• Pharmacy Job Market Webinar

    Are you considering applying to pharmacy school but are concerned about job prospects when you graduate? Join us on Wednesday, July 28th at 8 PM Eastern to hear from three PharmDs about their experiences and options outside of retail pharmacy.

drroberto

New Member
10+ Year Member
7+ Year Member
Feb 14, 2006
13
0
Status (Visible)
Any advice on auto loans??

I am finishing residency in June and would like to dump my old grand am for a 3 series. I have good credit score and $30,000 school loans. I have been looking around especially on www.bankrate.com and E Loan seems to have the best interest rates around. Anyone tried their loans?

Any advice is much appreciated including experience on other auto loans.

Thanks.
Dr. Roberto Carlos
 

bkpa2med

Full Member
10+ Year Member
Jun 26, 2004
1,328
2
Status (Visible)
  1. Attending Physician
Sometimes the dealer's themselves offer really good rates on their vehicles. I would check them out first, like their website and such, and then go to bankrate if their rates aren't that great.
 

Sol Rosenberg

Long Live the New Flesh!
15+ Year Member
Feb 12, 2006
3,534
10
Living in America
Status (Visible)
  1. Attending Physician
Agree with the last poster. Find the best deal from your bank(s)/credit union and get pre-approved. That way, when you go shopping for the car, financing will NOT be a negotiated issue. Bargain with the dealer to get the price down as much as possible, and THEN, after you have finalized the price, see if the dealer can beat your financing (in my recent experience, they always have.)

Be wary of junk fees that they add on like life insurance for the loans, etc. Check the numbers on your sales contract closely and understand every line. Every time I have tried to buy a car recently, the dealer has tried to slip something by me (one time it was life insurance on the loan, another time it was an extra charge for some anti-theft/car recovery system that they said was automatically activated because everbody wants it that way)

But I am straying off of your original topic. Happy car shopping/buying!
 
About the Ads

etf

Full Member
Moderator Emeritus
15+ Year Member
Apr 27, 2005
3,059
13
Status (Visible)
i'd probably start saving a little and maybe pay down some debt first, but i can tell you from experience that the bmw 3 is probably the best car under 75k.
 

MedicFL

Full Member
10+ Year Member
5+ Year Member
Feb 13, 2007
281
2
Status (Visible)
  1. Medical Student
Forget the 3 series save up for the M3 when it comes out again next year with the V8...
 

acrunchyfrog

In memory of Riley
10+ Year Member
Dec 18, 2006
171
10
Yakima, WA
Status (Visible)
  1. Medical Student
Why not just bite the bullet, save up some cash after you leave residency, and buy the car you want with cash? There's no interest charges, and there's no monthy payment sucking you dry.

Even the 0% car loans are a raw deal, due to the depreciation of the value of the vehicle. New cars lose something like 40% of their value in the first couple of years. That's a really crappy use of that money. How about buying a really nice used two year old car that still looks hot, and you save yourself a nice chunk of change, versus having a car worth less than what you still owe.

my Finance counselor recommends not having more than half of your yearly income tied up in cars or things that go down in value.

I'd wait until you're making bank, have all your loans (school and otherwise) paid off, and have some spare cash in savings aside from what you plan on spending for the car.
 
About the Ads
This thread is more than 14 years old.

Your message may be considered spam for the following reasons:

  1. Your new thread title is very short, and likely is unhelpful.
  2. Your reply is very short and likely does not add anything to the thread.
  3. Your reply is very long and likely does not add anything to the thread.
  4. It is very likely that it does not need any further discussion and thus bumping it serves no purpose.
  5. Your message is mostly quotes or spoilers.
  6. Your reply has occurred very quickly after a previous reply and likely does not add anything to the thread.
  7. This thread is locked.