Recieved a call from a local pre-owned dealership. They have a convertable 5.0. I apparently am pre approved without a cosigner(who wouldve imagined!) but I dont want the convertable. Told him what I wanted & he is going to bricktown tomorrow in OKC to see what the other lots have. Ill keep you guys posted.

 

keep in mind that interest rates are usually a little higher on pre owned cars then on new cars....

 

Huh, didnt know that. I wonder why? I guess the money saved getting a used one offsets the differance? I wouldve thought a used car wouldve been lower intrest rates.

 

Nope. Exactly the opposite.

Used cars carry more risk. Plus, manufacturers offer incentive financing to help sell more new cars. It doesn't benefit the manufacturers directly to sell used cars.

 

thats interesting... I guess I will need to make sure the price is considerably lower than new then. Thanks for the heads up!

 

Become a member at your local credit union and work on a loan from them. In my area, the credit unions have the best rates and are willing to take on more risk and work far harder for you than any of the banks will.

 

For the money you'd spend on a used '11 and with the higher interest rate you'd prob be better off with a new 2012

 

The best thing to do is to bring a calculator and actually calculate up the costs yourself.

Go to a dealer and look at the new ones, get their costs and their interest rates.

Then go to a used and do the same.

It might very well be possible that you could have the used car sales man and the new car dealership fighting each other to earn your business.

Also, look to see if your job has any affiliations with Ford whatsoever. It could very well be possible for you to receive an alphabet plan discount (A,D,X, etc. -plans) which could knock of a thousand or so more off the sticker.

 

Capital One will lend to just about anyone but your interest rate may be high. Keep in mind a new car can be easier to finance sometimes. It depends on the bank and don't settle for one....banks have money to loan if your puttin down 7k they will want to work it out with you. That is almost 25% down. That decreases any risk drastically.