Financing help

m4a1mustang · 09-22-2010, 08:58 AM

Quote:

Originally Posted by Cmike2780

The whole credit system if fkd up IMO. You can't get credit without already having credit. A friend of mine makes about 75k a year, no debt and never had a credit card. When she finally decided to get one, pretty much all the banks denied her for not having a credit history. The sad thing is, a few years ago she was bombarded with offers.

I think the credit union would be your best bet. Find a family member who already belongs to one to make it a little easier. Good luck.

Well, you establish credit by getting a credit card or paying a phone bill, cable bill, rent, whatever. Everyone should have a credit card at 18. Just be responsible with it.

Jeffblue · 09-22-2010, 09:20 AM

what are you supposd to do if you have a prepaid cell phone, steal your neighbors cable and internet, and live in abandoned buildings?

m4a1mustang · 09-22-2010, 09:22 AM

Quote:

Originally Posted by Jeffblue

what are you supposd to do if you have a prepaid cell phone, steal your neighbors cable and internet, and live in abandoned buildings?

Party.

Jeffblue · 09-22-2010, 09:26 AM

i wouldn't let myself get a credit card until after college. I payed for everything on debit card. until recently.

shoopajae10 · 09-22-2010, 11:38 AM

i know that with bofa, if you want a loan, they require that you have at least 5 years of established credit.

when i was about 22, with about 4 years of established credit, and my debt to income somewhere around 13% including rent, my loan was declined through bofa because of insufficient credit history.

I've had 1 car note for 3 years and 3 revolving credit cards for 4 years.

whoever the underwriters are for bofa are veryyyyyy veryyy to the books.

Falcor · 09-22-2010, 12:31 PM

off topic: how do I give rep points?

shoopajae10 · 09-22-2010, 12:42 PM

underneath where it displays the rep power click on the image in the middle.

IB 350Z · 09-22-2010, 03:28 PM

Falcor- The best answer, which guys are pretty much telling you, is too wait. Otherwise you could get crazy in debt. No car is worth it. If you ruin your credit now, it will only be uphill from there. Just my opinion. Pay the car you got now off, or at least, get out from being upside down. Besides, 2011' are coming up soon (maybe).

Falcor · 09-22-2010, 03:33 PM

Quote:

Originally Posted by IB 350Z

Falcor- The best answer, which guys are pretty much telling you, is too wait. Otherwise you could get crazy in debt. No car is worth it. If you ruin your credit now, it will only be uphill from there. Just my opinion. Pay the car you got now off, or at least, get out from being upside down. Besides, 2011' are coming up soon (maybe).

I have no car currently (except a work vehicle) and I have no significant debt to speak of. I do have 12000 to put as a down payment though and I make more than enough to afford even a high monthly payment and insurance. Thats what makes this so frustrating.

shoopajae10 · 09-22-2010, 03:58 PM

why dont you use that money and just buy off a used 350z or something for about 12k. youll have a great car, (although not your dream car) but itll get you to work and youll have no car payments. you can save up some more and start building your credit over the next few years and then finally purchase and get financing for your true dream car.

IB 350Z · 09-22-2010, 04:14 PM

I had an $800 monthly payment on a 350Z for 3 years. After the initial new car euphoria, I still had an $800 monthly payment. Year 3 of payments that high....sucked. But to each his own. It's your money so do your thing. Just telling you my experience.

Quote:

Originally Posted by Falcor

I have no car currently (except a work vehicle) and I have no significant debt to speak of. I do have 12000 to put as a down payment though and I make more than enough to afford even a high monthly payment and insurance. Thats what makes this so frustrating.

FuszNissan · 09-22-2010, 04:21 PM

Quote:

Originally Posted by Jeffblue

what are you supposd to do if you have a prepaid cell phone, steal your neighbors cable and internet, and live in abandoned buildings?

Falcor · 09-22-2010, 04:32 PM

Quote:

Originally Posted by shoopajae10

why dont you use that money and just buy off a used 350z or something for about 12k. youll have a great car, (although not your dream car) but itll get you to work and youll have no car payments. you can save up some more and start building your credit over the next few years and then finally purchase and get financing for your true dream car.

i would if i "needed" a car, but I dont. I "want" a 370. And I would consider buying one just for the credit building but due to taxes and depreciation it would be like throwing money away.

Falcor · 09-22-2010, 04:32 PM

Quote:

Originally Posted by IB 350Z

I had an $800 monthly payment on a 350Z for 3 years. After the initial new car euphoria, I still had an $800 monthly payment. Year 3 of payments that high....sucked. But to each his own. It's your money so do your thing. Just telling you my experience.

Yeah I understand what your saying, but I plan on paying the car off in 1 year.

wilsonp · 09-22-2010, 07:01 PM

Quote:

Originally Posted by shoopajae10

underneath where it displays the rep power click on the image in the middle.

Obviously that icon needs replacing!

How about something like:

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09-22-2010, 09:20 AM	#17 (permalink)
Jeffblue A True Z Fanatic Join Date: Dec 2009 Location: NY Age: 36 Posts: 9,192 Drives: Z32TT & 335xi Coupe Rep Power: 37	what are you supposd to do if you have a prepaid cell phone, steal your neighbors cable and internet, and live in abandoned buildings?

09-22-2010, 09:26 AM	#19 (permalink)
Jeffblue A True Z Fanatic Join Date: Dec 2009 Location: NY Age: 36 Posts: 9,192 Drives: Z32TT & 335xi Coupe Rep Power: 37	i wouldn't let myself get a credit card until after college. I payed for everything on debit card. until recently.

09-22-2010, 11:38 AM	#20 (permalink)
shoopajae10 Track Member Join Date: Oct 2009 Location: Over Yonder Posts: 650 Drives: A White Sports Car Rep Power: 17	i know that with bofa, if you want a loan, they require that you have at least 5 years of established credit. when i was about 22, with about 4 years of established credit, and my debt to income somewhere around 13% including rent, my loan was declined through bofa because of insufficient credit history. I've had 1 car note for 3 years and 3 revolving credit cards for 4 years. whoever the underwriters are for bofa are veryyyyyy veryyy to the books.

09-22-2010, 12:31 PM	#21 (permalink)
Falcor Enthusiast Member Join Date: Sep 2010 Location: North Wilkesboro, NC Posts: 347 Drives: 2010 370 CFR edition Rep Power: 15	off topic: how do I give rep points?

09-22-2010, 12:42 PM	#22 (permalink)
shoopajae10 Track Member Join Date: Oct 2009 Location: Over Yonder Posts: 650 Drives: A White Sports Car Rep Power: 17	underneath where it displays the rep power click on the image in the middle.

09-22-2010, 03:28 PM	#23 (permalink)
IB 350Z Base Member Join Date: Sep 2010 Location: IB Posts: 36 Drives: 06 350Z Gray Tour AT Rep Power: 15	Falcor- The best answer, which guys are pretty much telling you, is too wait. Otherwise you could get crazy in debt. No car is worth it. If you ruin your credit now, it will only be uphill from there. Just my opinion. Pay the car you got now off, or at least, get out from being upside down. Besides, 2011' are coming up soon (maybe).

09-22-2010, 03:58 PM	#25 (permalink)
shoopajae10 Track Member Join Date: Oct 2009 Location: Over Yonder Posts: 650 Drives: A White Sports Car Rep Power: 17	why dont you use that money and just buy off a used 350z or something for about 12k. youll have a great car, (although not your dream car) but itll get you to work and youll have no car payments. you can save up some more and start building your credit over the next few years and then finally purchase and get financing for your true dream car.