How does buying a new car work if you're a poor fag is it like a house where you out 10% down and get whatever you want...

How does buying a new car work if you're a poor fag is it like a house where you out 10% down and get whatever you want? Thinking about mustang gt or challenger srt

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>wants to buy a new sports car
>wants to take out a loan
>doesnt understand car loans
>has no money

>phaggot

Looks like he has an accomplice too.

I have the 10% of what a 35-40k car would cost

If you don't know how buying a new car works or the financial implications of it then you should be buying a used car.

That said.. you drop what you want on the down payment AFTER negotiating the price of the vehicle and the interest rate.

Shorter term means higher payments but less paid in total.

You bend over and take the depreciation loss no matter what, so decide what premium you would put on having the newest thing.

If you have a good (or any) credit score then consider getting a loan on a nice newish used car, pay it off sooner etc etc.

Thanks m8 and yeah my score is not bad for 21 like a 700

>is it like a house where you out 10% down and get whatever you want?
Do you really think that's how it works?

Yeah pretty much banks just give anyone with 10% down a house

You put the down payment so that way what you owe is always less than what you can sell the car for if you ever have to. A house will usually keep or go up in value so down payment isn't as important. Since you're buying new, your $40k car is worth $35k as soon as you buy it and the value nose dives from there. if you put no money down and bought, then realized you made a mistake, you'd owe money even after selling the car. This is called being upside down. So make sure your down payment can keep you out of that. You should also look at the interest and calculate what you're REALLY going to end up spending on the car after you finally pay it off.

>Yeah pretty much banks just give anyone with 10% down a house

Not since the crash of 08'

Good luck getting a load at all if your credit sucks, without a huge increase in your down payment and also a very high interest rate.

That's if you can find a bank to give you a loan at all, especially if your credit score is below 700

Also, if you are over 40 they also don't like to give loans.

They never learn they just want to meet their quotas I bet i could convince some slut to give me a mortgage with no down payment

>thinking the girl behind a computer controls who gets a loan and not millions spent on analysts
Are you 14?

No 21

lmgtfy.com/?q=actuary

Grats.

Yeah, beat me to it. Probably something I'll be looking into when I want a change from accounting.

Lmao I'm 18, and I've only had a credit card for 5months and my score is 708.

Nice I've already borrowed and payed back like ~20k

I'm really fucking anal about my credit score. I'm shooting for that perfect 850 so damn hard. I pay almost everything that costs more than $50 (all my gas regardless of price) and i pay my credit card balance immediately. I also check my score on Creditkarma like every week. It feels like my child...that credit score...only think fucking me over is the 5months of having it. I can't speed up time so i just have to wait. Feels good seeing my credit score go up by single digits though every month (i started at like 678, finally at 708)

Faggot

> wanting a good financial standing makes me a phagoat
No you

You have quite a bit to learn if you think just a higher score means anything.

>Debt culture

Jesus Christ Americans.

It means a lot, i know its not everything (i never said it was) i know what it takes for a good financial standing. Acknowledging that a credit score is a primary factor is a good enough start for me faggot.

Ahahaha faggot mfw I already have over 750 credit score because my dad put me as an authorized user on one of his credit cards since I was 16 feelsgoodman

>brags about having a credit card for 5 months and buying your lube and dildos on it
>calling anyone else a faggot
Fuck off retarded kid

Don't buy shit you can't afford, wait and get it later and you won't be in debt

I got my credit score like that on my own kid. Not mommy or daddies help
Okay

If you're actually poor, you shouldn't be buying new. Buying new only makes sense if you're going to keep that car a long time, and if you can qualify for top tier financing, talking like between 0% and 3% max, depending on what else you can be putting your money towards. This second point is where people get hung up, because the banks will consider your score, income, debts and loan to value. If you're good on 3 of the 4, you can usually get Tier I. But being poor, you don't have the income AND you don't have a down to lower the loan to value. No Tier I for you unless you're willing to chump up a big down, which again you can't because poorfag.

>Older men pretending to be kids with "high"credit scores to piss off autists that take everything seriously

Kek yeah I've got a 800 credit score and I've only spent like 100 dollars haha

None of the scores in this thread are even high. The median is around 725.

Boyo you're going to be surprised when you figure out that's not how it works...

I'm at like 805, got 0 percent interest on my GT.

If you guys are just looking at scores reported by your bank you can get fucked if you don't have much of a history. I was getting reports claiming I had 700s back when I was trying to buy a house but the banks said I didn't have enough history to really consider it a score and getting the home loan turned into a real bitch when I thought it would be smooth sailing.

I'm 22 and have basically no credit

>How does buying a new car work if you're a poor fag is it like a house where you out 10% down and get whatever you want?

It's simply to look at the problem this way. If you have to worry about even the down payment to buy a new car, you should not. New cars have FEROCIOUS depreciation and that value is what YOU lose because you actually pay it thru the life of the loan. That kind of monetary loss is almost the same as you buying the used version of your new car at the current book value price, then throwing the depreciation money on the ground and walking away from it. YOu cannot get it back unless you are a business and declare depreciation as part of your business expense. But private citizens don't have the same luxury. This is also why rich people often have their private corporation, which they own, do the purchasing and so they at least get some additional tax benefit from the depreciation.

If you struggle to buy it, the insurance on a mustang GT will slay you if you are a single young male. And if you get one accident the rate will zoom up. So if your finances cannot bear the burden at that point, you will lose the car. That means you sell the depreciated car and pay off the loan, thus leaving yourself in debt by about $14,000. And now you have no car and are in debt.

Buy used. Build up your education and contacts. Get better jobs. Be both persistent and diligent as those are the two important things many other people consistently lack. Others may be diligent but they can only keep it up 2 weeks or so before they slack off again. And you're probably familiar with the infamous stereotype of a certain minority whose members generally lack persistence of effort. That lack is probably their greatest problem (from what I have seen in their job retention efforts anyways). If you avoid those problems, then you will work your way up to where you can get a fairly current model used car and it will feel sort of newish.

>You have quite a bit to learn if you think just a higher score means anything.

It does help you even if you never get a loan. Auto insurance companies use credit score as part of their methods to determine rates. So a low score will cause your rates to be higher.

Employers look at credit score as a way to weed out unreliable job applicants. Someone with sloppy personal habits and chronic carelessness might also have a bad credit rating. Another thing is that people with bad credit rating are statistically more likely to commit theft crimes.

>Can't afford a new car
>Buys a rear ended 2011 Mustamg v6 perfomance package from copart with 20k miles on it and a manual transmission.
>3k literally it just needs a a rear bumper/panels replacement, airbags and suspension are good as new.
>I just invested about 1k.

Who needs new cars really? I mean, looking at the new v6 or GT there isn't that much of a difference from previous generations with just some upgrades in the suspension.

I tried buying from copart but all cars i like need fucking dealer licenses, and all that don't need it are like 500miles away from me

Be poorfag out of school and need car.
Saved money on my measly $10.50 an hr job and acquired $2800 over six months. I then went down to our small used lots in town and found tons of cheap cars, test drove four and finally ended up with a 05 honda accord le with 109k miles for $2600ish.

I love the small and mostly latino dealers, most of the minority lots had everything 10k or less.

>my dad put me as an authorized user on one of his credit cards since I was 16 feelsgoodman
Whoa you've had a credit card for about 2 months?

>I bought an old car nobody wants
Great

If you're a poorfag, don't buy a new car. Simple as that. Poorfags that get a new car end up in debt, have repossession and then credit issues.

>be poorfag
>can't afford new car
>still want new car
>takes loan
>is still a poorfag but now has loan payments and even less money
What a stupid fucking outlook on life. Just get a used car, faggot. Look at mine, that's 850€ of German quality from the fucked up electronic music era of the 90's. And I can even afford to own it and much more.

buying a new car will keep you poor. buy used as fuck reliable as fuck cars for cheap as fuck.

>used
>reliable

>greentext
insult

Then buy a civic and shut up

I want a v8 panty dropper tho not some cuck mobile inferior Chinese piece of shit

Then buy a Fox and some tools

I said panty dropper not boomer mobile

So a black Ford pickup

Really did want a raptor but those are pretty rare now for some reason

Bitches don't know the difference. Cummins is actually the best but there's only ever been one bitch disappointed my truck only had a v8. Get a v10 Ram if you want to seem bigger and badder. Gas well still be cheaper than the car payment you're trying so desperately to get under.

>Debt culture. Jesus chistang anyone that doesn't live in a straw hut and kills their dinner daily

I don't like the rusty fender look dodges have

Buy plastic fender flares for $350 then.

>you have to fall into debt otherwise you won't be able to afford a good life

the good ol' american dream™

All credit score and debt building discussion aside, if you are a poorfag, do you really think you can afford:

>Higher insurance rates. It will have to be comprehensive too since you're having it financed

>Increased gas consumption

>Higher maintenance costs

I mean, do what you want, just don't get over your head.

Checking your credit too often dings it.

Only hard inquiries done by credit lenders will ding it. Credit Karma doesn't have any effect on it.

if you want to start building credit. Try applying for a store credit card and building off from their. Try to get a card a both a store spend at monthly and has good financing. Best buy has 6 month 0% financing on purchases of 200.

if you had to put 10% down to buy your house you really need to improve your credit

also i want people from other countries to know that most americans think like this and are just so hopelessly clueless

So take those 4000$ and buy a used car, or save up 8000$ and buy a better used car, just don't loan. New cars are for rich people (don't argue semantics, when you're poor, "normal" people count as rich too).

What the hell is building credit anyway?

>credit
Fuck that

Fuck off debt monkey, some of us are smart enough to not pay interest on fake money

You can put zero down, but you have to pay PMI then, no matter how good your credit is

A thing Americans due to save long term on their mortgages and insurance

And you do that by properly paying off loans you already took?

Oh a dealer will make the financing work, one way or another - for them.

You? You might be able to enjoy it for a few months.

what if you buy a hyundai? 10 year warranty

If you're buying a Genesis enjoy all your time at their service center.

You can get one with 3% down now

cnbc.com/2016/05/26/wells-fargo-launches-3-down-payment-mortgage.html

Only idiots do this. You build credit by paying your bills on time and getting a credit card but never/rarely using it. After doing this for a few years you can usually then take out a loan without getting raped on interest.

As someone else above pointed out, yes, you can CAN get a mortgage with no money down or less than 10/20% down, but you have to pay PMI, which pushes up your monthly payment:

"Private Mortgage Insurance (PMI) in the US, is insurance payable to a lender or trustee for a pool of securities that may be required when taking out a mortgage loan. It is insurance to offset losses in the case where a mortgagor is not able to repay the loan and the lender is not able to recover its costs after foreclosure and sale of the mortgaged property"

This is standard procedure now following the 2008 bubble popping. Basically if you can't put money down, the bank sets up a trust, and tacks on a PMI fee to your mortgage every month, and draws that fee off as pure profit, on the pretense it would help offset any loss if they have to foreclose on the house and attempt to resell it

If you have STRONG credit, you can get away with putting 10% to avoid PMI on your loan (which is what my wife and I did), otherwise, most lenders still require 20% down to avoid any PMI charge.

It's not that you CAN'T get a mortgage with no money down, just that no down payment/smaller down payments loans will result in you paying out even more money you will never see a return on

LPG knows whats up. Only people who live outside their means pay PMI because they are a risk to the lender. My credit union required 20% no matter what kind of credit you have.

Our Credit Union is the same way, they require 20% no matter what.

What I did, when we seriously got in the market to get a house, was pay a couple hundred bucks to get a mortgage broker. Gave the guy all our info, and he spent a couple weeks figuring out which lenders we would look the most appealing too, actually submitted the applications for us, then negotiated with those three banks on my behalf to hammer out the best deal.

Ended up going with Wells Fargo because they offered the lowest APR, and would allow us to do 10% down with no PMI, but going through the broker saved so much fucking time having to be one the phone/go in and talk to loan officers at actual banks

>22 with no credit
>buying new

Neat, thanks for the info.

>implying cars get you women

literally the worst use of 40 grand I can think of if that's your reasoning

A srt8 hellcat will make a girl wet af m8 hell it would make me cream

>this is what overweight dodgecucks actually believe

Enjoy your silver Passat

no. girls are stupid. unless you sit there and explain to them why your charger is better than all the other chargers she'll just think its another charger.

It doesn't actually matter how often you use the card, so long as you never let the payment fall behind. One late payment will rape your credit score for 7 years, and acrue 20% interest on whatever amount you owed.

>not browsing misc
fukin phag

If you're poor you're actually not allowed to have nice things. Go ride a bicycle and collect bottles or whatever it is you plebs do.

Taking out an interest bearing loan on a depreciating asset is for morons.

In plain english for the idiots, borrowing money and paying extra money on top of the loan (interest) for a car that rapidly goes down in what you could get for it if you sold it as time goes by is dumb de dumb dumb.

People who aren't dopes with money get loans for things that increase in value as time goes by, such as business loans and to a lesser extent, home loans.

So yeah, if you have $4000 to spend on a down payment, the smartest thing to do is find the most reliable, best condition used car on Craigslist.

So like everyone else is saying, get a used Corolla or Civic and drive it until you are at a point in life where you are no longer a poorfag.

All girls care about in a guy's car is is it
>clean
>stylish
>new
generally in that order.

As a matter of fact, here's what girls care about and in order from most to least important:

>do other girls think he's a catch and will being with him make them jealous

>does he have a personality that is attractive

>does he have money or at least is he on a path to make lots of money someday

>does he take care of his stuff/is he squared away (he's not a slob)

-power gap-

>is he not an asshole *note that I didn't say "is he nice" because nice isn't attractive. Assertive is.

>what kind of car does he drive

Now if all you want is a gold digging whore, then yeah, better be driving that sweet ass Hellcat and dress in expensive shit while tossing around money like a drunk idiot, then yes, you will get your gold digging whore, at least until you go broke.

Or, it is the easiest way to build credit if you are young.

Buying a car is an expensive way to "build credit".

Building credit is just establishing a pattern of making payments on time. If you want to do this, get an American Express card and use it for your regular expenses as much as you can - that way you're establishing a payment history and getting airline miles as a side bonus, while you aren't paying a lot for the privilege and aren't locked into a multi-year agreement so if you ever get in a tight spot you can stop using the card until things get better.

Just be careful and don't go overboard with the card and rack up a bill you can't pay at the end of the month.

Oh, and don't get one of those American Express cards that charge you interest, get the one that you have to pay off every month.

finance a car and pay monthly with credit cards
double the credit in half the time

Final thought - your credit rating is not just "does he make payments on time," it's more than that - it's how much you earn as well. So boosting your income is a much better way to build credit than going into tens of thousands of dollars in debt is.

Establish a payment history with an AMEX card and maybe a low-balance Visa/MC/Discover card (low balance meaning don't let them extend you more than $1500 in credit) and just stay on a career path that eventually takes you to a place where you can actually afford nice things. Then you can indulge a bit.

The reason I say keep the credit limit capped at $1500 is that is an amount that isn't too hard to pay off and won't bite you in the ass. A big mistake is opening up multiple lines of credit because loltheysentmeanapplicationyolo and then using them - because at one point you'll turn around and be 30k+ in debt to credit cards and living like a pauper because all your money goes to make minimum payments. Credit card slavery sucks ass.

Keep that card capped at 1.5k - enough to get you out of most jams if you are in one, not enough to screw you. All you do is call the card issuer and tell them to set your credit limit at $1500, and they'll do it.

That's stupid.

I still laugh when I think about the fact that police use a stripped-down charger as their interceptor.

>yes goy use s credit card for one day you can have...a bigger credit card!