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Bad credit auto loan, big down payment
Posted on 2/25/14 at 11:31 pm
Posted on 2/25/14 at 11:31 pm
Hypothetically, 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. Any auto finance guys on here? Also about what would the interest rate be?
7
Posted on 2/25/14 at 11:46 pm to DanielTosh
Probably close to 7% APR
Posted on 2/25/14 at 11:49 pm to DanielTosh
God you are bad with money
Posted on 2/26/14 at 7:37 am to DanielTosh
Buy a 15k truck, get your credit score in the high 700's, reward yourself then. Somebody spending 50k on a truck with a credit score in the 500's is not wise. Even if you do pay it off in two years and get 7% still paying 3k in interest
Posted on 2/26/14 at 8:24 am to DanielTosh
Bad credit and buying a 50k truck. Sigh.
Posted on 2/26/14 at 10:35 am to DanielTosh
quote:
Hypothetically
Nothing hypothetical about this scenario, right?
quote:
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.
I'm going to help you. Dave Ramsey:
quote:
“We buy things we don't need with money we don't have to impress people we don't like.”
quote:
“If you will live like no one else, later you can live like no one else.”
quote:
“Act your wage.”
quote:
“You must gain control over your money or the lack of it will forever control you.”
quote:
“Stupid is not illegal.”
Go Read
Posted on 2/26/14 at 12:40 pm to DanielTosh
Yep, you are on the right track Op. I was in a similar situation a few years ago. Got a great deal on a 60k car, financed 25k at about 8%. Bought it at the height of the recession and it has held it's value great.
Credit union will do it at about 8%.
Credit union will do it at about 8%.
Posted on 2/27/14 at 9:52 am to DanielTosh
Is a truck needed for your job? If not drive what you have now and save $50k. You only need another $35k. And when you go to buy your $50k truck with cash (or a check) make them drop the price by $7k or walk across the street.
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