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Thread: I need a car...advice?

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    Default I need a car...advice?

    I need a car, but I'm pretty sure my credit is terrible. I've had a credit card for only a little over a year, and made a couple of late payments. Everything is current, but I'm sure I'll get hosed if I go buy one.

    What are my options? I have an SD that will make the payments, but I don't want anything in his name. I also don't want to get something I can't afford without him....

    I'm just unfamiliar with how financing works, even though my dad owns a car dealership? lol (I dont want to involve him...Independence is important to me)

    Could I get a loan through a bank and buy from a private owner? Or do I have to buy? What is leasing like- can you return the car early?

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    Veteran Member babylovexxx's Avatar
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    Default Re: I need a car...advice?

    when i bought my first car, i didnt get into any of that, i saved money and paid cash upfront for a decent civic..not flashy but it runs fine and was cheap..plus i glammed it up with some zebra print seat covers

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    Default Re: I need a car...advice?

    ^ If you have a CC that's paid up, your credit may not be as bad as you think. Car dealerships are highly motivated lenders. They will usually try to work with you. Even in the current lending crunch.

    If you have the dealership (new or used) run a credit check on you, they can tell you the terms they can give you. Two things: If your credit is not awful, that usually means they will offer you a loan, but at a higher interest rate. Also, although you can get your credit rating online for a small fee, the rating alone doesn't tell you what any specific lender is willing to do for you. Oh, and oddly enough, the more times your credit rating is checked, the lower it goes (crazy, I know, but the theory is that risk rises when people are running around trying to get credit and a bunch of lenders are running checks on them.)

    I know you want to be independent, but if you get near a Mercedes or BMW dealership, your emotions may get the better of you (it happens to everybody -- cars are emotional purchases). If you want something like this, you can involve the SD by having him co-sign the note for you, but only your name would appear on the title. As co-signer, though, be aware that it will show up on HIS credit report, so if that is an issue, you may need to negotiate with him.

    I'm puzzled why a real SD would not just pay cash, though. Or lease it through his company and just let you drive the car (not that I've ever done this, of course.)

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    Default Re: I need a car...advice?

    Quote Originally Posted by The Other Owner View Post
    ^ If you have a CC that's paid up, your credit may not be as bad as you think. Car dealerships are highly motivated lenders. They will usually try to work with you. Even in the current lending crunch.
    That really depends-I was turned flat down for a car because I am in a cash business and have student loans and some medical debt. I was told I needed a co-signer or preferably cash. You might do better going through dad-at least he's on your side (I hope!)-even though you're paying for it yourself.

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    Default Re: I need a car...advice?

    Rose, you're right, and your post reminded me of another option: Have your dad run the credit check for you and provide advice in terms of what most dealers would be able to offer you. You'll still have your independence if you obtain the loan, which seems important to you.

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    Default Re: I need a car...advice?

    Quote Originally Posted by The Other Owner View Post
    Rose, you're right, and your post reminded me of another option: Have your dad run the credit check for you and provide advice in terms of what most dealers would be able to offer you. You'll still have your independence if you obtain the loan, which seems important to you.
    Yeah, it's good to know your options. I was offered one loan (at a diff. place) but it was SO freaking high it was stupid. They are really cracking down on credit anymore-especially, from what I hear, for cash type businesses.

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    Default Re: I need a car...advice?

    You can still be independant and ask your Dad for advice whats wrong with that?Once you have the SD buy it or lease (however done)you have kinda defeated your independance plan and now he has something to hold over your head -just my 2cents.Ask your Dad.

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    Default Re: I need a car...advice?

    Also, when buying the cars I've owned. I found that the dealership might give you a high interesting rate, but shop around for someone to re-finance it. I was able to drop my interest rate considerably when I did so.

    As for types of cars... are you looking for something brand new? or slightly used? Flashy or practical?

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    Default Re: I need a car...advice?

    First ting is to decide how much of a car you can afford (and include your sales tax). Everything else will become specific after that, in terms of what you can or cannot do. Remember cash expenses (incredibly expensive gas, insurance, servicing, repairs, etc) will add to your car loan expense

    You will likely find your best deals involve cars that have come off a leasing arrangement so they have already suffered their lagenst amount of depreciation. The trick there is to get one you like and has been reliably checked out and serviced and has some type of liberal warranty. Maybe your best deal will be your dealer father (lucky) who can look out for a good car for you. Just tell him that you want to run the deal yourself so you can establish better credit and feel good about being independent. If he's a good dad, he will feel proud of you for that.

    I've had a car (american too) bought that way that is 14 yrs old and it's only now starting to give me problems.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

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    Default Re: I need a car...advice?

    I'm with you Aubreyyy, independence is key to me. I try never, ever to borrow money that I know I can, because I'd much prefer to make it on my own. I've also seen family members (cousins) suck the money out of other family members (their parents/our grandparents) because they know they can. That to me = not cool.

    But asking your dad for help in getting the car, and YOU make the payments, that's not co-dependent.

    Something I've learned: Being independent doesn't mean necessarily doing everything on your own; using a connection is KEY to success in the world. And that's what your dad is, a connection for you. Kinda like in my business I used a connection, a friend of a friend, to get me in touch with someone I wanted to be in touch with. That's COMMONPLACE in the business world, so you shouldn't be ashamed, or feel anything less than independent, by asking your dad with help in obtaining a car. You're not asking him to BUY the car for you. That'd no longer be independent.

    Love it!

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