Financing Options

[dcmdon]

And isn't going to cost that much more as you pointed out - while potentially saving on the deal to begin with, meaning lower loan amount, less interest in the end.

And he gets to make more money on the deal. Everybody wins.

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[dcmdon]

I have multiple banks who offered great rates and tuttle click was able to beat it. Get approved on your own before you go in. Then give the dealership the opportunity to beat them. Lenders are offering aggressive rates right now.

Who is Tuttle Click? Gupton's F&I mgr??

 

[dcmdon]

One other hint for people who may want to refinance.

Getting the car re-titled with a new lien holder can be a pain in the butt when you refinance.

What I have done in the past is pay off the car with a Home Equity Line of Credit (HELOC) and then get the title free and clear. Then I have the title in hand when I go to refi.

I've said in other posts that I will always string a car loan along as long as possible if the rate is substantially below what I'm earning on my own money. So even if I have the cash to pay it off, I don't.

This is also useful for when I want to sell a car if I still have a loan balance. (which never happens with me, but it may happen for you). Write a check out of the HELOC and have the title in hand when you sell the car.

People are scared away from buying from an individual if that person needs to use the buyers money to clear the title. Have a clear title in hand and you will be able to sell your used car for more.

Often people trade primarily BECAUSE they don't have the cash to pay off the loan. No matter how good that trade makes you feel, you are by definition getting wholesale for the vehicle and will almost always do better selling yourself.

 

[glassjawkid32]

Who is Tuttle Click? Gupton's F&I mgr??

They are one of the cali forum dealerships. Gupton was too much travel hassle for me to justify going there, but same principle would apply to car buying anywhere.

 

[kevman65]

Finance through them to get max discount, refinance back home with CU that should have the best rates.
Then you're saving money on both ends.

 

[glassjawkid32]

1.79% was my best rate for up to 84months. Doubt they’ll be able to beat it. My credits excellent and it’s a boon to get these good rates.

Don't think you'll beat that anywhere.

 

[kevman65]

Don't think you'll beat that anywhere.

Don't be surprised to see 0% within 6 months.

 

[glassjawkid32]

Don't be surprised to see 0% within 6 months.

From the manufacturers?

 

[kevman65]

From the manufacturers?

If inflation continues, they will be playing with the Fed numbers and I'd expect to see 0% from several places.
Most here aren't old enough to remember 20% for new car loans, they are going to do something to send it low to prevent that.

 

[dcmdon]

No bank will offer 0%.

0% financing is a manufacturer funded incentive.

Occasionally a dealer will "buy down" the interest rate and offer 0% on their own. But that is just financial slight of hand. The money that they use to buy down the rate if offered as a discount would be a better deal.

 

[kevman65]

No bank will offer 0%.

0% financing is a manufacturer funded incentive.

Occasionally a dealer will "buy down" the interest rate and offer 0% on their own. But that is just financial slight of hand. The money that they use to buy down the rate if offered as a discount would be a better deal.

Ahhh, but CU's will, mine has repeatedly in the past. Need to get away from commercial banking.

 

[ShadowsPapa]

One other hint for people who may want to refinance.

Getting the car re-titled with a new lien holder can be a pain in the butt when you refinance.

What I have done in the past is pay off the car with a Home Equity Line of Credit (HELOC) and then get the title free and clear. Then I have the title in hand when I go to refi.

I've said in other posts that I will always string a car loan along as long as possible if the rate is substantially below what I'm earning on my own money. So even if I have the cash to pay it off, I don't.

This is also useful for when I want to sell a car if I still have a loan balance. (which never happens with me, but it may happen for you). Write a check out of the HELOC and have the title in hand when you sell the car.

People are scared away from buying from an individual if that person needs to use the buyers money to clear the title. Have a clear title in hand and you will be able to sell your used car for more.

Often people trade primarily BECAUSE they don't have the cash to pay off the loan. No matter how good that trade makes you feel, you are by definition getting wholesale for the vehicle and will almost always do better selling yourself.

Simple in Iowa. The county holds the title.
You go to your credit union to refinance - they pay off the original loan, they contact the county with the papers they receive showing it's paid off and the credit union gets their name as the first lien holder.
We, the owner/buyer, do nothing at all.
We take our original loan papers to our credit union and say we want to move the loan to them.
We contact no one else, we don't deal with the county, we never see the title until we pay off the new loan.

We also have never sold a vehicle with a loan unpaid - titles are always free and clear. SOOO much easier, no hassle that way.

When we traded my wife's 2018 Grand Cherokee - I had looked up all numbers and knew what those things were worth. Spencer did good by us. What little more I could have or more correctly, MAY have gotten, wasn't worth the hassle of dealing with tire kickers, people wanting to take long test drives, "can I take it to my mechanic" and all that stuff. Maybe could have gotten a bit more for it - but not enough.
When the Jeep dealer I got my JT through was screwing me around on trade on my Silverado, it was a pain in the butt to try to sell it privately - I wanted to tell some of them where to go - they were asking if I could meet them somewhere miles away, all the back and forth. I took it to a local Chevy dealer and sold it for slightly less than I "may" have gotten, but thousands more than the Jeep dealer was offering.
When I sold my WJ this past spring - I was getting such crap from people I was ready to sell it to the next person that came along with even a reasonable offer. "I want so and so to look at it, can we come by at........." and "I want to take it to my mechanic in Pella and have him check it over, can I have it tomorrow?" (Pella is fair drive away from us)
So IMO - sometimes there's a hassle quotient you need to be ready to deal with.
You may get more privately - what's it worth in the end? What's the "maybe" worth.

 

[Gladiator Overland]

One other hint for people who may want to refinance.

Getting the car re-titled with a new lien holder can be a pain in the butt when you refinance.

What I have done in the past is pay off the car with a Home Equity Line of Credit (HELOC) and then get the title free and clear. Then I have the title in hand when I go to refi.

I've said in other posts that I will always string a car loan along as long as possible if the rate is substantially below what I'm earning on my own money. So even if I have the cash to pay it off, I don't.

This is also useful for when I want to sell a car if I still have a loan balance. (which never happens with me, but it may happen for you). Write a check out of the HELOC and have the title in hand when you sell the car.

People are scared away from buying from an individual if that person needs to use the buyers money to clear the title. Have a clear title in hand and you will be able to sell your used car for more.

Often people trade primarily BECAUSE they don't have the cash to pay off the loan. No matter how good that trade makes you feel, you are by definition getting wholesale for the vehicle and will almost always do better selling yourself.

Thought about doing this as that is what I am in the process of doing. Just finishing closing on my refi with a cash out. Yet that said, with us planning on using funds to finish our build for our Alaska/Mexico trip and veteran suicide project. As well as being able to refurb some of our cabin for sale. I think I’d rather stick with just traditional financing then if possible refinance of it at a more agreeable rate. I don’t see rates changing too much in the next year personally.

 

[Gladiator Overland]

Don't think you'll beat that anywhere.

from USAA. Next best was PenFED at 1.99

 

[glassjawkid32]

from USAA. Next best was PenFED at 1.99

Is that with auto pay and other scun? Usaa was not giving me that a few months back. I may have to reach out to them.

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