Are Car Notes for Suckas? School me on financing a car please

[atlien seeko]

Originally Posted by Degenerate423

Originally Posted by Hugo

Originally Posted by ATLien Seeko

I like when people come in and say "DONT DO IT!" with no reason or insight as to why not... If you need a car, you want a certain model, and you can afford it, go for it. It's as simple as that. If I could afford it, I definitely wouldnt mind having a car note on a Nissan GT-R. Why not pay for a car that you really want/need and will use? It's good logic.

ummmmm i use to be a salesman..everyone gets dicd when financing, buddy.

sorry for the dumb question, but what's "dicd?"

...

See: Sodomized

 

[atlien seeko]

Originally Posted by Degenerate423

Originally Posted by Hugo

Originally Posted by ATLien Seeko

I like when people come in and say "DONT DO IT!" with no reason or insight as to why not... If you need a car, you want a certain model, and you can afford it, go for it. It's as simple as that. If I could afford it, I definitely wouldnt mind having a car note on a Nissan GT-R. Why not pay for a car that you really want/need and will use? It's good logic.

ummmmm i use to be a salesman..everyone gets dicd when financing, buddy.

sorry for the dumb question, but what's "dicd?"

...

See: Sodomized

 

[airforce1king]

I didn't read anything in this thread but I'll give you my $.02.

Don't take on too much. If you don't have the money to flat out buy a new whip, don't pay a note on something will jam you up for a few years.

In '08, I bought an '04 TrailBlazer. It was flawless and had 69,000 miles on it. It was $7700 down. I put $3100 down as a down payment. My note was $138 a month. I use to pay $200 a month to kill the interest and pay it down faster. Ended up paying it off last year. Traded that in this past April for an '06 TrailBlazer with 70'000 miles. I also put $6000 down. I now owe about $1500 down on it. My note is $39 a month. I will be paying this off with my income tax and getting an '07 TrailBlazer around April/May. My goal is to have another monthly payment under $100. I purposely pick up the little car notes to keep my credit fresh...

 

[airforce1king]

I didn't read anything in this thread but I'll give you my $.02.

Don't take on too much. If you don't have the money to flat out buy a new whip, don't pay a note on something will jam you up for a few years.

In '08, I bought an '04 TrailBlazer. It was flawless and had 69,000 miles on it. It was $7700 down. I put $3100 down as a down payment. My note was $138 a month. I use to pay $200 a month to kill the interest and pay it down faster. Ended up paying it off last year. Traded that in this past April for an '06 TrailBlazer with 70'000 miles. I also put $6000 down. I now owe about $1500 down on it. My note is $39 a month. I will be paying this off with my income tax and getting an '07 TrailBlazer around April/May. My goal is to have another monthly payment under $100. I purposely pick up the little car notes to keep my credit fresh...

 

[eight2one]

dont forget you're gonna need money for car insurance money too!

 

[eight2one]

dont forget you're gonna need money for car insurance money too!

 

[al audi]

Originally Posted by eight2one

dont forget you're gonna need money for car insurance money too!

car insurance under your moms policy ftw

 

[al audi]

Originally Posted by eight2one

dont forget you're gonna need money for car insurance money too!

car insurance under your moms policy ftw

 

[s0lefunk]

What exactly determines the APR?

I'm looking to buy a new-er car in the near future. After countless repairs exceeding the value of the car (93 & 96 Hondas) I'm looking to put my money into something I actually want.

Really looking into an 08 Maxima. Any input?

 

[s0lefunk]

What exactly determines the APR?

I'm looking to buy a new-er car in the near future. After countless repairs exceeding the value of the car (93 & 96 Hondas) I'm looking to put my money into something I actually want.

Really looking into an 08 Maxima. Any input?

 

[toliveanddieinnj]

One of the tricks dealers/car companies use, is you'll see an APR of like .9 - 4 % on new cars, but used car APRs will be like 6 = 7+%, If you are going used, find the car, set the price and everything with the dealer and then get the loan thru your bank or even better a credit union if you have access to one. Leasing is dumb, im leasing my 2nd car currently and its just wasted money. The only positive is I don't pay anything for car maint. except gas and I bought new wipers. Oil changes/tire rotations were included by the dealer. Other hand, when my lease is up I have nothing to show at all, and will have to come up with down payment money all over again. However brand new cars are nice. My next move will be certified pre-owned though.

 

[toliveanddieinnj]

One of the tricks dealers/car companies use, is you'll see an APR of like .9 - 4 % on new cars, but used car APRs will be like 6 = 7+%, If you are going used, find the car, set the price and everything with the dealer and then get the loan thru your bank or even better a credit union if you have access to one. Leasing is dumb, im leasing my 2nd car currently and its just wasted money. The only positive is I don't pay anything for car maint. except gas and I bought new wipers. Oil changes/tire rotations were included by the dealer. Other hand, when my lease is up I have nothing to show at all, and will have to come up with down payment money all over again. However brand new cars are nice. My next move will be certified pre-owned though.

 

[dunks318ti]

Originally Posted by mr delorean

Originally Posted by GetThisMoney

Bad idea, save and get a used car cash. Btw those saying its great to build your credit, why the hell would he want to spend unnecessary extra money just to establish credit?

he may want to buy a house someday.  financing of that magnitude requires proven, consistent credit maintained for many years.  but remaining disciplined is difficult for many.

I recently just bought a house and I NEVER financed a car in my life. Financing a car can build credit, but it won't make you or break you. There are plenty cars to be bought straight cash with your down payment.(If you have 3k, get a car 3k or under. If you have 8k get a car 8k or under)Financing a car never really made too much sense to me unless you wanna stunt with only new models...but then you making payments monthly, car depreciates, have to pay full coverage, etc...

 

[dunks318ti]

Originally Posted by mr delorean

Originally Posted by GetThisMoney

Bad idea, save and get a used car cash. Btw those saying its great to build your credit, why the hell would he want to spend unnecessary extra money just to establish credit?

he may want to buy a house someday.  financing of that magnitude requires proven, consistent credit maintained for many years.  but remaining disciplined is difficult for many.

I recently just bought a house and I NEVER financed a car in my life. Financing a car can build credit, but it won't make you or break you. There are plenty cars to be bought straight cash with your down payment.(If you have 3k, get a car 3k or under. If you have 8k get a car 8k or under)Financing a car never really made too much sense to me unless you wanna stunt with only new models...but then you making payments monthly, car depreciates, have to pay full coverage, etc...

 

[6 Rings G.O.A.T.]

There is a lot of useful information in this thread. .

 

[6 Rings G.O.A.T.]

There is a lot of useful information in this thread. .

 

[2lipslegit]

Another thing, when buying a car don't let the salesman work the 4-square model against you. Basically, the squares are Purchase Price, Trade-In Value, Monthly Payment, and Down Payment.

A smart salesman is gonna try to bargain more than one at the same time so say you want to put down a lower payment up front he'll say I cant do that but I can bring down the monthly payment by extending the amount of time you pay. See, he just *+!**% you on two squares at once. To get the best deal youre gonna have to try to bargain each one individually. The best way to do this is get financing at a credit union or bank if youre trying to get financing so you dont have to talk about payments at all with the dealership (theyll be real tight that you played the game right). Negotiate the price before even mentioning a trade-in and mentioning youll need financing. Then move on to talking about your trade in and all that.

Also, dont let him try to make you promise anything like "oh so if I can find a deville for under 8000 I can have you driving it off the lot today, you ready for that?" Smart salesmen are gonna make you feel like you have to agree to close the deal soon, when you shouldnt be. And he could use tricks like asking you what color you want or options, that type of thing, so then youre basically committing yourself to making a deal cuz he'll be like "I found a car with everything you want and its green like you said now lets do some paperwork"

You feel me, the salesmans always gonna try to mind *%%$ you but you gotta know what hes doin to combat that.

 

[2lipslegit]

Another thing, when buying a car don't let the salesman work the 4-square model against you. Basically, the squares are Purchase Price, Trade-In Value, Monthly Payment, and Down Payment.

A smart salesman is gonna try to bargain more than one at the same time so say you want to put down a lower payment up front he'll say I cant do that but I can bring down the monthly payment by extending the amount of time you pay. See, he just *+!**% you on two squares at once. To get the best deal youre gonna have to try to bargain each one individually. The best way to do this is get financing at a credit union or bank if youre trying to get financing so you dont have to talk about payments at all with the dealership (theyll be real tight that you played the game right). Negotiate the price before even mentioning a trade-in and mentioning youll need financing. Then move on to talking about your trade in and all that.

Also, dont let him try to make you promise anything like "oh so if I can find a deville for under 8000 I can have you driving it off the lot today, you ready for that?" Smart salesmen are gonna make you feel like you have to agree to close the deal soon, when you shouldnt be. And he could use tricks like asking you what color you want or options, that type of thing, so then youre basically committing yourself to making a deal cuz he'll be like "I found a car with everything you want and its green like you said now lets do some paperwork"

You feel me, the salesmans always gonna try to mind *%%$ you but you gotta know what hes doin to combat that.

 

[crcballer55]

Originally Posted by ATLien Seeko

I like when people come in and say "DONT DO IT!" with no reason or insight as to why not... If you need a car, you want a certain model, and you can afford it, go for it. It's as simple as that. If I could afford it, I definitely wouldnt mind having a car note on a Nissan GT-R. Why not pay for a car that you really want/need and will use? It's good logic.

OK, I'll throw in some facts.  Of the millionaires cited in the book "Millionaire Next Door", 85% pay cash for their "new car".  The other 15% lease.  Most who pay cash for their "new" car buy one that is 3-5 years old and pay about $35/lb.  The most common cars among millionaires are Ford F150s & Toyota Camry's.

The average car payment in America is $450 per month.  If you invested your car payment in the stock market over a 40 year period at the historic annual average of 10%/yr. you would have over $3 Million.

Enjoy your car payment!

 

[crcballer55]

Originally Posted by ATLien Seeko

I like when people come in and say "DONT DO IT!" with no reason or insight as to why not... If you need a car, you want a certain model, and you can afford it, go for it. It's as simple as that. If I could afford it, I definitely wouldnt mind having a car note on a Nissan GT-R. Why not pay for a car that you really want/need and will use? It's good logic.

OK, I'll throw in some facts.  Of the millionaires cited in the book "Millionaire Next Door", 85% pay cash for their "new car".  The other 15% lease.  Most who pay cash for their "new" car buy one that is 3-5 years old and pay about $35/lb.  The most common cars among millionaires are Ford F150s & Toyota Camry's.

The average car payment in America is $450 per month.  If you invested your car payment in the stock market over a 40 year period at the historic annual average of 10%/yr. you would have over $3 Million.

Enjoy your car payment!

 

[johngotty]

I swear I didn't realize NT was so flush w/money.

Personally, I prefer my note to be w/in a certain range but I've seen people take on amounts upwards of $600 for new cars. My thing is you take on a manageable note, pay the loan off early (as Trailblazer guy mentioned) and you're good. Plus, you've done a bit of good for your credit.

 

[johngotty]

I swear I didn't realize NT was so flush w/money.

Personally, I prefer my note to be w/in a certain range but I've seen people take on amounts upwards of $600 for new cars. My thing is you take on a manageable note, pay the loan off early (as Trailblazer guy mentioned) and you're good. Plus, you've done a bit of good for your credit.

 

[been fly since 85]

I dont think having a car note is bad at all as long as you take your time and get a car you know your gonna like for years to come. Also, make sure you can afford it!

 

[been fly since 85]

I dont think having a car note is bad at all as long as you take your time and get a car you know your gonna like for years to come. Also, make sure you can afford it!

 

[sco cuddie1]

Originally Posted by ro0ts

Originally Posted by LuckyLuchiano

paying 3-400 a month for a car just sounds scary because there could be that one month you dont have the bread and that would be a lot of money to put together.

If this is the case then you should not be considering financing a car. Anyone who locked themselves into a car payment should have a rainy day fund and be putting a decent amount into their savings every month.

THIS.

If you're hurting with a 300-400 dollar monthly payment, you need to look for a cheaper car.