buying used
Thread Starter
Rookie
Joined: May 2006
Posts: 56
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From: NJ
buying used
I am in love the Is. I want this car to be my next car. My question is about financing it. What i am seeing is that if you buy it used, the only loan you can get is for 36 months. Anybody know if you can get a longer loan on a used car? I don't see why not but i am not too good with used car loans. I bought my celica new so i could get a loan for 72 months to bring the monthly cost down. That's what i am trying to do here. I can't afford a new awd with the options that i want. But i could afford a used one around 30K if i were to get a loan for 60 months. So does anybody know about used car loans that can help me out or should i just get a new one and pay a little more a month since i can pay it over 72 months
Go to Pentagon federal
www.penfed.com.
To join all you have to do is make a $20 donation to an "I support the troops fund"
Used rates
5.79% APR* Up to 60 months $10,000 - $100,000
9.29% APR Up to 72 months $20,000 - $100,000
9.59% APR Up to 84 months $25,000 - $100,000
GO WITH THE 60 months though, the 72 month for 9% is insane.
www.penfed.com.
To join all you have to do is make a $20 donation to an "I support the troops fund"
Used rates
5.79% APR* Up to 60 months $10,000 - $100,000
9.29% APR Up to 72 months $20,000 - $100,000
9.59% APR Up to 84 months $25,000 - $100,000
GO WITH THE 60 months though, the 72 month for 9% is insane.
Pole Position
Joined: Dec 2005
Posts: 334
Likes: 0
From: Ca
You can even do up to 96 mos...Bayview!! LoL! You have to have very good credit to get longer term financing but a credit union usually has 84mo terms and great rates. Also Toyota or Lexus Financial will do 84 mos on preowned or a Cert unit. Tier 1 and up only...So basically 690 score & higher & your in!
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Well they still look at things like debt to earnings ratio. A new car loan, you can get rates at 5.49 for up to 72 months through pentagon federal.
You may want to consider using the loan calc, so you can see what your payments would be like
https://www.penfed.org/productsAndRa...Calculator.asp
https://www.penfed.org/productsAndRa...Calculator.asp
The lease estimator on Lexus's website is a bear to use. You have to remember that you have to subtract dealer fees, taxes etc from your downpayment. Then you are left "Downpayment toward the car"
30000 used at 72month/9.29% = 545.09/month
30000 used at 60 months/5.79% = 577.06
DEFINATELY GO WITH 60 months used. If you go new, you can go to 72 months.
IE
$37,000 new at 72 months/5.49% = 604.33
$37,000 new at 60 months/5.49% = 706.57
Good luck, and make sure that you are not going way over budget to buy this car.
You may want to consider using the loan calc, so you can see what your payments would be like
https://www.penfed.org/productsAndRa...Calculator.asp
https://www.penfed.org/productsAndRa...Calculator.asp
The lease estimator on Lexus's website is a bear to use. You have to remember that you have to subtract dealer fees, taxes etc from your downpayment. Then you are left "Downpayment toward the car"
30000 used at 72month/9.29% = 545.09/month
30000 used at 60 months/5.79% = 577.06
DEFINATELY GO WITH 60 months used. If you go new, you can go to 72 months.
IE
$37,000 new at 72 months/5.49% = 604.33
$37,000 new at 60 months/5.49% = 706.57
Good luck, and make sure that you are not going way over budget to buy this car.
Thread Starter
Rookie
Joined: May 2006
Posts: 56
Likes: 0
From: NJ
that makes me feel better i was aiming at 500 a month... i have 6 to put down and hope to make 3 off my celica.....if i can get a low rate then i will be alright. im 24 and live at home so my car is my only expense right now....i was lucky that my college was payed off. thanks for all the help.
final question....the dealer will most likely payoff my celica and put the remainder towards my trade in correct?
final question....the dealer will most likely payoff my celica and put the remainder towards my trade in correct?
Rookie
Joined: Mar 2006
Posts: 84
Likes: 0
From: NY
Check out this site I've been looking at. Leasecompare. They let you lease new or used cars. They give you live quotes from different banks. They seem to be legit.
Check them out it may workout even cheaper for you to lease a used 06 for 60 months.
Check them out it may workout even cheaper for you to lease a used 06 for 60 months.
Rookie
Joined: Mar 2006
Posts: 84
Likes: 0
From: NY
I just did a quick lease quote on Lease Compare
2006 IS 250 AWD with 20000 miles
Original MSRP- $35,180
Selling Price- $30,000
63 months
$430/ month
No money down
Only money out of pocket are the title fees and the sales tax (I think Jersey's sales tax is 7%) which would be about $1896 or you could just have it added to your monthly payment.
2006 IS 250 AWD with 20000 miles
Original MSRP- $35,180
Selling Price- $30,000
63 months
$430/ month
No money down
Only money out of pocket are the title fees and the sales tax (I think Jersey's sales tax is 7%) which would be about $1896 or you could just have it added to your monthly payment.
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