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Personal Finance and Investing

A HERETIC I AM

(24,670 posts)

2. Cars make for crappy collateral.

Reply to Myrina (Original post)

Sat Jan 25, 2014, 09:55 PM

Jan 2014

What I mean is, you can drive it away (and I mean FAR away) and there isn't a damned thing the loan company can do about it!

I agree with CSP above. Get several quotes. Go to your bank and ask them. You might be really surprised.

State Farm is primarily an insurer, but they also offer lots of financial products including annuities. It comes as no surprise they approached you to finance a potential new car purchase.

The dealer will run the loan quote through perhaps dozens of lenders. You should absolutely see what they come up with.....

BUT...

It is always best to walk in to the dealership with your own financing already sorted out.

That was the case 30 years ago and it is still the case now. Think of it as cash in hand.

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Highlight:

Interest rate /car loan question [View all] Myrina Jan 2014 OP

I'd definitely get a quote from the dealer and from a credit union. Common Sense Party Jan 2014 #1

Cars make for crappy collateral. A HERETIC I AM Jan 2014 #2

In addition to negotiating the loan rate, SheilaT Jan 2014 #3

Thanks for the feedback! Myrina Jan 2014 #4

Congrats on the new wheels! lastlib Nov 2015 #5