Minivan opinions and going to be applying for my first car loan!

[dustin92]

So here goes the story- I am currently driving a 2003 Chevy Impala with almost 192,000 miles- And it's getting tired: VERY tired. Needs more work than I'm willing to put in it, the main issue being the transmission is likely on it's way out. I would like to step up to a minivan (had one before and loved it) so I can haul appliances and have plenty of room for family and friends. I am looking to spend $4000-$5000 or so (may be slightly flexible on both ends of the price range) and am looking for nothing older than a 2004. My must have list- Removable or foldable rear seats, air conditioning (pretty much standard anymore!) Cruise control, power windows, CLOTH interior (I am allergic to leather) and preferably a cd player. Pretty simple. I am looking to stay away from anything made by Ford, everyone I know that drives a Ford has it in for work more than they are actually driving it, and Fords have major rust issues here. I have been leaning towards either 2004-2007 Dodge Caravan/ Chrysler Town & Country, 2004-2005 Mazda MPV, or 2004-2007 Toyota Sienna. I haven't seen a whole lot of good reviews on the Honda Odyssey or Nissan Quest, and I really dislike the looks of the Nissan Quest's interior. I have driven an 02 Town & Country before and liked the way it drove and rode, and of course the interior space, and a neighbor owns an 04 Mazda MPV which I have rode in several times and really like- Very comfortable ride, quiet, great looks. She said it has been a wonderful vehicle and has no plans of selling it. The Caravan/Town & Country seem to have mixed reviews, but there are millions of them out there- The MPV's seem to be fairly scarce around here, as well as the Toyota sienna's I have found excellent reviews on the Mazda MPV's, and haven't got as far as reviews on the Toyota Sienna. I just want to make sure I'm making the right decision, as I will likely keep this vehicle around for some time- I have done little to no research on buying a vehicle previously, and with really no need to because I've been driving 12-20 year old vehicles with high mileage already on them, and have had the Impala the longest of any- 2 years and really enjoyed it. I had bought it when my previous car died as something to get me from point A to point B until I could get something better, and the time has come.
I will also be applying for my first ever car loan, which is really quite scary- I've always bought my vehicles with cash and paid the interest in the long run...LOL. My Dad will be Co signing with me, as I have NO credit- not bad credit, just none. I will have a steady income all summer, which should make it easy to make payments and hopefully pay off the loan by winter. After things fall into place for the loan, I will likely sell my car and use that as a decent down payment, and I'm planning on doing whatever I can to avoid extra charges. This whole thing is so exciting, but scary at the same time- I will be getting a new car, but the loan scares me. Any opinions on vehicles or opinions on how best to handle the loan? I'm completely new at all this, so anything is appreciated!

 

[whirlcool]

I'd get pre approved for what you want to spend on a car before you go car shopping.
You may want to join a credit union before you look for a loan. CU's usually offer good interest rates for used cars.

Be careful of dealer financing. They can really screw you in the end.

 

[washer111]

By saying no older than 2004 - you've probably gotten yourself out of any of the Kia offerings fitted with that tragic Rover V6 (the KV6) engine, which was renown for its 50% or worse failure rate, at low mileage, from loose cylinder liners (This is what happens when the the Koreans copy a British design being built by machinery that has gotten far too outdated)... 

 

Personally, I would suggest Toyota, as we've got three of them at home:

- '92 LandCruiser diesel with 283K on it (engine rebuilt probably about 10K ago)

- '03 Corolla with 37K and

- '04 Prado with about the same as the Corolla

ALL of these cars are good for their intended use, ALL are super reliable, quite efficient and comfortable, depending on the definition and circumstance. 

 

We have friends with a reasonably new Honda Odyssey - within the last 5-10 years. While they absolutely love the car, they mention the servicing is particularly outlandish, from the dealer, if you chose that option. I think they had a transmission fail, which cost quite a few grand to replace. 

Perhaps no worse than some European offerings - but with those, your servicing is setup in such a way that when the "Inspection" (not "Oil Service") reminder appears, you know its probably going to be a tad expensive. 

 

I honestly don't know much about Mazda's offerings. What I do know is several of their vehicles in the present and historical lineup are "badge engineered," and are actually rebadged products from say Ford or GM. E.g., in Australia we have the Mazda B2600 pickup/ute - this is also sold as a Ford Courier. Perhaps Mazda makes one engine, and Ford makes the other, or one makes both. I dunno. 

Do your research, and figure out whether the Mazda is rebadged. Because, even if the rest of Mazda's products are rock-solid, something badge-engineered will carry all the ill-reputed features from the other manufacturer, meaning you get end up with some Eastern-European lemon that doesn't work 75% of the time. 

 

[nmassman44]

Anything by Toyota you should be safe with. I have a 2010 Camry that I love and it replaced a 1997 Camry that was paid off but the work that I had to put into it wasnt worth what the car was worth which was a whopping $500. The car needed a head gasket, fuel tank filler line and brake lines, not to mention the rust in spots. So its nice to have a car built in this century. That said, stay the hell away from anything built by Chrysler. We had a 2001 PT Cruiser that was in the shop every other month and it was expensive. Like $1600 every freakin time expensive. We paid for the car three times over. The final straw was the transmission was going and he wanted to put more money into it. I told him the money pit needs to go so we bought a 2010 Kia Soul and he loves it. You can transport a washer in the back and it may look small on the outside, but inside its not. They do hold their value too, but out of your price range used.
Good luck with finding something that isnt beat to death and have the car looked at by a reputable mechanic before you decide on something. Remember its your money.

 

[retro-man]

I don't know if you looked into it, but if you join triple AAA, they offer very attractive finance rates for a car loan. If you have no credit, they may be able to offer you a car loan without the co-signer. You have to be the member enrolled. Worth a try to check into it and start you on the road to credit scores. As far as the vehicle there are quite a few of Chrysler vans on the road. I know personally 1 that has over 200,000 miles on it and this is her 2nd one and she is getting ready for a 3rd. Plenty of kids and stuff transported all the time and no major issues.

Jon

 

[arbilab]

+1 avoid Chrysler. I drove a T&C for a hotel in 2009. Besides having the most abominable transmission I ever experienced, it went back to the lease company almost monthly for *something* to be fixed.

When the T&C was broken they substituted a Toyota Sienna which operated normally in every way. I would have asked why we couldn't just keep the Sienna but I wasn't 'in charge' of the lease I just drove whatever they gave me for $8 + tips.

 

[polkanut]

To contradict what Rick (arbilab) posted above, we're on our 3rd Chrysler T&C since 2000, and other than routine maintenance, they've been trouble free.  The newer models with the stow & go seats are a godsend.  It's wonderful to be able to just fold them down into the floor, and not have to wrestle with taking them out when you want to haul a larger item.

 

[joeypete]

Chrysler!

Yes I agree that the Chrysler vans are still the best out there. Granted fit and finish is marginal in some of the older ones but the engines are nearly bullet proof. My best friend's parents have had them since they came out. They never had any problems aside from routine maintenance. They are pretty cheap but still stay with Chrysler even when higher priced because they love them so much.

I've had a Chrysler 200 with the Pentastar V6 for 3 years now. 72K miles and not one problem. I just now had to get new brakes and tires. They lasted quite a long time.

 

[mattl]

Credit Union....

I second the earlier post, find a good local CU and start an account with them. They are more than willing to help young people out who are just getting started, and their rates are very reasonable. Another plus is that in most cases the money stays in you community, at this point I and most of my family will have nothing to do with big banks.

As to a vehicle, you will hear many stories " Don't buy X, buy Y". " no buy Y not X" every manufacturer has good and bad options. Do your reasearch, narrow it down to 2 or 3 models, and don't make a decision based on emotions - though I've done that and it worked out well. This is not a forever vehicle, it should serve you for a number of years, but you have time to get your "dream" vehicle. Good luck!

 

[iheartmaytag]

I would not write off the Chrysler vans

My mother currently has a 2005 which is her third Chrysler van. #1 went for 267,000 miles with original engine and transmission with only routine maintenance and a oil cooler hose having to be replaced.
#2 had a problemsome four cylinder engine that couldn't keep a head gasket on it, complicated by the double overhead cams. Traded it at 112,000.
#3 is still running, no problems beyond the large hail dents from the summer of 2009.

Now I have heard the models starting 2010, which are heavier, but still using the same drive train have had tranny problems.

You can't go wrong with a Toyota. Several people here at work are very happy with theirs. Since it is a Toyota, little problems, lots of service.

Honda--I have not heard much, but I myself would buy one at the right price.

Kia--I wouldn't have one in my garage if I had room for a freight train. Had one as a rental. It was like driving a rubber band. The engine was slow to wind up and then would suddenly launch, mileage was terrible, ride was so-so. Very plasticy, and fragile.

 

[revvinkevin]

#1 Credit Union & #2 Toyota

 

 

Just my 24.6 cents here.  I agree completely with.....

 

#1 open an account at a credit union, #2 take advantage of their financing options and #3 get your loan pre-approved BEFORE you go car shopping.   

 

Vehicle?  I'd suggest going with a Toyota Sienna, they have a solid reliability record.

Hopefully it's been properly maintained and ideally not wrecked.   Then again you want to avoid any vehicle that's been wrecked and repaired, if you can.

 

Regardless what vehicle you are considering, do your homework and look up repair histories at Consumer Reports, Cars.com, edmonds.com and carcomplaints.com

 

ALSO.... when talking to a credit union about an auto loan, find out if it's at all possible to get the loan W/O your father co-signing.   This will build YOUR credit history / credit score.  If he co-signs, my understanding is it does NOT help build a credit history for you because the loan is riding on HIS credit, being that he co-signed.

 

Good luck!

Kevin

 

[ea56]

I completely agree with Kevin's advice. I would add that if when you find a mini van that you are really interested in, with the VIN and $20 you can do a CarFax report online to find out the vehicles history, whether it has been in an accident, ect. It can be money well spent. Also, it is always a good idea to have a mechanic look the car over. I have a few neighboors that drive older Honda Odyssey vans that have given them little to no trouble. But if at all possible, get the loan in your name only. In the end you'll be happier and so will your Dad. And as Kevin pointed out you'll will be establishing your own credit with the payments you will be making.

 

[ronhic]

Brands of car and reliability

...can change from one model to the next.

 

The first of the Kia mini-vans were inflicted with a batch of poor 2.7 litre V6 engines. Kia eventually replaced these under warranty in this country. The later cars with this engine and all subsequent engines have been as reliable as any other Asian manufacturer. As a bonus, the Carnival (that's what it is here) may well be cheaper than an equivalent Toyota so you may be able to buy newer and with less mileage or of a similar age with more equipment.

 

We've close friends with one who initially bought a used Chrysler Voyager.....big big mistake. 18 months later, and with triplets, they were searching for a replacement after basically telling me I was nuts suggesting Kia. Well, they bought a Grand Carnival and 6 years later couldn't be happier.

 

I'm interested that the Odyssey has had issues. My cousin had one for a few years and loved it, but with 2 child seats and a 3rd pending on the back seat it wasn't practical enough....2 child seats with a 3rd child in a seat belt would have been fine. They had no issues at all. Additionally, my boss has one. Now he also has 12 children and 6 grand children. You want to hear a car being held up to high praise, then he's one to shout it. 

 

He simply adores that Honda. 'Best car we've ever owned'.

 

Ultimately, I agree with getting pre-approved and I'll suggest getting approved for a little more than you think you need - you don't have to spend it, but if you find something a tad outside your initial range that takes your fancy you'll at least be able to obtain it.

 

Also, don't be put off a particular brand or model if there has been a change since issues occurred. Be very specific at looking at the relevant forums to see if one is better than another. The Kia example is a good one. If people tell you 'engines blow up', find out which ones. The early 2.7 litre V6 were known to have coolant (I think) issues. Later 2.7 litre V6's were fine and the current 2.3, 3.0and 3.2 engines very reliable....yet the 'model' is affected by the previous reputation which leads to low prices for no good reason...except it's good buying for people looking used.

 

A car that's up to 10 years old may well have a full service history too....it should, at the very least, have service receipts. Look at them closely. Compare what has been done and when to the service handbook. Has it been serviced regularly and on time. Oil changes in particular are important given the intervals are often as high as 15,000 miles....and a person who changes the oil more frequently than the service schedule is a considerate owner.

 

Drive everything that you THINK you'll like. Look at the condition of the seats. Is the wear a reflection of the mileage? Are the carpets in good condition? Are there food stains? Are the dash and instruments dusty. All can indicate either a well looked after car or a careless owner.

 

Most importantly, don't stress. You have a car so enjoy the journey of finding and buying one you like.

 

[yogitunes]

as for credit building history, I have been on both sides, someone co-signed for me, and I co-signed for some as well......it will show on your own credit report, it will only show on the co-signer as an outstanding loan, and limit to the amount of credit they may get during that period until its paid off.......all in all, it will be considered a joint loan on a credit report....

you want pre-approval, not a pre-loan registration, you want to know how much will be available for you, otherwise, the bank, CU, or even dealer will run a credit report, too many inquiries into a CR can hurt you.....the CR should only be done once a deal is actually set in place....if they insist on running a report first, LEAVE!

for buying any vehicle, or most anything for that matter, if you want honest opinions, seek out the mechanics, and ask them all the questions of vehicles you may be interested in, of how many of those vehicles get returned for service, and what types of repairs are most needed, good and bad of powertrains, and which options seem to be the most trouble prone.....its not an opinion of what they like, its a matter of what they see the most of, and ones that they get the most repair updates for.......

stay away from any vehicle that was a proto type for that model, or introduction of new equipment or change outs of engines and power trains.....proto types are always the first to see major issues, most bugs are worked out after 2 to 4 years...

put a 500.00 refundable deposit down, and ask for that vehicle for a few days, to say, have a mechanic look at it first, whether you do or not......first clue if something is wrong with that vehicle is if they refuse.....if a dealer is confident, they will never have an issue with it......I have had a car for almost a month before buying it...the dealer had no problem with this....

also, be up front with the dealer, and not just to the salesman, but to the manager as well, the price you set and agree on WILL include everything.....not agree on a price, and then tack on tax, tags, dealer prep, DOC fees, secretary fees, that lousy cup of coffee they offer fee....this is all BS.....

save yourself time, as your shaking the guys hand, spell out the price we agree on has EVERYTHING included, including warranty....or I will find someone else.....and you will have roughly three dealers fighting for your business....you will be surprised, your phone wont stop ringing...

I have done this for my brothers truck, my partners SUV and both of my Jeeps.....just keep putting that pen down and get ready to walk out....they will all jump for your attention!....

you may find a vehicle you like a bit out of your price range(6000 to 7000), yet set in your mind of not paying any more than your set budget(4000 to 5000)...stay reasonable, yet firm...and stand your ground....just also be prepared, you may have to walk away...but that doesn't mean you can't hit a few dealers, not spending no more than an hour at each, your a busy person, and got places to be, give them your number...when their ready to deal, they'll call you....now were onto a bidding war....been there

 

[cadman]

Dustin, have you considered private party shopping? Lots of single owner older-folks owned mini-vans are lurking out there at half what a dealer would charge. Look into the credit union angle for financing.

And while I'm not saying buy a lemon, never forget there's more to car shopping than reliability ; ) Just ask the Maytag haters... LOL!

 

[rapunzel]

What's the interest they charge you on a car loan? The smartest thing to do is buy your car with cash and avoid interest payments and bank fees (unless you require a car to run your business). Go with what you can afford and start out modest.

Never borrow money for consumables. Only ever borrow money to buy something that appreciates in value, like a house, apartment or business. Everything else can be bought more cheaply with cash and, if you can't afford it at the time, make it a savings goal and find a more affordable alternative in the meantime.

 

[cadman]

Olav, I had a rather rude awakening recently after attending a 'lunch and learn' type course this week. I've always been one to buy used and pay cash, but the recommendation was that in today's market you are better off taking that cash and putting it towards your mortgage (if you have one) or invest it and take out a loan on the car (at 2-4%). The idea being both the home and even a non-performing stock will outpace the depreciation on a used car. Of course this assumes you have the $5k on hand to start. I'm old-school so I'm still not sure what to think of that...-C

 

[dustin92]

I already belong to a credit union, and I will definitely be checking there first. I haven't done a whole lot of research yet, just browsing and weighing my options. Although with the most recent trip I took today, I may have to hurry up... my car is really acting up- I think I have a wheel bearing going out and the transmission is shifting really erratically, along with some unpleasant noises. I'm 3 hours from home and hope I make it back. Does anyone have any opinions on the Chevy Uplander or variations thereof? (Buick, Pontiac, Saturn, all the same basic vehicle) Not a huge fan of the looks, but if they are reliable, I could look a little closer. I'm not really looking at Kia, they look and feel cheap to me, although friends had one with 220k on the clock before the transmission gave out. I don't think the Mazda MPV is rebranded, if it was that would be immediately off my list- My last car was a Mazda 626, which I found out a little too late was basically a Ford Escort or Focus (can't remember which) and I had nothing but trouble with it. From what I've found online, the Honda Odyssey has a lot of transmission problems, and while it's ont even on my list because I can't stand the layout of the interior, the Nissan Quest has engine problems.

 

[joeypete]

The GM vans are ok. I liked their styling for the most part. I never drove one but road in a few and they seemed fine. GM makes really really good transmissions and the engines they used in those vans are very solid as well.