Car Loan?

[sag1441]

i was 19 years old and got an auto loan for a sportbike and i didnt even have a job. made them make my first payment and got a job as soon as i could haha. my credit is now awesome from all my loans ive paid off.

 

[91stocker]

and credit is indeed important its stupid to think otherwise.

You guys keep saying that, but you cant give any supporting evidence in why it is. Does anyone even know why its important other then someone told you so? The only thing its good for is giving you a lower payment/interest rate on something you cant afford, period.

I understand your points, but your starting to get a little heated.

No not at all. Apologize if its coming across as a little cross, but ive seen countless families self destruct, just the way most of the country has. Americuh is all about excess i know, debt literally is the american dream.

Also if I were to get a loan for a dsm itd be a DD and I'd sell the GTi. I understand how risky that is, but I'm willing to take the chance after thoroughly inspecting a car.

Its not a terrible idea, most people just dont understand what basic maintenance is. Dont drop the clutch at every stop light or try to make 600hp and you should be just fine . I have two friends that dd about 400ish hp 2g's. Awd and turbo adds up to quite high maintenance costs though. Just something to think about.

 

[omega260]

You guys keep saying that, but you cant give any supporting evidence in why it is. Does anyone even know why its important other then someone told you so? The only thing its good for is giving you a lower payment/interest rate on something you cant afford, period.



No not at all. Apologize if its coming across as a little cross, but ive seen countless families self destruct, just the way most of the country has. Americuh is all about excess i know, debt literally is the american dream.




Its not a terrible idea, most people just dont understand what basic maintenance is. Dont drop the clutch at every stop light or try to make 600hp and you should be just fine . I have two friends that dd about 400ish hp 2g's. Awd and turbo adds up to quite high maintenance costs though. Just something to think about.

Well you just answered your own question haha. I'm not really a financial expert but whatever your right credit means shit. But my parents keep telling me to build it so Ill trust em.

Anyway yea I wasn't planning on launching the #### out of it. Im already way past my ricer hektik skidz stage. 350whp is enough for me. going to be more about handling actually.

 

[phunny]

91stocker, you are completely full of bs. What's your portfolio look like that you can make so many judgements? Credit is evil and it's a scam??? Houses can be bought for 30k and you have a paid off home??? Anyone with a business will tell you to always use someone else's money, even paying interest isn't a bad thing at all. Ask me how I know... Buying property let alone foreclosed properties isnt something that you can just buy and had a nice home. Again, ask me how I know. You are giving a lot of advice and your OPINION when it's complete horse crap.

 

[omega260]

Slowly this thread is heading iinto the direction of fight club.

 

[91stocker]

91stocker, you are completely full of bs. What's your portfolio look like that you can make so many judgements?

Like i said in post #45, me and my wife are still in school, we have two kids, and i have a shit average shop job for now. Hence why my dd was bought for $500 4 years ago, my dsm for 800, my wife's a4 quattro was about 3500 when we bought it and yes i paid cash for it. Id say thats living well with in my means, wouldnt you.

And what do you mean judgements, he asked for opinions and im giving mine. Im not a financial expert by trade but im very good with money. Im actually a chem major but i know that if you dont balance a check book regardless if you use checks then you are doomed from the start.

Who's full of bs here, you guys are telling a 20 year old kid that two car notes and a credit card is a good idea. Get real. I know its hard for the average american to understand but payments bad, saving good.

Credit is evil and it's a scam???

Tell me how it isnt. Your quick to attack but you have no defense. What valid points have you made?

Houses can be bought for 30k and you have a paid off home???

Actually yes they can be, cheaper even quite often. The county i live in has a population of 50k and there were 90 foreclosed homes last i looked.

Here, a 2 second search found this in my home town. A nice modest little place. Would make a great starter home, a whopping 17k.
Foreclosure #47527799, Vassar MI, 48768 | Homes.com

Buying property let alone foreclosed properties isnt something that you can just buy and had a nice home. Again, ask me how I know.

Ok ill bite, so why not exactly? You get burned on a home purchase?

You are giving a lot of advice and your OPINION when it's complete horse crap.

List an example then. Yes it is my opinion, which means nothing, just an opinion. Which is what the op's looking for. I gave the best advice i could from my own and close others past experiences. It truely sounds like a bunch of lemmings following each other over the edge and into debt.

 

[omega260]

Too be fair I wouldnt have two car notes as I would sell the GTi obviously. Well my dad is anyway so I have to get my own car haha.

Also real estate outside of New Jersey must be pretty cheap damn why the hell do we still live here <.<

 

[phunny]

91stocker, so you have 2 kids and are still in school and are giving advice on life ? Again I ask what your portfolio looks like but judging by you answers you don't have one. I on the other hand am into properties and do very well at it. Im also in other businesses that are profitable.

So let's give a very simple example even though I don't think it will help. Let's say I find a house for 275k that needs a little work but has sold for 380k in the past. Do I sell off other assets that are making me money (ie storage units) so I can purchase the property, use up all my savings or get a loan?

Credit is a great thing it's just soo many people are very irresponsible. Heck, in your scenario food is the most evil thing on the planet, how many obese people are out there? Is food really bad because some abuse it?

Oh btw, I'm also still in college and taking other classes on top of that. That's no excuse for having nothing .

 

[LandoAWD]

Credit is fine to have, and building once bad credit to good standing just saved me 200 bucks a month on my mortgage.

That said, at 11/hr, a loan would be the LAST thing I'd need hanging over me.

 

[omega260]

i was 19 years old and got an auto loan for a sportbike and i didnt even have a job. made them make my first payment and got a job as soon as i could haha. my credit is now awesome from all my loans ive paid off.

Dude do not tempt me


I want a sportbike, but I WILL kill myself.

Credit is fine to have, and building once bad credit to good standing just saved me 200 bucks a month on my mortgage.

That said, at 11/hr, a loan would be the LAST thing I'd need hanging over me.

Nah its fine I live at home and eat my parents food.

 

[LandoAWD]

Nah its fine I live at home and eat my parents food.

You're 20. Fix that, first.

 

[AK Maniak]

All you guys bashing loans are out of your mind. I agree spending more than you can afford is dumb. But if anything, taking a small loan for 3-5000 is a great idea for someone in his spot. No bills and living at home equals easy to pay. In today's world you arnt shit without a good credit score. Build it as early as you can. And a fixed lower interest personal loan is a much smarter way to build credit than with a credit card. Paying cash Is most defInitly not the best route...unless you plan on driving dumpy cheap cars your whole life and never owning a home.

Oh and the guy bragging about paying cash needs to take some finance lessons. You do realize your literally throwing out money by paying cash for a brand new car right? The minute you drive off the lot, your out 5% or so of what you just paid. If anything, buy a year old model.

I'm not trying to brag about paying in cash. I simply hate debt. I completely understand how the finance game works when taking interest and such into consideration. I simply don't want to deal with payments. I like to own the cars I drive. Plus, I wanted a car that no one has ever driven, I've had plenty of used cars and whether it has had 1 previous owner or 10 there I will like knowing for a fact that no one has ever abused said vehicle.
And how do you suppose I buy a year old model when the first year of the car is a 2013.

 

[omega260]

You're 20. Fix that, first.

Im a compl3te badass and I know everything

 

[LandoAWD]

Your sarcasm is cute. Did your folks help you with that, too?

 

[jcart953]

^^^. Seriously, though Op you already admitted to having poor money management why put yourself at further risk? At this time in your life you really should be thinking about saving up and trying to have some money in the bank and getting out of your parents house.

 

[Mitch41]

91stocker, so you have 2 kids and are still in school and are giving advice on life ? Again I ask what your portfolio looks like but judging by you answers you don't have one. I on the other hand am into properties and do very well at it. Im also in other businesses that are profitable.

So let's give a very simple example even though I don't think it will help. Let's say I find a house for 275k that needs a little work but has sold for 380k in the past. Do I sell off other assets that are making me money (ie storage units) so I can purchase the property, use up all my savings or get a loan?

Credit is a great thing it's just soo many people are very irresponsible. Heck, in your scenario food is the most evil thing on the planet, how many obese people are out there? Is food really bad because some abuse it?

Oh btw, I'm also still in college and taking other classes on top of that. That's no excuse for having nothing .

Someone who actually understands the game of money thank goodness!

 

[omega260]

Your sarcasm is cute. Did your folks help you with that, too?

Actually yea Italian household Everything is sarcasm. My parents dont really help me with much though, in fact I would have been thrown out if I didnt snag this job in time. I had a bunch of seasonal jobs, and this is my first steady one in a year or two.

^^^. Seriously, though Op you already admitted to having poor money management why put yourself at further risk? At this time in your life you really should be thinking about saving up and trying to have some money in the bank and getting out of your parents house.

When did I say I have poor money management? I said I like to spend money, but I only ever messed up once when I was 17 and overdrew my account for a Big Mac. I was starving.

 

[jcart953]

When did I say I have poor money management?

Well lets see:

That may be an option. Tho I doubt I could save 4000+. I tend to buy fun things too much

^^^Im reading between lines and this screams you buy things you "want" instead of "need". Therefore it seems you have a money management problem.

My parents dont really help me with much though, in fact I would have been thrown out if I didnt snag this job in time. I had a bunch of seasonal jobs, and this is my first steady one in a year or two.

This gives more evidence that you should be trying to save instead of spending thereby giving more credit to my argument above.

 

[darthvadar tsi]

dude just sell your gti and get a dsm? I had to sell my dsm because it wasnt reliable for going to school in back. Once I graduate im buying an evo. sometimes you half to sacrifice somethings for a while to get a good job and have all the toys later

 

[jcart953]

Once I graduate im buying an evo. sometimes you half to sacrifice somethings for a while to get a good job and have all the toys later

 

[omega260]

Well lets see:



^^^Im reading between lines and this screams you buy things you "want" instead of "need". Therefore it seems you have a money management problem.



This gives more evidence that you should be trying to save instead of spending thereby giving more credit to my argument above.

No I can save, I just hate saving. Spending money has nothing to do with poor money management at all. It would just take me a while to actually save that because their are other things I need/want. Like a laptop, new phone (stuff that is important in my line of work etc) not to mention I have other hobbies. I could save 4k though when i want something I can save and suffer But id rather just get a fixer upper for 2k.

dude just sell your gti and get a dsm? I had to sell my dsm because it wasnt reliable for going to school in back. Once I graduate im buying an evo. sometimes you half to sacrifice somethings for a while to get a good job and have all the toys later

Not my GTi its techincally my dads and he is selling it, but buying my sister a car. My plan was also to graduate school (next year) and buy an evo, but I realize that is kind of dumb because I need to buy a place, or rent a place and start paying off my student loans. Hence Ill just drive a DSM for a year or 2. What kind of problems did your dsm give you though? Just interested. My current car eats motor mounts and coilpacks and I used to daily a 180k mileage Corrado that would roll the windows down when I went over a bump

 

[empie1]

Pretty much . I bought the car in my sig for $800. My dd i bought for $500 about 4 years ago . Paid cash for my wife's a4 too. Until me and my wife finish school thats how its going to stay too, no payments.



Same here, i just cant possibly understand how someone could make such a poor decision.



But...if you owned the car you wouldnt have to worry about losing the car after you lost your job. Also if you spent your entire savings on a car, i think that would count as a very poor decision .



Smart man haha. No payments also helps keep the stress levels down . No worries.



Credit is a scam, its simply a way to legally discriminate the low income. Income is credit, its that simple. My mom has terrible credit, i mean awful. Shes always paid cash for everything. But can get approved for whatever she wants because she makes $30 an hour. Like her new malibu that she got like a month ago. Low payment, low interest, fully loaded. Credit doesnt mean shit when you have income.

Your seriously recommending a credit card to someone who still lives with their parents?



Or you could go to school and get a real job and make real money. The average american is just barely above the poverty level.



Buying a new car period is that way. Theres no way around the initial depreciation. And your not throwing money away in interest over five years? Whats the depreciation value over 5 years? Why spend thousands in interest to some crooked fat cat banker.

Personally when i go to get a new car i would just buy like you said a year older model or a slightly used one of the same year. 4k miles on an 12' and you'll probably spend 10k less then the guy rolling out of the lot with a "new" one.

As stated, your married with kids, drive a 20 year old car and have no degree..,who in their right mind would take financial advise from you? Credit is a scam huh? Rofl...so your going to pay cash for the house you can't buy? Or wait, let me guess once youve got your degree your gonna make 120k a year right? Ahahahahahaha not sure why you are running your mouth more than everyone else here, it seems you might be offended cause no one will give you a loan or a credit card? Simply put, you hve no clue what your saying. Maybe take a class in finance at your community college. Than tell your professor what a scam credit is. Enjoy living in a apartment and drivin beat old cars...wait...you need credit to get a apartment. Those damn scam artists won't even give you a home! Ahahahahahaha wow.
Credit is NOT the enemy of America. Stupidity is. Responsible intelligent people use loans and credit cards for positive reasons. Morons who don't understand finance spend more than they can afford. Dunno about you but at 20, I had zero issues paying a 3000$ loan. He isn't trying to buy a 10000$ car. He's trying to buy a 3-5000$ car. That's reasonable and definitely affordable to someone with no bills. Oh and re read what I said. I SAID CREDIT CARDS WERE NOT A GOOD IDEA. Specifically cause of people like your moron friends that can't grasp the concept of cash flow.

 

[darthvadar tsi]

No I can save, I just hate saving. Spending money has nothing to do with poor money management at all. It would just take me a while to actually save that because their are other things I need/want. Like a laptop, new phone (stuff that is important in my line of work etc) not to mention I have other hobbies. I could save 4k though when i want something I can save and suffer But id rather just get a fixer upper for 2k.



Not my GTi its techincally my dads and he is selling it, but buying my sister a car. My plan was also to graduate school (next year) and buy an evo, but I realize that is kind of dumb because I need to buy a place, or rent a place and start paying off my student loans. Hence Ill just drive a DSM for a year or 2. What kind of problems did your dsm give you though? Just interested. My current car eats motor mounts and coilpacks and I used to daily a 180k mileage Corrado that would roll the windows down when I went over a bump

Oh ok I see. Ive had a tsi and a gsx both stock 2gs with 16gs on them. The same thing happened to me with both of them. I bought them and they had problems with the clutch and alternator parts. Once i fixed all the crap That the people before me messed up or didnt bother fixing they were reliable cars after I fixed it...800 dollers later on gsx 1400 later on tsi. I dailyed them for a while But I sold them because I didnt want to take a chance on something else happening because I had quit my crappy minium wage job and decided to start school. Even though I had the repairs and downtime Ive never had a bigger smile on my face when I drove it. I drive a civic si now and am selling it for another dsm...we will see it turns out again.

 

[omega260]

Oh ok I see. Ive had a tsi and a gsx both stock 2gs with 16gs on them. The same thing happened to me with both of them. I bought them and they had problems with the clutch and alternator parts. Once i fixed all the crap That the people before me messed up or didnt bother fixing they were reliable cars after I fixed it...800 dollers later on gsx 1400 later on tsi. I dailyed them for a while But I sold them because I didnt want to take a chance on something else happening because I had quit my crappy minium wage job and decided to start school. Even though I had the repairs and downtime Ive never had a bigger smile on my face when I drove it. I drive a civic si now and am selling it for another dsm...we will see it turns out again.

Yea thats why Im very cautious about which car I buy. I dont mind doing maintence though. Im a german car guy so I'm used to getting torn a new asshole in maintenance. As long as it doesnt blow up I consider it reliable But yea I should be making enough to maintain it.

 

[darthvadar tsi]

Yea thats why Im very cautious about which car I buy. I dont mind doing maintence though. Im a german car guy so I'm used to getting torn a new asshole in maintenance. As long as it doesnt blow up I consider it reliable But yea I should be making enough to maintain it.

If you only spend 2k on one thats not being very catious. If its that cheap its bound to have problems I would save up to atleast 4
I could afford to maintence on mine making 8 bucks an hour so you should be good. Just dont mod them keep it stock. JUst get a nice sounding bov and exhaust. I had a buschur dp and hks ehaust on my tsi. Sounds incredible. Im a mitsu guy. Not a fan of german ha but good luck with dsms there amazing machines.