Going car hunting tomorrow

nice meme

Ur credit is shit mate

buy an econobox and save your money, don't stick yourself with a 400 dollar per month car payment + insurance for 5 fucking years

are you sure you can get a 4%apr loan with that kind of credit?

between the payment car ins and gas you are looking at $600+ per month just for your fucking car, how are you going to fix your credit with that kind of expense

Whatever shitbox you can find at a dealer that will give you the most for your current shitbox. Your requests are mundane enough that it really doesn't matter. Any of the large manufacturers. Camry, Corolla, Sentra, Altima, Focus, Fusion, etc.

Your credit is low, are you financing through a credit union? Do you have the loan secured already? I ask because you seem to have an idea of APR in mind, however with credit in the mid 600s I would be concerned with getting dealer financing at those rates. You're always better off going with a local credit union/bank and getting pre-approved so you dont get jerked around at the dealer.

I would shoot for lower than your monthly budget, unless that's a monthly budget that allows you to make double payments regularly. This will help your credit and you'll be better off on the other end when it's time to offload the new shitbox like you are this one.

no way he's getting 5 years at 4% on a used car with a 625 FICO

This. Unless he has a co signer

>This. Unless he has a co signer

OP should not do this to anyone

I seriously doubt with his credit score and shitbox trade in that he will be able to handle $380 per month +$100 car ins + $75-100 in gas comfortably. He's just going to wreck his credit further and that of his cosigner

Someone who owns a $1000 car usually can't just start shelling out $500 bucks a month, and if he could his credit would not be in the toilet

>Poll: 4 in 10 co-signers lose money

creditcards.com/credit-card-news/co-signing-survey.php

i work two jobs, one supports all my bills. rest is fun and save money

With all that income and responsible money management, why do you have the credit score of a bankruptcy filing nigger and a car that's only worth $1000

how much of a down payment have you saved

there is a reason why i am getting rid of my car
getting two jobs was a response to the fucker nearly costing me my living space

>vague response to specific questions

if you say so user, hope it works out for you, do you really have $5-600 per month to spend on a car and insurance/gass?

My car payment is $187 per month, I am 29 and make close to six figures. My credit score is 760

IMO you should keep your payments down and work on not missing payments and being late repaying your debts as you have been in the past to earn that score

Think about how much you take in after taxes per month and if you can really swing the payments.

I have never seen anyone go from owning a 1000 dollar car to making 500dollar a month car payments successfully overnight

>
sorry
because of the last fucking repair to my rear struts i am down to 400 as of now

let me be more concise and realistic
I am aiming towards no more than 14,000 for new or certified car
8% apr is closer maybe?
I now make ~$2400/month with my two jobs
$1100 pays all the bills
My car bought at 2800 has costed me a total of ~3125 repairs through two years of living off noodles and getting into a total now of 2,300 debt before getting this other job.

with bills aside i get 1300 at least left over per month. costing only my sanity.

and i just got the job recently with the first check come in a week ago. good pay hard work and i know the boss personally

>I now make ~$2400/month with my two jobs
after or before taxes

$1100 pays all the bills and rent, health insurance and food?

>I am aiming towards no more than 14,000 for new or certified car
>8% apr is closer maybe?

Are you just throwing numbers out there? You need to go see what the rates really are and what you can be approved for. You are trying to buy a car that is half your take home salary with low credit.

If the reason for your 625 score involves charge offs or 120 day late payments they will likely flat out turn you down at any rate. Especially with such a low down payment.

At the value of your car goes up, so will the cost to insure it.

Normally they like to see you have steady income at the rate you are using to justify this expense for 6 months to 1 year.

You are just guessing on a lot of things and don't have experince in these matters.

I think you are very much overly optimistic about what a bank is going to feel comfortable lending you on a used car

>At the value
As

Decided to check out my cars worth on KBB.
Not bad for my shitbox. 118k miles 2005 celica

Used camry or accord. If you prefer smaller then used corolla or civic

>before/after and all the shit you basically need

after, i am basing this off of my paychecks i receive regularly.

>now you are just guessing you fucking knob

my credit limit got maxed alot trying to afford fixing the car so i can drive to work. I am trying to lower it and at the same time since I did a recent $230 repair plus dropping extra 400 payment on the credit card(which I am not sure is good now that I might have to use that again for down payment) I have a lack of credit history as I am used to just going cash only so that is also a factor.

>you're being fucking overly optimistic
well shit what do you say is more realistic?

Trying to buy a 2002 Honda CR-V with 130k on it. What should I get it for?

Not a penny over 5k

>I have a lack of credit history as I am used to just going cash only so that is also a factor.

That is bad, you take in less than 30k per year but want to buy a $14000 car and you have only had this "good paying" job for a few weeks. They are going to want to see pay stubs and steady employment history.

have you ever had a credit charge off (a credit card or other debt settle for less than owed or written off completely) or 120 day past due bill? If so you are dead in the water from the get go.

>The 20/4/10 rule
It all starts with what we call the 20/4/10 rule, which says you should:

Make a down payment of at least 20%.
Finance a car for no more than four years.
And not let your total monthly vehicle expense, including principal, interest and insurance, exceed 10% of your gross income.

Your gross income I am guessing is about 320 dollars a month or something like that. So that leaves say $125 for ins and $195 for a car payment. Anything past this will set you up for not being able to pay the loan back or failing to keep up insurance (part of the loan conditions) and getting the car taken away.

If you put 20% down, you could take out a 48 month loan at 195 per month and that would give you about 10k to spend on a car. (2000+8000)

HOWEVER, 625 with poor credit history (a history of repaying loans) is going to really hurt you, they are either going to flat out deny you, require a large down payment, or rape you on the interest or some combination

I would say without a significant down payment the odds of getting a nearly 10k loan with your income and credit are nearly zero.

There is one more trick dealers like to play to put people like you in cars, overcharge. They buy some mediocre care for $4000 and sell it to you for 10 and figure if you just make some payments and then default they are not really loaning you 10k, they are loaning you 4k and the rest is just rape gravy if you pay it back at a high interest rate so they, watch out for that

>Your gross income I am guessing is about 320
3200 i mean, 10% of that is 320

>625 with poor credit history (a history of repaying loans) is going to really hurt you
As someone who works with financing, you're going to get taken for a ride. I would seriously consider going to a smaller dealership that works with people with bad credit. A big dealership is going to either deny you or give you a loan with some really bad incentives.

>As someone who works with financing, you're going to get taken for a ride. I would seriously consider going to a smaller dealership that works with people with bad credit. A big dealership is going to either deny you or give you a loan with some really bad incentives.

this is what I am trying to tell him, or save up for a significant down payment

or they are going to fuck him coming and going and he won't even know what a bad deal the whole thing is

Cars are depreciate anyway.
They are 9/10 times going cost you money. So financing them literally doesn't matter. It's barely an asset. You can use the money you save up front to put into a home. A home will hold its value typically and appreciate as you put money into it.

I'd say never finance with payments more than 20% of your monthly income and no more than 60month term.

But clearly everyone on here is a financial advisor so don't listen to me.

>I'd say never finance with payments more than 20% of your monthly income and no more than 60month term.
this is pretty much what everyone has been telling him smartass

I am sure our $25,000 per year friend with a 625 FICO and no credit history was debating weather to use that $400 he has saved up as a down payment on new house had he saved it by putting 0 down on this new asset of his

I bet it was going to have granite counter tops and a pool and errything

>They are 9/10 times going cost you money. So financing them literally doesn't matter. It's barely an asset
>asset
>Not a liability
Heh...

From experience:

2011-2013 mazda 6, the MZR is hella reliable, comes with boss option

09-11 G37 7AT or 6MT, reliable, great sound system even without bose

Other:
2014 Mazda 3

2011-2014 accord

2011-2013 camry (also has good sound system in higher trim)

My bad, I quoted the wrong guy. But you're right.

Nah. 25k a year is barely enough for a shitty apartment these days. To comfortably afford a 150k house he would need to be making like 60k a year

I was talking about the newfriend saying never finance. Not OP

Never too early to start saving

>Nah. 25k a year is barely enough for a shitty apartment these days. To comfortably afford a 150k house he would need to be making like 60k a year

I see following the thread and sarcasm are not your strong suite

>Never too early to start saving

OP needs reliable transportation to work in the short term, once he gets this sent then he can start saving, his current car breaks down all the time and saps his income. 6 months from now he can start saving for a house when his transportation needs are met, we are trying to encourage him not to spend to much on the car so he can save for other things later, getting locked into a 4-5 year loan you can barely afford won't help him save

>I was talking about the newfriend saying never finance. Not OP

financing is fine unless you are in OP's situation and they are going to rape you for 10-12 percent on a depreciating car for half a decade

He should look into banks first. Most times you can get a quote once you find a car you would like.

>implying sarcasm translates well over text communications
Have you had experiences with the supernatural or have little interest in getting to know other people?

>He should look into banks first. Most times you can get a quote once you find a car you would like.

yeah if you have a down payment and a history of paying of car loans and credit cards on time and a steady work history for more than 2 weeks and a fico score above 625

>Have you had experiences with the supernatural or have little interest in getting to know other people?

that was clearly a joke about him using 400 dollars on a 25k income as downpayment on a nice house with a pool with his credit, broski

And with that I must rethink since my approach clearly is ass
I will be with a friend who has experience with sales to help me out. There was some planning involved to just approach a dealer.
what I'm doing tomorrow actually

OK so it is now obvious a new car would be out of the question. so maybe a 5000 used vehicle trading in my car and putting down the 400 to maybe 1000 total down leaving me with 4000 to deal with plus APR.

so 280/month plus the apr (say 12%) for a year and two months totalling 4,480 sound more realistic?

all the above applies to me except the fico. so perhaps a chance?

Depends on how much he is financing. If he looks at a car that's say 9k and only finances 6.5k that is a pretty low risk loan and probably wouldnt get raped too hard. Even with short credit history.

Pretty realistic. You might get less than 12% too. Just depends, try a couple banks

too bad he only has $400 to his name

and that's on a credit card line too fml this fucking car

>so 280/month plus the apr (say 12%) for a year and two months totalling 4,480 sound more realistic?

yes, much

you will beat this yet OP

>all the above applies to me except the fico. so perhaps a chance?

what is your fico

I know. Just a hypothetical.

There are newer CRV's including elements that would go for 5k

A 2006 element or CRV should be around that, you can do better for better mileage

>and that's on a credit card line too fml this fucking car

I feel you bro

Just focus on getting cheap reliable transportation and not maxing anything out. Then you can save for your future without being locked into a loan that takes all your discretionary income and ties it up for 5 years

You can have a home someday and be rid of this pay check to pay check bullshit, but the way to achive this is not to take out some huge high interest rate care loan

safe reliable transportation, that's what you want, and you don't have to spend 14,000 to get it

It's honestly the best one in my area. Would 4k be good? It's in pretty good condition from what I've seen, though I'm going to actually go tomorrow and inspect (and hopefully buy) it.

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