posted January 12, 2010 Members Share Posted January 12, 2010 Post what you get and what you think. I know there have been a few others here that have been interested in the vehicle (myself included). It's not the sexiest vehicle, but it seems to achieve the right balance of space, cost, gas mileage, and handling that we gigsters need. Link to comment Share on other sites More sharing options...
Members Thunderbroom Posted January 13, 2010 Author Members Share Posted January 13, 2010 I haven't bought a used vehicle since '91 and then just went to the local dealership that my friend owned and bought one with no hassles. I'm now sitting here scouring craigslist, autotrader, car.com, vehix.com and carmax.com. Is it too much to ask that I contact a seller via email (for those that provide an address) and ask them for their bottom-line, out-the-door price and they respond with the answer?!? Another thing that I need to know about: financing. I'm looking to borrow $10k - $12k and only put $1k or so down. Can I go to my bank and get preapproved for a loan amount so that I know what the deal is when I'm shopping especially with a private seller? Stupid questions I'm sure, but I'm out of the loop. I need to get the ride within the next week or so. Link to comment Share on other sites More sharing options...
Members kaiser_sosea Posted January 13, 2010 Members Share Posted January 13, 2010 That's how I've gotten all my auto loans, talk to my banker first. Tell her what I'm looking at and what I'd like to spend, she tells me how many years and what I need for downpayment and we hash it out until somethings agreeable. Then when you go to the dealership or wherever that's all taken care of and aside from signing papers they'll work directly with your banker to get title and all that jazz. When I bought my Jeep in July I just wrote the dealership a check (having spoken with my banker) and went in to the bank on Monday and got a reimbursement check so everything was square. Buying privately I'm assuming would be similar. Another thing that I need to know about: financing. I'm looking to borrow $10k - $12k and only put $1k or so down. Can I go to my bank and get preapproved for a loan amount so that I know what the deal is when I'm shopping especially with a private seller? Stupid questions I'm sure, but I'm out of the loop. I need to get the ride within the next week or so. Link to comment Share on other sites More sharing options...
Members melancholy mechanic Posted January 13, 2010 Members Share Posted January 13, 2010 Got a related question...I have a price in mind that I'm willing to spend. What is the best route to take if everything else seems to be equal: older with lower mileage or newer with higher mileage? You may want to look at lower mileage vehicles and an extended warranty. I bought one on my last car that brought me out to 10yrs/100k miles and it cost me around a grand I think. Just a thought. It was worth the peace of mind for me. I used to work for a bank and your best bet is probably to go in right away and get the paperwork started. Let's say they approve you for a $15k loan, it will probably be easy for them to knock it down to $10k or whatever you need when you find the vehicle. It sorta depends on your bank. Where I worked, we could get an approval on an installment loan for a good borrower in an hour or two but I've heard some banks it can take a couple of days. Also, when buying from a private seller, the bank will probably want the clear title when they give you the check. That usually means meeting at the bank with the seller to sign the title and everything right there. Just more of a pain in the ass than when you buy from a stealership. Link to comment Share on other sites More sharing options...
Members Thunderbroom Posted January 13, 2010 Author Members Share Posted January 13, 2010 Thanks for the info! Since my van is in the shop, and I'm working from home, I may just hop on my bike and pedal up to my bank and get the process rolling. Link to comment Share on other sites More sharing options...
Members Thunderbroom Posted January 13, 2010 Author Members Share Posted January 13, 2010 My bank (Harris) sucks. I just called and talked with one of the loan officers. She told me that they do not prequalify folks for loans and that any vehicle that I did want to finance could not be older than an '03 nor have more than 70k miles on it. So I would need to find a car, then go to the bank and go through the process. Bummer. She also said that if I go through a dealer that they will likely be able to offer me a lower interest rate than my bank. Link to comment Share on other sites More sharing options...
Members L-1329 Posted January 13, 2010 Members Share Posted January 13, 2010 Is it too much to ask that I contact a seller via email (for those that provide an address) and ask them for their bottom-line, out-the-door price and they respond with the answer?!? Give them YOUR bottom line, one time offer to take it or leave it. Just make sure you know what the car is really worth, make it fair but realistic, and keep the ball in your court always. Link to comment Share on other sites More sharing options...
Members L-1329 Posted January 13, 2010 Members Share Posted January 13, 2010 My bank (Harris) sucks. I just called and talked with one of the loan officers. She told me that they do not prequalify folks for loans and that any vehicle that I did want to finance could not be older than an '03 nor have more than 70k miles on it. So I would need to find a car, then go to the bank and go through the process. Bummer. She also said that if I go through a dealer that they will likely be able to offer me a lower interest rate than my bank. Jeff you're former Navy, are you not set up with USAA? If not, get with them stat. They are super easy to deal with for loans, all my vehicle loans have been through them. Link to comment Share on other sites More sharing options...
Members Thunderbroom Posted January 13, 2010 Author Members Share Posted January 13, 2010 Jeff you're former Navy, are you not set up with USAA? If not, get with them stat. They are super easy to deal with for loans, all my vehicle loans have been through them. Hmm... Link to comment Share on other sites More sharing options...
Members t3ch Posted January 13, 2010 Members Share Posted January 13, 2010 Jeff you're former Navy, are you not set up with USAA? If not, get with them stat. They are super easy to deal with for loans, all my vehicle loans have been through them. +bazillion Or a local credit union. Link to comment Share on other sites More sharing options...
Members kaiser_sosea Posted January 13, 2010 Members Share Posted January 13, 2010 I forgot to mention that my bank for auto loans is a local, small town bank. Most of the people that work there have known me of of me since I was born. So sorry about that, Bank of America is where my checking, savings, mortgage, etc... is through and they are a PITA when it comes to autos. So I don't deal with them. My bank (Harris) sucks. I just called and talked with one of the loan officers. She told me that they do not prequalify folks for loans and that any vehicle that I did want to finance could not be older than an '03 nor have more than 70k miles on it. So I would need to find a car, then go to the bank and go through the process. Bummer. She also said that if I go through a dealer that they will likely be able to offer me a lower interest rate than my bank. Link to comment Share on other sites More sharing options...
Members gspointer Posted January 13, 2010 Members Share Posted January 13, 2010 My credit union is great. I call and say I am going to look at something, they tell me to write the check if I like it, give them the details later, and do the paperwork within a week. Link to comment Share on other sites More sharing options...
Members t3ch Posted January 13, 2010 Members Share Posted January 13, 2010 My credit union is great. I call and say I am going to look at something, they tell me to write the check if I like it, give them the details later, and do the paperwork within a week. Yep, that's what everywhere has done for me as well. I've always done one of two things... 1. Open a large credit-line and just pay for the car with cash, then turn the title over to the bank as a car loan and close the credit line. 2. Get approved for a loan of X amount and be given a blank check by the bank. When I find a car I want, I just write in however much it is and the bank processes the actual loan later. Link to comment Share on other sites More sharing options...
Members Thunderbroom Posted January 13, 2010 Author Members Share Posted January 13, 2010 Whew! There's a local private seller that has a 2006 LX AWD with 35k and is asking $12,900. Based on my research that is a very fair price. He's financed through State Farm and told me the balance of the loan is $12,600. Since I've been getting the runaround from my bank, I called SF (have all my insurance with them). My agent suggested that this could be a very smooth transaction if everything checks out. I'm going to take a look at it late this afternoon. Link to comment Share on other sites More sharing options...
Members L-1329 Posted January 13, 2010 Members Share Posted January 13, 2010 I called SF (have all my insurance with them). Derail! I'm going to harp on this point again because you can be saving yourself some large coin. My little bro is climbing the corporate ranks in State Farm, but even he is fully insured with USAA as am I, and the difference is very noticible. You qualify due to your military service, and you really need to check into them. Everything I have is insured with them, all my loans have been through them, and there's never been a cheaper or better route to take that I've found. They also pay out dividend checks when the association does well. My last was for $80. Isn't a lot, but when was the last time State Farm paid you? Link to comment Share on other sites More sharing options...
Members Thunderbroom Posted January 13, 2010 Author Members Share Posted January 13, 2010 Derail! I'm going to harp on this point again because you can be saving yourself some large coin. I don't doubt you and will certainly look into USAA, but right now, I need to get a ride and need to do it quickly while working stupid hours and doing schoolwork. Convenience is worth more to me than saving a percentage point on a 3-year loan. Link to comment Share on other sites More sharing options...
Members L-1329 Posted January 13, 2010 Members Share Posted January 13, 2010 I don't doubt you and will certainly look into USAA, but right now, I need to get a ride and need to do it quickly while working stupid hours and doing schoolwork. Convenience is worth more to me than saving a percentage point on a 3-year loan. Sure, and just passing the word. The lower insurance rates are where you really save the money though, not loan percentages. I pay half of what State Farm wanted to charge me a few years ago for vehicle insurance... Link to comment Share on other sites More sharing options...
Members Thunderbroom Posted January 13, 2010 Author Members Share Posted January 13, 2010 Sure, and just passing the word. The lower insurance rates are where you really save the money though, not loan percentages. I pay half of what State Farm wanted to charge me a few years ago for vehicle insurance... Nice!!! Link to comment Share on other sites More sharing options...
Members t3ch Posted January 13, 2010 Members Share Posted January 13, 2010 God state farm charged me so much on my insurance/loans. If nothing else, you can transfer the loan once you have a chance to take a look at and get settled in with USAA. My insurance literally dropped 80% switching to USAA. And I'm not talking only compared to one company. 80% compared to the cheapest among Geico, Progressive, State Farm, All State, E-Surance, etc. I have like 12 major companies written down at home that I compare yearly for rates, and USAA ftw. Link to comment Share on other sites More sharing options...
Members Thunderbroom Posted January 13, 2010 Author Members Share Posted January 13, 2010 So how is USAA to work with when you have an auto accident and/or you have a hail storm and your roof needs replacing? Link to comment Share on other sites More sharing options...
Members t3ch Posted January 13, 2010 Members Share Posted January 13, 2010 I've never had to file a claim while with them, but they pretty consistently have very high satisfaction ratings. Most people in my family use and swear by them; I know they've had claims, so I assume they were taken care of. But maybe L-126123 can be more helpful. Link to comment Share on other sites More sharing options...
Members L-1329 Posted January 13, 2010 Members Share Posted January 13, 2010 So how is USAA to work with when you have an auto accident and/or you have a hail storm and your roof needs replacing?Extremely good. Well for vehicle claims at least, I've not had a renters or homeowners claim yet fortunately. I just got my Vette repaired from a parking lot accident, and they were fantastic to deal with even with me being super picky and dealing with my own well recommended custom car shop. I've had a motorcycle knocked down in the past, they were super to deal with then as well. I just started my homeowners last summer, but I have no concerns at all that they will be anything less than great to deal with should something happen. Link to comment Share on other sites More sharing options...
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