Gond July 21, 2003 Share Gond Member July 21, 2003 When I was going to buy my bike my dad's credit union would not let me have a loan even with him co-signing. It was for like a grand (18 years ago). He was so tinkled at them he took all his money out and put it elsewhere. Hmmm...really has no bearing on this subject Link to comment Share on other sites More sharing options...
gOOters July 22, 2003 Author Share gOOters Member July 22, 2003 Ha! Yeah Gond, I have a buddy who's Dad had ALOT of money in his bank. His kid had a decent credit rating but got slapped down. Pops called the bank and the kid was instantly approved...on his own credit! I just got $33K from eloan.com at 4.6%...not bad! I am also working peoplefirst.com, I have heard good things about them. Things are looking good! Link to comment Share on other sites More sharing options...
White Knight July 22, 2003 Share White Knight Member July 22, 2003 congrats!!! Link to comment Share on other sites More sharing options...
General J July 22, 2003 Share General J Member July 22, 2003 The Z comes one step closer! I checked out liability on a bike today. With my quick background, my quote came out to $366/12 mo. That was with progressive, but my family has always had State Farm. So I hopefully will get an even better rate with them. The bike also comes one step closer Link to comment Share on other sites More sharing options...
[Mmmm]Homer July 22, 2003 Share [Mmmm]Homer Member July 22, 2003 So lemme get this straight, you were whining here because you couldn't get a $32,000 car loan load for under 8%. ??? Booooohooooooohoooooo! I cry for you. Now I feel like saying, "Go get a nice used 5 year old Accord and be happy with it! " Brat! Link to comment Share on other sites More sharing options...
General J July 22, 2003 Share General J Member July 22, 2003 Homer sounds bitter.. Link to comment Share on other sites More sharing options...
DJ Premier July 22, 2003 Share DJ Premier Member July 22, 2003 how much are you putting down on that car??!!? like 40 cents? Doesn't that car sticker for around the mid 30's? Link to comment Share on other sites More sharing options...
gOOters July 22, 2003 Author Share gOOters Member July 22, 2003 I am putting down...NOTHING. I will use the equity in my truck to pay off all of my higher interest debts. I will be basically debt free once I do that, but it will take all of the money from my truck sale. Tip: always put your money toward the highest interest rate (paying off debt or investing). Yeah, 8% for an auto loan is miserable for right now Homer. Go look, the rates for most borrowers with decent credit right now are at about 3.8-4.5% right now on auto loans and 5-6% on mortguages. Maybe you need to make sure you aren't getting taken advantage of right now? Oh also, my top price is a lot lower than $32K, more like $26K. Take it easy on my fragile psyche, I really stepped out on a limb sharing my personal finances with all you guys. Link to comment Share on other sites More sharing options...
[Mmmm]Homer July 22, 2003 Share [Mmmm]Homer Member July 22, 2003 My car is paid for. Well, I was just thinking that you seem wise to the finances except that a car is a depreciating item. Getting a 'reasonable' car seems like it would be the 'smart' option. But hey, I was 20somthing a couple of years ago too. =) It sounds like a good deal you've sniffed out, but with a new(ish) Z-car I would think that the seller would have people coming at him with more cash than you are offering. This also makes me think that there is something wrong with the car - lemon, wrecked, something rebuilt. I know you said it has a clean VIN, but why sell for thousands under bluebook - and this offer seems like it has stood for over a week while we've been spamming on about this. What's the insurance for you like on this per year? Please tell me you know what it is. As far as your finances, kudos on the abilty to get a big loan. Just make sure it doesn't cramp the rest of your life and you are car-poor. Link to comment Share on other sites More sharing options...
gOOters July 23, 2003 Author Share gOOters Member July 23, 2003 (edited) GOod advise...thanks for lookin out for meh! No, I am totally unwilling to be car poor. I would end up hating my car, I know. I have found about three deals like the aforementioned as I write this. One of these is an even better deal...a Touring for $26.5K OBO! The market has met it's demand and the dealers are back to selling for 2-3K under MSRP. Edit: I got the loan...buut I'm only going to use a portion of it. And yes, I know the insurance rate on the new car...it's sick just like it is with every other vehicle I asked them to quote for me. It's only about $20/mo more than a new Dodge Ram...so that's not a deciding factor. Edited July 23, 2003 by gOOters Link to comment Share on other sites More sharing options...
DJ Premier July 23, 2003 Share DJ Premier Member July 23, 2003 yeah, don't be like me....i was paying close to $300 a month on insurance on my first car that i took out a loan for $26000 while at the ripe old age of 25. Talk about car-poor. I was the friggin definition of car poor back then. Link to comment Share on other sites More sharing options...
[VI]ROosTEr July 23, 2003 Share [VI]ROosTEr Member July 23, 2003 I am putting down...NOTHING. I will use the equity in my truck to pay off all of my higher interest debts. I will be basically debt free once I do that, but it will take all of the money from my truck sale. Tip: always put your money toward the highest interest rate (paying off debt or investing). Yeah, 8% for an auto loan is miserable for right now Homer. Go look, the rates for most borrowers with decent credit right now are at about 3.8-4.5% right now on auto loans and 5-6% on mortguages. Maybe you need to make sure you aren't getting taken advantage of right now? Oh also, my top price is a lot lower than $32K, more like $26K. Take it easy on my fragile psyche, I really stepped out on a limb sharing my personal finances with all you guys. did you reverse your interest rates? Anyone paying 5 - 6% for a mortgage right now is a fool. I would say about 4.7% to 5.2% depending on the term. But actually the car rates sound about right. hrmmm...we just (this month) re-financed for a 15 year term @ 4.6%. I dunno, I know the rates aren't changing that much, the most I have seen them rise is to 5% lately. Link to comment Share on other sites More sharing options...
gOOters July 23, 2003 Author Share gOOters Member July 23, 2003 (edited) ugh...NYC. I have heard NJ has the most ridiculous rates in the country. [VI]ROosTEr Posted on Jul 22 2003, 09:15 PM Anyone paying 5 - 6% for a mortgage right now is a fool. Rooster: A 30 year fixed rate of 5-6% is not bad. The avg rate this past week is about 5.5% for 30 year fixed mortgages (up a shade from last week). Not only that, not everyone has the credit built up yet to obtain super low 4.5% financing for 30 years. My friends who are buying houses are getting 5-6%. Your rate is exactly what it should be for a 15 year mortgage. Edited July 23, 2003 by gOOters Link to comment Share on other sites More sharing options...
Mr.Mustard July 23, 2003 Share Mr.Mustard Member July 23, 2003 (edited) First off I've had one car loan and I'll never do it again. I actually had the cash to pay for the car, but being young and starting a family and all I wanted to build credit and got a loan...then after about 4 months of paying interest on a car that I knew would loose probably 1,000 dollars in resell value in it's first year after I payed about 3k in interest I decided to go ahead and pay off the loan, which doesn't look as good as consistent payments through the length of the loan as far as credit is concerned, but who gives a flying rats butt. Sure buying a new car is great, but paying cash and not having a damn thing to worry about is better. Financing a house and property that will increase in value and most likely resell at a value greater than you paid for is great. Financing a car at 32k will bite you in the donkey l8r when you think abou it, but before you buy just look ask these questions... 1. What is the total cost of this car when I'm done paying it off? 2. What will it cost if I pay cash? 3. How long would it take me save up that cash? I will guarantee that you can save up the cash to buy that new car faster than you will pay it off. Also the price in cars doesn't really go up so if in 3 years you could buy a new car, then you would have a new 2006 Z rather than a 2003 AND it would be payed for! Good luck gooters I know we've all given you alot to think about and try and I know that what I'm typing isn't what you WANT to hear, but you got it anyways. Edited July 23, 2003 by Mr.Mustard Link to comment Share on other sites More sharing options...
Gond July 23, 2003 Share Gond Member July 23, 2003 With my quick background, my quote came out to $366/12 mo. wow...I assume that is including collision. I'm paying 180/year for my bike with Allstate but thats just the basic + uninsured motorist coverage. I remember my first bike policy with Progressive...50 bucks a year!!! Damn crotch rockets have killed the cheap bike insurance Link to comment Share on other sites More sharing options...
gOOters July 23, 2003 Author Share gOOters Member July 23, 2003 Great advise Mustard. I have some friends that buy EVERYTHING cash, even their houses! Seriously good advise...I might follow that someday, but I know my truck wont keep commuting so far for the next three years. Also, I am willing to pay the $1300 or so to finance a car for the next several years. Maybe once I get a decent income I will be able to buy my cars cash. Also, I will be buying a house in about three years from now. I have a secret plan that will give me a BIG down payment on my house, but I will still need to qualify for the home mortgage. Honestly, I am willing to pay the interest on a car now just to build more credit for when I buy my house!?! After that, my little Nissan should be able to run long enough for me to save cash for the next vehicle. Link to comment Share on other sites More sharing options...
yErMoTH3r July 23, 2003 Share yErMoTH3r GC Founder July 23, 2003 when u go for home loan.....they will want 2 years of income history. save it up and offset their deally with cashish...and dont pay points and pmi....DOWNPMT! Link to comment Share on other sites More sharing options...
General J July 23, 2003 Share General J Member July 23, 2003 I'm paying 180/year for my bike with Allstate but thats just the basic + uninsured motorist coverage. 180/yr would be nice, but this is also for an 18 year old, with an assumption of a 600cc bike, and an insurance company I have never had. How long have you been with Allstate? My family has had State Farm for as long as I can remember, and only had a few minor claims such as hail damage. So hopefully with them it will be a lot lower than 366. Link to comment Share on other sites More sharing options...
gOOters July 23, 2003 Author Share gOOters Member July 23, 2003 good advise mom State Farm treated me well. Link to comment Share on other sites More sharing options...
General J July 23, 2003 Share General J Member July 23, 2003 They have done pretty well for my family. As well as they can for a teenage male. Right now my insurance isn't too bad becuase I am not listed as primary on my truck... I am listed on the Cadi Link to comment Share on other sites More sharing options...
Gond July 23, 2003 Share Gond Member July 23, 2003 I've been with allstate for 10+ years now...course I'm 37 and married so I get good rates...plus the whole home/auto discount. I actually called asking if I could get them lower but he said that was as low as they go...I didn't bother calling around. My $50/year was back when I was 20. Again, that did not have collision. Link to comment Share on other sites More sharing options...
Mad Bean July 25, 2003 Share Mad Bean Member July 25, 2003 So, what's the status gOOt? Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now