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Started By
Message
re: Bad credit auto loan with big down payment?
Posted on 2/26/14 at 12:19 am to SaintCajun
Posted on 2/26/14 at 12:19 am to SaintCajun
quote:
This is why I'm perfectly happy not making a lot of money. No urge to buy things I don't need. I'll take my $45k/year and my one credit card that has a $500 limit and be happy
No offense but screw that
1
Posted on 2/26/14 at 12:20 am to Teddy Ruxpin
quote:
No offense but screw that
None taken
Posted on 2/26/14 at 12:20 am to foshizzle
quote:
Alter, never mind.
Well yea lol. For one I don't want everyone knowing my business and two I didn't want to look like a tool trying to act like I make good money
Posted on 2/26/14 at 12:23 am to Golfer
quote:
And I just looked, you can only depreciate $11,600/yr on the vehicle. So you're better off buying a 15k used vehicle and depreciating the $3000 or so a year that the IRS allows. But you shouldn't be able to do both since you are receiving a mileage reimbursement for business use above the federal level.
Some of that may be true but I've talked to 2 different CPA's and several people who write off things every year. Some of it probably depends on what your business is classified as
Posted on 2/26/14 at 12:26 am to DanielTosh
This thread was frustrating to read.
Posted on 2/26/14 at 12:29 am to Bigpoppat
quote:
It's a different company and I'm a consultant so I get a day rate and get paid .75 a mile instead of a salary and a truck.
Are you a self employed 1099?
Posted on 2/26/14 at 12:35 am to weadjust
quote:
Are you a self employed 1099?
Yes and I have an S Corp.
Posted on 2/26/14 at 12:38 am to DanielTosh
Good luck. seriously, and be smart this time....
Btw, what kind of truck are u looking at? Just out of curiosity.
seriously, and be smart this time.... Btw, what kind of truck are u looking at? Just out of curiosity.
Posted on 2/26/14 at 12:41 am to Hog Springs
quote:
Good luck. seriously, and be smart this time.... Btw, what kind of truck are u looking at? Just out of curiosity.
Thanks. I have a $500 limit credit card that I put about $150 on a month, rent, and utilities so I should easily be able to afford it and pay it off fast. I'm looking at the 2014 GMC Sierra 1500 4x4 SLT.
This post was edited on 2/26/14 at 12:46 am
Posted on 2/26/14 at 12:46 am to DanielTosh
Nice. I work at a GMC store so I love the new ones. I'm looking at getting a Denali version later this year.
These trucks are bad arse and once the word starts getting out on them we're going to start selling the shite out of them. GMC finally did something right with these new models. They're so bad arse.
These trucks are bad arse and once the word starts getting out on them we're going to start selling the shite out of them. GMC finally did something right with these new models. They're so bad arse.
Posted on 2/26/14 at 12:50 am to Hog Springs
I am a finance director. I can get you a very good rate through a subvention program. Let me know if you are interested. Don't mind helping out a fellow TD'er.
Posted on 2/26/14 at 12:53 am to eazyeric23
quote:
I am a finance director. I can get you a very good rate through a subvention program. Let me know if you are interested. Don't mind helping out a fellow TD'er.
I am interested in finding out more. You have a website or email?
Posted on 2/26/14 at 12:54 am to Hog Springs
quote:
Nice. I work at a GMC store so I love the new ones. I'm looking at getting a Denali version later this year. These trucks are bad arse and once the word starts getting out on them we're going to start selling the shite out of them. GMC finally did something right with these new models. They're so bad arse.
Yes I have test driven them and a friend just bought the All-Terrain package
Posted on 2/26/14 at 12:57 am to eazyeric23
Problem with going subvention is that if he plans on paying it off early then he loses instant equity in his vehicle with rebates. It'd probably be damn near the same money either way with that kind of money down. Someone like chase custom will possibly buy it with that equity.
As far as GM's subvented rate banks go, Wells Fargo ain't buying shite right now and gm financial sucks. Ally is his best bet but I have a hard time seeing them buy that deal. If he gets the amount financed under $30k I could see ally buying it.
As far as GM's subvented rate banks go, Wells Fargo ain't buying shite right now and gm financial sucks. Ally is his best bet but I have a hard time seeing them buy that deal. If he gets the amount financed under $30k I could see ally buying it.
Posted on 2/26/14 at 12:57 am to DanielTosh
Username at yahoo.
Posted on 2/26/14 at 12:58 am to eazyeric23
So you bought a bunch of shite when you were young and then lost your job causing bankruptcy. You work 7 years to get everything back to where it should be making 85k. Now you are making 12k/month for 2 months and the first thing you want to do is buy a 50k truck? You obviously didn't learn from your mistakes.
Buy a reasonable vehicle- start saving for your future house.
Buy a reasonable vehicle- start saving for your future house.
Posted on 2/26/14 at 1:05 am to saderade
quote:
So you bought a bunch of shite when you were young and then lost your job causing bankruptcy. You work 7 years to get everything back to where it should be making 85k. Now you are making 12k/month for 2 months and the first thing you want to do is buy a 50k truck? You obviously didn't learn from your mistakes. Buy a reasonable vehicle- start saving for your future house.
No it took a couple of years to get to 85k and made it the last few years. This job is pretty secure and yes I make 12k a month and I'm putting down a minimum of 15k maybe 18-20k. I don't plan on financing anything else until I buy a house. Me financing 30-35k will make me have about $2,500 in total bills a month so I can easily afford it. I will pay it off in less than 2 years so the interest won't hurt as bad. If I pay cash for a truck or finance 5k it won't build my credit as much. Also as I previously said there are benefits to having a brand new truck for my business.
ETA- when I lost my job before I was 22 years old with very little experience. I have since made a name for myself and made a lot of good contacts. I will never have much trouble finding a job again. Since I have gone consulting I've had 3 other companies ask if I wanted to consult for them.
This post was edited on 2/26/14 at 1:08 am
Posted on 2/26/14 at 1:07 am to DanielTosh
You're right ab ur credit. U need to start re-establishing it.
Posted on 2/26/14 at 1:14 am to DanielTosh
my buddy works at Toyota and he told me he got financing for a guy with a 485 Credit score and $65,000 a year income.
So yeah, it's possible.
But really should have your debts paid down.
So yeah, it's possible.
But really should have your debts paid down.
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