Bad Financial Decision
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You are currently reading a thread in /o/ - Auto
You are currently reading a thread in /o/ - Auto
Hello /o/, I've got no credit history, and I paid cash in hand for my current shitbox. I'm thinking of buying a better vehicle of some sort, and to do that, I've been considering a loan.
I've heard of those places that give you loans regardless of your credit. But they typically have very high interest rates. So buying a car from that may be more expensive than it needs to be.
I've been told by people on /o/ to just get a credit card and build credit by paying my bills and paying the balance for a year or so. That would be a good idea.
I would also consider trying to get a loan from a bank or other financial institution, especially if I settle on a newer car. But I also wish to purchase some older vehicles.
Saving up would definitely mean waiting for a long time for the car that I want. Especially if I want to get an example of a classic that's currently able to drive.
I do want to build credit, so I can eventually own a country home. So getting a car on a loan may be a step to that goal. But buying a car with cash in hand has the advantage of requiring no further payments from me. No debts, no stress.
What do you think, /o/?
Pic is a dream classic of mine. Good luck finding one up in Canada.
Talk to your local credit union. You won't get a good interest rate but, they may put you somewhere down the middle. A lot of credit unions have a first time auto loan programs so take advantage of that. And buy a sensible car that you can afford. some institution is giving you an apr of something absurd like 20.9. Do not sign any paperwork.
Have at least 20 percent of the value of the car to put down payment is a good rule of thumb.
>>15202754
So if a car is costing me thirty grand, knocking six grand off the starting price would definitely help. I haven't considered credit unions because I don't know about their auto loan programs. I'll look into that.
Right now, I have the shitbox. But I got a newer, better paying job. So I want to get a car that's a little less sensible than the one I have now. I'm definitely not moving into anything I won't be able to afford, however.
>>15202849
How much do you make?
>>15202880
At this new job, I should be pulling in twenty six grand per year. It's not much, but it's definitely better than what I had before.
>>15202907
>26k/yr
i suggest keeping your current shitbox and figuring out how to fix it.
car payments and being poor do not mix.
Funny, I was about to qualify for buying a car long before even Best Buy, or a jewelry store would approve me. Car's can easily be repossessed, so it isn't hard to get one that you can't afford.
Just get a ~10k jap car with low miles or a motorcycle.
You don't make enough money to buy something cool. You're going to need a project car as a second car if you want something cool, unless you want to be in debt for some OEM normie mobile for the next 5 years.
You can go find a used car dealer and get yourself a 60-70k mile civic or celica for like $7k. That's the absolute best bang for our buck you'll probably find in the shortest amount of time. Do you have any other criteria? Door count, engine, rwd/fwd?
>>15202627
Go with option of building credit with a card. As long as it is paid off at the end of every month there shouldnt be intrest. I started with a $250 secured card and after a year I had the C credit to get a 4% Apr loan. Just never get behind or pay late. Then once you buy your car you will already have estaished credit to keep building on. Good luck OP
>>15202919
I don't consider myself poor. I don't have debts, I have money left over, and I don't really live beyond my means. I have an apartment that's fairly cheap, but not in the bad end of town.
I could seek out jobs that pay more money, or look for a side hustle.
>>15202937
It's rather fortunate that most of the cars I desire are not that expensive.
>>15202941
rwd, two doors, a four/six/rotary would be good. Manual transmission.
If I go with an older car, I essentially want a platform to do some modifying with it, and make the car my own.
If I go with a newer car, I'd probably go for an 86 or some other cheap sporty car with rwd. Front engine as well, so I'm not considering an MR2 or Fiero. It has to be somewhat practical. Groceries, sports equipment.
>>15202960
you make minimum wage. you're nigger poor.
>>15202973
I'm making $14.00/h, which is $2.50 above minimum wage. Again, I'm not poor. I'm definitely not stressing to get by. And I've got extra income.
>>15202960
Get a Miata you'll absolutely love it.
>>15202986
>qualify for food stamps
>try to tell people i'm not poor
