mrbrown
Banned
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Just save the money
you make 35K a year and haven't saved
this is why we are America
you make 35K a year and haven't saved
this is why we are America
NT, Help Me Out - School Me On Auto Loans
- Thread in 'General' Thread starter Started by c o ivi p l e x,
- Start date
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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.Originally Posted by StillIn729
what?
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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.
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.
s0lefunk
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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.
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I understand that, which is why I said, "But then again............"
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Just buy a 2005 and up used Ford Focus. Reliable, new looking car that you can pay for in cash.
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this idea is ******ed; he would be blowing more money that way...what are you talking about?Originally Posted by crcballer55
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.Originally Posted by StillIn729
what?
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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.
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.
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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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The key word is "IF".Originally Posted by StillIn729
this idea is ******ed; he would be blowing more money that way...what are you talking about?Originally Posted by crcballer55
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.Originally Posted by StillIn729
what?
When you're letting the bank pay you rather than you pay the bank, then you tend to make better and more prudent decisions.
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still makes no sense; getting a car loan means you tend to make bad decisions?Originally Posted by crcballer55
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.
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Yes.Originally Posted by StillIn729
still makes no sense; getting a car loan means you tend to make bad decisions?Originally Posted by crcballer55
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.
/thread
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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.
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Define lack of credit history
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only got one credit card open for 11 months.