shyt i wanted a older car so i could keep the loan at 5000...... But that means im have to pay more a month.........
And i don't need a cosign for any of this right? Because my ppl won't help me out for sure.....fukk em..........
UPDATE :SCHOOL ME ON RENT TO OWN USED CARS.......
- Thread starter Mr.Plan B
- Start date
shyt i wanted a older car so i could keep the loan at 5000...... But that means im have to pay more a month.........
And i don't need a cosign for any of this right? Because my ppl won't help me out for sure.....fukk em..........
Let me clarify that with more realistic numbers. If you have a higher interest rate, then it might be better to pay off that loan in a longer term. You'll end up paying more in interest afterwards, but your monthly payment will be lower.
Okay, you want to loan $5,000. Whether that's real or not, we'll use that number. Let's say you are looking at older cars, i.e. 2008 and older. Since it's an older car, the interest rate is going to be higher than a car made between 2009 and 2013.
The interest rate varies also on your credit history. Really good history = 1.74, medium good = 1.99, good = 4.24, not so good = 7.24, bad = 12.24
Longer term loans will increase the interest rate.
Let's say your credit history is really good
If you get an auto loan that is for 36 months with an interest rate of 1.74, your monthly payment is going to $142.65
If you get an auto loan that is for 48 months with an interest rate of 1.99, your monthly payment is going to $108.45
If you get an auto loan that is for 63 months with an interest rate of 1.99, your monthly payment is going to $83.65
Let's say your credit history is not so good
If you get an auto loan that is for 36 months with an interest rate of 7.24, your monthly payment is going to $154.93
If you get an auto loan that is for 48 months with an interest rate of 7.49, your monthly payment is going to $120.87
If you get an auto loan that is for 63 months with an interest rate of 7.49, your monthly payment is going to $96.23
@Ugly.lildikk.MikeLebron
They're dropping a lot good info in here. Take heed to it.
I was/am going thru this same situation. At first, all I wanted was 5K from the credit union, on top of the 2K I was going to use to buy from a private seller. CU wouldn't approve me without a co-signer and because of no credit history. I couldn't get a co-signer. So I weighed more options and ended up going thru Carmax for a 2007 TL that cost $13.5 But due to my income I was able to get a good interest rate (4.95%) on a 5 yr loan. Not necessarily the greatest situation, but I'll probably pay $50 over my monthly payment and re-finance in a few months. Main thing is to be smart and budget all the expenses related to the purchase: down payment, tag/title, insurance, gas, maintenance (!), upgrades
They're dropping a lot good info in here. Take heed to it.
I was/am going thru this same situation. At first, all I wanted was 5K from the credit union, on top of the 2K I was going to use to buy from a private seller. CU wouldn't approve me without a co-signer and because of no credit history. I couldn't get a co-signer. So I weighed more options and ended up going thru Carmax for a 2007 TL that cost $13.5 But due to my income I was able to get a good interest rate (4.95%) on a 5 yr loan. Not necessarily the greatest situation, but I'll probably pay $50 over my monthly payment and re-finance in a few months. Main thing is to be smart and budget all the expenses related to the purchase: down payment, tag/title, insurance, gas, maintenance (!), upgrades
I have no co signer also......... So my best bet is to ask for 6000-7000 loan and to go to carmax........
Well first, see what your credit union says. You may get approved w/o a cosigner and you'll be able to start your search. If you get that much you can find something nice from a private seller and not worry about the hassle and possibility of shady tactics from a Buy Here, Pay Here spot.
Just look for a used whip on Craigslist for like 7-8K and talk them down on the price. Bring a mechanic with you too. If you're going the Carmax route, it's on how much you're trying to spend and can afford. They got nothing but small whips for 10k OTD (Cobalts, Versas etc.). 12-16K OTD you're looking at better options (Fusions, TLs, Jettas, etc.)
How much do you have for a downpayment?
AT the most 400 something...........
Aite, yeah definitely stay on Craiglist then. A used lot will hear that and warm up the anal lube to fukk you with. If you get 4 or 5 from the credit union then you'll come up with something nice on Craigslist. But, PLEASE take somebody with you who knows abotu cars. Don't ended up buying a lemon just because it's a good price, looks good, and has all the features you want.
And run an Authocheck or Carfax! I used a subscription the past month for Autocheck, so if you need anything ran within the next few days just shoot me a PM. It expires Friday
Good look man..............
AlwaysLurkin
Superstar
Bumped into this dude from school nikka said he paying $400 per month on a 05 impala, said it cost him $21k...hope he meant 2,100 or even 12,100.Whatever you do dont get fukked like him,thats a huge long term L
This nikka gone be paying for that shyt for eternity. And it'll probably break down before he's done paying it off. For that price he could've got something brand new
To the OP, stay away from places that say "we finance everyone", they don't even believe in using lube.
CarMax is okay, but their selection for cars under 10K are slim. I bought a 3 year old Mazda from them and it turned out great. The cruise control didn't work when I bought it but I didn't care. Over 7 years later, I'm looking under the hood and see this plug that is not plugged in.
I put plug it in and now the cruise control works. 
That is like a traffic cone sized butt plug.
To the OP, stay away from places that say "we finance everyone", they don't even believe in using lube.
CarMax is okay, but their selection for cars under 10K are slim. I bought a 3 year old Mazda from them and it turned out great. The cruise control didn't work when I bought it but I didn't care. Over 7 years later, I'm looking under the hood and see this plug that is not plugged in.
Yeah, that's why I tried to steer him to Craigslist.
Realistically, I should've went the Craigslist route for something 6-8K. But, it wasn't a possibility since I couldn't get anything from my Credit Union. Plus, I feel like I owed myself a nice purchase with this new whip. Can't wait until it gets here so I can hit these streets!
I like autotrader.com. A super long time ago, Auto Trader was just a paper classified listing of cars, no online presence yet. I've sold two cars through them that way.
When I was still in the used car dealer phase of my search I was on autotrader and cars.com, there were some good cars with good history, but the numbers didn't work out. Craigslist is the best option now, buying and selling. You gotta weed thru the flakers, illiterates, and lowballers, but eventually you'll make your transaction. I just sold my broke down SUV for $500 on there. Cleaned it up nice, vacuumed it, and it was sold in less than a day. My pops bought a 2000 Taurus back in 08 for $1800, it lasted him 4 years before he moved out of town.