Think im in good shape.

[Porter Rockwell]

Always good to wait till the end of the month if you can...especially since Feb is a short month, no doubt they will be trying to make a sales budget , and willing to deal more the last few days of the month.

Also I agree with Aloo1 finance through a credit union

 

[aloo1]

LOL...what credit union are you goin to?

was your response to this: The interest rate on a loan for the remaining cash will be at least 4x what the rate would be if he just financed the rest of the car for 24-36 months.
That was me stating that if he followed your advice and got the remaining cash for the car in the form of a loan (meaning unsecured signature loan), his interest rate would be 4x higher than if he just financed it as a vehicle loan with a 7.5k down payment.
your statement led me to believe you didn't think this was true and that when you say you must have an awesome credit union, it makes me think your credit union vehicle loan rates are close to the signature loan rate. I was just curious what CU that would be?

may have been a complete misunderstanding on both parts or even just mine. If so I apologize if I came off condescending. I was just wanting to make things as clear as I can for the OP if he goes that route.

also my assumptions were made using the lowest auto rate tiers compared to the lowest unsecured rates.
In this situation financing for as low as 36 months depending on the year, you are correct, the rate for a signature loan won't be 4x the auto loan rate. more like 2x.
My apologies.
But I still stand by my statement that the auto financing route will be a much lower rate than obtaining a signature loan for the remaining cash needed.

 

[GeauxLSU]

I use Randolph Brooks. Auto loan is 1.65% Same rate new or used regardless of term. Signature loan 8%-11% depending on term (24-60 months).

 

[hildrethj01]

It is a used car. Thanks for all the advice.

 

[Falcon1]

If you do go the route of financing the difference and plan on paying it off early you better make sure there are no early payoff penalties. A lot of car loans have language that charge an early payment fee which ends up making the total amount you pay about the same as if you paid the payments for the full term of the loan so it ends up being the same cost to you.

 

[biker_bill]

If you do go the route of financing the difference and plan on paying it off early you better make sure there are no early payoff penalties. A lot of car loans have language that charge an early payment fee which ends up making the total amount you pay about the same as if you paid the payments for the full term of the loan so it ends up being the same cost to you.

I didn't think anybody still did that. Dem bums! I hope he read your post....

 

[Falcon1]

I didn't think anybody still did that. Dem bums! I hope he read your post....

Probably not at the credit unions, but I guarantee there are some dealerships still doing this. Especially those small used car lots.

 

[aloo1]

Probably not at the credit unions, but I guarantee there are some dealerships still doing this. Especially those small used car lots.

This....mostly dealerships are the only ones who do this any more.

 

[Tony2X]

If you do go the route of financing the difference and plan on paying it off early you better make sure there are no early payoff penalties. A lot of car loans have language that charge an early payment fee which ends up making the total amount you pay about the same as if you paid the payments for the full term of the loan so it ends up being the same cost to you.

Yep.

 

[Darkdiesel]

FWIW I bought the extended warranty with my used truck and got about $6000 worth of work from the $3000 I spent on the warranty. I put about 25% down and got 1.9% financing with a credit score around 720.

They wouldn't budge a dollar on price. I made my offer and gave them a week, still didn't come down. I had very narrow parameters and a short time to work with so I ended up buying theirs.