- 2,129
- 197
- Joined
- Dec 6, 2008
THIS.
If you're hurting with a 300-400 dollar monthly payment, you need to look for a cheaper car.
Are Car Notes for Suckas? School me on financing a car please
- Thread in 'General' Thread starter Started by luckyluchiano,
- Start date
If you're hurting with a 300-400 dollar monthly payment, you need to look for a cheaper car.
- 410
- 10
- Joined
- Jun 8, 2006
I have been selling cars for about 4 months now. One of the best things on a credit bureau would be some sort of auto loan credit. If someone just has small monthly credit card payments on their bureau they probably will end up paying a higher interest rate. One guy I was trying to lease a new Infiniti G37 coupe to would have had a monthly payment of $775 dollars because he was a Tier 3 on his credit because he had no previous auto loan. If he had some auto loan credit and was a Tier 1 his payment would have been $565. So the less amount of credit you have on your bureau the higher risk you seem to credit companys, in return you end up paying a higher interest rate.
And generally the longer the amount of the loan the higher the interest rate you will pay. Many new car companies are offering excellent financing rates. Some 0%-5% depending on the length of the loan. As for used cars, you generally want to put some money down. You dont want to be upside down on an auto loan on a 6 or 7 year old car. Financing a used car you will have a rate of anywhere from 5%-18% depending on your credit score.
And generally the longer the amount of the loan the higher the interest rate you will pay. Many new car companies are offering excellent financing rates. Some 0%-5% depending on the length of the loan. As for used cars, you generally want to put some money down. You dont want to be upside down on an auto loan on a 6 or 7 year old car. Financing a used car you will have a rate of anywhere from 5%-18% depending on your credit score.
- 410
- 10
- Joined
- Jun 8, 2006
I have been selling cars for about 4 months now. One of the best things on a credit bureau would be some sort of auto loan credit. If someone just has small monthly credit card payments on their bureau they probably will end up paying a higher interest rate. One guy I was trying to lease a new Infiniti G37 coupe to would have had a monthly payment of $775 dollars because he was a Tier 3 on his credit because he had no previous auto loan. If he had some auto loan credit and was a Tier 1 his payment would have been $565. So the less amount of credit you have on your bureau the higher risk you seem to credit companys, in return you end up paying a higher interest rate.
And generally the longer the amount of the loan the higher the interest rate you will pay. Many new car companies are offering excellent financing rates. Some 0%-5% depending on the length of the loan. As for used cars, you generally want to put some money down. You dont want to be upside down on an auto loan on a 6 or 7 year old car. Financing a used car you will have a rate of anywhere from 5%-18% depending on your credit score.
And generally the longer the amount of the loan the higher the interest rate you will pay. Many new car companies are offering excellent financing rates. Some 0%-5% depending on the length of the loan. As for used cars, you generally want to put some money down. You dont want to be upside down on an auto loan on a 6 or 7 year old car. Financing a used car you will have a rate of anywhere from 5%-18% depending on your credit score.
- 916
- 11
- Joined
- Feb 5, 2003
My car payment is 450/month and insurance is 100$/month , I wanted a car, didn't want to wait to pay it cash, plus I never had a car loan before and before I buy a house I wanted to get a car loan, also wanted the car before I hav kids cause I know I wouldn't get one like it after lol
- 916
- 11
- Joined
- Feb 5, 2003
My car payment is 450/month and insurance is 100$/month , I wanted a car, didn't want to wait to pay it cash, plus I never had a car loan before and before I buy a house I wanted to get a car loan, also wanted the car before I hav kids cause I know I wouldn't get one like it after lol
storm2006
Supporter
- 29,035
- 64,028
- Joined
- Aug 20, 2001
Heres my main question about financing an automobile...whether you go to a bank or dealer to acquire about potential interest rates and get a quote for a loan, does that count as a hard inquiry against your credit score (i.e. will that lower your score)? IE will checking multiple sources to acquire the best interest rate/monthly payment hurt you in the long run?
storm2006
Supporter
- 29,035
- 64,028
- Joined
- Aug 20, 2001
Heres my main question about financing an automobile...whether you go to a bank or dealer to acquire about potential interest rates and get a quote for a loan, does that count as a hard inquiry against your credit score (i.e. will that lower your score)? IE will checking multiple sources to acquire the best interest rate/monthly payment hurt you in the long run?
- 70,049
- 24,221
- Joined
- Aug 1, 2004
THIS!
- 70,049
- 24,221
- Joined
- Aug 1, 2004
THIS!
- 1,907
- 11
- Joined
- May 29, 2008
I bought my car with cash, that meant I had to make a lot of sacrifices as I saved up for it. Its a used 328is and while its an older car Im comfortable doing most mechanical and electrical work on it myself with the exception of really big ticket items. When I see co-workers and friends paying hundreds and even thousands in interest on a car loan, I'm happy to drive an older used car and save all that money they're spending towards a down payment for my house. In retrospect, not financing a newer of fancier car (as bad I wanted to at that time) was the best financial decision ive made in all my life.
payments + insurance is what everybody is prepared for but you really should have a rainy day fund, especially for those repairs that seem to jump at you just when the cash is tight. learn to do most of the work on your car urself and you'll save a LOT in the long run, and you'll do it right because you care.
payments + insurance is what everybody is prepared for but you really should have a rainy day fund, especially for those repairs that seem to jump at you just when the cash is tight. learn to do most of the work on your car urself and you'll save a LOT in the long run, and you'll do it right because you care.
- 1,907
- 11
- Joined
- May 29, 2008
I bought my car with cash, that meant I had to make a lot of sacrifices as I saved up for it. Its a used 328is and while its an older car Im comfortable doing most mechanical and electrical work on it myself with the exception of really big ticket items. When I see co-workers and friends paying hundreds and even thousands in interest on a car loan, I'm happy to drive an older used car and save all that money they're spending towards a down payment for my house. In retrospect, not financing a newer of fancier car (as bad I wanted to at that time) was the best financial decision ive made in all my life.
payments + insurance is what everybody is prepared for but you really should have a rainy day fund, especially for those repairs that seem to jump at you just when the cash is tight. learn to do most of the work on your car urself and you'll save a LOT in the long run, and you'll do it right because you care.
payments + insurance is what everybody is prepared for but you really should have a rainy day fund, especially for those repairs that seem to jump at you just when the cash is tight. learn to do most of the work on your car urself and you'll save a LOT in the long run, and you'll do it right because you care.
- 12,179
- 9,062
- Joined
- Oct 28, 2006
Yes every time you have a inquiry it will show up on your credit report...A lot of people don't realize that
- 12,179
- 9,062
- Joined
- Oct 28, 2006
Yes every time you have a inquiry it will show up on your credit report...A lot of people don't realize that
- 2,191
- 10
- Joined
- Dec 5, 2002
man a car note aint @%%$. got a car 50% off.. CARMAX was clean. deal was too good so I had to purchase. father cosigned (800 credit) so I got the lowest interest rate...I put down half and paid the rest within a year. man car note aint @%%$ just dont try to get a 2010 benz or something if you cant afford it...
- 2,191
- 10
- Joined
- Dec 5, 2002
man a car note aint @%%$. got a car 50% off.. CARMAX was clean. deal was too good so I had to purchase. father cosigned (800 credit) so I got the lowest interest rate...I put down half and paid the rest within a year. man car note aint @%%$ just dont try to get a 2010 benz or something if you cant afford it...
- 155,944
- 135,347
- Joined
- Oct 13, 2001
Thanks for bringing logic into this thread. I personally am against buying new cars, there is just no justification for it. Of course some will say, "Well you will spend thousands of dollars on repairs." Well that is true for any car a person buys, eventually you will be spending $ on repairs. It is really all about luck when it comes to that.
- 155,944
- 135,347
- Joined
- Oct 13, 2001
Thanks for bringing logic into this thread. I personally am against buying new cars, there is just no justification for it. Of course some will say, "Well you will spend thousands of dollars on repairs." Well that is true for any car a person buys, eventually you will be spending $ on repairs. It is really all about luck when it comes to that.
- 1,907
- 11
- Joined
- May 29, 2008
imo luck has very little to do with it. how many people truly understand what it means to taking care of their car. majority just take their car in for an oil change, probably have no idea what oil is being used nor do they ever see the condition their old oil is in when it comes out. how many people keep track of their mileage to perform coolant flush, brake line flush, ******/diff drain n refill and etc.. im willing to bet its not too many. the sad part is, most of that is something you can do yourself. people forget preventative/predictive maintenance and instead wait till something breaks to fix it. thats a bad mentality which will lead to you paying someone for their time, work and premium for parts.
even in driving characteristics, a car is totally meant to be driven as you please but in a sensible way. living in the cold north i see guys start up their cars in -10C weather and gun it down the road, probably have no idea that the inside of their block has metals with varying co-efficients of expansion and end up with problems prematurely. taking it easy for the first 5-10mins keeping the rpms low and letting that engine warm up would've saved them hundreds down the road. a used car, with proper care, will last a VERY long time as long as the body n chassis dont rust out.
- 1,907
- 11
- Joined
- May 29, 2008
imo luck has very little to do with it. how many people truly understand what it means to taking care of their car. majority just take their car in for an oil change, probably have no idea what oil is being used nor do they ever see the condition their old oil is in when it comes out. how many people keep track of their mileage to perform coolant flush, brake line flush, ******/diff drain n refill and etc.. im willing to bet its not too many. the sad part is, most of that is something you can do yourself. people forget preventative/predictive maintenance and instead wait till something breaks to fix it. thats a bad mentality which will lead to you paying someone for their time, work and premium for parts.
even in driving characteristics, a car is totally meant to be driven as you please but in a sensible way. living in the cold north i see guys start up their cars in -10C weather and gun it down the road, probably have no idea that the inside of their block has metals with varying co-efficients of expansion and end up with problems prematurely. taking it easy for the first 5-10mins keeping the rpms low and letting that engine warm up would've saved them hundreds down the road. a used car, with proper care, will last a VERY long time as long as the body n chassis dont rust out.
- 15,853
- 3,476
- Joined
- Apr 4, 2006
there is some helpful info in here. see i wouldnt mind doing something like buying a used older bmw by putting a down payment and paying the rest monthly
- 15,853
- 3,476
- Joined
- Apr 4, 2006
there is some helpful info in here. see i wouldnt mind doing something like buying a used older bmw by putting a down payment and paying the rest monthly
- 271
- 11
- Joined
- Oct 5, 2007
Ur better of leaseing a car they give u lower payments and u get a new car every 3 or 4 yrs payments go as low as 199 month like ppl said here depends on ur credit as well
- 271
- 11
- Joined
- Oct 5, 2007
Ur better of leaseing a car they give u lower payments and u get a new car every 3 or 4 yrs payments go as low as 199 month like ppl said here depends on ur credit as well
