Finally buying a car, need tips. - Page 3

Originally Posted by john_smith

I'd advice to get a loan from some where where they APR maybe lower, I got I car when I didn't know any better and they stuck 8% APR on me through a 3rd party lender to the dealership, I would have never knowingly sign up for that, I was ignorant of that sort of thing back then.

Originally Posted by Manimhappy

I live in NY as well, I'm not sure about nissan dealerships I mainly deal in higher end cars but there are many good auto groups with good reputations here, if I was you, I would look in jersey.

When you sit down and decide on the car, the salesperson will get your insurance on the phone and you'll transfer or get a car insured, it's very easy.

As far as payment goes, the way it's gonna work is say you settle on a car for 12K you're gonna fill out a credit application, the salesperson or F&I guy will submit it, tell you what you got approved at and then once you agree they'll process paperwork, on the backend the dealership gets 12K from the bank then you pay NSF (nissan financial services) the monthly note

Originally Posted by VeryNicePerson1

OK, and lets say I choose that 12k car and pay them instantly like 7k, so I basically finance the 5k balance?

And when you say "what you got approved at", are you talking about the APR %? Or do they start messing with the price of the car?

Originally Posted by Manimhappy

Well, with 7K down you have to pay your taxes, motor vehicle, doc fees and usually a bank fee

Taxes will run you 8.875%
MV varies
Doc fees will vary as well because each dealership charges differently ($349 at mine)
Bank fee is $700 for us

So let's just say you have $2,000 in fees, you'll have 5K down on the car and 7K financed

Our terms are anywhere from 12-84 months (1-7 years)

The lower the months the lower your % will be

If you get approved at 4% and finance for 2 years you'll pay $291 per month and with interest it'll be $500ish/24 overall like $311

It's really not bad at all, if you bump your budget up to $25,000 I can get you in a gorgeous certified pre-owned with 11-40K miles