Car Financing

caribmike

Gold
Jul 9, 2009
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Not sure if asked before, couldn't find it.

Yes, I said before I won't do it, but I could get a new car that way without having the hassle to find the "right" used one etc. ...

I tentatively asked in my BPD branch and I was told after being with the dealer, coming with all the papers, chassis # and so on to the bank and that's it. They would finance 80 % etc.

I had not much time that day and thought later can't be that easy or?

I mean when you want a credit to buy a house you have to leave another house as a guarantee here :) so is it really that easy to get a car financed or are there other requirements I am not aware of yet?

Thanks for your input!
 

Castle

Silver
Sep 1, 2012
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It is easy, if you have a clean record on the credit bureau. No collateral or anything. But a good credit bureau score is paramount.
 

caribmike

Gold
Jul 9, 2009
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I think there is no problem with the credit bureau. They just called me that a CC is ready for pickup (I told them I don't really need one b/c I have a MC issued via my employer but the girl was so nice and helpful with the other stuff so I said what the and let her do the solicitation lol).

I guess I wouldn't get the CC (international) if I had issues with something like the credit bureau.

I asked her about car financing and she told me they finance new cars and used ones up to 6 years old depending the model / brand.
 

caribmike

Gold
Jul 9, 2009
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Checking their online solicitation form for a prestamo for a new car they indeed ask for personal guarantees and another car for their security despite keeping the matricula and having my accounts there. :( Unbelievable.

Question is if they really enforce all that or does it depend on the bank loan officer?
 

caribmike

Gold
Jul 9, 2009
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Btw. In Germany one can get his record from the credit bureau for a fee. Do they have that here too?
 

caribmike

Gold
Jul 9, 2009
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And what do the banks with cars they take away from those who can't follow up the financing? Shouldn't there be some deals possible?
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
40,964
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There are tons of folks who finance cars. The interest runs 2.5-3.5% per month, but credit is definitely there. In fact, didn't the DCND-or somebody-just say loan companies are among the most prevalent means to launder drug money?

Banks have marginally lower rates but they still are dog-choking compared to US rates...unless you catch a promotional deal, and then the price of the car is high because the dealer kicks $$$ back to the bank to offset the lower interest rates, like buying the rate down.

A solid used car financed at a higher rate may still be a better deal, at the end of the day, than a new car bought at lower interest rates.