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I'm getting my license next month (I'm a kiddo!), and will be heading out to college in the next few months. So I've decided I need to buy a car so I can work more hours until I go off to college. Nothing fancy, just some poo poo that runs. I found a guy that's willing to sell me a pretty nice 01 Ford focus for $1900 which I'm gonna try and haggle down to 1500, but I would need a loan to get it. I have a job, but it's new so I haven't saved up any money yet. The little bit I had saved from my past job got pissed away on bullshit since I was unemployed for a few months. I'll be making enough money to pay off the loan in 2-3 months, but since I have no credit I'm pretty scared about it. My parents aren't able to co-sign for me since they have terrible credit and they told me it would just make it harder to get the loan if they were to sign, so I'm on my own. I just need a 1500$ loan, the Bank of America site says that it wouldn't be too expensive, around 300$ a month for 6 months which is no problem, but it doesn't say anything about co-signers or credit. I'm going to go into the bank of america on monday when they're open and talk to them about it, but before I do that would some goons give me advice?
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| # ? Nov 07, 2009 19:05 |
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| # ? Nov 20, 2009 22:41 |
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Typically vehicle loans on used cars have higher interest rates and also they usually won't loan money out on vehicles more than 5 years older than the current model year. Why not just work more and save the 1500, and offer the guy cash? He will probably take it; I was able to get a significant chunk of money off a brand new washer/dryer set at Best Buy by flashing 600 bucks in cash to the assistant manager. Do you have anything in savings already? Maybe put that toward the vehicle.
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| # ? Nov 07, 2009 19:42 |
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I have basically nothing, my checkings account has like 50 bucks in it tops. My family is pretty tight on money so I'm independent with most things (clothes, glasses, food, etc.) so I don't really have anything in savings. I'm gonna try to talk to homie about trading my Honda Metropolitan for the car, but the market for scooters isn't really bangin' so it probably won't work. I've been trying to sell it for ages but no luck, which sucks cause I could make more than the cost of this car off it... if there was a buyer. I sent the seller a message asking if he'd be willing to trade the scooter + ~400$ cash (which would put him on top, he'd get more than he wanted) but we'll see where that goes. Saving up in the meantime is a good idea, but not really practical. When I graduate in mid-january I'm pretty confident I'm getting the boot since my parents want to go retire and become hermits in the forests in the mountains and I'm supposed to be shipping off to college anyway. So my gameplan is, find a car, start working a lot of hours so I can pay off car note, and hopefully have around a grand saved up by February so I can rent an apartment and get situated for a few months without having to stress about "gently caress gently caress gently caress rent". It's not so much making money that's the issue, but when I GET money. I make 8.50/hr and I'm 'supposed' to be getting at least 25 hours a week, but my first day was yesterday, so I'm obviously not gonna be able to wave cash in anyone's face for at least two weeks when I get paid.
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| # ? Nov 07, 2009 19:53 |
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roads posted:Saving up in the meantime is a good idea, but not really practical. When I graduate in mid-january I'm pretty confident I'm getting the boot since my parents want to go retire and become hermits in the forests in the mountains and I'm supposed to be shipping off to college anyway. So my gameplan is, find a car, start working a lot of hours so I can pay off car note, and hopefully have around a grand saved up by February so I can rent an apartment and get situated for a few months without having to stress about "gently caress gently caress gently caress rent". No offense, but you can't afford a car at $8.50/hr and 25 hours a week. That's $850 a month. I don't even think a bank will lend you money, honestly.
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| # ? Nov 07, 2009 19:57 |
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Fraternite
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No offense taken at all, that's why I posted. I'd rather someone tell me I'm poo poo out of luck before I do some stupid poo poo. It's just frustrating that I can't get a car without more hours, and I can't get more hours without a car (at the moment I'm carpooling around other people's schedules)  I just imagine it would be an even worse decision to buy some lovely 800 dollar car that needs a lot of work done to it since that'll just make the car more expensive than a "nice" one in the long run. Ideas?
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| # ? Nov 07, 2009 20:06 |
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is public transit not an option? Yeah it might be lovely, but only until you've saved enough to buy a car, which by your estimate would only be a few months.
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| # ? Nov 07, 2009 21:00 |
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I'm sure there's some good reason, but why can't you ride the scooter to work?
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| # ? Nov 07, 2009 21:12 |
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Fraternite posted:No offense, but you can't afford a car at $8.50/hr and 25 hours a week. That's $850 a month. I made about $800 a month for the past 5 years and still managed to pay off a $6000 car loan by myself, it's doable especially if you can save like crazy and get it paid off before you move out.
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| # ? Nov 07, 2009 21:14 |
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Josh Wow posted:I'm sure there's some good reason, but why can't you ride the scooter to work? It's too far for my parents to be cool with. I work twice as far away as I did at my old job, and they thought that was too far to be scooting to. I really don't understand why they would drop close to 3 grand on something that they won't let me use instead of just saving it to buy me a proper car, but whatever. They aren't great at making decisions. As for the bus, that'll definitely be an option in January. Until then, I'm kind of bent on my school's schedule. It's definitely possible for me to ride the city bus to work unless I have a weird schedule that changes daily, or I could even coax the principle into finding a way that one of the schoolbuses can go a bit out of their usual range to drop me off, but I get out of work past the time that the city bus stops going, and I'm sure my mother would have an episode if she found out her 17 year old daughter was riding the city bus alone at 11pm. A lot of the issue is just the time that I'm able to get a ride. If I get off work between 7-8pm, my mother can pick me up from work. Before 6pm, and I can get my friend to. Other than that, I would have to ask a co-worker for a ride. Most of my friends are bums without cars and my family is lazy v  v If I can get the loan, I really doubt I'll have a problem paying it off. I don't have any bills to pay, and since I just bought myself some new glasses and work uniforms, I doubt something will come up that I'll have to spend a couple hundred dollars on. It'll just be difficult to convince the bank to believe me, since I have no credit and my entire family's credit is terrible. edit: I can't imagine that I'd have any way to show my "character" to the bank, or is there? Cause if there's a way to show them that I'm not some drug addict who's just gonna run off with their money, then I can do it. I have a 3.8GPA and a pretty colorful history with nonprofits  ... But I'm sure that doesn't matter, does it? There's gotta be some way to get around this, it's pretty upsetting that just because my parents aren't good with handling money I can't get a loan.
roads fucked around with this message at Nov 07, 2009 around 21:46 |
| # ? Nov 07, 2009 21:31 |
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razz posted:I made about $800 a month for the past 5 years and still managed to pay off a $6000 car loan by myself, it's doable especially if you can save like crazy and get it paid off before you move out. Would you explain a bit more on this, please? Did you have credit before you got the loan? 
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| # ? Nov 07, 2009 21:37 |
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Your parents sound insanely protective, mine were the same way. They still poo poo themselves when I tell them I transfer buses downtown (gasp) at night. I moved out over a year ago though, and learned that the world isn't nearly as scary as they make it sound, but good luck getting them to see it that way. Not saying its a good idea, but if you ask for a student loan they would probably give it to you. I make more money than you, but when I went in to see if I could get money for LASIK surgery, they basically told me 'I don't care what you use it for, but we're calling it a student loan' and gave me a $5000 line of credit. Its obviously wasn't my best financial move, but if you're in a tight spot it might be an option.
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| # ? Nov 07, 2009 22:14 |
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I don't really know what their deal is. I'm always out and getting into trouble, I've been brought home by the police and all they did was kind of raise an eyebrow. They don't mind that I get piercings or whatever wacky thing I'm into at the time, but when it comes down to "Hey, do you guys want to help me buy a car?" or anything related to cars, it gets really tense. v  v And where did you get the loan from? Did you just go into the bank and say you needed LASIK surgery and they gave you a student loan? I don't know how lenient they are with that kind of thing, so I dunno if I would have to be entirely honest and say "Hey I need a car but it's gonna be difficult!!" or just say I need it for "student purposes"? Also more reading on bank of america's site says that they will only give auto loans for cars that are 7 years old. This one is 8. gently caress. I was looking around for newer cars, but they're all considerably more expensive.
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| # ? Nov 07, 2009 22:30 |
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Didn't the 01 Focus have a host of problems and recalls? Or was that a different year? I don't remember. There might be a reason why it's so cheap, have you had someone look at it mechanically? I guess it's just me, but I'd say ride your scooter to work and save the money. If your parents don't like it, they're welcome to help you out with a car. If they can't, then I'm not saying you should totally disrespect them, but you're an adult now and it's time to take responsibility for your life. If you feel you can ride the scooter safely and snow or ice isn't a factor, then do that. Also, lower your asking price for the scooter, and maybe you'll be in a car sooner than you think. If you really want a loan, try a credit union or a local bank, where you're talking to someone who can weigh mitigating factors instead of just making decisions based on a formula. You probably won't find anyplace willing to loan past a seven-year-old car, though.
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| # ? Nov 08, 2009 01:02 |
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I've never heard about them having recalls, but it's very possible. I figured if I got to the point where I was confident I could get a loan, I'd go look at the car. One of my close friends is a ford mechanic and I borrow him all the time for this kind of thing The scooter is do-able, at least for another month or so (I live in the mountains and it snows). I'll catch a lot of poo poo for it, but if it works then it works. And, I didn't know it was possible to get a loan from a bank that you didn't have an account with. Is that difficult to do, or can I just walk in there and talk to someone about it?
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| # ? Nov 08, 2009 01:15 |
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You could attempt to get a personal loan instead of an auto loan. But I think I remember hearing that the '01 Focus had a ton of problems/recalls.
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| # ? Nov 08, 2009 01:16 |
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roads posted:I've never heard about them having recalls, but it's very possible. I figured if I got to the point where I was confident I could get a loan, I'd go look at the car. One of my close friends is a ford mechanic and I borrow him all the time for this kind of thing Well, having recalls isn't the kiss of death if the recalls were done, it's just something I would want to be sure of. One of the Focus years had like twenty recalls or something ridiculous like that, but I think that was earlier than the 01. I'm pretty sure that if you're talking to a loan officer who has the ability to weigh what you're saying, whether you have an account with them is a minor issue. If it were me, I would probably offer to open an account with them, have my pay direct deposited there, and let them auto-deduct the loan payment. It depends on the institution, but it can make a difference.
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| # ? Nov 08, 2009 01:31 |
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Yeesh, yeah I'm reading about the recalls on it now. My ex had this model focus and never had any of these problems, but I guess it's always a possibility! The owner messaged me back saying they'd consider the trade, but now I'm kind of scared I'll blow up or something. The list of recalls all seem a bit trivial, except for a few where it says the engine could stall and then catch on fire 
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| # ? Nov 08, 2009 01:31 |
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Have your Ford buddy look at it. Maybe it's fine. It doesn't take too many incidents like that, statistically speaking, to trigger a recall. And maybe the work was done. It's just something you should watch for when buying a car. I don't know, maybe Carfax reports cover whether recall work is done? I know they take the VIN when they do the work. Never buy a car you're afraid of, but don't be afraid of your car for no reason.
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| # ? Nov 08, 2009 01:46 |
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roads posted:And where did you get the loan from? Did you just go into the bank and say you needed LASIK surgery and they gave you a student loan? I don't know how lenient they are with that kind of thing, so I dunno if I would have to be entirely honest and say "Hey I need a car but it's gonna be difficult!!" or just say I need it for "student purposes"? I just walked in and said I needed $2000 to cover the rest of my LASIK (had the rest saved), and they told me it would be best as a student loan (lower interest) and that it would be a line of credit instead, with a $5000 limit. I ended up opting to put the entire $3500 on it and as long as I'm in school I pay only interest. I can pay more anytime I want though, and I generally try and a chuck ~$400 a month on it, depending on what my pay is like that month. You could use a student loan to pay for a car older than what the banks will give loans for, if I were you I'd say tuition and books though. I only got my loan because I make ~30k a year and split rent with my boyfriend, so my bills to income ratio is pretty good though, it'll probably be tougher in your situation. Doesn't hurt to make an appointment and investigate your options at the bank though, no one says you have to take the loan you're approved for. I would say your parents don't want you getting a car because they don't want you to become independent and move out, but since they seem to want you gone I have no idea what their deal would be. Maybe because they don't want you to have sex in it? Have you ever tried asking them why in a non-confrontational way? I don't mean that as an insult, but if you can find out their concerns maybe you can work out some compromises that would help them feel more at ease. Are they scared you'll get stranded somewhere? Offer to pay for your own membership to a 24/7 roadside assistance club. Are they worried you'll go places without telling them? Let them track the odometer to see you're just going to work. Do you have younger siblings? Offer to help shuttle them around for a while in one of your parent's cars so they can see you're a good driver. If you can try and work out some compromises then maybe you can try and ask for the help for Christmas? Kind of cheesy but it might work. Is it possible they're getting you a car for Christmas already and are just being shifty now to not ruin the surprise? 
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| # ? Nov 08, 2009 02:19 |
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This all helps a lot guys, thanks! Hopefully if this tides over well I'll be buying the focus for around 500 bucks. 500 dollars I don't have at the moment, but I'm sure I can work something out. I doubt there are even loans available for something so small, but worst case scenario is I can borrow it from someone and pay em back. And blue_kameleon I think they're just in the mindset that if I buy a car then they'll be paying for everything. My two older siblings were notorious for wrecking cars and demanding replacements, so I guess they're just thinking I'll take after them. It's all good, though. It just makes it inconvenient whenever I need help with something including money, but what can ya do? As for the student loans, do they care what you spend it on? I don't want to take out a loan and then use it for something not-school-related and then get harassed by the repo man or something D: And on that same note, since now I only need a fraction of the original cost, do you think it'll be easier to get a loan?
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| # ? Nov 08, 2009 02:45 |
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They probably won't do a loan for less than a certain amount since it isn't worth their time to set up a loan and only make $50 in interest. Honestly I wouldn't bother with a car at your age, you are going to spend far more than you ever make back by working more (which honestly you shouldnt be doing, you should be studying, hanging out with friends, getting into college etc) Take the time you are spending trying to get yourself a car and find a really great extracurricular activity or project that you can use to get into college or get a scholarship with. Don't devote your high school years to flipping burgers so that you can keep a ten year old car running to get you to your job flipping burgers.
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| # ? Nov 09, 2009 02:38 |
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Fraternite posted:No offense, but you can't afford a car at $8.50/hr and 25 hours a week. That's $850 a month. You cant? I make $1,100 a month and I pay $310 a month on a 20k loan on top of about $500 more in bills.
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| # ? Nov 09, 2009 22:51 |
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I may have missed it, but how are you going to cover insurance and how expensive will it be?
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| # ? Nov 09, 2009 23:08 |
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Not Clutch posted:You cant? I make $1,100 a month and I pay $310 a month on a 20k loan on top of about $500 more in bills. You bought a $20,000 car when you make $13,200 a year. 
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| # ? Nov 09, 2009 23:26 |
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three posted:You bought a $20,000 car when you make $13,200 a year. Dude has to sleep somewhere.
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| # ? Nov 10, 2009 02:21 |
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three posted:You bought a $20,000 car when you make $13,200 a year. Yep, and I have $400 leftover a month so it works for me. I have a reliable car under warranty no worries and plenty saved in the bank for any troubles I may run into. I could pay the car off in 5 years if I want.
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| # ? Nov 11, 2009 03:55 |
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Kindridx posted:I could pay the car off in 5 years if I want. Umm how long did you finance it for?
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| # ? Nov 11, 2009 03:59 |
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Kindridx posted:Yep, and I have $400 leftover a month so it works for me. I have a reliable car under warranty no worries and plenty saved in the bank for any troubles I may run into. I could pay the car off in 5 years if I want. Still not a good idea. Do you live at home or did you just enlist?
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| # ? Nov 11, 2009 04:02 |
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I make 5x as much as you and I bought a car this week for the same price and it was the limit as far as I'd go. No way I'd pay more. also, anyone heard of PenFed credit union? I somehow scored a 3.9 rate with them for a USED car loan. I was a little suprised since I was cross shopping new cars and was being offered 3.9 for new financing 
problematique fucked around with this message at Nov 11, 2009 around 04:08 |
| # ? Nov 11, 2009 04:06 |
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Daeus posted:Umm how long did you finance it for? Also, how many accounts do you have, because I'm getting confused.
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| # ? Nov 11, 2009 04:11 |
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hobbesmaster posted:Still not a good idea. Do you live at home or did you just enlist? Live at home, work full time and school full time.
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| # ? Nov 11, 2009 04:52 |
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guaranteed posted:Also, how many accounts do you have, because I'm getting confused. Financed it for 60 months.
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| # ? Nov 11, 2009 04:55 |
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Kindridx posted:Financed it for 60 months. So it sounds like you have to pay it off in five years...
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| # ? Nov 11, 2009 05:01 |
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Its 72 I was going of what I have left so technically 4 years.
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| # ? Nov 11, 2009 05:07 |
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In this post you brag how you were smarter than your sister about financing you car, but then in here you say you financed it for six years
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| # ? Nov 11, 2009 05:18 |
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Daeus posted:In this post you brag how you were smarter than your sister about financing you car, but then in here you say you financed it for six years I don't see the problem...I'm paying the same as if I financed for 2 years..
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| # ? Nov 11, 2009 05:25 |
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I meant how many forums accounts, because your reply to three was your first post in the thread, which doesn't make any sense. And because I'm apparently particularly dumb tonight, could you please explain to me how you're paying the same amount no matter how many years you finance it for? Thanks!
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| # ? Nov 11, 2009 06:19 |
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roads posted:edit: I can't imagine that I'd have any way to show my "character" to the bank, or is there? Cause if there's a way to show them that I'm not some drug addict who's just gonna run off with their money, then I can do it. roads posted:I don't really know what their deal is. I'm always out and getting into trouble, I've been brought home by the police and all they did was kind of raise an eyebrow. I'm having trouble reconciling these two ideas
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| # ? Nov 11, 2009 06:46 |
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guaranteed posted:I meant how many forums accounts, because your reply to three was your first post in the thread, which doesn't make any sense. 0% ? I may be paying more a month but the total amount I'm paying is still the same.
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| # ? Nov 11, 2009 13:18 |
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Kindridx posted:Financed it for 60 months. Kindridx posted:Its 72 I was going of what I have left so technically 4 years. Kindridx posted:I don't see the problem...I'm paying the same as if I financed for 2 years.. So you financed it for 72 months, you're two years into it, but still have 60 months left? And you're paying as though you had financed it for two years, but you're two years in and not even close to paying it off? And you COULD pay the car off in 5 years, if you wanted, but you also HAVE to pay it off in 5 years if you don't want to default?
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| # ? Nov 11, 2009 16:44 |
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