So, I went to a dealership looking for my first car (zero credit) and they gave me the option of pic related for 500 downpayment and 72 month financing with 350 per month. I didn't pay the 500 but the dealership was running the financing options and told me they were gonna call me tomorrow since it was getting late but supposedly I was "preapproved". I don't think going through with it is a good idea since the interest is huge (car was around 15k). Can I just back out of the deal since I didn't pay anything? I just signed a sheet with the approximate of what I was going to pay, the seller even scribbled a lot in it so it shouldn't be an official document, right?
tl;dr shit deal on a car, didn't pay anything but signed a sheet with an estimate of the financing. Can I back out?
I really hope this is a troll, but I've been proven wrong a few times. >500 downpayment and 72 month financing with 350 per month You cannot afford this car. 72 month financing is never ever a good idea.
Lincoln Lewis
Just don't go back and ignore their calls.
Connor Martinez
Not a troll, just a newbie when it comes to car dealing and all of that. The zero credit fucks me hard because I just started working (25k a year salary) and building credit but I really need a car. Relying on family members to get to my job is difficult.
Jose Gray
I'm not memeing when I say this, 3k Civic would be great for you. Going to the dealership with zero credit is asking to be raped, even if with a first time buyer credit, you're going to be paying a lot for a car. Go to your bank and ask for a student credit card. They will issue a credit card with around a $300 limit. Charge stuff on it and pay it off each month, build credit that way.
Jonathan Richardson
If you don't have anything saved up and -need- a car, have you considered getting a cheap used vehicle for like 3-5k? Can likely take out a bank loan, which will fuck you over either way. I myself financed a Focus, is about $300 per month. Lucked out 0% interest, but has a very large term to it. However, I make a bit more than you (about 30k) and would still be concerned with any higher costs.
Brandon Roberts
I recently started using a Discover secured CC but I just got the first statement so credit building might take a while.
I considered going for a used car but family members told me going to a dealership was better since it had warranty and all of that. But now that I see the interest, I might have to go with a used one even if it means saving up most of my paycheck for some months.
Hunter Roberts
>family members told me going to a dealership was better since it had warranty and all of that. You're going to get thouroughly raped, I don't even hate on new cars but for a first car when you're just beginning to work, don't...just don't
Find a cheap reliable box on wheels and start saving up.
Aiden Torres
There are probably a ton of used cars in your price range that are gonna be more reliable than this >SEVENTY-EIGHT HORSEPOWER Mitsubishit rustbucket. Don't let the dealer try to sell you on it.
Liam Sanders
Holy fuck op. I get you needed a car, but a fucking mirage!?!? At least get a fit.
Anyways, a 6 year loan in a car like that, at 350 per month is nuts. Especially considering you'll need at least 300 bucks a month for comprehensive insurance. It's a good thing you came to your senses.
Anyways, just call the dealership up tomorrow morning and tell them you no longer want the car. They'll probably try to either persuade you with a "better offer" (don't take it) or tell you you're already legally bound (you're not, it's bs)
Michael Wood
You're going to be around 19% interest, The problem is, in 3 years when you decide to move up to another car, you're going to be so upside down on this car that you'll never get out from under it. You're family is wrong. If you had estyablished credit and could get this for 3% that'd be one thing, but at 19%, they're setting you up for a mess...
Lucas Roberts
Just did the (simple) math.
You'd be paying $25,700 for a mirage by the end of your loan. Consider that it's a $15,000 car. That's absolutely insane.
Honestly, buy a cheap, older used Civic. If you want to skip the timing belt repairs, buy a 8th Gen. You can get a decent one for around 5-6k. Might seem like a lot, but if you plan on keeping it for 4-5 years, the extra 1k over the 7th or 6th gen will pay for itself (and you'll get a newer car).
You'll also have no need to pay for comprehensive insurance. That'll save you at least a 100 bucks a month.
Michael Cox
Honestly, I'm pretty ignorant when it comes to cars (current issue being a clear example) so it's kinda difficult for me to figure out if a car is good or not, specially used ones since you have to take into account a lot of details (reading reviews for each model feels useless too). But I'll definitely make a list of the cars suggested so far and try to go from there.
David Butler
>people buying new cars for 15k instead of an old used car when they have no money I will never understand this
Aaron Flores
>paying 25k for a base mirage
David Williams
You seriously fucked up. Dont let others influence you into commiting terrible decisions. When you have 0 credit you never! I mean ever! Go for a new car. Here is where the 3k civic could have saved you from a terrible financial decision. Gl enjoy spreading for the big black dealer cock that will split your wallet in half.
Michael Sanchez
It's because people with no money don't have money to rub between their fingers for a Craigslist shitbox, and buying a new car doesn't always require money up front. Sure, it'll assrape them with interest over time, but they don't have to have the money in the bank at the time of purchase. 3K might be piss bubbles to most of us but for some people it's a lot of money that can take months to save, and when someone's caught in the catch-22 of "need a car to have a job, need a job to have a car" they don't always have that kind of time.
Plus, people are fucking stupid and can't into math.
Landon Ortiz
B-but warranty! And new cars are better! Infotainment!
Ayden Kelly
By the time he is done with interest and 15k for a shitbox that will be worth 8k. I could have bought a 3k shit box and done entire power train rebuild and still not have hit 8k total. I guess normal fag logic is to get fucked by a dealer. As long as I can show ppl muh cah. I have ppl that fell for that meme in my fsmily. Mean while am about to engine and tranny swap my shit box with a 6.0 and 4l80e power train for 3.5k. Ls power.
Jacob Butler
are you a flip OP?
Landon Brown
What's wrong with 72 months?
I just got a car paid 7 grand down payment and will pay the rest within 60 months
Joseph Scott
>72 months >350/month >zero credit >dat interest rate Build credit through responsible credit card management you retard >72 month financing is never ever a good idea. >not paying like you're on a 48-month agreement while having a fallback to pay 72-month payments when life happens kek
Elijah Sullivan
Honestly, get a 3k Civic. Those things never die, and can safely get you from A to B. Not very flashy, but your first car is never going to be flashy unless your parents are rich and secretly want to find you wrapped around a tree.
Julian Martinez
Get a bi-turbo maserati for $3k
Cooper Butler
If the rate is super low, i'll take the loan for as long as those retards are willing to give it to me. You can always pay it faster.
Tyler Green
That's 18.9% interest. Don't do it. And you are not bound by signing off on an application, you would have signed a gazillion more documents and been handed the keys had you actually closed the loan.
Save your shekels and buy a shitbox to tide you over.
Evan Barnes
OP, can one of your parents cosign? The interest rate will go by their credit score.
Nathaniel Long
This. Take the longest term but pay more when you can.
Brody Rodriguez
Just never even talk to that salesman again.
A dealer doesn't even finance you. A bank or other financial institution will. So if you have a bank account, go in and ask what they'd do for financing. But dealers will have access to more institutions and sometimes give lower terms but doesn't seem like it.
Also those cars are highly negotiable. They sell for $10k near me. If you really want to go forward with this shitbox. Tell them $10k or no deal.
Charles Perez
>first car >zero credit You have no business buying a brand new car. Buy a $3k civic off Craigslist.
Kayden Edwards
>First car >First job Yeah I'm sure this guy has 3 grand just sitting in his bank account
Jose Kelly
He probably shouldn't be buying something that costs $15k either, then.
Camden Anderson
>not getting a cheap or free car from your well-educated family >financing a shitbox for 7 years that will be worthless in 2 shiggy diggy. consider suicide.
Evan Williams
Total cost of purchase 25,700...for a mirage. Walk away.
Eli Thompson
>3k civic Basically this. Get a beater and learn to turn a wrench.
Ian Martin
but that's dumb. you can walk to the bank and say yo boys I want a loan for a used car. they'll give you a loan that's better than dealer financing, ALWAYS.
Wyatt Cox
The thing is he would be paying over 25k, for a 15k shit box.
Dominic Johnson
>I just signed a sheet with the approximate of what I was going to pay, the seller even scribbled a lot in it so it shouldn't be an official document, right? No that's not a legal binding document of any sort. >didn't pay anything but signed a sheet with an estimate of the financing. Can I back out? Of course you can. You're not backing out of anything legally speaking.
Cooper Hill
This is what I don’t get, my best mate got finance for like 20k at something like 17% and he had already paid off one loan before and works full time for over 5 years.
Meanwhile I just called my bank and asked for a fixed rate personal loan and got 10k @ 12% with 0 credit history working full time casual for 3 months.
Why don’t people just ask their bank?
Nicholas Johnson
Oh and he had to pay 6k to secure the loan and I paid 150 dollars. Fucking people man
Hudson Williams
mah niggas
fuckin' plebs don't understand that really long term loans do wonders for your credit as well
Landon Bell
normies who don't into shopping around my dude.
Jayden Butler
New here. What is this 3k Civic meme? What if I have 6k?
Jaxson Foster
go for it user, this is literally the best thing thaat could happen. Literally.
Brody Bailey
Its not a meme. You can find good 8-10 year old Honda Civics for that price and they run fine with no problems and require very little maintenance
Jayden Richardson
I can get a loan from my credit union for 4.4% for 14,000. That's pretty decent desu.
Maybe worrying is the low miles and whether or not proper maintenance was done. Guy says he's selling to buy a Civic Si.
Austin Sullivan
>what if I have 6k buy two
Ian Morales
Looks good so far but pictures only tell half the story. Make sure to properly inspect it (look at the sticky) or hire a mechanic to do it for you
Ethan Brooks
why is the KBB value so high? An identical honda accord is a lot cheaper
Easton Bennett
Buy a 3k civic, spend 3k doing all the maintenance it desperately needs or mod the shit out of it; make it comfy with JDM leather seats and a stereo system, rice it out with body mods and tinted windows, or build the engine for more horsepower.
Nicholas Nguyen
To sum it up, don't do it.
Its a bad car, bad price you're getting, and the finance terms are incredibly steep. Do more research and try another dealership, or preferably buy a CPO car.
Zachary White
Identical trim and mileage? Maybe KBB is being retarded.
Ayden Garcia
It was me. I used the same zip code as the listing and the price shot up. I never thought that location would be important for something like a honda civic
Kevin Taylor
That's pretty awful when I got 21k for 1.9
Samuel Adams
I have 0 credit history. Starting up a full time job in January though.
Joshua Price
I don't understand why people don't just get a 1000 dollar car, save their money then buy a nicer car later
It's literally how every 16 year old does his first car. Why do people who have little money insist on buying new? You'll get the car, make the first few months payments then fucking go under because you can't afford it
Caleb Morgan
Man you should have gotten a cc a long while ago. Anything you pay cash for just pay with the cc then pay your bill every month on time and in full never pay interest
Blake Nelson
Even if you have to get a loan on that 1k car. A 1k loan is infinitely easier to pay off than a 15k loan
Sebastian Lee
I'll be making enough to where I shouldn't need credit for anything though I'll just be saving up for it instead.
Colton Perez
>walk into local credit union >ask for 1k loan
Joshua Flores
That's horribly inefficient. It'll take you years to try and save up for things such as a house when you could just get a loan, get the house now then efficiently pay it off over time
Lincoln Morales
its called a personal loan, they give them to you just for breathing. if you cant afford the 3000 to buy outright then sure get the loan to pay it off but dont do it for 72 months unless its zero interest.
Jaxon Robinson
I can't wrench yet but maintanence and modding sounds nice. Performance and tinted windows sounds nice though. Body kits are pig disgusting.
Wyatt Sanders
>buy 4k civic off of Craigslist >everything looked and sounded great >1 month later >2000 dollars in repairs >1 year later >another 1000 dollars in repairs not to mention missed days of work because of it I'll probably have more repairs this year >tfw could have just bought a nicer car and had less to deal with for a little more Do NOT fall for the meme. I'd buy a fucking Twingo over that again.
Easton Campbell
OPs situation is kinda like mine, thinking of getting something like a punto or twingo for 600 or 800 or take the plunge and buy something brand new even if its a dacia sandero.
but it would literally be my first car and everyone tells me i shouldnt get a brand new car as a first car. used car prices are insane, dacia sandero is literally 9000 brand new or even for 12000 gets you pretty nice shitboxes to brand new
Charles Ortiz
So I'm at a crappy spot, starting a job soon and my current car is about to stop working so I need a new one. I'm gonna need a loan for now. Once I start my job can I pay more each month and pay less on the interest? It's 5% so it'll only amount to like 600 extra total but id like to minimize that.
Justin Perez
More details please.
John Myers
Don't tell me you're the dude I sold that 260z to a couple weeks ago.
