What the hell happened to our crappy economy?

Post by **LaureltheQueen** » Wed May 21, 2003 12:49 pm

I went to my credit union to get pre-approved for a car loan this afternoon. I went in, they took down my information, and meager credit history(I've been a cosigner on ONE car loan before, that's it!) They took down my mothers information(she's cosigning), and told me what my rate would be. 12.49% with a 15% down payment. That is THE HIGHEST possible rate that this credit union offers. WTF!?!!?! I'm going to go to another bank, or, something. I could get a credit card with a better rate than that. Damn, I bet used car lots would give me a better rate.

This sucks. If I dont get a decent rate, I cant get a car.

Post by **lessthanjakejohn** » Wed May 21, 2003 12:49 pm

will your mom not lend you the money and you can pay her back...interest free

Post by **SmithSR** » Wed May 21, 2003 12:49 pm

Bank of America... 8-9% check it out. this may depend heavily on your not having much of a credit history, but B-o-A takes care of my family quite well.

Post by **AZhitman** » Wed May 21, 2003 12:49 pm

Holy mother!

I'm paying 5%, and the CU here is offering 4.5%.

Maybe it's because of the age of the car. Email Repo man, he's the financing whiz around here.

Post by **LaureltheQueen** » Wed May 21, 2003 12:49 pm

My mom doesnt have $6000 laying around that she can just lend me. She has a few thousand stored away for emergencies, but not for her daughter buying a car that she doesnt approve of.

Post by **LaureltheQueen** » Wed May 21, 2003 12:49 pm

I'll definitely check BOA and a few others. thanks for the advice. :\

Post by **SmithSR** » Wed May 21, 2003 12:49 pm

a couple grand could get you a great used sportbike...

Post by **lessthanjakejohn** » Wed May 21, 2003 12:49 pm

a couple grand (3.3) could get you a new sportbike :p

Post by **LaureltheQueen** » Wed May 21, 2003 12:49 pm

a used sportbike to roll around seattle in during the winter? Uh huh.... that'll happen.

Post by **SmithSR** » Wed May 21, 2003 12:49 pm

ah! how about this: $1000 '89 yamaha TZR250

TWO STROKE, BABY!!!

Post by **big jon's 240** » Wed May 21, 2003 12:49 pm

Lack of credit is a *****. Start building it up, it will save you problems in the future. Credit can really be a problem when you start talking older used cars, its hard for the bank to get their money back if they have to repo it. Plus they are more hesitant with smaller amounts because they make less (hence the higher APR)Have you tried any car loan companies online? (watch out for the shady ones though)

Post by **LaureltheQueen** » Wed May 21, 2003 12:49 pm

a 95-98 isnt that old. i cant get decent credit because i'm under 18.

Post by **Repo Man** » Wed May 21, 2003 12:49 pm

LaureltheQueen wrote:a 95-98 isnt that old. i cant get decent credit because i'm under 18.

In most states you can't enter into a legal contract being under 18. Can you in Washington?

I wouldn't count on getting a better rate at a BHPH car lot. I worked for a dealer that had their own finance company and they charged 21% across the board. That makes your 12.49% look reasonable. Is the payment just too high at that rate? Can you extend the term to keep the payment lower? If you can't get it elsewhere, you may have to swallow the higher rate and build your credit that way.

Someone kick this over into The Showroom to see if Jayson has any ideas.

Post by **Tino** » Wed May 21, 2003 12:49 pm

Gte a hyundai 0% 60 months great warranty roadside assisatamce.

Post by **lessthanjakejohn** » Wed May 21, 2003 12:49 pm

Post by **LaureltheQueen** » Wed May 21, 2003 12:49 pm

or i could kill myself. that DOES sound more appealing.

Post by **Bubba1** » Wed May 21, 2003 12:49 pm

Laurel. Unfortunately you're a high risk to a lendor. Let's see,you're underage, have no real credit history, have no assets, and I assume no full-time job. And you wonder why you don;t have access 5%?

here are a few suggestions:

1. If you're mother was willing to cosign, perhaps she'd take out the loan instead of you. You could make a personal contract with her to make the payments. Then by titling/registering the car in her name, you would fall under her insurance policy which will be MUCH less expensive than if you attempted to insure it under your own policy.

2. Consider buying an older less expensive car like an S-13.A car you do not have to finance. Not only will it cost far less to insure (you wouldn't need to carry collision coverage) that would also leave you $ left over to maintain it. I spent no more than $500 for each of my first 3 cars. You're talking about spending $6K. That's a ton of money for a 17 yr old.

As much fun as it is to have a newer car, you gotta live within your budget. And I think you might want to lower your sights a little.good luck

Post by **AZhitman** » Wed May 21, 2003 12:49 pm

Great and sage advice from a wise man.

My first car cost $900. The next was $1900, then they went up from there.

I've never spent more than $14K for a car, and I plan to keep under $20K for my next one.

Post by **skydragoness** » Wed May 21, 2003 12:49 pm

yeah. 95-98 is aiming kind of high. definitely consider a cheaper vehicle, and having it under your mom's name. hell, i *still* (and will until i'm 25 and the ins goes down)have my car under my mom's ins. policy, and name, but i am listed as the main driver of it. but i paid for the car in cash, and it's maintained by me. just under my mom's name to save money. you will definitely save a lot if you work under her name. i totally understand your situation. it's sucky. but don't put yourself in debt when your'e young. i already am cause of college, but at least i don't have to worry about paying off a car, or a credit card. (don't have that evil plastic thing, although i will have to get one just for credit's sake)

Post by **BadMojo** » Wed May 21, 2003 12:49 pm

I got my S13 for around $3K and I love it. I could have spent more, but I didn't want to stretch myself too thin financially.

Bubba's got it right. You can't magically build credit overnight, and banks aren't going to be busting down your door to give you loans if you don't have good credit.

My advise would be to buy a car that you can afford. Pay your bills on time. Get a credit card if you don't have one already but make sure you can pay it off every month. Build up a good credit history.

I wish I could afford a 350Z or a Subaru WRX Sti (mmm...rally), but I can't really. I'm content with my S31 240SX and I've got a bit of money left over for mods, which is a good thing (that sounded a little Martha Stewart, didn't it?).

Post by **skydragoness** » Wed May 21, 2003 12:49 pm

not at all...

Post by **SmithSR** » Wed May 21, 2003 12:49 pm

Laurel, I'll remind you about the gem of a black '92 f/b on canyon rd. for $3200... it never hurts to look..

Post by **miteymax86** » Wed May 21, 2003 12:49 pm

AAHHHHHHHHHHHHHHHHHHHHHHHH NO!!!!!!!!!!!!!!!!!!!!!!! Martha Stewart is the devil!!!There should've been warning about that, now I won't be able to drive for 3 days b/c I'm blind!!!!!!!!!!!!!(Yes, I can type blind, I don't need to look at the keys>)

Post by **LaureltheQueen** » Wed May 21, 2003 12:49 pm

Maybe I'll take a trip to tacoma/puyallup tomorrow before work.... Dammit! I want the s14.

All in all, I'll only be paying down less thatn $3500, I'm selling my subby, and have some other money saved.

we'll see what comes along

Post by **SmithSR** » Wed May 21, 2003 12:49 pm

ah, price is $3300. my mistake. it's still quite nice looking..

What the hell happened to our crappy economy?

What the hell happened to our crappy economy?

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