I bought my Lancer new, probably a big mistake, I keep seeing all these used cars that I'd love to have, just had no idea how to get the financing for it, the dealer does it all for you. That and I completely overlooked how much I'd have to pay out the *** for insurance on a brand new car. I'm crossing my fingers my rates drop when I turn 25. FWIW, you bought an incredibly reliable car, but don't make their reputation stop you from performing basic maintenance, it still needs it.
To get financing: Go to several banks and tell them you are interested in a vehicle loan. Give them year, make, model and other basic info about vehicle and yourself. They will tell you what dollar amount they will finance, down payment they require, and interest rate they will charge you. Pick the one with the best interest rate. Car owner can then go to the selected bank with you and the bank will give them the money and take the title. Done.
To get a better rate: Open a savings account with a credit union. They are member owned. Then in a few weeks get their rates for an auto loan as outlined above. Their percentage rates will typically be lower than the banks by a good margin.
To get the best rate: Open savings account at credit union. Make car payments to savings account. Buy car outright with savings account money. Bank paying you > you paying bank.
I'm crossing my fingers my rates drop when I turn 25.
They will drop substantially assuming your record is good, but the insurance company probably won't notice you turned 25 until the next time your policy is up for renewal. Call your agent on yo birfday and they'll get the rates adjusted the same day or next day.
We've bought every car through credit union...either new with their interest (making it easier to pay off quickly), or used and bought outright by saving and withdrawing when that emotionally charged day comes around.
The real key is planning your purchase. Emotions run rampant when looking at cars...and if you just walk out your door one day thinking "car" you will walk back in that evening with a car in the driveway and less than ideal price and financing.
If you sit down with SO one sunday morning and plan when, what, how and how much well before the event, you will enjoy it so much more.