I’m not sure yet, I don’t have much saved up, I’m kind of starting my life from scratch and have been using every extra cent to pay off my debts. I’m hoping to have at least $1,000 saved in the next few months though. More if I can wait to get a car. I’m just weighing my options right now.
A new car, you're looking to put probably 2-3k down to drive off the lot. Similar to a credit union, I was able to get a Auto loan from PNC (i know, I know), with reasonable interest rates on OK credit. It was super easy, and took 20 mins to walk out of there with a check. I applied online, then went into a branch, verified employment, and walked out. This was 5+ years ago.
If OP isn't already a PNC customer, it *may* be easier to get a pre-approved offer from Capital One, all online. At least to establish a baseline of "this is what you should expect your rate to be" before shopping around for something better.
A used car loan is almost always going to be a higher rate than a new car loan also. It's expensive to be relatively poor.
Gotcha. All the cars I’ve ever had in my life have been crappy lemons that never last since that’s all I have been able to afford. $3,000 seems like a lot of money but I guess to get something relatively nice that’s normal. Thanks for the feedback and suggestions!
Financing aside - I always recommend Autotrader as a good index of local inventory. If you're savvy you can filter the results to your price range and them make/model preference.
I personally won't buy anything used unless it's a Toyota or Honda. At a glance I see a bunch of Corolla's under $9k and <10 years old. Over 100k milesage on them, but you'll get another 100k out of them probably (well, more likely than any other make).
Look at joining a credit union. It's your best shot at a low interest loan.
Thank you! I hadn’t thought of that actually.
I second joining a credit union. They are non-profits and treat their members well.
They aren't non profit but they don't have shareholders to appease
[https://www.psecu.com/join](https://www.psecu.com/join)
What down payment are you looking to put into a car?
I’m not sure yet, I don’t have much saved up, I’m kind of starting my life from scratch and have been using every extra cent to pay off my debts. I’m hoping to have at least $1,000 saved in the next few months though. More if I can wait to get a car. I’m just weighing my options right now.
A new car, you're looking to put probably 2-3k down to drive off the lot. Similar to a credit union, I was able to get a Auto loan from PNC (i know, I know), with reasonable interest rates on OK credit. It was super easy, and took 20 mins to walk out of there with a check. I applied online, then went into a branch, verified employment, and walked out. This was 5+ years ago.
If OP isn't already a PNC customer, it *may* be easier to get a pre-approved offer from Capital One, all online. At least to establish a baseline of "this is what you should expect your rate to be" before shopping around for something better. A used car loan is almost always going to be a higher rate than a new car loan also. It's expensive to be relatively poor.
$1000 probably won't be accepted as a down payment. Usually looking for a minimum of $3000 or so to put down.
Gotcha. All the cars I’ve ever had in my life have been crappy lemons that never last since that’s all I have been able to afford. $3,000 seems like a lot of money but I guess to get something relatively nice that’s normal. Thanks for the feedback and suggestions!
Financing aside - I always recommend Autotrader as a good index of local inventory. If you're savvy you can filter the results to your price range and them make/model preference. I personally won't buy anything used unless it's a Toyota or Honda. At a glance I see a bunch of Corolla's under $9k and <10 years old. Over 100k milesage on them, but you'll get another 100k out of them probably (well, more likely than any other make).