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Old March 23rd, 2012, 06:22 PM   #1
Rebel2345
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Default Trying to get a "new"ish Vehicle.

Nope, I'm not looking for suggestions, I just don't know which way is the best to go.

Basicly, I've never bought a vehicle off of a lot or had to take a loan to purchase a vehicle before. I'm only looking now because my current truck has a lot of problems that I don't really care to work on fixing anymore. I've been looking at options, and being that I'm kind of under the gun to get something soon, I'm looking for advice.

Which is better? I'm looking for something around $3k. Should I go through my bank or finance at a lot? No matter what I do, leasing or a loan, I'm going to have to have full coverage for an auto loan, am I not? Or is that price too low to even bother will full coverage?

My Credit Union told me for a $4k loan, if I put $500 down on it, my payment would be about $120 or so a month. Call me a cheapass or whathave you, but my current situation, I'm looking to keep it around $50 a month and it doesn't look like my CU will give me any slack since I've only had one small loan with them before. But are used car lots going to be willing work with me for that either?
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Old March 23rd, 2012, 06:26 PM   #2
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Anything under $10k is going to be heading into the repair/maintenance cycle of life.
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Old March 23rd, 2012, 06:30 PM   #3
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you will not find any car lot willing to work with you on that at all. 50 a month will be a schwinn bike from walmart.
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Old March 23rd, 2012, 06:34 PM   #4
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Well, any vehicle under 10K's repair/maintenance cycle of life is going to be better than putting anymore money to my vehicle thats on its last leg. I dont have a lot of options, and I can afford a hundred or so a month payment, having to have full coverage on a loan vehicle at 150 a month or so is probably whats going to make it hard on me right now while I'm looking for more work.
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Old March 23rd, 2012, 06:39 PM   #5
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Bad news- all you can afford to drive is crap.

Trust me- been there.


Might be able to find something mechanically sound with body damage/rust in your price range.

Most reliable vehicle I've ever owned is a rusted to fukk 89 F150 I got for $400. Sold it for $400, and just bought it back for my son for $200 cash and a Mosin Nagant.
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Old March 23rd, 2012, 06:42 PM   #6
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Quote:
Originally Posted by Rebel2345 View Post
Nope, I'm not looking for suggestions, I just don't know which way is the best to go.

Basicly, I've never bought a vehicle off of a lot or had to take a loan to purchase a vehicle before. I'm only looking now because my current truck has a lot of problems that I don't really care to work on fixing anymore. I've been looking at options, and being that I'm kind of under the gun to get something soon, I'm looking for advice.

Which is better? I'm looking for something around $3k. Should I go through my bank or finance at a lot? No matter what I do, leasing or a loan, I'm going to have to have full coverage for an auto loan, am I not? Or is that price too low to even bother will full coverage?

My Credit Union told me for a $4k loan, if I put $500 down on it, my payment would be about $120 or so a month. Call me a cheapass or whathave you, but my current situation, I'm looking to keep it around $50 a month and it doesn't look like my CU will give me any slack since I've only had one small loan with them before. But are used car lots going to be willing work with me for that either?
First you said your not looking for suggestions, but then asked for several of them. LOL
Save up and pay cash is the first bit of advice. Financing a car is crazy IMO, I speak from experience. I've financed cars, boats, toys, etc, and looking back I paid a whole bunch of interest that I shouldn't have. Save up and pay cash even it it hurts a little and is not ideal.
If thats not in the plan, then go thru a local bank or credit union. The dealers are selling wholesale and get paid a Yeild spread premium so will likely charge you slightly more than what you otherwise could get. Be prepared to pay a bit extra in rate on a $3000 car. For that money, you will be getting something older with some miles so lenders will charge you extra for the added risk of the old collateral on a depreciated unit.
The term of the loan will also be quite short on an older car. And that makes sense. You certainly don't want to finance a 10 yr old 150,000 mile car for 4-5 years. That would not be a wise decision. Shoot for something on a 12 month payment plan that fits in your budget and do that. If you can't swing the payment, then lower your sights and buy something for less. I'm in the banking business and see people over extend themselves everyday. You can either take advice and avoid problems, or push the issue and create undue stress for yourself in the future.
Hope this helps. My best advice is pay cash and avoid debt. This, coming from a banker. :)
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Old March 23rd, 2012, 06:44 PM   #7
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Originally Posted by Bakkerfam View Post
First you said your not looking for suggestions, but then asked for several of them. LOL
Save up and pay cash is the first bit of advice. Financing a car is crazy IMO, I speak from experience. I've financed cars, boats, toys, etc, and looking back I paid a whole bunch of interest that I shouldn't have. Save up and pay cash even it it hurts a little and is not ideal.
If thats not in the plan, then go thru a local bank or credit union. The dealers are selling wholesale and get paid a Yeild spread premium so will likely charge you slightly more than what you otherwise could get. Be prepared to pay a bit extra in rate on a $3000 car. For that money, you will be getting something older with some miles so lenders will charge you extra for the added risk of the old collateral on a depreciated unit.
The term of the loan will also be quite short on an older car. And that makes sense. You certainly don't want to finance a 10 yr old 150,000 mile car for 4-5 years. That would not be a wise decision. Shoot for something on a 12 month payment plan that fits in your budget and do that. If you can't swing the payment, then lower your sights and buy something for less. I'm in the banking business and see people over extend themselves everyday. You can either take advice and avoid problems, or push the issue and create undue stress for yourself in the future.
Hope this helps. My best advice is pay cash and avoid debt. This, coming from a banker. :)
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Old March 23rd, 2012, 06:53 PM   #8
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Quote:
Originally Posted by Bakkerfam View Post
First you said your not looking for suggestions, but then asked for several of them. LOL
Save up and pay cash is the first bit of advice. Financing a car is crazy IMO, I speak from experience. I've financed cars, boats, toys, etc, and looking back I paid a whole bunch of interest that I shouldn't have. Save up and pay cash even it it hurts a little and is not ideal.
If thats not in the plan, then go thru a local bank or credit union. The dealers are selling wholesale and get paid a Yeild spread premium so will likely charge you slightly more than what you otherwise could get. Be prepared to pay a bit extra in rate on a $3000 car. For that money, you will be getting something older with some miles so lenders will charge you extra for the added risk of the old collateral on a depreciated unit.
The term of the loan will also be quite short on an older car. And that makes sense. You certainly don't want to finance a 10 yr old 150,000 mile car for 4-5 years. That would not be a wise decision. Shoot for something on a 12 month payment plan that fits in your budget and do that. If you can't swing the payment, then lower your sights and buy something for less. I'm in the banking business and see people over extend themselves everyday. You can either take advice and avoid problems, or push the issue and create undue stress for yourself in the future.
Hope this helps. My best advice is pay cash and avoid debt. This, coming from a banker. :)
I meant I wasn't looking for a suggestion on which vehicle. Cash is always how I've done things in the past, I've never been more than $1500 in debt in my life so far. But building up to pay cash is not going to happen for months, and I currently do not have a drivable vehicle.

I realize nothing I get in that price range is going to be prestine, but I'm finding plenty of vehicles around 100k miles which isn't bad. I'm not afraid of some body work either. I just can't get to them to purchase them before someone else snags them up.

I just see no point in continueing to fix a vehicle that's a short list of things that work compared to what doesn't. A lot of stuff snuck up faster than I could fix them, and I'm just tired of it. But I only paid $1500 for this truck 6 years ago, I've got my money out of it and I'm ready to move on.

P.S. The 1500 is credit card debt, not for my current truck
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Old March 23rd, 2012, 07:02 PM   #9
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If you can't swing 200$ a month for a car payment and insurance you need a revaluation of your situation. Having a reliable vehicle is kinda a must in today's world.
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Old March 23rd, 2012, 07:10 PM   #10
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Well thats why I'm asking questions. I can make the car payment no problem, but I'm also asking if I will have to have full coverage with a car around $3k.

I'm looking at it as I'll also be potentially doubling my gas mileage which is going to save me some a good chunk of money every month as it is, and my current PLPD payment is only $40 a month so $140 a month I'll have no problem making right now, its going to be closer to $100 a month after gas savings. $200 is doable, but doesn't mean I don't want to try and find a way to keep it lower.


Also, can anyone tell me the lowest year they will even put a loan on? Depending on what I find I might have to take a personal loan instead.
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Old March 23rd, 2012, 07:10 PM   #11
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If you can't swing 200$ a month for a car payment and insurance you need a revaluation of your situation. Having a reliable vehicle is kinda a must in today's world.
You can get a lot of car for $150-200 a month. How many miles do you usually drive? Leasing may not even be bad.

The only way I would finance a $3k used car is if I was getting a great interest rate, and still paid it off early. For instance my credit union was offering 2.9% on used cars when we bought out H3.

My CU does not require full coverage with under 2K owed. But not having full coverage on a vehicle you owe money on is kinda of stupid to me.
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Old March 23rd, 2012, 07:15 PM   #12
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If you can save 100$ a month for 6 months you will have 2500$ roughly to put down. Just a FYI.
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Old March 23rd, 2012, 07:18 PM   #13
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You can get a lot of car for $150-200 a month. How many miles do you usually drive? Leasing may not even be bad.

The only way I would finance a $3k used car is if I was getting a great interest rate, and still paid it off early. For instance my credit union was offering 2.9% on used cars when we bought out H3.

My CU does not require full coverage with under 2K owed. But not having full coverage on a vehicle you owe money on is kinda of stupid to me.
Right now, work is only 14 miles a day, but I've been reduced to part time is why I'm in such a bind, so I'm looking at 56 miles a week for work maybe. I'd say 75 miles total a week on average to do whatever else.

And I know its called an accident for a reason, but I don't have any accidents on my record for almost 10 years now.

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If you can save 100$ a month for 6 months you will have 2500$ roughly to put down. Just a FYI.
Yeah, but like I said.. I currently do not have a drivable vehicle and 6 months relying on other people to get me places is not a burden I'd like to be.
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Old March 23rd, 2012, 07:27 PM   #14
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I took out a loan for an 07 fusion in January. The car was $8500. My payments are $250 a month for 36 months. The credit union would only finance cars less than 5 years old with less than 100k.
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Old March 23rd, 2012, 07:38 PM   #15
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I took out a loan for an 07 fusion in January. The car was $8500. My payments are $250 a month for 36 months. The credit union would only finance cars less than 5 years old with less than 100k.
I'm sure mines not much different. I'll have to call them in the morning and find out for sure. But if thats the case I'll probably be looking at a personal loan instead of an auto.
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Old March 23rd, 2012, 07:38 PM   #16
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take a personal loan for the 3k an pay cash from a private party an then you can have your PLPD. an only has a 100 a mounth payment.
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Old March 23rd, 2012, 07:44 PM   #17
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take a personal loan for the 3k an pay cash from a private party an then you can have your PLPD. an only has a 100 a mounth payment.
Yeah thats kind of what its looking like its going to be. If $4K was 120 or so, $3K should be a good chunk less. Depending on if they want a down payment or not for that either, I could just go with $2500 and try to get $500 for my truck for scrap or selling it as a fixer.
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Old March 23rd, 2012, 07:48 PM   #18
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Why would anyone finance 3 grand? If you can't save 3 grand cash you can't afford it
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Old March 23rd, 2012, 08:09 PM   #19
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Thanks for reading

Cliff notes :

Hours reduced, vehicle died. Do not have large sum of cash right now, need vehicle.

Kthanx.


Theres been multiple vehicles and toys in my past that I was able to raise cash to get in a short period of time, but that's not going to happen right now without finding another job. When I do, I'll pay it off much faster. But right now, I have no vehicle, and no one that I can rely on to get anywhere. So I'm going to have to.
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Old March 23rd, 2012, 08:13 PM   #20
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Public transportation?
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