I am planning to buy a used Toyota Corolla through Carmax. Carmax is offering ~9% Apr. I think I should definitely try other auto loan providers. Please give me recommendations. Also, do they issue a check or directly transfer the money to Carmax? Thanks TC - 170k
I wouldn’t accept anything higher than 6% APR. For a traditional auto loan they’ll handle the payment with a credit agreement of sorts, it’s not a check. That way the lender gets the title
9% vomit
My friend got 5 percent at bank of America, just came to the US so no credit history, perhaps try them?
Don't buy anything from CarMax or carvana. Find someone who knows cars and let him inspect the car before the purchase. Buy from private sellers
How many around you actually knows about cars though? Like someone who can spot out a bad engine, who can distinguish if it’s a repaired car or not, and so on? It’s not common to have a friend like that
Not a friend, it's a service. You pay $200-$300 per car inspection. Still small money if you are about to pay $10k for a car
9% is terrible. Can you get a cosigner ?
We used cap one, it was easy to get pre approved online and bring that in. The dealership will be annoying as shit about using that loan because they don't get any extra commission for giving the bank the lead, but they don't have a choice. A credit union may give you a better rate but you usually have to be a member already.
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Go find a credit union. 2-3% finance rates