iam trying to buy a "R" and just wanted to know if you guys used LOANS to get your R. Iam only 18 and my Credits virgin never been touched. How high would my interest be? Is it worth it? or should I just wait and save 10,000 for a down? What did you guys do?

Hope to hear from you guys..

thanks,
brian

 

Its always good to pay more money up front when purchasing a car. Thats less money you have to borrow with interest.

your other option is to have your parents co-sign for you (thats if they have good credit) Otherwise your interest is going to be thru the roof being that you are 18 w/ out credit.

 

Yar, loans suck. Try living for a few months without the few extra 100 a month that the loan/interest would be before you do it... sure it sounds good at the time, but when you are living off top roman all winter and you can't even play with your toy it isn't cool.

 

Thanks guys, thinking harder about getting this car or not, because my mom just bought a new 05 Toyota 4 runner this Monday. And she told she can't get anymore loans, something like that.

My freinds told me to ask the guy if hes willing to recieve monthly paychecks so I dont have to go throuh interests... is that possible? because he told me the only reason hes selling his car because he can't afford to keep 2 cars so Iam guessing he wants to let go it fast.

From my buddy Eric:

Eric: ask the person you're gonna buy it from to pay him off little by little....


Thanks,
Brian

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by IBriaIN &raquo;</TD></TR><TR><TD CLASS="quote">Thanks guys, thinking harder about getting this car or not, because my mom just bought a new 05 Toyota 4 runner this Monday. And she told she can't get anymore loans, something like that. </TD></TR></TABLE>

Having her cosign a loan shouldn't affect her in any way. Unless you didnt keep up with your payments, then she would be responsible. You can get a really good interest rate cosigning with someone who has established credit. Also, if you know you can keep up with your payments it would be a great way to build your own credit..plus you get to drive an R.

Also I wouldn't ask the guy if you can make personal payments, he will think you don't have the money for it and the title and insurance will be a disaster.

 

well im 21 and still have no credit......... my car is actually in my moms name but i pay the full amount of the car and insurance through her name...... i guess im lucky to have a mom that will let me get a loan through her..... its about to be switched to my name so i can build credit

ive been doin just fine paying for my car like this for the pat 1.5 years

 

If you can save for it definitely do it.

This is coming from a fellow ITR who got his ITR when he was a teenager. I love the car and am too contected to get rid of it now, but if I could go back in time I would definitely have just driven around something a lot cheaper.

I'm naturally use to paying it since I've had to pay it the day I landed my career job so I've never really known what is was like not to have to shell out a huge insurance and car payment, but I sure as heck know it would be really really nice.

&lt; should be paying off his ITR and credit cards in a week or so using mizzad home equity powa!

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by IBriaIN &raquo;</TD></TR><TR><TD CLASS="quote">TMy freinds told me to ask the guy if hes willing to recieve monthly paychecks so I dont have to go throuh interests... is that possible? because he told me the only reason hes selling his car because he can't afford to keep 2 cars so Iam guessing he wants to let go it fast.

From my buddy Eric:

Eric: ask the person you're gonna buy it from to pay him off little by little....</TD></TR></TABLE>

That is an absolutely terrible idea. If someone asked me that about my car that I'm selling I'd laugh at them and hang up the phone.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by .RJ &raquo;</TD></TR><TR><TD CLASS="quote">

That is an absolutely terrible idea. If someone asked me that about my car that I'm selling I'd laugh at them and hang up the phone.</TD></TR></TABLE>



Don't even ask.


You could always start trafficking cocaine, that's how I paid for my old R.

 

Unfortunately in today's standard, kids are unaware of the repercussions when it comes to financing a vehicle. All they look towards to is the gratifying concept of being known to own a vehicle that everybody else wants. However, a smart person would save his money and invest into something that holds value, like a house. Either way, I know a ton of kids, that drive nice vehicles, but don't own the title to the car, and are still paying it off, especially having to fork over the expensive full cover. If you take a 5 yr loan on a car, what will it be worth in 5 years, seriously. If you don't have the money to buy the car in cash, why buy it, you are just giving yourself more heartache and hassle. At 18 yrs old, you should be in college concentrating on furthering your career, not trying to obtain a nice car. I mean if your parents are rich and they pay off the car, then so be it. Its not a hassle, just an added convenience. But if you are struggling making payments and keep up with school all for a car, thats something to think about. Besides, a car doesn't show how much money you have, only you yourself and your close ones know.
I've been smart enough to restrain myself and only buy vehicles that I know I won't have a LIEN to.
Look at it this way, if you finance, you'll end up paying way more than the vehcile is worth, not to mention the only thing in my mind that you should have a LIEN to is a house.
I'm sure a lot of elders will agree with me on this
But hey its your money

 

My mom bought me mine.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Flux &raquo;</TD></TR><TR><TD CLASS="quote">My mom bought me mine.</TD></TR></TABLE>

no way, so did my mom.

 

just save up half the money for the R and get a co-signer and your good to go...credit card companies will be sending you cards. thats what happened to me...

 

well, i got a $3200 loan from my uncle. because i wanted the car pretty badly. so i paid the other half. and got the car.

 

I had a savings account that my dad had helped me open when I was 12. I would put any money I ever recieved from relatives for events such as Christmas, Birthday, New Years, etc. I would also cut my neighbors lawn with my dad's lawnmower and got some money that way. Actually, I had to replace that lawnmower because I wanted to see what it would be like to mow everything. Then I got a job around 16, and put almost every penny in my savings.

Started driving my parents car until they told me that I was no longer welcome to drive their car (they were replacing the tires every so month). Purchased my first car, a 1998 gsr for about 11k. Had it for about a year, then it was stolen. Insurance reimbursted me for the car to the value of 14k. I burrow 5k from my parents to buy my ITR; I repaid them with love and IOU's. Actually I was finally able to pay them fully in December of last year.

 

wow...I was 29 when I bought mine, I put 5k down and financed the rest for 5 years. My payment was 426 per month...I just sent in the last payment a few months ago.

My recommendation at your age is to get yourself a civic hatch and save up for a swap. You want to own the car, not have it own you.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Flux &raquo;</TD></TR><TR><TD CLASS="quote">My mom bought me mine.</TD></TR></TABLE>

Your mom bought me mine, too.

 

I think a lot depends on your personal situation. Things you need to consider: Are you going to college soon? Or are you working at a steady fulltime job? Do you have to pay rent? How much do you want to spend?

For me a loan wasnt a bad thing, It may have been better to put more as a down payment but it isnt too bad..$380 a month for 4 years at 4%. I had just got my fulltime job after college and it was a good way to build credit and drive my dream car at the same time. The payments aren't terible and I'm almost done with them.

Also, full coverage insurance is smart even if you own the car fully, in my opinion.

 

I think a lot depends on your personal situation. Things you need to consider: Are you going to college soon? Or are you working at a steady fulltime job? Do you have to pay rent? How much do you want to spend?

For me a loan wasnt a bad thing, It may have been better to put more as a down payment but it isnt too bad..$380 a month for 4 years at 4%. I had just got my fulltime job after college and it was a good way to build credit and drive my dream car at the same time. The payments aren't terible and I'm almost done with them.

Also, full coverage insurance is smart even if you own the car fully, in my opinion.

 

Cash It presents less of a hassle trying to locate monthly car payments in addition to other bills. If you want to build credit, start with a secured credit card. If you feel like you can handle that, then reconsider financing a car.
Then if you are really hard pressed to build your credit, save the money to buy an R then take a loan out against it, that way you know if anything ever happens at least you have the cash as collateral.

 

I put 2500 down and pair $458 a month for six years (yes i know) I paid too much as i bought it at a stealership but with 20026 miles on it and formally onwed by a 60 plus year old guy it was just to mint to pass up. I had seen many on auto trader.com but none locally and since i didnt have the cash at the time i had to finance it. If you can save up a down its the best way to go if its a used car or new car that you want to purchase. The only time its good to put al little down is when you are leasing. Luckily I sold my house one year after purchasing the R and then I just paid it off and saved alot of interest. This was my third car loan so i paid 10.5 interest. People do stupid things when they have to have something and have no patience like me!

 

I put down approx $8500 from the sale of my last car and borrowed the remaining $5k for my ITR...its near enough paid off now, so in about 3 months it will be totally mine

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by itr341 &raquo;</TD></TR><TR><TD CLASS="quote">I think a lot depends on your personal situation. Things you need to consider: Are you going to college soon? Or are you working at a steady fulltime job? Do you have to pay rent? How much do you want to spend?
</TD></TR></TABLE>

Iam going to attend Community college this fall which isnt really gonna effect my fiancial plan. I currently work at Kodak for 7.75/hr get around $3 something paycheck for 60 hrs biweekly? I dont have to pay rent,food,ect ect... leeching off mommy . The car cost around 16,000, but the problem is I dont want to pass this car up like PY 01-0972 siad never seen a black R stock in this condition but has 50,000 miles on it. Plus I want it because i can finally see it instead of shipping it over from another state.

so any other way I can get the car? I think my mom was lieing how she can't cosign my loan...because she told me she has great credit thats how she got her car with very low interests...


Modified by IBriaIN at 10:56 AM 3/31/2005

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by PY 01-0972 &raquo;</TD></TR><TR><TD CLASS="quote">I put 2500 down and pair $458 a month for six years (yes i know) I paid too much as i bought it at a stealership but with 20026 miles on it </TD></TR></TABLE>
That comes out to 35k!

I put 2500 down on my 05 WRX and I'm only paying 400 a month for 5 yrs. 4.9% interest.

 

I met the guy at the bank and just did a transfer from my account to his since we both banked at the same place.

Getting a loan for an R can be hard, as most companies don't recognize the value of them and won't loan that much. I looked into a loan, and the most any bank would give me is around $9k for a 98 integra, because to them, all 98 integras are the same.