Thinking of Getting a Car.

This is my first plan for the year. We have an old car and I thought of selling it and purchased a new one. Although, I'm also planning to get an auto loan to have enough cash . This is my first time to apply for a loan. I want to know the eligibility of getting approved. I'm eyeing for a 2015 model up. What are the possibilities of having a low interest rates? Anyone please?

just need a good credit and good down payment if you don't have good credit/ no credit.

not smart right now. Trump could send us packing or end DACA renewals. Do you want to be stuck w/a loan. However, you did miss the lowest interest rates but they're still fairly low so it's sort of the best time for a while to get a loan.

I'd wait on Trump's decision on DACA.

yeah I wouldn't do it, especially now. I have an auto loan and no job right now. Pretty much wish I didnt get it. You just can't be sure if you depend on a job for your income. Buy one cash if you can.

You know your options.

Credit unions will give you a better rate (*depending on credit score) than banks- almost always. I got 2.3 from PNC with 778 cs. Bank offered 4.5 - 5% (Wells Fargo).
My down-payment was 60% of out of door cost tho'.

But as others have stated, I too would advocate holding off or getting a good cash car instead, until their is definite action on immigration (not just vague ocular statements or professions of intention).

Do not get a loan.

Get only a car that you can afford, cash.

Trust me, no car is worth a car payment.

I largely agree.

Divested of all social significance, a car is at bottom a commodity - financially, its a depreciating assets, one that incurs expenses and gives rise to liabilities over time (i.e. car payment, interest, etc).

But I recognize others will have differing priorities. Comes down to your economic situation of course.

You can get great cash cars (Mazda3, Corollas, Accords, etc) for between 7000-13,000. Check out sites like Carguru, Autotrader, etc.

Don't listen to these people saying trump might end DACA. Keep on living your life. Nothing bad will happen to us. Get a Kia Rio.

Yolo....

Thanks for all the response. Made me want to reconsider. After reading all your insights as well as hearing my friends' opinion about the whole car loan thing, I might be calling off this plan. But I am not fully decided on it. I just feel that the cons outweighs the pros.

Although, I have inquired from a company which offers a good car loan deal.