How are you paying for your 4th gens?
02-18-2010, 12:56 PM
#21
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Always paid in full and cash.
I build my credit with credit cards. Idk how some people get stuck in debt. Just buy what you have cash for. its hella easy...
Anyway, yeah, u should be able to get a better loan than that. Check other banks.
I build my credit with credit cards. Idk how some people get stuck in debt. Just buy what you have cash for. its hella easy...
Anyway, yeah, u should be able to get a better loan than that. Check other banks.
02-18-2010, 12:57 PM
#22
I've never taken a vehicle loan to buy a car older than 5 years.
But here's something you might be able to do, if you have great credit:
Back when I bought my Nova, I had received an offer from my Visa card company. They were offering a cash line of credit for up to my credit limit (think it was $10.5k) at 2.9%, locked in rate for the life of the loan. Now, I had the cash to pay for the car without this loan, but my cash was in an account earning 4.25%, so it only made sense to take the loan at a lower interest rate. So I got as much of the money as I could from that deal, and paid the rest in my own cash. Worked out great, I'd do this again in a heartbeat. However, credit is much tighter these days, so good luck finding a CC company that's willing to give you $10k in cash for 2.9% life-time locked in rate.
But here's something you might be able to do, if you have great credit:
Back when I bought my Nova, I had received an offer from my Visa card company. They were offering a cash line of credit for up to my credit limit (think it was $10.5k) at 2.9%, locked in rate for the life of the loan. Now, I had the cash to pay for the car without this loan, but my cash was in an account earning 4.25%, so it only made sense to take the loan at a lower interest rate. So I got as much of the money as I could from that deal, and paid the rest in my own cash. Worked out great, I'd do this again in a heartbeat. However, credit is much tighter these days, so good luck finding a CC company that's willing to give you $10k in cash for 2.9% life-time locked in rate.
I've read up on the CARD Act as well, and it still doesn't seem to protect the consumers from what happened to my buddy. They just need to report it to you with more notice, but they can still do it.
02-18-2010, 01:20 PM
#23
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That's exactly how I bought my last car. I'm a little weary of doing it again though. My buddy bought his 350Z for the same deal and Chase gave him a call one day saying, "We know you have a fixed rate of 2.9%, and we can't change that, so we are raising your minimum payment from $250.00 a month to $750.00." No bullshitting on that amount! He had to cut a deal where they would raise his APR with his permission just to keep his minimum payments down. The credit card companies are pulling some shady crap ever since the market crash.
I've read up on the CARD Act as well, and it still doesn't seem to protect the consumers from what happened to my buddy. They just need to report it to you with more notice, but they can still do it.
I've read up on the CARD Act as well, and it still doesn't seem to protect the consumers from what happened to my buddy. They just need to report it to you with more notice, but they can still do it.
Did your friend ever miss a payment, have trouble with other credit cards, etc.? My minimum payment has always been about 2% of my total balance, and I've been consistantly paying 2-3 times more than the minimum payment since the loan began. They have never once contacted me about changing anything, but I've also had NO problems with my credit ratings at all since taking this loan. On my last statement, my balance due was about $4,100, and the minimum payment was $84 I think, I sent them a check for $200 which is my usual amount.
02-18-2010, 01:42 PM
#24
That is very odd. I did this deal with Chase Bank as well, just like your friend, but they never pulled anything like that on me......yet anyway. I took the loan in the summer of 2008 and I'm still carrying it. I have about $4,000 left to pay off.
Did your friend ever miss a payment, have trouble with other credit cards, etc.? My minimum payment has always been about 2% of my total balance, and I've been consistantly paying 2-3 times more than the minimum payment since the loan began. They have never once contacted me about changing anything, but I've also had NO problems with my credit ratings at all since taking this loan. On my last statement, my balance due was about $4,100, and the minimum payment was $84 I think, I sent them a check for $200 which is my usual amount.
Did your friend ever miss a payment, have trouble with other credit cards, etc.? My minimum payment has always been about 2% of my total balance, and I've been consistantly paying 2-3 times more than the minimum payment since the loan began. They have never once contacted me about changing anything, but I've also had NO problems with my credit ratings at all since taking this loan. On my last statement, my balance due was about $4,100, and the minimum payment was $84 I think, I sent them a check for $200 which is my usual amount.
Just beware.
02-18-2010, 01:46 PM
#25
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With the economy the way it is I dont see why 9k can't get you a nice 4th gen.I got my 99Z28 for 3,500.Ive seen nice low mileage SS's gor for 8-10 if you look and not rush into anything.
02-18-2010, 05:04 PM
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No, no problems with his credit or missing payments. He's a responsible guy. Chase claimed the account wasn't profitable for them, so they had to do something. I didn't have a problem when I did it, but I paid it off in two years. Maybe if I gave them (Chase for me as well) some more time they would have done it to me, too.
Just beware.
Just beware.
1) Send them a check that same day for the entire balance.
2) Tell them to kiss my ***, and close my account as soon as they receive the payment.
Normally I would agree with you, but in the rare cases where you can get a loan for a lower interest rate than your cash is currently earning, I will ALWAYS take the the loan.
02-18-2010, 07:15 PM
#33
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Ya you got to be able to get a better deal then that. I bought my 01 z28 in mid 06 thru my local bank at 13,900 for the car and barely 6% interest with a co-signer. A year later I refinanced and put it in my name and they lowered the interest more. Might be your bank and location of where you live all at the same time. I hope you get it figured out man.
02-18-2010, 07:35 PM
#34
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wachovia for the win! i just turned 20 and dont really have much credit. i still have a little left on my ss but they still gave me the loan for my 07 duramax
02-18-2010, 08:42 PM
#36
I took out a loan to buy my 16K mile WS6 at the time. I don't know too many people with 20+K sitting in the bank ready to be dropped at a car. I'm sure some are out there.
02-18-2010, 08:46 PM
#38
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i bought my WS6 through Veracka motors in brockton ma. and my car was 8 yrs old when i bought it, they use PPV (private party vehicles) they specialize in finacing sports cars
here is a recent veracka motors add, you could go see these guys and try for this WS6
http://www.autotrader.com/redirect/r...ealer_id=71746
here is a recent veracka motors add, you could go see these guys and try for this WS6
http://www.autotrader.com/redirect/r...ealer_id=71746
) Last edited by The Bronx Bull; 02-18-2010 at 08:52 PM.
02-18-2010, 08:55 PM
#40
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I was 18 when i bought my ss... I paid 27k for it with my interest rate 14.1 percent. I know that fuggin sux but i have never been late on a payment and now have excellent credit.