HWI

iTrader: (2)

Same here, cept I took mine out in 08 and my interest rate is 6.5%.

sxracerb25

iTrader: (6)

Had no problem getting a loan through a local credit union. I applied on Friday and Monday they called and said I was approved. I borrowed 8700 at 7% for 4 years. Their only stipulation was that it needed to have below or around 100k miles.

StuntmanMike

iTrader: (2)

Nice to be able to live like that, but do you own your house too?

I was talking about credit cards and credit history with a loan officer at a bank when I was getting pre-approved for a mortgage, and he was telling me about a client he had that was just like you. He had a heck of a time getting the guy financed, because he didn't have much of a credit history, always paid cash for everything and had no credit cards.

eseibel67

iTrader: (10)

The Trans Am was financed by robbing from my son's college fund.

He's a dumbass anyway.

StuntmanMike

iTrader: (2)

haha, that's awesome.

71novaguy

iTrader: (2)

small town rural bank. pay 8% on it, but they dont report my transactions. ie, if I need to miss a payment, or I'm late, or I cannot get the full amount in that month, it does not affect my credit score.

sundaydriver

There are some things around the home I cannot do or too lazy so I do have to pay for some services.


A credit card is a must to have any kind of credit history if you've never had a loan.

My entire credit history is two car loans when I was a kid and for the past 24 years my 794 credit score comes from 1 Visa card. Even though I don't purchase anything that I don't have the cash for a credit card is more convenient and gives you a credit history. I do own my own home (third) and 3 vehicles all cash.

And My bank refers to me as a FREELOADER. Meaning my bill is paid in full and on time so they don't make any money off of me. How someone can get by without at least 1 credit card...I don't know either?

slow

iTrader: (7)

The guy who bougth my 98 WS6 end of last year went through insite financial credit union, was able to borrow on a 98 w/ 116K miles without issue.

My near 800 credit score is just with car loans on the 98 ws6 and 2006 GTO, paid off the 98 ws6 in 25 months on a 48 month loan, and the GTO in 16 months on a 48 month loan. And just using my visa cards for gas, food, and monthly expenses and paid off each month. I too am a "freeloader" to my bank.

Ryan

428 78T/A

iTrader: (3)

When I got divorced my X didn't take half of my retirement because she had a "Knight in shining armour" lined up to be her golden goose.

So, I spent her half the money that she was entitled to on a brand new 2008 Tundra crew cab TRD 4X4 and my 99 TA.

She didn't take kindly to me telling her "Knights" wife about her soon to be divorced husband. Hahah, dude never did leave his wife for my ex. Now she's pissed at me for not taking what she what she was entitled to

Ahhh, remember it like it was yesterday

FHPB4C

iTrader: (3)

cash for my first 2 camaros a 87 w/ 55k for 6,000 and a 92 white vert w/15k for 15,000. My 35th i got a loan. I bought my 02 for 11,200 w/ 69k on it 3 years ago and my last payment is next month! My intrest rate was a little high @ 9.5% let the mods continue....cammed by the summer!
I will say this...I will never take out another car loan and pay all that intrest..If i had to i'd buy an older camaro and fix it myself. the money you save in intrest you could spend on mods anyway..

SS Enforcer

He will be now ...

As for credit cards in Australia it works pretty much the same but I have been handing credit cards back to the companies over the last year. I had a wallet full of them as it seems the banks will give you as much credit as you want as long as you don't miss a payment. I had enough credit on cards to pay for 2 new cars in full if I wanted to. Now I just keep $20k limit for travelling and emergencies and parts if needed and clear em as fast as I can.

It's certainly much easier to get a loan if you don't need it ..... sort of defeats the purpose though don't you think ?


cheers

retardedpenguin

iTrader: (2)

I guess when you a kid it is different. To me it's the opposite, like I don't understand how you can not pay cash for something, it's just so weird and goes against everything I have learned.

I was just a little short on my 99 WS6 and I wanted to just loan the rest, I had $9k of the $10k I needed. My mom just went ahead and let me borrow the rest from her. Anyways I got my hours severely cut the same day, I went from making $100 a week to about $20. The moral of the story is I would have been fucked.

RPM WS6

iTrader: (3)

I think it's great that a lot of you younger guys here want to do everything in cash. It's the right mindset, but again I want to remind you that if you ever want a house, you should build some credit history; unless you plan to wait until you can pay cash for that too.

If you don't want car loans that's great. But get a credit card, pay it in full each month, it'll never cost you a penny of interest but will go a long way towards getting you a [better] mortgage. Not to mention the benefits of cash-back, and ease of internet purchases.

crazycamaro496

iTrader: (2)

Update: I was approved for full NADA value for 48 months through a different local credit union for anyone who may have been curious.

Even with this thread being turned in to Cash vs. CC's and Loans, I just want to clarify I'm not condoning excessive debt. I just came across a great car and want to jump at the opportunity before it's too late. I don't see any harm in taking out a loan for it as long as I can afford MORE than the minimum payment each month. I just finished paying off my 07 Civic Si, and my minimum payments will actually go down now.

This Camaro payment will be significantly less than my Civic, but that does not mean I will pay less. Let's not forget that some debt for everyone is good for the economy. I don't consider a $12,000 car loan as "being in debt" because I have something to show for it, and I am able to pay for it without any issues.

For all of you who are saying "CASH, CASH, CASH and nothing else!" I respect your opinions, but for many of us it is just not realistic. Just because I need a loan for a car does not mean I cannot afford it. (not taking anything personal, just saying...)

jonlisa973

iTrader: (17)

I paid cash for mine, but you should be able to find someone who will finance you. If not, save up and pay cash. These cars are coming down in price. Good luck!

johnlv6

iTrader: (3)

Exactly. Credit is a good thing, assuming you're able to manage it properly.

SEMI-RETIRED

Paid cash for the 2000 T/A a month ago.
Last year I bought my 99 T/A wrote the check on Friday called the bank on Monday ended up being 7.5% 2year loan when I signed the paperwork on Wednesday.

CamaroSS27

iTrader: (6)

Thanks for telling us, I am going to be financing whenever I sell my car, good thing to know someone will finance! Enjoy your ride!

ULTIMATEORANGESS

iTrader: (4)

a GM card gets you money off when you buy new.

NastyNate65

Paid $2950 cash for mine, thanks to %10 over dealer trade in price....damn that felt good!