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re: Auto Loan Help
Posted on 7/29/14 at 7:30 am to GeauxTime9
Posted on 7/29/14 at 7:30 am to GeauxTime9
quote:
1500 a week
What industry if you don't mind me asking?
1
Posted on 7/29/14 at 7:46 am to LSUTOM07
Am I off base in thinking that 2.99% is a shite interest rate for a new car purchase?
Posted on 7/29/14 at 8:00 am to Joshjrn
He is 23ish without established credit.
Posted on 7/29/14 at 8:01 am to Joshjrn
quote:
Am I off base in thinking that 2.99% is a shite interest rate for a new car purchase?
It's not the best, but certainly not terrible. People getting 0% or usually having to pay MSRP or close to it, unless they did a really good job of negotiating.
ETA: And this.
quote:
He is 23ish without established credit.
This post was edited on 7/29/14 at 8:02 am
Posted on 7/29/14 at 8:03 am to meansonny
It sounds like he is without a w-2.
If you are going to give 0% to your best borrowers, what rate do you suggest for a less experienced worker/borrower?
If you are going to give 0% to your best borrowers, what rate do you suggest for a less experienced worker/borrower?
Posted on 7/29/14 at 9:01 am to lsupride87
quote:
Go read Dave Ramsay. You should ride a tricycle until you are 80, then enjoy your money when you are too old to know the difference between a wet fart and an orgasm
Posted on 7/29/14 at 9:08 am to TheBoo
Let me also add something about my prior statement telling him to do it if all of his other ducks are in a row...
If you are going to do it, don't buy new. I would look at getting a 1-2yr old version of the vehicle you want. You are going to eat the biggest chunk of depreciation in that time frame and if you can mitigate your losses by buying used, I would.
I have had 1 new car in my life and that was a long time ago. Every other vehicle I have purchased has been used and I have been just as happy with them as buying new.
If you are going to do it, don't buy new. I would look at getting a 1-2yr old version of the vehicle you want. You are going to eat the biggest chunk of depreciation in that time frame and if you can mitigate your losses by buying used, I would.
I have had 1 new car in my life and that was a long time ago. Every other vehicle I have purchased has been used and I have been just as happy with them as buying new.
This post was edited on 7/29/14 at 9:11 am
Posted on 7/29/14 at 9:09 am to GeauxTime9
Pretty simply if you can handle the 5 year note do that, only if it's too much for your budget go to the 6 year. Accelerate the equity and pay less interest.
Posted on 7/29/14 at 9:12 am to Lsut81
quote:
If you are going to do it, don't buy new. I would look at getting a 1-2yr old version of the vehicle you want. You are going to eat the biggest chunk of depreciation in that time frame and if you can mitigate your losses by buying used, I would.
I have had 1 new car in my life and that was a long time ago. Every other vehicle I have purchased has been used and I have been just as happy with them as buying new.
This really depends on the vehicle. Buying a 1-2 year old truck could end up costing more than a new one after incentives, and have a higher APR.
Posted on 7/29/14 at 9:16 am to LNCHBOX
quote:
This really depends on the vehicle.
Very true... Just making sure he looks at how that initial depreciation could play in.
Posted on 7/29/14 at 9:27 am to GeauxTime9
Always finance for the least amount of time you can. 5 is plenty, 4 is better. This makes sense on many levels; cost-savings, ease of trade-in, etc.
2.99% is pretty close to as low as it gets, w/o manufacturers incentives.
Shop it around, but that's pretty low.
2.99% is pretty close to as low as it gets, w/o manufacturers incentives.
Shop it around, but that's pretty low.
Posted on 7/29/14 at 9:45 am to Lsut81
I don't disagree re: depreciation, but I do think they the used car guys are overlooking the reliability factor.
Cars are more reliable than they've ever been, but a new car is still way ahead of used cars. Young guy, first real job; with a new car he is solid for at least 24-36 months. Even if he has an issue, he can probably get courtesy transportation.
Cars are more reliable than they've ever been, but a new car is still way ahead of used cars. Young guy, first real job; with a new car he is solid for at least 24-36 months. Even if he has an issue, he can probably get courtesy transportation.
Posted on 7/29/14 at 1:24 pm to GeauxTime9
For many years, I have felt that every high school student in America should have to take a semester-long class in personal financial literacy. I think if we taught financal aspects in high school, we can prevent a lot of problems for these kids as they get older. Too many kids make poor financial decisions because they don't know any better, and don't have anyone to teach them.
Reading this thread just validates my thinking. If we can force kids to take a semester of art, we can make them take a class in financial literacy, that will actually help them.
Reading this thread just validates my thinking. If we can force kids to take a semester of art, we can make them take a class in financial literacy, that will actually help them.
This post was edited on 7/29/14 at 1:25 pm
Posted on 7/29/14 at 10:09 pm to LSUFanHouston
Thanks for all the replies. All the advice has been very helpful. I work industrial construction and that weekly rate is my minimum income. I will have the opportunity to work plenty of overtime so the money will be pretty good this year. I have worked plenty of 80-85 hour weeks but will more then likely clear close to 90k this year. This truck will be one of my only notes that I will have. No student loans, no other notes on toys or any bs stuff like that. My only bills will be this truck note, rent, and a utility bill. I completely understand what some of you are saying about spending too much money but I feel like I can comfortably afford this note.
Anyways, this is my first time posting on the MT board and I look forward to learning some good shite in here.
Anyways, this is my first time posting on the MT board and I look forward to learning some good shite in here.
Posted on 7/29/14 at 11:51 pm to GeauxTime9
If you want to build credit, I would fight like hell to not have a co-signer. If you have a job, no debt and want to buy a truck, you shouldn't need a co- signer.
But hey, I like 2.99% also.
But hey, I like 2.99% also.
Posted on 7/30/14 at 12:05 am to meansonny
And I thought I was doing good at raking in 52k a year at 22 years old.
Posted on 7/30/14 at 12:53 am to GeauxTime9
quote:
but I feel like I can comfortably afford this note.
Everything before the but is always worthless.
Enjoy the new car ..... just use this decision as a teaching moment for next time. Lots of great advice and you, like most of us to those with experience when we were young, said to stick it and you know better.
Posted on 7/30/14 at 7:10 am to GeauxTime9
If you can't just buy it , it's not worth having when in comes to cars IMO, single biggest waste of money for new guys. Stack up some cash and get in the game, don't send it off to somebody else's game.
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