Would it be smart to buy a car from a $500 down, in house finance dealership?

[BrothaZay]

If I'm doing OTR trucking and have no other bills besides phone bill, would that be a wise investment?

And do used car dealerships do 60 month financing or is theirs shorter?

 

[Bgreat]

take 60 months to pay off a car breh.... dont do that

 

[BrothaZay]

take 60 months to pay off a car breh.... dont do that

whats the alternative then

 

[2stainz]

depreciating asset breh, unless u are using it for your trucking business

buy cheap and reliable..make sure interest rate is less than 2%, less than 1 if your fico is above 700

36 months or less should be ur goal

 

[MR. SNIFLES]

IF YOU'RE DOING THIS FOR CREDIT PURPOSES DON'T BUY A NEW CAR. THAT DEPRECIATION SUCKS AND YOU AREN'T EVEN ENJOYING THE CAR. YOU'RE OTR SO YOU GET LIKE 3-4 DAYS EVERY TWO WEEKS OR SOMETHING. MIGHT AS WELL LEASE AT THAT POINT.

THIS IS ASSUMING YOU WANT A NEW CAR.

 

[Wink Beaufield]

In house dealer financing?

They gonna take you to the cleaners with that interest rate. Get your financing through a credit union where you will get better rates than whatever the dealer tries to throw at you.

 

[BrothaZay]

My credit is 500

 

[TooLazyToMakeUp1]

Get a commuter bike and a raincoat instead

 

[Arithmetic]

That interest

 

[Wink Beaufield]

My credit is 500

Stack that paper for a minute and buy a $2500-$5000 ride because with that score you will get slammed with a 15% and up interest rates if you go through a dealer.

Also, do not under any circumstances get your car from a buy here pay here dealership. Hit up Craigslist.

 

[SheWantTheD]

Don't do it B!

 

[1 other person]

"In house finance dealership" - you mean 'buy here, pay here' ?

 

[BrothaZay]

"In house finance dealership" - you mean 'buy here, pay here' ?

yea

 

[1 other person]

yea

They don't report to the credit bureau, so if you make payments then your credit still wont have any activity placed to it. I would personally just save up a little cash and get something used or go to a regular dealer; that's just me though. Also, buy here pay here places are known for doing foul shyt to people. On the plus side if you ever get tired of the car, you can just stop paying with no repercussions against your credit.

 

[Momentum]

Can you afford to put 1/3 down? If so do that and your payments will be around $200. Don't let them catch you sleeping with that $400 down bullshyt. Those payments will be over $400 a month.