[sam003]

Hi all, Stuck with Car finance here in Brampton, Canada. Moved here on WP 3 months ago, Tried Mazda, Auto planet and no one ready to do finance for me. Though I have three months credit, but hard luck so far. Don't want to go with co-signer, any place I get approve here?

[akshay380]

Recently picked up the Miata .

[Foxbat]

Can I buy a used car in San Francisco and then drive it back to New York (where I live) on temporary plates? What about the tolls on the way? Can I get a temporary EZPass or something ? All the reasonably prices used cars seem to be located on the West Coast for some reason.

[aah78]

Originally Posted by Foxbat

Can I buy a used car in San Francisco and then drive it back to New York (where I live) on temporary plates? ... Can I get a temporary EZPass or something?

Yes, check the states you plan to drive through though, some states will not allow temporary plates.
If you're in NYC, then you can get a E-ZPass from the website (there's no temporary E-ZPass).

[landcruiser123]

Folks,
Any suggestions for getting an auto-loan? Planning to buy a new set of wheels in the next 3-6 weeks. I've a credit history that is 5+ years and pretty good (780+).

If it is relevant, I live in Chicagoland.

TIA

Before you ask, here's the history: I've had only 1 car till now - a 2012 Ford Fusion which I bought in July 2019 in SF Bay Area (and sold in July 2022 when I moved to DT Chicago). I availed dealer financing (via Wells Fargo) as I had limited credit history when I had just started working and paid off the car within 5 months!

[mazda4life]

Originally Posted by landcruiser123

Folks,
Any suggestions for getting an auto-loan? Planning to buy a new set of wheels in the next 3-6 weeks!

I shopped around for a good deal and went with Mazda financing where they have a tie up Toyota and the interest rate was reasonable as compared to Aero Federal / Desert union. Check with the car manufacturer before you sign up.

[21Archer84]

Originally Posted by landcruiser123

Folks,
Any suggestions for getting an auto-loan? Planning to buy a new set of wheels in the next 3-6 weeks. I've a credit history that is 5+ years and pretty good (780+).

Check with your dealer once you finalize on the car, dealers usually make it a sweet deal.
I went with DCU, as mine was an individual purchase, for 7.99% with a score of 680 and 1yr credit history. APR % is high than usual, but with better score DCU is offering about 5.7%.

Get a quote from dealers and then check with a couple of financial institutions before taking a call. Good luck on your purchase.

[libranof1987]

Originally Posted by 21Archer84

I went with DCU, as mine was an individual purchase, for 7.99% with a score of 680 and 1yr credit history.

OT: Wow! Interest rates have gone up insanely. In 2014, I got a DCU car loan for 1.24%, which went down to 0.99% after some 3-4 months of on-time payments. DCU had some scheme then, which reduced APR if payments were done on time consistently.

[vj123]

Originally Posted by landcruiser123

Folks,
Any suggestions for getting an auto-loan? Planning to buy a new set of wheels in the next 3-6 weeks. I've a credit history that is 5+ years and pretty good (780+).

Most of my auto loans have been through my CU (UMCU) and i have a long history with them. I have had a few exceptions of going with the OEMs when they had better offers than my CU's published base rates.

Auto loan APR have been pretty bad since Fed starting increasing the rates since last Fall. Early last year, my loan APR through my CU was less than 2% and their current base rate is 6.5%. There are chances that you might not get the base APR of a CU due to limited loan history even though you have a good credit score.

You can use this database (LINK) to find nearby CUs who might offer attractive rates for local residents. Rates in the database might not be always accurate but at least would give you the name of the CUs and you can verify their current base rate by going to their webpage.

[VCheng]

Originally Posted by Foxbat

Can I buy a used car in San Francisco and then drive it back to New York (where I live) on temporary plates? What about the tolls on the way? Can I get a temporary EZPass or something ? All the reasonably prices used cars seem to be located on the West Coast for some reason.

Of course you can do that, easily. All States recognize Temp Tags issued by another State for their period of validity.

You can get an EZPass transponder before you fly out and just mount that on the windshield. NYS will give you 30 days on the Temp Tags to get it inspected and registered, with sales tax being due on the rate of the registering county of residence.

Some States will charge their own sales tax (for example Ohio, if buying from a dealer) and NYS then adjusts that payment against the amount due when registering. Private sales usually do not do that.

[Foxbat]

Originally Posted by VCheng

Some States will charge their own sales tax (for example Ohio, if buying from a dealer) and NYS then adjusts that payment against the amount due when registering. Private sales usually do not do that.

Thanks for the information. Apparently a few states don't recognise temporary tags from other states like New Hampshire (as pointed out by aah78) so I would have to plan the route back.

[21Archer84]

Originally Posted by VCheng

Some States will charge their own sales tax (for example Ohio, if buying from a dealer) and NYS then adjusts that payment against the amount due when registering. Private sales usually do not do that.

A small correction, Ohio charges Sales Tax irrespective of the where the car was purchased from (Dealer/Individual). I paid 7.5% sales tax few days ago on the purchase price, for an individual transaction.

[VCheng]

Originally Posted by 21Archer84

A small correction, Ohio charges Sales Tax irrespective of the where the car was purchased from(Dealer/Individual). I paid 7.5% sales tax few days ago on the purchase price, for an individual transaction.

That would be when registering the car in Ohio, correct? If a private sale occurs, and the vehicle is taken out of State, what happens?

Originally Posted by Foxbat

Thanks for the information. Apparently a few states don't recognise temporary tags from other states like New Hampshire (as pointed out by aah78) so I would have to plan the route back.

More info here:

https://www.temporarylicenseplates.o...ask-questions/

TBH I do not know specifically about NH, but generally all States do recognize any valid registration of any other State, temporary or not.

[aah78]

Originally Posted by akshay380

Recently picked up the Miata .

Nice, can't go wrong with a MX-5 Miata. I would get one if I had any additional parking space.
What year & sub-model is yours?

Originally Posted by libranof1987

DCU had some scheme then, which reduced APR if payments were done on time consistently.

Yes, Federal Reserve has consistently raised the rates over the past year to battle inflation. I've had 0% rates in the past as well - no such luck now.

Originally Posted by VCheng

That would be when registering the car in Ohio, correct? If a private sale occurs, and the vehicle is taken out of State, what happens?
.
.
.
but generally all States do recognize any valid registration of any other State, temporary or not.

For a private sale you will not be paying any sales tax to the individual you purchase it from - they have no authority to collect if it's a private party.
For purchases from an out-of-state dealer, in most cases, the dealership will hand over (or mail) the paperwork to you, and have you handle the DMV paperwork (registration, titling, sales tax, etc.) in your state.
If you paid Sales Tax in another state you can claim reciprocal credit when registering in your state. This is done while filing in your registration documentation.

NH does recognize (I've purchased a car from there) but MA is one of the few that confirmed does not recognize out-of-state temp plates, or issue temp plates.

[VCheng]

Originally Posted by aah78

NH does recognize (I've purchased a car from there) but MA is one of the few that confirmed does not recognize out-of-state temp plates, or issue temp plates.

So no out of state car buying and driving back for residents of Taxachussetts or is there some other way?