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Im still young and dumb.

  1. Dec 7, 2008 #1
    i applied for an auto loan at bestleadinglenders.com and was approved. can anyone take a quick look and tell me if going through with it here is a bad choice?
     
  2. jcsd
  3. Dec 7, 2008 #2
    you gave all your personal info to some entity you know nothing about?
     
  4. Dec 7, 2008 #3

    lisab

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    Rut-roh.
     
  5. Dec 7, 2008 #4

    Evo

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    offtheleft, I want to thank you for my new car. Be sure to make the payments on time, ok?
     
  6. Dec 7, 2008 #5

    cristo

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    Hmm.. I don't get the joke...


    Anyway, that website looks very dodgy; I would be inclined to steer clear from any company that advertised the fact that it will accept people with "bad credit," or that offers "debt consolidation" services, since both of these just scream out the fact that you'll be paying an extortionate amount of money to them!

    Of course, it's up to you what you do. How old are you? Is there a reason you feel you need to take out a loan to buy a car? I would have thought that the recent severe economic problems around the world would have flagged up to young people the dangers of living way above your means. If you absolutely have to, what's wrong with finance programs run by the car dealers-- at least you know what you're getting then!
     
  7. Dec 7, 2008 #6

    Evo

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    Was it that bad? I meant the fact that he got a loan apporved annonymously online, anyone could use his credit information. Identity theft.
     
  8. Dec 7, 2008 #7

    cristo

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    Aha, I get it now. Not bad, just me being dumb! It's 3am here, and I woke up and can't go back to sleep :frown:
     
  9. Dec 7, 2008 #8
    Why didn't you go to a BANK?
     
  10. Dec 7, 2008 #9
    i have no idea... im going to do that tomorrow before a class and see what my luck can bring.
     
  11. Dec 7, 2008 #10
    My roommate a while back found some company online saying that they will give him a loan of up to 10,000 I think it was. He said he looked into the company and it had supposedly been around for a while. They then asked him to wire them a fee of $500 dollars to process the loan transaction (or some such thing). As soon as he wired the money someone in a state other than the one the company was supposedly headquartered picked it up and disappeared. When my friend called the phone number he had for the company he only got a phone system recording that said "I'm sorry. Goodbye."

    I wish I had been thinking when this happened and told him not to do it. He had assured me that he had looked into the company and knew everything he needed to know so I just tuned out on it. Wiring money is one of the least protected means of paying anything. The wiring company assumes no responsibility what so ever for fraud commited to the customer. So no one should ever make a business transaction by wire. I knew this but didn't think about it until afterward. I felt bad for not warning him.
     
  12. Dec 7, 2008 #11
    yeah, regardless if i get the money or not, im not going to go through with it. im going to make an attempt at TD, chase, etc tomorrow(ish). if i get a second job to work over break im sure my mom or dad might help me. but, i want to see what i can do on my own for now. ironically, an old friend has the car i want and is selling. the downside: the car is worked! FAST AS HELLLLLLL!!! not what im looking for. its number 449 of 4000. it only has 23k miles on it and it looks cleaner than if it were to be brand new. hes selling it for 16k and wont budge, i dont blame him though. im speaking to someone that is selling the same car, close to stock as possible, well maintained and is selling for less than 11k. if i can get 11k now ill get that car. if i cant, ill have to work a bit, save and get my mom or dad to cosign and ill get my friends car. but, im inpatient!!! and i need my own car to and from work/school
     
  13. Dec 7, 2008 #12

    A bank will already be aware that you have already applied for a loan at a company who loans to people with poor credit. Have a good reason in mind why you did it.

    If you admit that you made a mistake and that applying at their bank should have been your firsts choice, it will be a plus on your side.

    You will still have to prove that you are credit worthy. Have a dollar amount in mind that you will need to borrow.

    You will also need a cash down payment.
     
  14. Dec 7, 2008 #13
    Buy an Accord/Civic, or Camry/Carolla that you can afford and afford to maintain. It sounds like you are trying to spend the most you are able to afford to buy the nicest car you can afford. I.e. buying outside your means.

    You could probably buy my 10 year old accord for around 3-4k, and have it work for a long time with little to no problems. I have 156k miles on it, and for the most part its going strong.

    It has no dents, but the paint has scuffs and scratches. But I drive that car like a tank. If I hit something with it and scratch the paint on the bumper, I don't care. It's a daily beater. It's not a ferrari.
     
    Last edited: Dec 8, 2008
  15. Dec 7, 2008 #14

    Evo

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    offtheleft...don't do it. Surely in your area you have large car dealers that are tyring to get rid of cheap used cars they took as trade ins. They ususally have finance available for anyone that can provide a paystub making $250 a week. They need to get rid of these cars, so will do anything to sell them. No money down, or maybe a few hundred bucks, instant approval, warrantly incuded.
     
  16. Dec 8, 2008 #15
    im buying a civic(ish) car for my mother. she cant drive stick anymore because of her knees so im going to try and talk her into selling my car and she can get a civic or what ever she likes and ill take the rest of the money.

    im not trying to get the most i can get. i could, right now, afford to go to a dealership and buy a brand new r32, gli, evo, sti. all costs about 30k. my job, despite the fact that i hate it; pays me a LOT. and, im getting another one over winter break to help save a bit and use for a primary spending money so i can save all the money i make now.




    if i can find one of the cars im looking for at a dealer, hell yes. im stubborn. its a flaw but its also a good trait. i just have shakey credit. well, truthfully, i have good credit but, its super limited.
     
  17. Dec 8, 2008 #16
    Please do no waste 30k on a car. Its the worst possible way to spend your money. Cars hold NO value, what-so-ever. I will NEVER buy a brand new car.
     
  18. Dec 8, 2008 #17
    im not planning on it hahah. im just saying i could. id be able to get the car, afford the insurance and still save a good amount of money each month. im sure if i managed my money better but not eating out 2-3 times a day, id be able to get an m3 but, thats not what im looking for. plus, when i get to a university it would be tough to afford tuition.
     
  19. Dec 8, 2008 #18
    You would not be able to afford to maintain it. My friend works at an audi repair shop. He fixes audi/porsche/bmw. He says too many people buy luxury cars but don't have the money to maintain them. For example, the 7 series takes 9 quarts of synthetic oil. Its about 10 dollars a quart. So its $90 just in oil every time you get an oil change. That doesnt include the hours hes going to charge you for performing the maintenance.

    Luxury cars are for people who are professionals making good money. If you have to spend nearly all your savings for a car, you wont be able to keep it running for long.
     
  20. Dec 8, 2008 #19
    If you buy a used luxury car it's really not that bad. I also have a friend who works as a Beamer mechanic and he helped me to find a sweet ten-year-old BMW 530 a few years ago for 7K, pristine leather seats, 6-disc CD changer trunk mounted, pretty snazzy. I haven't found the maintenance to be all that bad, but I work from home so I don't put too many miles on it (though I usually take trips of several hundred miles apiece, several times a year.)

    Offtheleft, I would say forget financing, just start socking away money while you start looking for something like that. It took me a good six months to find it but it was worth it; everyone was amazed that it was ten years old. By the time you find it you can pay in cash.
     
  21. Dec 8, 2008 #20
    i know all about it. my uncle works for ray catena, well, a few people in my family work for him. my uncle specifically is a mechanic. but, thats besides the point. i dont want a luxury car. so, i dont have to worry about the maintenance. ya digg?




    i have money saved but i cant access it. not until im like twenty four or twenty five. i can add to it but i just cant touch it.
     
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