Help - I've never had a car loan - a little guidance?

[Anonymous]

some car loans can hit you with early pay penalty or pay 5 years of interest anyway. if you do this old fashioned way outside of dealership, read fine print.

[Anonymous]

Op, one other thing to consider is working with a place like Costco or PenFed that have car buying programs. If they do this for the model and trim you want, you can save a lot of the nonsense hassle people are talking about. And the price is usually more transparent. Sometimes they do used cars as well.

Also, if you are trading in and the dealer can’t screw you on the price or financing, they will try to screw you on the value of your trade-in so at least know its value — at a minimum get a quote from carmax to buy it (and that will also be a low-ball).

[Anonymous]

Anonymous wrote:Op here. I'm genuinely appreciative of all the bits of advice, relayed experiences, and wisdom everyone has offered. Truly. Thank you.

I spend a lot of time in Delaware. No sales tax there. Does anyone have insight about whether it would be advantageous to buy there as opposed to MD?

You don’t pay taxes in the state where you purchase the car. You pay taxes in the state where you register it.
If you live in MD and purchase the car in DE, you’ll pay MD taxes.
Purchase the car in DE only if this is where you find the car you want at a better price.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not all car dealerships like the above. And if you get there late around the closing time the slimy finance guy would want nothing more than to go home asap. They are required by their dealership to offer you all that extra crap but they will be happy for you say no and get tf out of there

No clue how this response is helpful to OP. S/he asked about financing at the dealership vs credit union. They are nervous about the process. And your answer is to get there late so the experience is rushed? Which, I'd note, doesn't address where to finance.

I'd also note that the fact that you felt the need to suggest ways to stop F&I from preying on people in and of itself confirms what I wrote about slimy dealerships. If they weren't slimy, you wouldn't need a strategy for how to avoid them.

Oh boy aren’t you a peach. An argumentative one.

And by that you mean, "Yeah, I replied with a useless answer and got called out on it. Instead of slinking away like I should have I replied with an ad hominem attack because I've got nothing else."

[Anonymous]

Anonymous wrote:

Anonymous wrote:Op here. I'm genuinely appreciative of all the bits of advice, relayed experiences, and wisdom everyone has offered. Truly. Thank you.

I spend a lot of time in Delaware. No sales tax there. Does anyone have insight about whether it would be advantageous to buy there as opposed to MD?

You don’t pay taxes in the state where you purchase the car. You pay taxes in the state where you register it.
If you live in MD and purchase the car in DE, you’ll pay MD taxes.
Purchase the car in DE only if this is where you find the car you want at a better price.

+1 PP is 100% correct

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not all car dealerships like the above. And if you get there late around the closing time the slimy finance guy would want nothing more than to go home asap. They are required by their dealership to offer you all that extra crap but they will be happy for you say no and get tf out of there

No clue how this response is helpful to OP. S/he asked about financing at the dealership vs credit union. They are nervous about the process. And your answer is to get there late so the experience is rushed? Which, I'd note, doesn't address where to finance.

I'd also note that the fact that you felt the need to suggest ways to stop F&I from preying on people in and of itself confirms what I wrote about slimy dealerships. If they weren't slimy, you wouldn't need a strategy for how to avoid them.

Oh boy aren’t you a peach. An argumentative one.

And by that you mean, "Yeah, I replied with a useless answer and got called out on it. Instead of slinking away like I should have I replied with an ad hominem attack because I've got nothing else."

Lol, don’t get mad hominem. Tell us more about your battles over accessories discounts. It is so useful.

[Anonymous]

Dealerships make money on financing -- they get a kickback. Go in and use their financing. Make sure there's no prepayment penalty. They will give you a better deal that way.

Then a week later, see if you can get a better loan from your bank. and pay off the loan. The dealership will call and ask why you paid it off, but you don't owe them any explanation.

Also, they will try to sell you "gap insurance". As long as you put at least 20% down, there is no need for it.

And as others mentioned, skip all the extended warranty and usual nonsense. All taht can be bought from third parties for less, if you really want it.

I helped my parents buy a Toyota a few months ago, and the dealer was trying to sell them all kinds of coverage and warranties.. "What if a year from now, it rusts?" said the dealer. To which I pointed out they're trash talking their own vehicle, and there's no way it's built so poorly it's going to rust in a year from now.

Also the more luxury the vehicle, the less time they spend on trying to sell you nonsense. Probably due to higher markup, and because their customers are more financially savvy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not all car dealerships like the above. And if you get there late around the closing time the slimy finance guy would want nothing more than to go home asap. They are required by their dealership to offer you all that extra crap but they will be happy for you say no and get tf out of there

No clue how this response is helpful to OP. S/he asked about financing at the dealership vs credit union. They are nervous about the process. And your answer is to get there late so the experience is rushed? Which, I'd note, doesn't address where to finance.

I'd also note that the fact that you felt the need to suggest ways to stop F&I from preying on people in and of itself confirms what I wrote about slimy dealerships. If they weren't slimy, you wouldn't need a strategy for how to avoid them.

Oh boy aren’t you a peach. An argumentative one.

And by that you mean, "Yeah, I replied with a useless answer and got called out on it. Instead of slinking away like I should have I replied with an ad hominem attack because I've got nothing else."

Lol, don’t get mad hominem. Tell us more about your battles over accessories discounts. It is so useful.

[Giggles] You seem very smart. Google the actual term and get back to us, child.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not all car dealerships like the above. And if you get there late around the closing time the slimy finance guy would want nothing more than to go home asap. They are required by their dealership to offer you all that extra crap but they will be happy for you say no and get tf out of there

No clue how this response is helpful to OP. S/he asked about financing at the dealership vs credit union. They are nervous about the process. And your answer is to get there late so the experience is rushed? Which, I'd note, doesn't address where to finance.

I'd also note that the fact that you felt the need to suggest ways to stop F&I from preying on people in and of itself confirms what I wrote about slimy dealerships. If they weren't slimy, you wouldn't need a strategy for how to avoid them.

Oh boy aren’t you a peach. An argumentative one.

And by that you mean, "Yeah, I replied with a useless answer and got called out on it. Instead of slinking away like I should have I replied with an ad hominem attack because I've got nothing else."

Lol, don’t get mad hominem. Tell us more about your battles over accessories discounts. It is so useful.

I'm pretty sure the point of the story about accessories was to illustrate how scummy the dealerships are. Not sure how that wasn't clear to you.