The economy sucks but I want a new car - Forum For Men

herewego · 10-31-2008, 04:24 PM

As everyone knows, the economy is sucking hard right now. I was looking to trade my car in and upgrade this year, but now I'm second guessing myself. It sucks because I have car ADD and need a new one every 2 years.

Does anyone know whether or not its any more difficult to get a car loan now?

Ace$nyper · 10-31-2008, 05:06 PM

As of this second, not really more, by tomorrow, probably harder.

What's your credit look like?
What's your income?
What's your I: D ratio *income to debt*
What kind of size for loan are you looking at?
Term of loan?
Down payment?
Collateral or co signers?

This is some of what I do for a living, you don't have to publicly or even pm the replies, I'm just giving you somethings to look over and start planning for a new line of credit.

What kinda car are you looking at?
I have car ADD too, luckily I lie to my self and say I save money modding cars and racing them instead of buying new. If you see what my track days cost me, you'd beg to differ on savings lol.

herewego · 10-31-2008, 05:48 PM

My credit is solid (over 700)
Income is good for the cars I'm looking at
I: D is around 5 or 6:1 (includes car, credit cards, everything that is considered debt)
Loan would be around 55 - 65k
Term would be 5 year probably (i'm used to taking a hit on every car i get now)
I could do 10% down without issue, but does it even make a difference?
No collateral or co-signers

I would probably lose 4-5k on my trade-in (2004 350z, which i bought used). I'm looking for a brand new car this time around.

The problem I ran into about 8 months ago was my credit history. Or should I say, lack thereof. I was 24 then, and I'm 25 now, but that was the reason for the difficulty in getting a loan then.

fiatjeepdriver · 10-31-2008, 06:11 PM

what kind of car are you looking at?

Ace$nyper · 10-31-2008, 06:18 PM

Quote:

Originally Posted by herewego

My credit is solid (over 700)

Income is good for the cars I'm looking at

I: D is around 5 or 6:1 (includes car, credit cards, everything that is considered debt) factoring who and how loan is written might be lower since old car is paid off during sale
Loan would be around 55 - 65k okie dokie
Term would be 5 year probably (i'm used to taking a hit on every car i get now)Got ya
I could do 10% down without issue, but does it even make a difference? Yes a good one
No collateral or co-signers Doesn't sound like massively needed

I would probably lose 4-5k on my trade-in (2004 350z, which i bought used). I'm looking for a brand new car this time around.

The problem I ran into about 8 months ago was my credit history. Or should I say, lack thereof. I was 24 then, and I'm 25 now, but that was the reason for the difficulty in getting a loan then.

Well if you have a score that strong and now a year more history, you shouldn't be effected terribly.

You should not have much a problem securing a line of credit.

herewego · 10-31-2008, 06:26 PM

Lexus is-f, bmw m3, or mb c63 amg. Not in any particular order, but those are those are the three that I'm fairly torn about getting.

Thanks Ace$nyper for the advice. I might bring it up with the boss again and see what she thinks.

Tornadom · 11-01-2008, 11:02 PM

You want a luxurty sport sedan. I can think of some really cool ones that have already depreciated, but will be on the rebound soon enough due to collectability *cough* E39 M5 *cough*

Davey · 11-02-2008, 01:02 AM

In about 8 months I'll be able to get discounts on all Honda cars and motorcycles. God I love my job at Honda. Granted I'm not favoring many foreign cars, but depending on the discounts, I may just have to give them another shot.

Tornadom · 11-02-2008, 01:05 AM

Quote:

Originally Posted by Davey

In about 8 months I'll be able to get discounts on all Honda cars and motorcycles. God I love my job at Honda. Granted I'm not favoring many foreign cars, but depending on the discounts, I may just have to give them another shot.

Toyota = crap Don't base the disgust of your Corolla on an entire country.

You can not beat a Honda for reliability.

Davey · 11-02-2008, 01:08 AM

Quote:

Originally Posted by Tornadom

Toyota = crap Don't base the disgust of your Corolla on an entire country.

You can not beat a Honda for reliability.

My Toyota sucks ass.

And actually, working at Honda is really interesting, many of their parts are made in Canada. I've seen them coming from all over, the UK, Germany, China, Japan, Brazil, United States, and many, many more places.

I had a Honda as my first car, but I guess it must have been my bad car karma.

10-31-2008, 04:24 PM	#1 (permalink)
herewego Administrator Join Date: Oct 2008 herewego is meh Points: 65 Thanks: 1 Thanked 3 Times in 2 Posts	The economy sucks but I want a new car As everyone knows, the economy is sucking hard right now. I was looking to trade my car in and upgrade this year, but now I'm second guessing myself. It sucks because I have car ADD and need a new one every 2 years. Does anyone know whether or not its any more difficult to get a car loan now?

10-31-2008, 06:11 PM	#4 (permalink)
fiatjeepdriver The Beer Owl has Spoken Join Date: Dec 2007 Location: Southern Oregon Age: 25 fiatjeepdriver is riding his bike Points: 4,342 Thanks: 17 Thanked 13 Times in 13 Posts	what kind of car are you looking at? __________________ - Kellan Cullan

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10-31-2008, 05:48 PM	#3 (permalink)
herewego Administrator Join Date: Oct 2008 herewego is meh Points: 65 Thanks: 1 Thanked 3 Times in 2 Posts	My credit is solid (over 700) Income is good for the cars I'm looking at I: D is around 5 or 6:1 (includes car, credit cards, everything that is considered debt) Loan would be around 55 - 65k Term would be 5 year probably (i'm used to taking a hit on every car i get now) I could do 10% down without issue, but does it even make a difference? No collateral or co-signers I would probably lose 4-5k on my trade-in (2004 350z, which i bought used). I'm looking for a brand new car this time around. The problem I ran into about 8 months ago was my credit history. Or should I say, lack thereof. I was 24 then, and I'm 25 now, but that was the reason for the difficulty in getting a loan then.

10-31-2008, 06:26 PM	#6 (permalink)
herewego Administrator Join Date: Oct 2008 herewego is meh Points: 65 Thanks: 1 Thanked 3 Times in 2 Posts	Lexus is-f, bmw m3, or mb c63 amg. Not in any particular order, but those are those are the three that I'm fairly torn about getting. Thanks Ace$nyper for the advice. I might bring it up with the boss again and see what she thinks.

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