NT, Help Me Out - School Me On Auto Loans in General Forum

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NT, Help Me Out - School Me On Auto Loans

Author	Comment
crcballer55		#21	[url]	[-]
Registered Member Posts: 14539 01/28/12 12:11 PM	It sounds like you're pretty set on going in to debt for this car even though it's not the wisest idea. A car is a depreciating asset. If you have $1500 left over at the end of the month then you can wait and pay cash for an RSX in only 3 months. It will feel much better than making payments because you have put a lot more effort into achieving your goal instead of taking the easy route. Stillin729 may be right about it's "only" $162/yr. in interest but when I do math like that, would I rather throw it away on a car, or could I use that to go on a date and invest it into the relationship instead? Or could I buy a new pair of shoes? Then at least you'll have something to show for your money. TeamKo.netNostalgia honoring the site that founded "The Study of Phat Kicks"
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Air Spider 777		#22	[url]	[-]
Registered Member Posts: 796 01/28/12 12:16 PM	My point for not wanting him to let it ride like you said, is based on the vehicles age. I wouldn't want a vehicle I have paid off when its 11 model years old. My point for him not taking out the loan is because as a 21 year old, making 35k, you dont want yourself locked into a monthly debt. If he is saving the money, he isnt contractually obligated to do so. So if something comes up he's alright. If he is in a contract to make the payments, lets say he gets laid off, which given in this economy young, entry level jobs are dropping like flies, he's has a problem. To me at that age/salary range (not being an #**!@@% op), I would just wait till I have the cash. Then again Stilln, Flyers fans and Rangers fans never agree do they?? LOL! No hard feelings brah.
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StillIn729		#23	[url]	[-]
Registered Member Posts: 4248 01/28/12 12:19 PM	Air Spider 777 wrote: My point for not wanting him to let it ride like you said, is based on the vehicles age. I wouldn't want a vehicle I have paid off when its 11 model years old. My point for him not taking out the loan is because as a 21 year old, making 35k, you dont want yourself locked into a monthly debt. If he is saving the money, he isnt contractually obligated to do so. So if something comes up he's alright. If he is in a contract to make the payments, lets say he gets laid off, which given in this economy young, entry level jobs are dropping like flies, he's has a problem. To me at that age/salary range (not being an #**!@@% op), I would just wait till I have the cash. Then again Stilln, Flyers fans and Rangers fans never agree do they?? LOL! No hard feelings brah. I feel you man I just don't think it's a bad move on his part but to each their own I can't imagine being 21 and having to borrow my pops whip when I need to get around Hard Knocks Open Tough Locks Areyouin729 2003-2009
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oidreez		#24	[url]	[-]
Registered Member Posts: 12673 01/28/12 12:25 PM	eh i think you should look for a lower priced car. $5500 is enough to buy a decent used car Tmobile Mytouch 4G Owner Chicago x Nigeria http://gplus.to/oidreez
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MrBrown		#25	[url]	[-]
Registered Member Posts: 1909 01/28/12 12:31 PM	Just save the money you make 35K a year and haven't saved this is why we are America
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StillIn729		#26	[url]	[-]
Registered Member Posts: 4249 01/28/12 12:41 PM	MrBrown wrote: Just save the money you make 35K a year and haven't saved this is why we are America what? Hard Knocks Open Tough Locks Areyouin729 2003-2009
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crcballer55		#27	[url]	[-]
Registered Member Posts: 14540 01/28/12 2:09 PM	StillIn729 wrote: MrBrown wrote: Just save the money you make 35K a year and haven't saved this is why we are America what? He makes a decent living and his apartment is about 25% of his take home pay. That means there's $1500/mo. left over for miscellaneous stuff. With that money, he could have saved $15,000 for a car in a year and would be able to drive something nicer. AND with no loan. TeamKo.netNostalgia honoring the site that founded "The Study of Phat Kicks"
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cguy610		#28	[url]	[-]
Registered Member Posts: 2947 01/28/12 2:24 PM	DCAllAmerican wrote: I know it is a side argument but we have to know how often/far dude is driving to spend $200 in gas a month. I don't even think I do that in 2 months. LOL. But then again, I catch public transportation to work. I just believe in playing it safe with your money. I don't see how taking out an auto loan is playing safe. Stylin seems to be more concerned about the actual car he is interested in instead of the financial situation. I don't know, I just don't like suggesting to young people to take out a loan if you can avoid it. DC, not everyone can get to their job using public transportation. Some people have to have a reliable car to get to work, period. No car = no job for some folks.
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Mark Antony		#29	[url]	[-]
Registered Member Posts: 3834 01/28/12 2:44 PM	This actually sounds like an excellent idea. Great way to build credit, and no one is turning you away with 40% down. I don't see anything wrong with this at all, you way ahead of most people. How does he not have savings when he explicitly states he has $5500? Just go in to a dealership, let them shop for the best loan for you, and enjoy that car you really want and be done with payments in two years. The time will fly by before you know it. People need to stop looking at a car as an investment. It gets you from a to b, and you'll be happy because its what you really wanted, a la expensive sneakers. And an acura rsx seems steady in value.
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s0leFUNK		#30	[url]	[-]
Registered Member Posts: 2981 01/28/12 3:02 PM	If you have a parent or someone that works for the govt then get a loan through their credit union. They usually offer the lowest interest rates. If you have no credit history then be prepared to find a cosigner. FOR SALE: OG Air Jordan XII Wht/Red sz. 9 VNDS ... OG Air Jordan XII Wht/Blk "Taxi's" sz. 9 VNDS Retro+ Air Jordan XII Wht/Caro sz. 10 DS ... OG Foamposite One Neon Royal/Blk sz. 9 NDS
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DCAllAmerican		#31	[url]	[-]
Registered Member Posts: 21147 01/28/12 3:52 PM	cguy610 wrote: DCAllAmerican wrote: I know it is a side argument but we have to know how often/far dude is driving to spend $200 in gas a month. I don't even think I do that in 2 months. LOL. But then again, I catch public transportation to work. I just believe in playing it safe with your money. I don't see how taking out an auto loan is playing safe. Stylin seems to be more concerned about the actual car he is interested in instead of the financial situation. I don't know, I just don't like suggesting to young people to take out a loan if you can avoid it. DC, not everyone can get to their job using public transportation. Some people have to have a reliable car to get to work, period. No car = no job for some folks. I understand that, which is why I said, "But then again............" My Media Uploads: http://www.dailymotion.com/user/LJE3/1
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Bean Pie Slanga		#32	[url]	[-]
Registered Member Posts: 1863 01/28/12 5:28 PM	Just buy a 2005 and up used Ford Focus. Reliable, new looking car that you can pay for in cash.
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StillIn729		#33	[url]	[-]
Registered Member Posts: 4251 01/28/12 6:32 PM	crcballer55 wrote: StillIn729 wrote: MrBrown wrote: Just save the money you make 35K a year and haven't saved this is why we are America what? He makes a decent living and his apartment is about 25% of his take home pay. That means there's $1500/mo. left over for miscellaneous stuff. With that money, he could have saved $15,000 for a car in a year and would be able to drive something nicer. AND with no loan. this idea is retarded; he would be blowing more money that way...what are you talking about? Hard Knocks Open Tough Locks Areyouin729 2003-2009
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throwback1718		#34	[url]	[-]
Registered Member Posts: 5417 01/28/12 6:49 PM	man this is a pretty okay plan to me. you need a car NOW. I cant blame you, this is the best option you have since you feel like you need one now. you are putting a good amount down. there is nothing really wrong with this idea given the income or financial obligations you currently have. I mean any and everyone knows that owning a car down right is the best thing, but you financially cannot attain that, so financing is the best option in my opinion. just make sure you get an insurance quote first before jumping into anything so you have a better idea of what money you will have left over when the end of the month comes around. NEW YORK KNICKERBOCKERS
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OkayKK		#35	[url]	[-]
Registered Member Posts: 301 01/28/12 7:41 PM	Where are you located? I know a few people who are selling theirs. Does it have to be 04-05? 02-03 can be made faster because they can be tuned easily.
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crcballer55		#36	[url]	[-]
Registered Member Posts: 14541 01/28/12 9:04 PM	StillIn729 wrote: crcballer55 wrote: StillIn729 wrote: what? He makes a decent living and his apartment is about 25% of his take home pay. That means there's $1500/mo. left over for miscellaneous stuff. With that money, he could have saved $15,000 for a car in a year and would be able to drive something nicer. AND with no loan. this idea is retarded; he would be blowing more money that way...what are you talking about? The key word is "IF". When you're letting the bank pay you rather than you pay the bank, then you tend to make better and more prudent decisions. TeamKo.netNostalgia honoring the site that founded "The Study of Phat Kicks"
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StillIn729		#37	[url]	[-]
Registered Member Posts: 4255 01/28/12 9:28 PM	crcballer55 wrote: StillIn729 wrote: crcballer55 wrote: He makes a decent living and his apartment is about 25% of his take home pay. That means there's $1500/mo. left over for miscellaneous stuff. With that money, he could have saved $15,000 for a car in a year and would be able to drive something nicer. AND with no loan. this idea is retarded; he would be blowing more money that way...what are you talking about? The key word is "IF". When you're letting the bank pay you rather than you pay the bank, then you tend to make better and more prudent decisions. still makes no sense; getting a car loan means you tend to make bad decisions? Hard Knocks Open Tough Locks Areyouin729 2003-2009
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crcballer55		#38	[url]	[-]
Registered Member Posts: 14542 01/28/12 10:09 PM	StillIn729 wrote: crcballer55 wrote: StillIn729 wrote: this idea is retarded; he would be blowing more money that way...what are you talking about? The key word is "IF". When you're letting the bank pay you rather than you pay the bank, then you tend to make better and more prudent decisions. still makes no sense; getting a car loan means you tend to make bad decisions? Yes. /thread TeamKo.netNostalgia honoring the site that founded "The Study of Phat Kicks"
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C o IVI p L e X		#39	[url]	[-]
Registered Member Posts: 1674 01/29/12 12:00 AM	update: applied for car loan at wells fargo (only place i could find that minimum loan was only $5k and they could be used at both private parties and independent dealers since i didn't have a specific car in mind) and got turned down (99% sure it was due to lack of credit history). going to use my girl as a co signer (her FICO score is 715 and has a way longer credit history than me) my question is should i reapply with wells fargo and be pre approved and if so will that be another hard inquiry on my credit or should i just try to finance through the dealership i buy the car? problem is i want to keep my options open if i did want to go through a private party i want to be ready. sorry guys but there is no really persuading me not to take this loan so i guess what i'm looking for is the best advise to get the loan. i do appreciate all of the input though. Te a m BURNone it's 4:19, got a minute?
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LuckyLuchiano		#40	[url]	[-]
Registered Member Posts: 7543 01/29/12 12:06 AM	C o IVI p L e X wrote: update: applied for car loan at wells fargo (only place i could find that minimum loan was only $5k and they could be used at both private parties and independent dealers since i didn't have a specific car in mind) and got turned down (99% sure it was due to lack of credit history). going to use my girl as a co signer (her FICO score is 715 and has a way longer credit history than me) my question is should i reapply with wells fargo and be pre approved and if so will that be another hard inquiry on my credit or should i just try to finance through the dealership i buy the car? problem is i want to keep my options open if i did want to go through a private party i want to be ready. sorry guys but there is no really persuading me not to take this loan so i guess what i'm looking for is the best advise to get the loan. i do appreciate all of the input though. Define lack of credit history WWW.TWITTER.COM/CashmereEsquire Follow me. www.CashmereEsquire.com Add me on Tumblr
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NT, Help Me Out - School Me On Auto Loans