QuestionQUESTION: Hello I have been doing research on buying a 05 Magnum and I think I found a decent deal. The Car is priced at 13997 and recently I stop at the Tallahassee Dodge Chrysler Jeep and test drove the car. The car ran smooth and look beautiful like brand new. This will be my first time buying a car and Im just a little sketchy. I talk the salesman down to 12500 with 2500 down and around 330/48 months. Im 22 and make about 35-40k a year but with school and bad luck I have bad/no credit. I stay in a college city( Tallahassee,Fl 32301), so im certain the places try to get over on some of the kids. Do you think this is a good deal or should I keep shopping? The price and payments is what I expected to pay for my age/credit, so what do you think?
ANSWER: Donald,
I need to know the specifics about the car like equipment engine size and trim level to see if this would be a good deal or not. Have you pulled your credit and looked at it yourself? To me just at the little information I have it sounds like it is a bit high. That payment also puts your interest rate around 17% and that may be a little high as well. Send me the specific information on the car. Let me know if you have sen your credit or not and what your score is if any and we will go from there.
Either way yes get a few more quotes and do a bit more research. Use kbb.com to get trade in value and retail value of any car you are considering and then pay as close to trade as possible and never over retail. Buying used always take it to a mechanic you trust and have it checked before you buy it and run a carfax report.
I look forward to getting the above information so we can dive deeper into this.
Brad
http://www.buyingacar101.com
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QUESTION: the 05 magnum has a 3.5L v6 with a little chrome fixtures around the car. the color is green and believe they call it the sxt. I also found a 2007 white sxt magnum for 21000 but when the salesman was done pushing the sticker price and as I was walking away he wanted 16900. this one has 16000 miles on it. its not much of a choice in this city for a resonable price. I would have to travel to orlando, maima, tampa bay and lower georgia area to get a better deal. I don't mind traveling but I would hate to drive down there and make a impulse decision. my credit score is roughly 620 so i figured my apr will be high. Should i look for a loan through bad credit loan companies or finance through dealership? how should I go about this process without getting screwed?
AnswerWell the 05 seems like an ok deal but try to get it for around $12,000. As far as lender types, you should always shop for a loan besides just at the dealership. A 620 does not mean that your credit is bad it could be limited or new as well and score 620. Go to http://www.buyingacar101.com and you will see on the home page a place to get your credit reports. I would recommend doing this, it will cost a couple of bucks but it is worth it to be able to see the report. Never trust a dealer for what is really on your report. Then you will also see a link for a company called Driver Loans there on the homepage of buyingacar101.com. They are a great place to apply for a loan. Still give the dealer a shot because he may be able to get you a better rate. This way you can compare two offers and make a good decision. The site will also give you tons of tips for finding and buying a car while saving money.
Do what you have been doing and shop around. Let me know if you have anymore questions.
Brad
http://www.buyingacar101.com
