BuckeyeGT Posted May 10, 2006 Report Share Posted May 10, 2006 im wanting to get a $4,000 car loan. my dad thinks im retarded. im a college student but i make like $600 a month during school and more than that over the summer. how many people have loans here? am i stupid for wanting one? Quote Link to comment Share on other sites More sharing options...
Nitrousbird Posted May 10, 2006 Report Share Posted May 10, 2006 I have one on the Avalanche; obviously a lot more than 4k though. When I was in HS, my parents took out a personal loan for $2200 so I could buy my CRX at the time (this was back in 95). They took the loan out, gave me the payment book, and I took care of it from there; paid it off way early. Around 19, I financed my Camaro RS, and after my downpayment, the rest of my loan was around 4k. Made sense to me, and I paid that off way early too. Nothing wrong with a small loan to get a decent car vs. buying a 1k junker because that's all the cash you can scrape together. Quote Link to comment Share on other sites More sharing options...
6 Speed S4 Posted May 10, 2006 Report Share Posted May 10, 2006 my parents are being cool and payed for the car at once. Im paying them every week. Only 900 left to pay! Quote Link to comment Share on other sites More sharing options...
Guest StealthDudeTT Posted May 10, 2006 Report Share Posted May 10, 2006 I have a small amount left on my Stealth. My first car, a mitsubishi 3000GT, I bought at 17 and had a $6,000 dollar loan which I paid off in 2 years. Now I have great credit history. The important thing is to be sure you can afford the monthly loan amount on top of other expenses such as insurance, fuel and modifications Quote Link to comment Share on other sites More sharing options...
Billiumss Posted May 10, 2006 Report Share Posted May 10, 2006 $4k is a lot for a college student making only $600/month. I'd say about $2,500-3,000 max. Don't forget about car insurance = ALOT for your age. You want to also have fun too don't ya? Too many people get financially strapped and that's how they get into trouble with their credit. Don't get over your head with loans and bills, save at least 5% of what you earn. My credit score is just about perfect, can't get any better, so I must be doing something right! Quote Link to comment Share on other sites More sharing options...
Sturg1647545502 Posted May 10, 2006 Report Share Posted May 10, 2006 the past 4years ive been in collge i have wanted to buy many things. i dont know your financial situation, but unless you are completly self sufficient(no help from parents and no school loans), i wouldnt do dick. Its hard to except that you have to stick with what you got now, but you must realize that a) having bad credit is one of the worst things you can do(talk to anyone who has it) and b) you look espeshialy retarted if its for shit you dont even need. plus there are other things you will want to spend that 4-5k over the next 4years. whats the worse that could happen if you wait vs if you dont? edit: i assume you are going to ohio state. since i first went there 4years ago, the tuition has risen 25-40% for most students....another thing to think about. Quote Link to comment Share on other sites More sharing options...
Alex1647545498 Posted May 10, 2006 Report Share Posted May 10, 2006 I have one but I'm not a part time worker either. If I were you I would look over how much you can afford per month and how long you want the load to be. Get some quotes on different loan amounts with how many months and how much the payment will be. Then see if it's something you can and want to do. Quote Link to comment Share on other sites More sharing options...
Tractor Posted May 10, 2006 Report Share Posted May 10, 2006 Yeah I wouldn't get to much of a loan if your making around $600 a month. I'd definately get a loan or something though. It will help your credit down the road and that can be worth more than alot of things you can do. Likewise if you mess up your credit it takes years of being responsable to get it fixed. Anytime I have something big I"m gonna buy I sign up for a 0% introductory APR credit card and buy the item with that. Then I pay it off before the 0% term expires and cancel the card. If you find that you cannot finish paying it off before the term expires you can simply apply for a new card and transfer the balance to the new one with a new 12 to 15 month 0% term. The main thing is don't get in over your head yet. Evan Quote Link to comment Share on other sites More sharing options...
mmrmnhrm Posted May 10, 2006 Report Share Posted May 10, 2006 I took a $13k loan for my HCH, plus putting $11k down. Pay especially close attention to the terms, things like the interest rate and any penalties for early/late payment. One of the biggest favors you can do yourself is to pay down your debts early, so even if your monthly payment is $250 like mine, send in bigger checks if there's no early payment penalty. Yeah, it means less money in your pocket today, but by the time the loan is paid off, you'll come out ahead since you'll have paid less in interest. Quote Link to comment Share on other sites More sharing options...
Science Abuse Posted May 10, 2006 Report Share Posted May 10, 2006 I got a loan for $5000 from BMI Fed without even haveing to give them the title to the car. Getting loans is easy. If you have good credit and aren't a pratz, getting a good loan isn't tough. They charge me $132 a month, I pay $200. In your specific case, no, do NOT get a car loan. $600/mo isn't shit, especialy when 1/3 of it dissapears. Quote Link to comment Share on other sites More sharing options...
AJ Posted May 10, 2006 Report Share Posted May 10, 2006 i got a 4k loan for my second car when i was in high school so i could keep the camaro in the garage in the winter. i went through Telhio and since have gotten 2 new trucks and my R6 i had through there. i plan on moving my checking account there soon since i have never had a problem getting a loan from them. Quote Link to comment Share on other sites More sharing options...
GRN96WS6 Posted May 11, 2006 Report Share Posted May 11, 2006 No car payments FTW! I had a few loans but the smallest amount I had was 7K I think. Quote Link to comment Share on other sites More sharing options...
wnaplay1647545503 Posted May 11, 2006 Report Share Posted May 11, 2006 My dad always said there's only one thing you should finance, and that is a house. Pay cash for everything else. And have 1 credit card for emergency's. Quote Link to comment Share on other sites More sharing options...
Tractor Posted May 11, 2006 Report Share Posted May 11, 2006 I role money through credit cards. Epecially the ones through Royal Carribean and continental. That way I get free/cheap vacations. Of course I'm talking paying every possible expense through them. Evan Quote Link to comment Share on other sites More sharing options...
Guest bigb Posted May 11, 2006 Report Share Posted May 11, 2006 im wanting to get a $4,000 car loan. my dad thinks im retarded. im a college student but i make like $600 a month during school and more than that over the summer. how many people have loans here? am i stupid for wanting one? No, No, No. If u already have a car that runs...run it into the ground. When I was in undergrad I drove a car I called the beast...had just liability on it b/c there was NO CAR LOAN. My last quarter b/f graduation the transmission dropped out, thus forcing me to get a loan. I hated it. Don't worry about what others are driving around u. If u r only bringing in 600 a month during school that's not enough to cover it when u add in the car insurance. You'll get your chance to get the car of your dreams. You're going to school (good choice). Be diligent in your work and you'll go far. If u r trying to build credit, get a credit card. Use it to buy your books for college. Make all your payments on time and DON'T cancel the card. I don't know if u have ever listened to Suzy Orman about finances. If u haven't u should. U r in the perfect position to set yourself up for a prosperous future. Don't let your emotions make the decisions about what u think u need. That $600 can go for other stuff much needed. Quote Link to comment Share on other sites More sharing options...
BuckeyeGT Posted May 11, 2006 Author Report Share Posted May 11, 2006 you dont want to run a performance car into the ground. its good to sell before they get extremely old and ratty. but my gt still has years to come. ive just been set on gettin a ls1. maybe i should stop looking at them on the internet all the time. ill have to think about it some more. Quote Link to comment Share on other sites More sharing options...
SquirrelyNutsDSP Posted May 11, 2006 Report Share Posted May 11, 2006 I have $.02 to give you, same as everyone else. I'm about ready to graduate here, and I've been lucky enough not to need loans for anything so far. IMO, I think you should keep your current car and maintain your way of life. It's a hard thing to deny yourself, because immediate gratification seems like a good idea (essentially what credit is for), but I've been in your shoes and I think you will be happier if you wait. If you were making $600/week that would be different, but I think college will be a lot more fun to save some and spend some of what you're currently earning. Quote Link to comment Share on other sites More sharing options...
mmrmnhrm Posted May 11, 2006 Report Share Posted May 11, 2006 My dad always said there's only one thing you should finance, and that is a house. Pay cash for everything else. And have 1 credit card for emergency's. While this is true for a lot of things, you have to take a look at what resources you have, and where they can be put to best use. Not all debts are bad. Home mortgages, in general, are OK. You get a tax deduction for the interest, which helps take a little bit of the bit out of it. Houses also tend to appreciate at a slightly higher rate than inflation, so you again tend to come out ahead. Now here's the not so obvious part... I retired das Boot at 125k miles, while spending an average of $400/mo on maintenance and repairs. Paying a little under half down, and financing a little more than half, I can spend as little as $267/mo on Jin-Qui Maru's financing. That means without doing any work at all, I'm now $133/mo ahead of where I was this time last year, I have a bumper-to-bumper warranty until 3/09 (or 36k miles), and because I was stubborn and wanted a dark color that wasn't black, filling up the tank half as often as I used to (roughly $50/mo savings at current prices). My insurance is, surprisingly enough, relatively unchanged (It went up maybe $3 or $4/mo, which is easily covered by not hitting Wendy's for lunch one day). Now, I can do a couple different things with the extra $180/mo in my pocket... I can go out to eat a lot more often (Bad idea, given that I already have a terrible time trying to find 36" inseams, and can ill afford adding to the waist line), I can pay down my 7.5% loan faster (Finance bastard at Immke neglected to file the paperwork at the time I filled it out, otherwise it'd have been 4.9%), I can shove it in the bank at 4.25% APY, or I can throw it into the stock market. Since 4.25APY is less than 7.5APR, it doesn't make sense to add any more to my savings account than I already have set aside as the "oh snap" fund. Which leaves either paying the loan off faster, or investing. Since I'm not particularly great at picking individual stocks, but can generally see the market's overall trend before the analysts (I was telling my dad to bail about six months before the bubble really burst), and think I'm seeing a sideways market for the next year or so, the solution becomes "Pay off the loan ahead of time." I haven't figured out what I'm going to do when the loan is paid off in under three years instead of the scheduled five, but at least that's a problem I don't mind having Quote Link to comment Share on other sites More sharing options...
Guest chpmnsws6 Posted May 11, 2006 Report Share Posted May 11, 2006 I'm seeing a sideways market for the next year or so, the solution becomes "Pay off the loan ahead of time." BS! Bush has us in better economic health now than we have been in in decades :doh: Buy the LS1... you'll feel better about yourself Quote Link to comment Share on other sites More sharing options...
BuckeyeGT Posted May 11, 2006 Author Report Share Posted May 11, 2006 BS! Bush has us in better economic health now than we have been in in decades :doh: hope ur kidding. Quote Link to comment Share on other sites More sharing options...
thorne Posted May 11, 2006 Report Share Posted May 11, 2006 I can say i have 2 car loans. My wife had a car before we were married. ( Grand Prix 01) Almost paid off. Then we have mine (05 Monte SS) I can say my loan makes me cry sometimes. @600$ :\ but its 32G finaced at a shitty rate Quote Link to comment Share on other sites More sharing options...
mmrmnhrm Posted May 12, 2006 Report Share Posted May 12, 2006 BS! Bush has us in better economic health now than we have been in in decades :doh:hope ur kidding. I'm pretty sure he is. Why else would someone bang their head against a brick wall and laugh while doing it? Quote Link to comment Share on other sites More sharing options...
BuckeyeGT Posted May 12, 2006 Author Report Share Posted May 12, 2006 I'm pretty sure he is. Why else would someone bang their head against a brick wall and laugh while doing it? well i mean... bush supporters are pretty dumb.. so u never know Quote Link to comment Share on other sites More sharing options...
OSUGT Posted May 12, 2006 Report Share Posted May 12, 2006 well i mean... bush supporters are pretty dumb.. so u never know Say what you want. The market came within points of an all time high this week, and we havent been attacked since 9-11. (Lord knows they have tried) Yeah, it's easy to bash him, but dont be a sheep. Sorry for the hijack. Quote Link to comment Share on other sites More sharing options...
Guest chpmnsws6 Posted May 12, 2006 Report Share Posted May 12, 2006 I'm pretty sure he is. Why else would someone bang their head against a brick wall and laugh while doing it? atleast someone caught the sarcasm Quote Link to comment Share on other sites More sharing options...
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