| Vancouver Auto Chat 2016 VAC Community Head Moderator: Raid3n |
 | 
12-01-2009, 01:15 PM
|
#1 | | Banned (BBM)
Join Date: Oct 2005 Location: Vancouver
Posts: 264
Thanked 2 Times in 2 Posts
Failed 0 Times in 0 Posts
| Buying A Used Vehicle Question
I need some advise here guys.
Here's my situation, I make a decent yearly salary, and I'm in the market to buy a used vehicle for around $10-$15,000.
I've gone to my bank (Vancity) and they have turned me down for a loan. I've had a loan in the passed, and paid it off quite easily for $5000, in addition I do not have one missed payment on my credit report, nothing in collections, not one single blip. Their reasoning is because my credit card was at it's max for almost a year during the time I was going to school last year. Even though I did not miss a single payment during this time, having the Credit Card at max lowered my score to around 650.
What are my options at this point? The credit card has been paid down, however my Equifax has not updated from RBC as of yet.
Should I apply to another bank once it has been updated, or should I look into financing or leasing a vehicle through the actual automaker?
What banks are best to apply for a loan, as it appears Vancity isn't that good.
Or should I skip the whole loan process with the bank and go for a lease or finance with a dealership? If so, which dealerships are good for using leasing/financing?
Thanks a lot for the help.
| 
|  | |
12-01-2009, 03:00 PM
|
#2 | | RS has made me the bitter person i am today!
Join Date: Dec 2008 Location: Richmond
Posts: 4,879
Thanked 2,645 Times in 881 Posts
Failed 218 Times in 79 Posts
|
Avoid financing a used car thru the dealership, (high interest and whatnot) and see if you can get a loan from another bank, i know RBC and Scotiabank are quite keen on handing out loans.
OR wait until they update your credit score and stick with vancity, maybe a better car/deal will pop up by then
| |
| | |
12-01-2009, 03:38 PM
|
#3 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Sep 2008 Location: Vancouver
Posts: 8,858
Thanked 2,420 Times in 669 Posts
Failed 530 Times in 136 Posts
|
A lot of used car dealers have financing available. www.repo.com does. However I dont know how high the interest is.
__________________
2014 Honda Civic Si | |
| | |
12-01-2009, 05:13 PM
|
#4 | | Banned (BBM)
Join Date: Oct 2005 Location: Vancouver
Posts: 264
Thanked 2 Times in 2 Posts
Failed 0 Times in 0 Posts
|
Repo has financing, but it's just through TD and RBC. In that case, it would make no difference to go through the banks directly myself.
| |
| | |
12-02-2009, 08:43 AM
|
#5 | | Need to Seek Professional Help
Join Date: Aug 2005 Location: Vancouver
Posts: 1,046
Thanked 108 Times in 39 Posts
Failed 15 Times in 8 Posts
|
can you "co-sign" a car loan with your parents?
__________________
FD coming back online~
| |
| | |
12-02-2009, 08:54 AM
|
#6 | | Banned (BBM)
Join Date: Jul 2004 Location: Vancouver
Posts: 16,142
Thanked 627 Times in 368 Posts
Failed 1,106 Times in 390 Posts
|
ya used vehicle intersts are like 7-8%  | |
| | |
12-02-2009, 10:46 AM
|
#7 | | RS.net, where our google ads make absolutely no sense!
Join Date: Sep 2009 Location: North Van
Posts: 911
Thanked 951 Times in 145 Posts
Failed 384 Times in 49 Posts
|
yeah im kind of in the same situation. Looking to buy a used car for about 15000-20000$ but im planning to put place a 10k down payment and then loan the rest from RBC.
Do you think i'll be able to get a loan for about $8000 through RBC considering that i'm putting a 10k down payment on the car? I'm a full time student but also have a part time job that can pay off the monthly payments.
Any input would be nice! Thanks  | |
| | |
12-02-2009, 01:26 PM
|
#8 | | I answer every Emotion with an emoticon
Join Date: Apr 2005 Location: Vancouver
Posts: 7,760
Thanked 375 Times in 181 Posts
Failed 159 Times in 63 Posts
|
Bank on Mom and Dad is where you should go to. Why go to a bank and pay prime + interest? Your parents will be happy if u give them 1% interest. I'm not trying to be funny here but they way I see it is that paying interest to your parents maintain your family's wealth but paying interest to the bank decreases your family's wealth.
__________________
Ignorance is bliss
How I wish I can remain ignorant, why do I know so much?
| |
| | |
12-03-2009, 04:48 PM
|
#9 | | Banned (BBM)
Join Date: Oct 2005 Location: Vancouver
Posts: 264
Thanked 2 Times in 2 Posts
Failed 0 Times in 0 Posts
|
My family is a little different, heh. My mom is retired, and my dad who makes good money has never assisted me with anything. School money - none, all my cars I purchased on my own.
I actually asked him to co-sign me so I could get a better interest rate, and he said no, stating that "what if you passed away, or lost your job, I'd be stuck with the loan".
Pretty pathetic eh, big reason I never bother to visit the guy anymore.
But anyways, I'm going to check out a car tomorrow, I've heard of some other brokers that do loans, anyone have any other recommendations?
| |
| | |
12-03-2009, 04:58 PM
|
#10 | | 2x Variable Nockenwellen Steuerung
Join Date: Oct 2002 Location: N49.2 W122.1
Posts: 6,176
Thanked 1,174 Times in 704 Posts
Failed 67 Times in 51 Posts
|
Broker's loan are typically higher than banks.
Bank offers the best rates, then it is dealerships when you buy the cars they want you to buy.
Why don't you go with RBC instead of Vancity?
Always deal with the same person you deal with at your branch. Build relationships. Once you know the manager or your banker, a lot of your banking issues get a heck lot simpler. Quote:
Originally Posted by mgarba  My family is a little different, heh. My mom is retired, and my dad who makes good money has never assisted me with anything. School money - none, all my cars I purchased on my own.
I actually asked him to co-sign me so I could get a better interest rate, and he said no, stating that "what if you passed away, or lost your job, I'd be stuck with the loan".
Pretty pathetic eh, big reason I never bother to visit the guy anymore.
But anyways, I'm going to check out a car tomorrow, I've heard of some other brokers that do loans, anyone have any other recommendations? | | |
| | |
12-03-2009, 06:40 PM
|
#11 | | Willing to sell body for a few minutes on RS
Join Date: Mar 2002 Location: Victoria
Posts: 10,583
Thanked 5,020 Times in 1,854 Posts
Failed 185 Times in 100 Posts
|
It's not surprising, banks have tightened their belts these days.
__________________
1968 Mustang Coupe
2008.5 Mazdaspeed 3
1997 GMC Sonoma ZR2
2014 F150 5.0L XTR 4x4
A vehicle for all occasions
| |
| | |
12-03-2009, 06:55 PM
|
#12 | | RS.net, where our google ads make absolutely no sense!
Join Date: Sep 2009 Location: North Van
Posts: 911
Thanked 951 Times in 145 Posts
Failed 384 Times in 49 Posts
| Quote:
Originally Posted by godwin Broker's loan are typically higher than banks.
Bank offers the best rates, then it is dealerships when you buy the cars they want you to buy.
Why don't you go with RBC instead of Vancity?
Always deal with the same person you deal with at your branch. Build relationships. Once you know the manager or your banker, a lot of your banking issues get a heck lot simpler. |
Yeah i always go to the same mutual funds manager whenever i have questions regarding investments and other issues. I guess i'll make an appointment with him tomorrow to discuss about the loan etc.
| |
| | |
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off
| | |
All times are GMT -8. The time now is 01:21 AM.
|
You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!
The banners on the left side and below do not show for registered users!
