Buying a car str8 cash or loan at age 22

BeezyGotSole said:
maroki said:
riiiight, i feel like in america credit is very important. But i mean whats the point of credit if u dont even land a good job to pay off loans na mean thats another topic tho.

 
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What's the point of good credit? You need good credit to get dam near anything now a days...

-Cell phone plan
-Cable/Internet Service
-Apartment
-Car
-Opening a checking/savings account (they are checking credit now a days)
-To get a good job 
-To buy a house

All require credit.

Only people that don't know what they are talking about say that credit is not needed. Number 1 myth about credit is that you have to go into debt to get excellent credit. A $250 secured credit card is all you need to build good credit. Sounds like you wasted your money and got finessed on that "financial course".
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I agree with most of what you said but some of those are not universal

But still, ignore your credit is stupid advice no matter how you slice it
 
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RustyShackleford said:
I agree with most of what you said but some of those are not universal

But still, ignore your credit is stupid advice no matter how you slice it
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Yeah it's not universal, but it is becoming more common for all of those things. Depending on the company a good/decent credit score is required for every single thing I listed.

I was blown away when verizon asked to do a hard pull to give me cable and Internet service or I had to pay a deposit (based off a soft pull :lol:) . Xfinity doesn't do credit checks yet can't wait to switch back.
 
BeezyGotSole said:
RustyShackleford said:
I agree with most of what you said but some of those are not universal

But still, ignore your credit is stupid advice no matter how you slice it
Click to expand...

Yeah it's not universal, but it is becoming more common for all of those things. Depending on the company a good/decent credit score is required for every single thing I listed.

I was blown away when verizon asked to do a hard pull to give me cable and Internet service or I had to pay a deposit (based off a soft pull :lol:) . Xfinity doesn't do credit checks yet can't wait to switch back.
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Verizon been bout that credit check game :smh: :lol:

They did it too my room mate for a struggle $30 a month DSL line a few years back.

The look of surprise and disgust on his face when the told him that was priceless :lol:
 
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I'm in this same sort of predicament. I plan on buying a car in the 8-12k range, I'm gonna put half down and use a loan for the other half. I'll probably pay the loan off in a year or two.

If you're credit is straight, now is a good time to get a car loan since interest rates are really low. But make sure you can pay if off in less than 4 years. If you can't the car is probably more than you can afford.
 
lol im 21 and after I get my first real job I plan on buying a used honda accord coupe str8 cash b.
 
RustyShackleford said:
Verizon been bout that credit check game :smh: :lol:

They did it too my room mate for a struggle $30 a month DSL line a few years back.

The look of surprise and disgust on his face when the told him that was priceless :lol:
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Mannn I was so pissed when he said that hard pull or $250 deposit that will be refunded in 6-12months [emoji]128128[/emoji]. I ended the online chat with the rep then got back on and paid the deposit :lol:
 
It seems like you have a few options

Instead of spending 5,000 on something you may not like or gettin a loan for something over 15,000 that you do actually like find a car in between .

Say a 9,500 car with 3000 down on a 36 month loan 5 percent interest is like 190 a month ,

You got 2000 in the bank a nice car and a low car note ..
 
I took one of those credit surveys and it said I was in the high 700's. I know it's not reliable or accurate but It's possib le seeing as how I've been building credit for 2 years now and never missed a payment or did less than the minimum. I'll find out exactly what it is in the coming months when I buy my truck :pimp:
 
CASH MONEY 1999 said:
It seems like you have a few options

Instead of spending 5,000 on something you may not like or gettin a loan for something over 15,000 that you do actually like find a car in between .

Say a 9,500 car with 3000 down on a 36 month loan 5 percent interest is like 190 a month ,

You got 2000 in the bank a nice car and a low car note ..
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This is great advice. Pretty much my approach for my next commuter car.

OP here is a car auto loan calculator so you can see what your monthly payments will be
http://www.bankrate.com/calculators...ator.aspx?ic_id=calc-lead_auto_auto_globalnav
 
BeezyGotSole said:
This is great advice. Pretty much my approach for my next commuter car.

OP here is a car auto loan calculator so you can see what your monthly payments will be
http://www.bankrate.com/calculators...ator.aspx?ic_id=calc-lead_auto_auto_globalnav
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yup you worked hard to save the 5000 no sense in getting something unreliable or a car with a car note you're gonna regret .
That mug going to depreciate anyway , lot of stylish , affordable , dependable cars in the 7,500-11,500 range .


Most car salesman are given the green light to knock off up to 1,000 off on used cars on average . Use the cash you got on hand to make knock a thousand off .
 
Having lived to be 34 and financed most of my cars, I suggest you buy something in cash. Take the money you would spend on a car note and put towards stocks and/or real estate. Some of chose to get all we could in our 20s and others made sacrifices so that 30s and beyond would go smoother. If I could do it again, I wouldn't take a car note out until someone else was paying for via rental income.

Don't be afraid to make the decision that your heart says go with. Some of us have to make our own mistakes to learn.
 
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cash money 1999 cash money 1999 Yeah man I decided to go with a Sentra SR model for my next commuter , gonna trade/sell this altima in a few years. The Sentra has more features and better gas mileage (30/40) than my altima and half the price. I've seen 2014 models for 10K with less than 15K miles. I don't think you can beat it really. Just driving it to and from work and it's sitting in a garage/lot 40+hrs a week why spend a lot on a commuter car?

I know too many people that are broke due to car payments . Funny story, I have a co worker that purchased a used 08 335i before he graduated college and after working for 6 months traded in the 335 for a corolla :lol: Said it was just too expensive and didn't make sense.
 
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^ havent owned one yet but the Sentra is a straight trooper :lol: , you see multiple previous models on the streets, it's an awesome commute car low maintenance , good mpg etc
 
spizike231 said:
In America, you won't be able to do **** unless you have good credit. Like you said, mortgage, future car loans, anything that requires a credit check or anything of that nature won't be an easy slide unless you have good credit.

I'm 22 and been working on my credit for a year or so now. Got 2 credit cards from Capitol One, 1 credit card for Ashley Furniture, and Credit Karma still says I have a "D" grade on how many Credit Accounts i have. I need to open more in order for my credit score to go up. Apparently the Credit Bureaus want to see you manage multiple credit accounts.

I would suggest a loan, as a car loan is the second biggest credit bump there is, right behind a mortgage. It'll help you a lot if you pay it right.
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I commend you on trying to keep up with your credit at such a young age. But Credit Karma is hot garbage and far from accurate. You need your FICO scores, not FAKO (which CK uses). Your FICO score is used in all credit checks.

Look into myfico.com and check out the forums. There is a wealth of info on how to manage credit month to month. You're right about having multiple lines of credit, but varying lines is what they like to see (revolving, installment, etc.). And the percentage of credit available to credit used is huge in determining your FICO score.

Oh, and pull ALL 3 credit reports regularly to make sure everything is reporting as it should. I'd also recommend MyFICO Scorewatch--well worth the $15/month IMO.
 
antbanks81 antbanks81 I'm 27 and what you said has me seriously reconsidering what I do after I finish paying off my current car. Took out a 5 year loan (16k) and in position to pay it off 10 months early.

I've had my heart set on a CTS. While I make twice as much now when I first took out the loan, that extra $200-300 a month could really add up in a savings account.

I really want that car but I have friends and family in their early 30s saying exactly what you said. I want to have my funds straight when its time to get a house.

To OP, take cash money 1999 cash money 1999 's advice. There are plenty of nice options in the 10-12k range. Put down 3k, take out a manageable loan, pay an extra ~$50 each month to pay it off early (or build a buffer), and enjoy a nicer, more reliable ride, with a decent warranty.

My first 2 cars I bought straight cash (2k each, 90s Hondas) and they were in the shop more often than I liked...
 
Take a look at some rental property. Perhaps you can find a 2-4 unit that, once occupied, will pay its own mortgage and provide a cash flow. You could then use the extra to pay for the car you want. I did it *** backwards to buy my Vette. While I don't regret buying the car, I regret not getting my property game right first.
 
How's your credit? This could be an opportunity to build credit when you finance the car.

At the same time its one thing you don't have to worry about if you buy it outright.
 
superblyTRIFE said:
I commend you on trying to keep up with your credit at such a young age. But Credit Karma is hot garbage and far from accurate. You need your FICO scores, not FAKO (which CK uses). Your FICO score is used in all credit checks.

Look into myfico.com and check out the forums. There is a wealth of info on how to manage credit month to month. You're right about having multiple lines of credit, but varying lines is what they like to see (revolving, installment, etc.). And the percentage of credit available to credit used is huge in determining your FICO score.

Oh, and pull ALL 3 credit reports regularly to make sure everything is reporting as it should. I'd also recommend MyFICO Scorewatch--well worth the $15/month IMO.
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I disagree. In my experience the Credit Karma scores werent that far off from FICO or Beacon scores. Even between the 3 bureaus you can sometimes get a pretty big range of scores depending on what one bureau picks up and the other doesnt. I think Credit Karma is a great free tool to get a pretty good idea of where you credit score is.

As far as hard pulls go, while its generally better to avoid unecessary hard pulls its not the end of the world if you do get one. As long as you dont have a bunch in short period of time it's not really going to ding your score much (if any).

I personally pull TU primarily and onein a blue moon pull Experian (I never really eff with Equifax). If any of yall want a hard pull on TU to know your score, just apply for financing with me (so that I am covering my butt) and I will pull one for you for free.
 
20 with a 'real' job and honestly.. If your car still works fine I wouldn't waste the money.

I drive an 04 Grand Prix, has never given me any problems and I got its maintenance on fleek. Will ride it till the wheels off.

Waste of hard earned money to replace what isn't broken.

But to answer your question, I'd pay for it in cash. Not a fan of loans.
 
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