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Discussion Starter · #1 ·
This post is aimed at people in the same boat as me:
-Graduation or Recently Graduated from college
-Have a job lined up to start this summer. (Mine is around $50K/yr)
-Doesn't have a NEED for a new car, but obv. wants a GTI >:D (My '98 Jetta has 110K on it, runs great)

Anyway, i noticed:
http://www.vw.com/financial/credit_first_time.html

on the VW website and I'm wondering if anyone has any experience using this New Grad financing or knows anymore about what rates to expect. Am I better off looking for outside financing?

I really want a new GTI, but I'm just not sure if it's financially wise at all when I've easily got another 4 to 5 years left on my Jetta. It's just I get the feeling that 4-5 years from now it's not going to be economically feasible to drive a 25 MPG car. (the GTI, and thus that's why I want to drive it now)

Sigh, too much to think about. Needed to vent.
 

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I think the major pull to that service is the fact that they *may* not require a co-signer. I'm a little skeptical of it because they don't provide any information on the interest rates. There's really no mention of low-interest, so they could potentially rape you with the APR. Also, usually the dealers will work to give you the lowest interest financing available (mine did, anyways). If VW doesn't offer the lowest interest rates, the dealership usually has a network of loan providers to ensure you get a loan w/ reasonable interest rates. However, their services are usually contingent on whether or not you have either a co-signer or established credit. So again, I think that's the drawing point of the service you're looking at. If you have a co-signer, I'd probably look elsewhere.
 

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I graduated college last may and had an easier time getting a home loan in august than I had buying my car in janurary. My credit was phenominal, over 800 when buying my house and I put $3000 down plus my trade and vw credit wanted more of a down payment because I never had a "car loan" before. I ended up getting financed by a local bank for .25% less than vw "special" offer so I would reccomend shopping around. Just my experience.
 

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Man, I made a huge mistake last year in buying a car instead of a house. I'd be about $100K richer right now had I bought a house/condo. Now the car's completely payed off but real estate values are astronomical.

I'd say, if you have a car that still runs well and you're just starting out after college, start buy building up your savings, then buy a house, then buy a new car.
 
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