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Car financing

(@oleander)
Posts: 14
Active Member
Topic starter
 

I was planning to buy a used car on island with cash when I arrive in a couple weeks. But, my car here appraised for lower than expected, so I'm now considering seeking a loan with the goal of paying off quickly. Any words of wisdom? Any suggestions of how to find out if I'll qualify - I've heard it may be difficult to get a loan on island?

 
Posted : May 8, 2016 12:29 am
(@Spartygrad95)
Posts: 1885
Noble Member
 

I didn't find the proces difficult. You won't get same interest rates as back in states. Try Penn Fed credit union. They have you set up account over phone ($5 is all) and they offer better rates.

 
Posted : May 8, 2016 12:54 am
(@oleander)
Posts: 14
Active Member
Topic starter
 

Thanks for the lead! I've read other positive comments about them and will contact them.

 
Posted : May 8, 2016 1:26 am
(@rosesisland)
Posts: 703
Honorable Member
 

When we came we chose to bring my husband's old truck because we lived in truck country and wouldn't have gotten much for it. It only had 50k miles on the '96 F-150. Even with shipping here we were able to sell it at a much higher price than in Arkansas. Profited enough to cover cost of shipping and pocketed a nice sum as well.

 
Posted : May 10, 2016 10:23 am
(@mtdoramike)
Posts: 955
Prominent Member
 

I dont see a problem with financing here as long as u have decent credit, have a job and permenant address and a minimum of about 20 percent to put down.

Mike

 
Posted : May 11, 2016 12:57 pm
(@MRKSTX)
Posts: 8
Active Member
 

What if you have a recent bankrupcy? Older car with low cost and decent down? Curious about how big of a problem? Or should one consider a cash only option?

 
Posted : May 11, 2016 5:51 pm
(@Spartygrad95)
Posts: 1885
Noble Member
 

I didn't put anything close to 20% down on a $25k vehicle I bought.

 
Posted : May 11, 2016 7:11 pm
CruzanIron
(@cruzaniron)
Posts: 2534
Famed Member
 

Dealers do not finance. They connect you to a bank. Your loan is through the bank.

I do not know of any used car dealers that finance at all, like many do stateside.

 
Posted : May 11, 2016 7:29 pm
(@mtdoramike)
Posts: 955
Prominent Member
 

I didn't put anything close to 20% down on a $25k vehicle I bought.

But did u have a trade in. If no trade and less than stellar credit, then where do i sign up. So if u are saying u got into a 25,000.00 vehicle with less than $4200.00 down i would like to see it.

But then again that is what caused the down fall of the housing market, people with bad credit and little money down being allowed to buy them because some idiots in washington tried to rewrite the constitution that everyone has the right to own a house.

 
Posted : May 11, 2016 8:49 pm
(@the-oldtart)
Posts: 6523
Illustrious Member
 

I think Sparty missed a decimal point there!

 
Posted : May 11, 2016 8:56 pm
(@Spartygrad95)
Posts: 1885
Noble Member
 

I bought a 2014 Kia Sorrento for 24.5, put 1000 down. My credit isn't 800 but it isn't 600 either.

 
Posted : May 11, 2016 9:17 pm
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