so this will be my first loan ever and was wondering if any one had good experiences/horror stories with certain companies. or if any one has any advice that they think i should know.
thanks
-Hoops
thanks
-Hoops
car loans
- Thread starter suprahoops
- Start date
If you want a loan, you'll need a full-time job, and had it for a year or longer. You will otherwise most likely need a co-signer, as I have found out myself. Good luck on the loan though. What kind of car is it for?
eric
eric
In my experience every loan has been a nightmare. The novelty of whatever you are buying will wear off twice as fast when you have to keep making payments, and if something goes wrong (like medical bills, gas doubling in price, BHG), then it can start you in a downward spiral.
You can get a beater really cheap and make payments to yourself for a year or two, especially if you take a part time second job, and then go pay cash. My last three (used) cars have all been cash deals, and have been >>>> than the one time I took out a loan for a brand new one.
Nothing more than my 0.02
You can get a beater really cheap and make payments to yourself for a year or two, especially if you take a part time second job, and then go pay cash. My last three (used) cars have all been cash deals, and have been >>>> than the one time I took out a loan for a brand new one.
Nothing more than my 0.02
i already have 2 jobs and work full time, sadly i havent had both jobs for over a year so ill have to get my mom to co-sign. and its for this
http://denver.craigslist.org/car/449893747.html
apparently it has a wrx turbo, intercooler and exhaust.
http://denver.craigslist.org/car/449893747.html
apparently it has a wrx turbo, intercooler and exhaust.
a car loan (at least for me) has been VERY easy. i had my job for 2 months and they gave me credit for 55k...
I'd think allot about gettting a loan though. after owning 3 "cool" cars (sti, 03 cobra, clk) the novelty wears off and the $XXX a month really gets annoying.
Ill be purchasing a 6k dollar car when the CLK sells, I'd rather make money off interest, rather then paying someone.
I'd think allot about gettting a loan though. after owning 3 "cool" cars (sti, 03 cobra, clk) the novelty wears off and the $XXX a month really gets annoying.
Ill be purchasing a 6k dollar car when the CLK sells, I'd rather make money off interest, rather then paying someone.
yeah this car is only 6800 bucks, i just dont have that much money and i really need a good reliable awd DD and that subie has the potential to be just that.
My first loan with no credit ended up with the financing company at Toyota trying to peg 22% interest on my DD Corolla... until I got my uncle to step in and knock it down to 6.5% :icon_bigg
If you're in good with your bank/credit union, you can have them write out the check for the loan in return for holding the title to the subbie. It would really depend on the bank, and in your case I'd get a co-signer. You're going to need some pay stubs or whatnot as proof of your income to them, and they'll be running the credit checks and stuff. GL with it!
If you're in good with your bank/credit union, you can have them write out the check for the loan in return for holding the title to the subbie. It would really depend on the bank, and in your case I'd get a co-signer. You're going to need some pay stubs or whatnot as proof of your income to them, and they'll be running the credit checks and stuff. GL with it!
werd.. only reason im hesitant on buying something new.. trying my hardest to just pay cash... more mod money thenCkanderson said:
I'm a firm believer in that if you dont have the cash to buy it - you cant afford it. Credit is bad mm'kay - you only end up paying more for the privilege...
Shytheed Dumas said:In my experience every loan has been a nightmare. The novelty of whatever you are buying will wear off twice as fast when you have to keep making payments, and if something goes wrong (like medical bills, gas doubling in price, BHG), then it can start you in a downward spiral.
You can get a beater really cheap and make payments to yourself for a year or two, especially if you take a part time second job, and then go pay cash. My last three (used) cars have all been cash deals, and have been >>>> than the one time I took out a loan for a brand new one.
Nothing more than my 0.02
I agree and give the same advice when people ask me about loans and junk. Buy a beater and put the payments in your own savings account for 2 years. Then youll have enough go pay cash on the car you want to replace the beater, plus sell the beater.
During those 2 years or whatever if something does come up you Can skip a payment. Something you cant do if your locked into a real loan. Especially if youve only been at your job a short while, anything can happen. Ive seen alot of people get a job, thinking they now have steady income go finance a car. A few months later they loose the job for whatver reason and cant make payments. Car then is repo'd sold at auction for a fraction of the loan. Then they have to pay the balance on the loan now with an even higher rate. Everyone says 'it wont happen to me' but its a huge risk.
My mother financed a car 6 years ago, she had less than good credit so they stuck her with I forget how much interest. Well 6 years later she owns a now old car with alot of problems, after paying literally twice the original price for it.
In short; I hate vehicle loans and will never do it, unless I had a great rate and enough cash in the bank to cover the loan.
Kai said:
I agree with this too but in the world today you have to have a good credit score. When it comes to getting your utilities turned on or renting an apartment, they check credit scores. Zero credit will get you no where today.
I moved recently and my gf tried to get the utilities turned on in her name, they all wanted huge deposits. I call and they run my credit suddenly no deposits are needed.
Plus the better your credit history the better rates youll get. I like having a credit card for emergencies or for those 'fun' expenditures, that I dont have enough cash for until next payday lol. With a good score you pay half what someone with no credit would pay.
Heh - i've managed without credit so far - just have a current account. I had a £1500 overdraft, and used it while i was still at university but paid it off and asked the bank to reduce the limit to £200 instead. Credit = Temptation to be stupid and irresponsible.
The only credit card i have is a Prime Mastercard - which is a pay-as-you-go card (ie, you put £100 on it, and you have £95 credit).
The only credit card i have is a Prime Mastercard - which is a pay-as-you-go card (ie, you put £100 on it, and you have £95 credit).
It all depends..
Some people cannot save but are able to pay off a loan.
Some people can save.
Some people are able to make loan payments because you can actually see or use what you are paying for.
My g/f and I have 3 credit cards each and we manage it really well and pay it off in full each month. We dont use all the card at once...just 1 or 2.
Our credit scores are above 700 points.
So I think credit cards is okay if you are able to control your spending .
Cheers,
Roy
Some people cannot save but are able to pay off a loan.
Some people can save.
Some people are able to make loan payments because you can actually see or use what you are paying for.
My g/f and I have 3 credit cards each and we manage it really well and pay it off in full each month. We dont use all the card at once...just 1 or 2.
Our credit scores are above 700 points.
So I think credit cards is okay if you are able to control your spending .
Cheers,
Roy
dirtlord420 said:
No.
A car is possibly the worst investment you could ever do. Hands down. Ask anybody here who's responsible about money. Your mk3 will most likely be the only thing you're going to put money into that decreases in value aside from a girlfriend(haw haw). Be sensible and don't chain yourself to your Supra, it's supposed to be something you've got that makes you happy. Not something you groan about when the next payment comes in.
iwannadie
sorry dude, you don't need credit for anything except going into the hole
i have no problems with banking, utilities, renting cars with my debit card, with no credit
with manual underwriting, you don't even need credit to buy a house, the only thing i think a person couold possibly justify buying on time.and yes you can get todays low rates with a blank sheet of paper for a credit report. just have your job for 2 years, pay your rent on time for 2 years and have a reasonable down payment, and by va and fha standards you are guarnteed a loan, as long as the payment isn't like more than 25 percent of your monthly gross.
sorry dude, you don't need credit for anything except going into the hole
i have no problems with banking, utilities, renting cars with my debit card, with no credit
with manual underwriting, you don't even need credit to buy a house, the only thing i think a person couold possibly justify buying on time.and yes you can get todays low rates with a blank sheet of paper for a credit report. just have your job for 2 years, pay your rent on time for 2 years and have a reasonable down payment, and by va and fha standards you are guarnteed a loan, as long as the payment isn't like more than 25 percent of your monthly gross.
i have been taking out small $500 loans here and there to help build credit. (i rather not get a CC..Im satisfied with the debit card.) but for the $500 loan min payment is $25 a month. i usually pay anywhere from $25-$75 and that doesnt hurt too much.
Edit: when buying a car i would suggest checking with your bank/credit union before doing any financing through the dealers.
Edit: when buying a car i would suggest checking with your bank/credit union before doing any financing through the dealers.
not always possible...
fiance got into an accident (not her fault), and the insurance company is trying to deny her claim...
we couldn't wait on a check, she needed a car NOW that was reliable to get to work.
Loan is the only way to go.
Buying a new car and paying the high APR for six years is retarded, you can refinance easily, not to mention getting a newer car at a lower APR instead of refinancing.
Warranties are great, means you can beat the fuck out of the car and it's covered...
fiance got into an accident (not her fault), and the insurance company is trying to deny her claim...
we couldn't wait on a check, she needed a car NOW that was reliable to get to work.
Loan is the only way to go.
Buying a new car and paying the high APR for six years is retarded, you can refinance easily, not to mention getting a newer car at a lower APR instead of refinancing.
Warranties are great, means you can beat the fuck out of the car and it's covered...