How do I actually buy the car? I am 23 and have owned 4 cars, two of which were under $3000 and bought by my parents and the other two I purchased but my parents actually paid for it and I paid them back (interest free). I have gone through the bank on this one and was approved for the loan I need at a great rate through lendingtree.com. Here is where the problem comes in, the car I want is an S4 and is 3.5 hours away and I can only go there on weekends b/c of work. I would just go to the bank and talk to them about it but I work with the stock market and can't get off until 5:15 or later due to pricing funds etc... So assuming I go there on a Saturday, or Friday after work, the bank will not be open and I am not 100% sure I will actually buy the car, I need to drive it first and have it checked out by a mechanic. Will they give me the money even if I don't know if I am positively going to buy the car? If someone could explain to me how this whole process works I would appreciate it.

Also, If anyone knows of a shop that is open saturday's near Medina, OH (30 mins. south southwest of Cleveland) let me know.

Matt

 

who were you approved through? each lender has different terms the car must meet or they wont release the funds. For example, must be purchased at a dealer and be under 30k miles and no older than 2002 is a common set of terms.

Most of them will give you a "blank check" which you can basically fill out and hand to the dealer for the amount they are asking for the car. If it's a private sale it may be a bit more of a PITA. But either way, they should be able to hook you up on a weekend.

 

I was approved through key bank and they are aware of the conditions, private seller, $18K, '01. 7.09% for 60 months.

 

man this is crazy, my bank will negotiate the deal for you on the weekend. lol. Good luck though.

 

Thats a bitchin rate for a 5 yr old car that is less than $20k.... I'd just hate to find out what the insurance would be on it at your age.
My loan is through Key bank at 7.6% but i got a bump on the rate cuz it was less than a $10k loan.

 

I bought my car the same way you are. What i had to do is get the info. (VIN, miles, his bank info....) Then my bank had to send paper's over night to his bank where we met and signed sales contracts and loan comitments. After that I took the car home but could'nt register it till his bank sent the doc's to mine and released the title. Its a bit of a process but when it was all done I was one happy camper.

 

through allstate with 8 years of driving experience (temps at 15.5, now 23.5) I have had one ticket for an at fault accident at 17 and one not at fault accident 2 years ago. The insurance is $10 more per month than I was paying on my prelude, it went from $117/ month to $127/month. I will pay it bi annualy which is like a $3/month discount and will run around $744. A little steep, however once I find a real beater, like $400-$500 I am going to buy it and make that my primary which will lower my insurance to around $450 every 6 months. That is how people my age are able to afford insurance on C5 vettes. On a side note, I think insurance is such a freakin scam! My prelude was broken into with $500 comprehensive deductible (since lowered to $50) and my car insurance covered only the stuff that is placed in factory position, like a radio, but they didn't cover my radar detector, two bottles of cologne, 60 CD's, cell phone charger, and textbooks. They said claim that on homeowners which I did and my parents homeowners has a $500 deductible and was only going to allow me to recover $125 after the deductible which they straight told my parents they would be paying back in higher premiums. So with over $1000 gone, nothing is covered by insurance and my car insurance company still made me make a claim since I called them which probably made my rates go up, or at least not let them fall.