used car loan

[bizoneoeh]

if your dad has really REALLY good credit then see if he can just buy the truck for you. You'll get a lower intrest rate than way. My dad bought a 09 civic earlier this year and his intrest rat is just below 3%. That's what you need. s**t... that's what I need!

 

[94civickid]

even to help your credit have your dad be primary and you co sign for the help in your credit score

 

[vjf915]

Yea you are screwed. If you want to raise your credit score you will have to pay out the ass. If you dont care about that then just have your dad sign it.

 

[Ian123]

You'll find buing a new car easier than financing 20k for used....... FYI

yeah except a new one is $50,000. im not that ballin

if your dad has really REALLY good credit then see if he can just buy the truck for you. You'll get a lower intrest rate than way. My dad bought a 09 civic earlier this year and his intrest rat is just below 3%. That's what you need. s**t... that's what I need!

so you mean it would all be in his name i would just give him money for the payments? thats probably what im going to have to do. time for another 3 month long b***h-fest with my dad to get what i want with my own money. i cant wait

 

[Mr. Jollypants]

so you mean it would all be in his name i would just give him money for the payments? thats probably what im going to have to do. time for another 3 month long b***h-fest with my dad to get what i want with my own money. i cant wait

Doesn't matter if it's your own money or not. It's HIS credit score. Stop thinking about yourself and think about your dad. If something happens and neither of you can afford to pay the payments, now it's HIS ass on the line, not yours.

 

[Ian123]

Doesn't matter if it's your own money or not. It's HIS credit score. Stop thinking about yourself and think about your dad. If something happens and neither of you can afford to pay the payments, now it's HIS ass on the line, not yours.

i can understand him being skeptical about this situation i was mainly referring to past instances. like when i wanted to buy my civic, or my tahoe, both of which i paid cash for, and he refused to sign the titles (he had to because i wasnt 18 yet). i understand he is putting himself at risk but i wouldnt be going into this if i couldnt afford it. im alot smarter than most people my age believe it or not, when it comes to managing my money at least. but before i get into my autobiography here which im sure no one is interested in, ill just say thanks for everyone's advice. i got my answer.

 

[hooked_on4]

yeah except a new one is $50,000. im not that ballin

you might want to lower your standards some anyone who can drop 50k on a new car is beyond CC.

 

[PhntmSk8r]

wtf thats bullsh*t. so basically the only way this is going to happen is if the loan is completely in his name? damn this country and all the people that live above their means. and btw i can easily afford the payments

Anymore you cant do d**k without credit, and everything regarding money will effect your credit in some way, shape, or form.

IE: Not paying your cell phone bill will kill credit. Not paying up on a COD shipment will kill your credit, and so on.


Credit is GOOD for you if you ever plan to move out of mommy/daddies house and live on your own.


Also, it's not so much that you can afford it NOW, look long term. Currently it is NOT a good time to be pulling a loan for a used vehicle that isn't going to be worth half what you paid for it before you even have half of the loan amount paid off. Point in case, over a year ago I got a loan to buy my truck and I wasn't thinking long term at the time. Back then, i could afford paying double the monthly payment and still have plenty of money left over to go out on the weekends and so on. However, now with the economy the way it is, and work slowing down. I'm down to making the MINIMUM payment to the credit union and that's about all i can afford to do (amongst other bills). Fortunately enough I am not upside down on it, and if i absolutely had to sell it I could. This is unfortunately not currently the case with the American auto industry.

 

[Ian123]

Anymore you cant do d**k without credit, and everything regarding money will effect your credit in some way, shape, or form.

IE: Not paying your cell phone bill will kill credit. Not paying up on a COD shipment will kill your credit, and so on.


Credit is GOOD for you if you ever plan to move out of mommy/daddies house and live on your own.


Also, it's not so much that you can afford it NOW, look long term. Currently it is NOT a good time to be pulling a loan for a used vehicle that isn't going to be worth half what you paid for it before you even have half of the loan amount paid off. Point in case, over a year ago I got a loan to buy my truck and I wasn't thinking long term at the time. Back then, i could afford paying double the monthly payment and still have plenty of money left over to go out on the weekends and so on. However, now with the economy the way it is, and work slowing down. I'm down to making the MINIMUM payment to the credit union and that's about all i can afford to do (amongst other bills). Fortunately enough I am not upside down on it, and if i absolutely had to sell it I could. This is unfortunately not currently the case with the American auto industry.

ok...well the economy is about as bad as its ever been and i can still afford payments. if i lose money when i go to sell it, who cares thats whats happened on every other car ive owned anyway

 

[thadoggma]

i just financed a car last year and i got hit with 30% interest from the bank (29 and change actually). was my first time and all, and my credits not the best, but thats about what you could expect from a bank right now.

i would advice against it by all means. get a cell phone and pay your bills every month to get your credit built up, then you would have a much lower interest rate.

 

[Ian123]

i just financed a car last year and i got hit with 30% interest from the bank (29 and change actually). was my first time and all, and my credits not the best, but thats about what you could expect from a bank right now.

i would advice against it by all means. get a cell phone and pay your bills every month to get your credit built up, then you would have a much lower interest rate.

30%? lmao why the hell would you pay that. so id be looking at $6000 in interest. i think ill just get it in my dads name. that is, after i get my rear axle replaced on the tahoe which is supposedly bent when i didnt get in an accident. dammit i am so screwed.

 

[thadoggma]

your tellin me i spent 6200 with interest on a 4700 dollar car. but i learned the hard way. at least i paid the bastard off a month before i totaled it. ^^^

 

[Ian123]

your tellin me i spent 6200 with interest on a 4700 dollar car. but i learned the hard way. at least i paid the bastard off a month before i totaled it. ^^^

lol no, i mean for the truck id be getting i would pay 6000 interest.

 

[thadoggma]

yeah its insane isnt it, not that you would get 30 percent but if its your first loan you can gaurantee it would be somewhere in that ball park.

 

[SlowTEC]

You could always apply for a loan through LendingTree.com or some other site such as it.

I used it to get a loan for my Civic years ago. Little to no credit, bank wouldn't finance me $20K so I got $10K through Capital One at 9%. Certainly not the best interest rate, but you can always refinance later on when you have a history of on-time payments and paying extra...

 

[Ian123]

You could always apply for a loan through LendingTree.com or some other site such as it.

I used it to get a loan for my Civic years ago. Little to no credit, bank wouldn't finance me $20K so I got $10K through Capital One at 9%. Certainly not the best interest rate, but you can always refinance later on when you have a history of on-time payments and paying extra...

how does lendingtree work? i always thought those companies you see commercials for were scams

 

[SlowTEC]

LendingTree.com <-- A monkey could do it.

Personally, I think banks are just as scandalous as any other lender. Just don't agree into anything you're not completely certain about.

 

[PhntmSk8r]

Getting a loan in your dads name, for a truck you don't NEED is a horrible idea. It's not going to help you at all, except to brag to your friends that your dads cool credit score bought you that truck.

And you completely missed the point of my last post.

The economy is bad now, yes. It's nowhere NEAR the worst it's ever been, and it hasn't hit rock bottom yet. Wait until next year and watch it all unfold

 

[thadoggma]

i agree, now is probably not the best time to be buying a car. and if you absolutely must, dont go to a stealership, go through a private party, its much easier and best of all, its paid for!

 

[Ian123]

Getting a loan in your dads name, for a truck you don't NEED is a horrible idea. It's not going to help you at all, except to brag to your friends that your dads cool credit score bought you that truck.

And you completely missed the point of my last post.

The economy is bad now, yes. It's nowhere NEAR the worst it's ever been, and it hasn't hit rock bottom yet. Wait until next year and watch it all unfold

i kinda do need a new car, even my dad agrees i need something newer and more reliable. but he probably wants me in like the $12k range as opposed to $25k. we'll see what happens