Posted: 10/3/2011 3:09:01 PM EDT
| Found a good deal on a truck. Have good income, with no debt. I am a stupid and usually cash out my vehicles. However, this particular time I'm having difficulty selling my vehicles. The truck is $5k, blue books for $6-7k. The dealer can get financing but because I am a student with no cosigner it would likely be a 30% loan. If I pay like $3500 down, would it be bad to run with a loan this high? I really can't get any kind of credit fired up( although I do have some) so I figure that I need to start somewhere. |
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did i read that correct at 30% loan??? That is horrible, and credit card interest territory..
I would talk with a local bank to see if they could work something out for you.. $3500 down on a $5k truck worth $6 to 7 is a pretty safe loan.. How long would it take you to pay off the difference if you did pay the $3500 down? If its not long, see if the dealership owner would allow you to make payments of some sort.. I would tell them 30% is a deal breaker - I bet they may try to work something out with you. good luck brian |
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30% That's insane, is there some pressing reason you can't just continue to drive your current vehicle(s)? My dodge isn't 4x4 it gets around 13-15. I'm going to be driving about 60 miles a day for work and winter is coming up. Second vehicle gets 5-10 and was a project and I learned and did everything I want to do. Really just want a crew cab diesel. However, even though I have a full ride to college (aka no expenses) and no living expenses and make about $1000 a month I couldn't/can't get financing anywhere. I've got an unsecured card though BOA 500 limit, charges me an annual fee. This whole deal is outrageous and I had no idea it would be hard to get any kind of deal going on. I just want to get some good credit going, and I probably could cash out the truck but that really doesn't help me in the long run. Plus it would break into my savings and I don't want to do that. |
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did i read that correct at 30% loan??? That is horrible, and credit card interest territory.. I would talk with a local bank to see if they could work something out for you.. $3500 down on a $5k truck worth $6 to 7 is a pretty safe loan.. How long would it take you to pay off the difference if you did pay the $3500 down? If its not long, see if the dealership owner would allow you to make payments of some sort.. I would tell them 30% is a deal breaker - I bet they may try to work something out with you. good luck brian The dealer intitially said he would carry some of it himself but now is backing away from that. I figure over 50% down, and holding the titles to 3 pickups of mine should be a satisfactory deal. |
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WTF. 30% loan is ridiculous. I have never had a cosigner and I haven't ever paid anywhere near that for a loan. Something else is going on here. Nothing besides what I have stated. I make most of my money from scholarships and have no living expenses so it all goes into savings for when my scholarships run out. I also work in summer, and other odd jobs. I am also starting a part time perhaps full time job at one of the best companies in the Northwest. |
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Quoted: Found a good deal on a truck. Have good income, with no debt. I am a stupid and usually cash out my vehicles. However, this particular time I'm having difficulty selling my vehicles. The truck is $5k, blue books for $6-7k. The dealer can get financing but because I am a student with no cosigner it would likely be a 30% loan. If I pay like $3500 down, would it be bad to run with a loan this high? I really can't get any kind of credit fired up( although I do have some) so I figure that I need to start somewhere. Not yet, you haven't. |
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I think he's saying 30% of the cost of the vehicle - $1500 on a $5000 truck, not a 30% interest rate. He said he would be paying $3500 down. No it is 30% rate, just got off the phone with the dealer about 10 ago. In that case, that's insane. Yeah that is kind of my theory. I just really don't understand why I am getting blackballed here. I've got 0 DTI. |
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It sounds like you are making bad life choices. I look forward to reading your "help, they're foreclosing on my house!" posts in another ten years. ETA: holy fuck, I agree with something arowneragain posted.  I'm gonna go buy a hatful of lottery tickets.How is it a bad life choice? I'm graduating from college in under a year with zero debt, I have no debt of any sort presently. I earned my two year degree in high school. I worked 3 jobs, currently have a steady job I'm starting soon, and am finishing up emt certificates. Bad life choices, certainly. 
My deal is 30% is insane and I am not going to do it I was looking for alternatives/reasons that I would have this happen to me. |
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College kid? Sell all the vehicles you don't need, except one, then trade it in for something that gets good gas mileage. No, I didn't do that in college. Yes, I wish I had. I am attempting to do both right now. You said you were looking at a crew cab diesel. If you really run a lot of miles, shoot for something that gets 30+ MPG. Again, I didn't do this. I drove a 12 MPG truck all through college. Spent a LOT of money on gas that I could have put to better use elsewhere. Could have EASILY have had 2 cars, an old 4x4 and a econobox, for the same money. |
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Can you join a credit union? I did I switched from BOA to a credit union. No luck there. From my understanding even though I could cash out the truck myself and offered to let them hold the trucks title, in addition to both my other pickups as collateral, and pay $3500 down. I still got shut down. I'm not real sure if they economy is just crappy or maybe my income isn't enough or what. I guess when I get this new job I will reapply. According to a recent check today my credit score is 719, unsure if its fico or what though. |