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Started By
Message
Bad credit auto loan with big down payment?
Posted on 2/25/14 at 11:39 pm
Posted on 2/25/14 at 11:39 pm
If someone had a 580-600 credit score, could they buy a brand new truck for $50k after TTL? $15k down payment so $35k would be financed. Yearly income +/- $150k a year. Have only been at new job for 2 months but just left a job of 4 years averaging $85k a year. Any auto finance guys on here? Also about what would the interest rate be?
9
Posted on 2/25/14 at 11:40 pm to DanielTosh
Hmmmm
Posted on 2/25/14 at 11:40 pm to DanielTosh
Why is your credit score so low on 85 a year?
Posted on 2/25/14 at 11:40 pm to DanielTosh
if you have shitty credit, buying a $50k truck is retarded
Posted on 2/25/14 at 11:41 pm to DanielTosh
There's a reason your credit score blows and it's from making shitty financial decisions like this.
Go by a 2007 Tundra with 75k miles for $15k ish and call it a day.
Or better yet. Keep whatever vehicle you have now and use the $15k to straighten out your shite.
Go by a 2007 Tundra with 75k miles for $15k ish and call it a day.
Or better yet. Keep whatever vehicle you have now and use the $15k to straighten out your shite.
This post was edited on 2/25/14 at 11:43 pm
Posted on 2/25/14 at 11:42 pm to DanielTosh
How does someone have bad credit making 150k?
Posted on 2/25/14 at 11:43 pm to DanielTosh
Gonna be dang near impossible. Is the credit score because of bad credit or lack thereof? Just because you're a 580-600 doesn't mean you have 'horrible' credit.
But if you're buying your first car it's going to be damn impossible to finance $35k.
But if you're buying your first car it's going to be damn impossible to finance $35k.
This post was edited on 2/25/14 at 11:45 pm
Posted on 2/25/14 at 11:43 pm to magildachunks
Got laid off right before that job and was young with little experience so it was hard to get another job and had a lot of bills. Wrecked credit and took a few years just to repay everything. Back to topic on the loan.
Posted on 2/25/14 at 11:43 pm to DanielTosh
So you had a couple of late payments?
Or did you have a repo?
I do this for a living by the way.....
Or did you have a repo?
I do this for a living by the way.....
This post was edited on 2/25/14 at 11:46 pm
Posted on 2/25/14 at 11:44 pm to DanielTosh
If you're making $150k now just save $50k over the next 8 months and buy your truck then. Assuming you don't have a mountain of debt.
This post was edited on 2/25/14 at 11:45 pm
Posted on 2/25/14 at 11:45 pm to magildachunks
quote:
Why is your credit score so low on 85 a year?
First thing that came to mind.
Posted on 2/25/14 at 11:45 pm to DanielTosh
Someone will finance (rape) you but you may be looking at an interest rate over 10% and may have to out about 25k down
Posted on 2/25/14 at 11:46 pm to Hog Springs
It's because of bad decisions in the past. The reason I'm wanting to buy brand new is because of tax write offs. I will pay truck off in less than 2 years so I'm not as worried about interest. I'm completely caught up on all bills and have paid everything off. I plan on keeping the truck for several years so I'm getting what I want.
Posted on 2/25/14 at 11:47 pm to DanielTosh
quote:
Got laid off right before that job and was young with little experience so it was hard to get another job and had a lot of bills. Wrecked credit and took a few years just to repay everything. Back to topic on the loan.
OK.
Second question: why do you need a 50 thousand dollar truck?
Is your penis really that small?
Posted on 2/25/14 at 11:47 pm to magildachunks
quote:
Why is your credit score so low on 85 a year?
You wouldn't believe what I see on a day-to-day basis brah.
It's ridiculous what kind of positions people put themselves in every day.
Especially this time of year with tax money coming in.
Posted on 2/25/14 at 11:48 pm to Golfer
quote:
Go by a 2007 Tundra with 75k miles for $15k ish and call it a day.
that's exactly what I did a little over a year ago
frick buying a new car
Posted on 2/25/14 at 11:48 pm to Hog Springs
It was more than just a truck. It was credit cards, boat, atv, etc. I only have a boat now and it's paid for. I got promoted but I have to turn in my company truck so I'm buying something new.
Posted on 2/25/14 at 11:48 pm to DanielTosh
Yes you can. Brother went through essentially the same situation as you, put down 7k and got a 35k loan. So he got a 42k truck.
Small town bank and family does a lot of business with them. So idk how it works with a bigger bank.
Small town bank and family does a lot of business with them. So idk how it works with a bigger bank.
This post was edited on 2/25/14 at 11:50 pm
Posted on 2/25/14 at 11:50 pm to DanielTosh
quote:
It was credit cards, boat, atv, etc.
You are a typical new money idiot.
ETA: not meant as an insult. People don't know what to do with new money, so they go overboard.
Course, not sure you learned your lesson.
This post was edited on 2/25/14 at 11:52 pm
Posted on 2/25/14 at 11:50 pm to TH03
Find me one with nav, leather and sunroof for that price.
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