What's the APR on your car loan?

[dead in 09]

Having your mom cosign for a range rover? 

  you don't need a range, trust me.  
And if you do, what's going to be your down payment?  I hope it's at least 40% down.

If not, enjoy those oprah sized monthly payments.  Don't do that to yourself man, not worth it.  You're gonna be car poor, I don't care what you tell me.

 

[man e]

Originally Posted by crcballer55

Financing a car is a terrible idea. Not only are you paying interest on the original value of the car but it's going to be worth about half of its original value in 4 years. Having your mother cosign would be an even worse idea since 70% of cosigners end up having to finish paying off the loan for the person they were "helping". get something that's a couple years old that you can pay cash for. Once you do that, take the money you intended to use towards the car payments and put it in the bank or investment account until you're 25 and let them pay you interest for the privilege of using your money for that time. By then, you'll actually get a "discount" on whatever car you intend to buy at that time and can even move up a step on your purchase.

The only reason my mom will be co-signing is to improve the chances of getting a loan.
Investment account, bank? What you're trying to get at is similar to what I am going to do. Except that I am an investor, and I can make what a bank offers me in a year in a couple hours. 

And financing a car is not a terrible idea if you're using that money to gain a higher return on it then you otherwise would.

 

[j1mmych0o]

Originally Posted by Man E

Originally Posted by recycledpaper

Originally Posted by airkeung88

20 yrs old and a range rover? you your parents are ballin

fixed

Actually no. I am paying for the car myself. Sit down. 

homie if you was in the financial industry you would know to build your credit up already.  im assuming you must be pretty smart if you doing day trading on your own, because that takes alot of research and smarts.  but how you not going to know you need a good credit history and tax returns to purchase a car??? you acting like getting a loan for 90k car is easy. you have to have great credit and they gota verify your income son.  

 

[billy hoyle]

dont buy that car, just pay cash for a 2-3 year lease.

 

[db west]

I was 18 when I financed my car with no co-signer and had about 6-months of on timely payments on my visa/amex, if that was even on my credit history yet. I'm pretty sure the only reason I got the loan is because I put 55% of the purchase price down in cash, and it probably didn't hurt that my parents are big customers of the bank I went through. If you don't mind me asking how long have you been trading? Just curious, I've been playing around with stocks as of late and I'm a finance major.

 

[dead in 09]

Originally Posted by Billy Hoyle

dont buy that car, just pay cash for a 2-3 year lease.

I wish I did that.  My range was a 06 and I just had to trade it in an downgrade to an escalade, it had way too many problems.

 

[j1mmych0o]

Originally Posted by dead in 09

Originally Posted by Billy Hoyle

dont buy that car, just pay cash for a 2-3 year lease.

I wish I did that.  My range was a 06 and I just had to trade it in an downgrade to an escalade, it had way too many problems.

funny. i had an escalade, it was a great car. then i upgraded to a range and it had way too many problems, so i sold it for cheap.  Range Rovers are overrated imo.  

 

[recycledpaper]

Originally Posted by Man E

Originally Posted by recycledpaper

Originally Posted by airkeung88

20 yrs old and a range rover? you your parents are ballin

fixed

Actually no. I am paying for the car myself. Sit down. 

 

[oh you mad]

Originally Posted by Man E

Originally Posted by oO Master Chief Oo

wow just wow, do us all a favor and get out of the financial sector plz.,u have no concept of the value of money

You have no concept of grammar. 
Idiot, instead of using 90K on a car payment I will be using that money to make more money. Maybe that's simple enough for you. 

Why not get a civic cash and when you have that "more money" you're talking about cop the rover?

 

[wawaweewa]

Originally Posted by Man E

Originally Posted by oO Master Chief Oo

wow just wow, do us all a favor and get out of the financial sector plz.,u have no concept of the value of money

You have no concept of grammar. 
Idiot, instead of using 90K on a car payment I will be using that money to make more money. Maybe that's simple enough for you. 

To be completely honest, you kind of proved his point when you said;

But wont they have the car as collateral?

The car depreciates (fairly rapidly) in value while the (nominal) value of the loan does not.

 

[man e]

Originally Posted by j1mmych0o

Originally Posted by Man E

Originally Posted by recycledpaper

Originally Posted by airkeung88

20 yrs old and a range rover? you your parents are ballin

fixed

Actually no. I am paying for the car myself. Sit down. 

homie if you was in the financial industry you would know to build your credit up already.  im assuming you must be pretty smart if you doing day trading on your own, because that takes alot of research and smarts.  but how you not going to know you need a good credit history and tax returns to purchase a car??? you acting like getting a loan for 90k car is easy. you have to have great credit and they gota verify your income son.  

I've never needed a credit card, never used one. You don't NEED good credit to purchase a car, although it would be helpful. 
I made this thread to get an idea of what other people are paying on their loans. 

I know that people with NO credit or BAD credit are capable of getting loans.

I am not worried about not getting a loan because I can show my bank statements to show my income. 

 

[j1mmych0o]

Originally Posted by Man E

Originally Posted by j1mmych0o

Originally Posted by Man E

Originally Posted by recycledpaper

Originally Posted by airkeung88

20 yrs old and a range rover? you your parents are ballin

fixed

Actually no. I am paying for the car myself. Sit down. 

homie if you was in the financial industry you would know to build your credit up already.  im assuming you must be pretty smart if you doing day trading on your own, because that takes alot of research and smarts.  but how you not going to know you need a good credit history and tax returns to purchase a car??? you acting like getting a loan for 90k car is easy. you have to have great credit and they gota verify your income son.  

I've never needed a credit card, never used one. You don't NEED good credit to purchase a car, although it would be helpful. 
I made this thread to get an idea of what other people are paying on their loans. 

I know that people with NO credit or BAD credit are capable of getting loans.

I am not worried about not getting a loan because I can show my bank statements to show my income. 

you are correct that you dont NEED good credit for a car loan. but if you want a low APR and min down payment then you will need a good credit score.  How much are you welling to put down as down payment?  FYI, most places dont take bank statements anymore, they need paystubs, tax returns, or 4506t from the IRS.  
When i bought my range rover, i put 25k as downpayment and my apr was 6%

 

[man e]

Originally Posted by Oh YoU MaD

Originally Posted by Man E

Originally Posted by oO Master Chief Oo

wow just wow, do us all a favor and get out of the financial sector plz.,u have no concept of the value of money

You have no concept of grammar. 
Idiot, instead of using 90K on a car payment I will be using that money to make more money. Maybe that's simple enough for you. 

Why not get a civic cash and when you have that "more money" you're talking about cop the rover?

No that's not what I mean. No matter how much money you have, using that money on a car payment (full payment) in my opinion is useless. 

 

[man e]

Originally Posted by wawaweewa

Originally Posted by Man E

Originally Posted by oO Master Chief Oo

wow just wow, do us all a favor and get out of the financial sector plz.,u have no concept of the value of money

You have no concept of grammar. 
Idiot, instead of using 90K on a car payment I will be using that money to make more money. Maybe that's simple enough for you. 

To be completely honest, you kind of proved his point when you said;

But wont they have the car as collateral?

The car depreciates (fairly rapidly) in value while the (nominal) value of the loan does not.



Oh please, how do you come to the conclusion that i have no concept of the "financial sector" because I am asking about a car loan. 
The car, although it looses its value is still worth something, which means the Bank's (or lender's) risk is less.  

 

[man e]

Originally Posted by DB WEST

I was 18 when I financed my car with no co-signer and had about 6-months of on timely payments on my visa/amex, if that was even on my credit history yet. I'm pretty sure the only reason I got the loan is because I put 55% of the purchase price down in cash, and it probably didn't hurt that my parents are big customers of the bank I went through. If you don't mind me asking how long have you been trading? Just curious, I've been playing around with stocks as of late and I'm a finance major.

I've been trading since last June. I dropped out of college to trade full time. 

 

[billy hoyle]

Originally Posted by dead in 09

Originally Posted by Billy Hoyle

dont buy that car, just pay cash for a 2-3 year lease.

I wish I did that.  My range was a 06 and I just had to trade it in an downgrade to an escalade, it had way too many problems.

well the newer ones are built way better now but still i would not spend 90K on a RR period. If i was filthy rich or not. Just not worth it, its a nice car to have for 2-3 years but thats it. People are against leasing but if youve got the money for an expensive car then it should be no problem. If i were you id pay cash for a lease.

 

[bgl2687]

Originally Posted by Man E

Originally Posted by DB WEST

I was 18 when I financed my car with no co-signer and had about 6-months of on timely payments on my visa/amex, if that was even on my credit history yet. I'm pretty sure the only reason I got the loan is because I put 55% of the purchase price down in cash, and it probably didn't hurt that my parents are big customers of the bank I went through. If you don't mind me asking how long have you been trading? Just curious, I've been playing around with stocks as of late and I'm a finance major.

I've been trading since last June. I dropped out of college to trade full time. 

you got heart my man..I respect that.  But if you ever have time go back to college and get a degree to fall back on.  You never know. 

 

[bgl2687]

Originally Posted by Man E

Originally Posted by DB WEST

I was 18 when I financed my car with no co-signer and had about 6-months of on timely payments on my visa/amex, if that was even on my credit history yet. I'm pretty sure the only reason I got the loan is because I put 55% of the purchase price down in cash, and it probably didn't hurt that my parents are big customers of the bank I went through. If you don't mind me asking how long have you been trading? Just curious, I've been playing around with stocks as of late and I'm a finance major.

I've been trading since last June. I dropped out of college to trade full time. 

you got heart my man..I respect that.  But if you ever have time go back to college and get a degree to fall back on.  You never know. 

 

[bgl2687]

Originally Posted by Man E

Originally Posted by DB WEST

I was 18 when I financed my car with no co-signer and had about 6-months of on timely payments on my visa/amex, if that was even on my credit history yet. I'm pretty sure the only reason I got the loan is because I put 55% of the purchase price down in cash, and it probably didn't hurt that my parents are big customers of the bank I went through. If you don't mind me asking how long have you been trading? Just curious, I've been playing around with stocks as of late and I'm a finance major.

I've been trading since last June. I dropped out of college to trade full time. 

you got heart my man..I respect that.  But if you ever have time go back to college and get a degree to fall back on.  You never know. 

 

[bgl2687]

Originally Posted by Man E

Originally Posted by DB WEST

I was 18 when I financed my car with no co-signer and had about 6-months of on timely payments on my visa/amex, if that was even on my credit history yet. I'm pretty sure the only reason I got the loan is because I put 55% of the purchase price down in cash, and it probably didn't hurt that my parents are big customers of the bank I went through. If you don't mind me asking how long have you been trading? Just curious, I've been playing around with stocks as of late and I'm a finance major.

I've been trading since last June. I dropped out of college to trade full time. 

you got heart my man..I respect that.  But if you ever have time go back to college and get a degree to fall back on.  You never know. 

 

[bgl2687]

Originally Posted by Man E

Originally Posted by DB WEST

I was 18 when I financed my car with no co-signer and had about 6-months of on timely payments on my visa/amex, if that was even on my credit history yet. I'm pretty sure the only reason I got the loan is because I put 55% of the purchase price down in cash, and it probably didn't hurt that my parents are big customers of the bank I went through. If you don't mind me asking how long have you been trading? Just curious, I've been playing around with stocks as of late and I'm a finance major.

I've been trading since last June. I dropped out of college to trade full time. 

you got heart my man..I respect that.  But if you ever have time go back to college and get a degree to fall back on.  You never know. 

 

[bgl2687]

Originally Posted by Man E

Originally Posted by DB WEST

I was 18 when I financed my car with no co-signer and had about 6-months of on timely payments on my visa/amex, if that was even on my credit history yet. I'm pretty sure the only reason I got the loan is because I put 55% of the purchase price down in cash, and it probably didn't hurt that my parents are big customers of the bank I went through. If you don't mind me asking how long have you been trading? Just curious, I've been playing around with stocks as of late and I'm a finance major.

I've been trading since last June. I dropped out of college to trade full time. 

you got heart my man..I respect that.  But if you ever have time go back to college and get a degree to fall back on.  You never know. 

 

[bgl2687]

Originally Posted by Man E

Originally Posted by DB WEST

I was 18 when I financed my car with no co-signer and had about 6-months of on timely payments on my visa/amex, if that was even on my credit history yet. I'm pretty sure the only reason I got the loan is because I put 55% of the purchase price down in cash, and it probably didn't hurt that my parents are big customers of the bank I went through. If you don't mind me asking how long have you been trading? Just curious, I've been playing around with stocks as of late and I'm a finance major.

I've been trading since last June. I dropped out of college to trade full time. 

you got heart my man..I respect that.  But if you ever have time go back to college and get a degree to fall back on.  You never know. 

 

[bgl2687]

Originally Posted by Man E

Originally Posted by DB WEST

I was 18 when I financed my car with no co-signer and had about 6-months of on timely payments on my visa/amex, if that was even on my credit history yet. I'm pretty sure the only reason I got the loan is because I put 55% of the purchase price down in cash, and it probably didn't hurt that my parents are big customers of the bank I went through. If you don't mind me asking how long have you been trading? Just curious, I've been playing around with stocks as of late and I'm a finance major.

I've been trading since last June. I dropped out of college to trade full time. 

you got heart my man..I respect that.  But if you ever have time go back to college and get a degree to fall back on.  You never know. 

 

[bgl2687]

Originally Posted by Man E

Originally Posted by DB WEST

I was 18 when I financed my car with no co-signer and had about 6-months of on timely payments on my visa/amex, if that was even on my credit history yet. I'm pretty sure the only reason I got the loan is because I put 55% of the purchase price down in cash, and it probably didn't hurt that my parents are big customers of the bank I went through. If you don't mind me asking how long have you been trading? Just curious, I've been playing around with stocks as of late and I'm a finance major.

I've been trading since last June. I dropped out of college to trade full time. 

you got heart my man..I respect that.  But if you ever have time go back to college and get a degree to fall back on.  You never know.