Is my credit score good enough to be able to afford a 10k Used car from a dealership?

h-how would you do it?

Have a car you want to buy
>30k
>Drop 10k, and pay off the rest with finance?
Is that wrong or save for a year or so and buy that 30k car?

You'll definitely get financing, ignore these children saying to get a 3-4k shitcan. If you pay off your car every month, there is no debt, you make more than you owe, credit goes up some more, etc.

I'd say go for it, get a nice 2013 or newer compact sedan or coupe.

And this is why these McDonald's employees will never drive nice things.

>telling poorfags they should finance things

hello mr shekelberg nice to meet you, taken any interest payments today?

Git gud scrub

>implying because you can't outright finance the second largest purchase type of someone's life they're poor
Enjoy driving around in your 3k civic while I barely break 55k/yr and enjoy any car I can afford to budget. Not that I would ever replace my corolla unless necessary, I'd sooner get a third motorcycle.

i didn't finance my car i bought it outright, why would i want to risk an avoidable debt and pay more than the car is worth?

t. fast food industry insider

>falls for tricks such as ((((credit score))))

lmaoing at you amerifacts

>implying you can get a nice car for 10k you can't get for 3

>Equifax
>TransUnion
If you go anywhere to finance something they only care about Experian.

Huge down payment or wait for special deals like 0-0.9% APR.
Majority of Veeky Forums will ride on someone else's farts and ass sweat for the rest of their lives.

>tfw a 4.3% interest rate and $30k limit on my personal VISA

No idea what my exact rating is but I'm sure it's phenomenal. Close to 800 I'm sure.

Leaf here, someone explain this credit score shit to me.

I've bought 3 cars in my life, financed each of them. Literally just walked in, sat down and worked out financing rate with dealerships. I haven't paid more than 3.9%, lowest was 0.9% on a $38,000 car.

Do they not check credit in Canada or something? Or is America full of deadbeat niggers that you have some eternal jewscore stuck to your identity forever?

Can buy any 10k car so long as 10 years old or newer

t. guy with 670~ who got a 8k loan with 1500 down at 5 1/2%

...

>some eternal jewscore stuck to your identity forever?
you mean a credit rating?

just buy yourself a cheap DD like everyone has already said. your credit is more than good enough for a 7k loan, but you don't to buy a $10,000 car when 3k will get you the same thing. a more "modern" car won't get you much more for that price.

Don't take out loans on cars you intend to DD so you can have more money to buy your nice weekend driver outright.

Credit score is great and all, but the thing that they really want to see for a low rate is debt/credit ratio.

That being said, even at the worst interest rate I've ever seen (24%) a $10k car would be only a little over $200 minimum a month for 5 years. You'd be able to get way lower, probably less than 12% but probably not lower than 7%, which would be about $160 and $140 respectively.

I'm at 755 after mortgaging a house, it's nothing special

We have the same credit rating system in Canada you dipshit

Spoken like a true poorfag

After u buy house it’s not the score that matters, it’s the debt to income ratio. Stop showing off kid.
I am 800 club with black card

>even at the worst interest rate I've ever seen (24%)
Lol a neanderthal friend of mine consolidated at 32%.
Not the same as a car loan, but still.

Lol okay

there's a 0.0% chance your apr is 4.3% on a credit card, stop lying to impress a bunch of fags on Veeky Forums

Sure thing kid
I'll post my bill next month when it comes
just for you

You’ll get a pretty good interest rate at that score, just find a dealer that’s a direct lender with local credit unions. Also using your money to pay out right for a item that depreciates is kind of dumb.

If you had an option of a $10,000 car or $10,000 cash which would you take? If you'd rather have the cash then don't get yourself into a payment. I'm betting since you said you'd have it paid off in a year that you could save $500-600 a month? Find something for 3-4k, buy it cash and continue to save. After a year you can sell your car take the cash you saved and buy what you want.

>Find something for 3-4k
He'll spend more on repairs than it's worth. Smart money never spends less than $10k on a used purchase.

then I must have amazing credit because I get credit card offers every year and the bank automatically upped my line of credit to $25,000 without me even asking

I never pay my bills late or anything so they don't even make money off of me with interest, I just use their money to buy shit, get points, and then pay it off with cash a week later

lol fucking Jews are getting taken for a ride - BY ME.

Every car needs repairs at some time. While the extent of the repairs will be correlated to the age, mileage, and condition of the car at the time of purchase in no way does a $10,000 purchase price prevent anyone from risk. What spending $10,000 of someone else's money does insure is the lack of funds available when the repairs are due. Smart money doesn't exist, only smart or stupid buyers.

k I'll be waiting

Screencapped for ya

>i mist hace amazing credit because i get credit card offers in the mail

No retard, they send those to everyone and they are probably hoping youre a deadbeat so they can rape you with fees

Sure but make sure to check with your local banks and credit unions for the best rate on a loan.

10k isn't that bad and if you're sure you can get rid of the debt in 1 year then do it.

Not prevents, but mitigates.
Purchasing a $3k shitbox is how the poor stay poor.

>then I must have amazing credit because I get credit card offers every year and the bank automatically upped my line of credit to $25,000 without me even asking
That happens to literally everyone you aren't fucking special.

>I never pay my bills late or anything so they don't even make money off of me with interest
Paying them late has nothing to do with charging interest, having a balance on your card even if you make your payments on time will yield interest charges

OBSESSED

Really tho, i'll post it for you if you're that interested (pun intended)

Taking loans for purchases you can't afford is how poor people stay poor. Again, stating any amount of money as a minimum purchase point does not prevent nor mitigate problems. By your logic a new car should be without issues. How often is that the case?

Taking a loan doesn't mean you're poor you dumb fuck. Taking a loan with a ludicrous monthly payment you can't afford is how you stay poor.

If one wasn't poor they wouldn't need the loan. They would buy it outright. It's simple logic but go ahead and curse me you know your right.

Actually that's how poor people build credit and become rich.
All else equal a $10k purchase will be newer and in better condition and more reliable than a $3k purchase.
this isn't rocket science fella.

>having a balance on your card even if you make your payments on time will yield interest charges

I don't carry a balance on my card you retard, that's the point. I always pay it down to zero before it's due. They have literally made $0.00 off of me in the 12 years I've had credit cards.

Well the joke's on them I guess, because I don't sign up for their shitty cards and I never pay interest or fees on the ones I have.

>fucking Visa Gold given to me for F R E E

>annual fee

You're so fucking thick, you can take loans for things you don't have money for at the moment.

If OP had 10k in cash and wanted a 10k car it would be foolish for him to drain his account to near zero to try and buy that car. Taking a loan with a small 2-3k down payment is a responsible way of having money in the bank and acquiring a more reliable car

>unironically financing
lmao?

If all else is equal between the two cars then you spent 7k too much on a 3k car. Again, a 10k car is not necessarily better than a 3k car. If OP wants a 10k car then he can get it without taking a loan. Of course it's not rocket science it's basic math that the majority of people fail these days.

I love how good of an age test threads like these are.

Go try to get a mortgage without good credit and loan history (let alone active cards/loans)

I'll wait.

>inb4 some retard who says he'll just save up 100k in his savings and buy some "home" with 95k miles on it

>If one wasn't poor they wouldn't need the loan.
>They would buy it outright.
My neighbor is an attorney for our local electric utility, owns two houses, buys a new car once every other year or so, and he finances literally every single one of his purchases.

One is because it keeps his credit score high, which allows him to finance major purchases like homes with very low interest.

Two is because it allows him to budget long-term for vehicles he knows he can afford to make the payments on. Buying a CPO or used car for say, 15 grand, driving it for two years, then selling it for 14 grand and using that money for your next car purchase, is better than buying a 3k shitbox civic and putting 1k or more / yr into it in maintenance costs. Then when you want to sell that shitbox civic, well, good luck getting anything significant from it. Even if you saved up for a better car down the road, you already faced a couple problems. One is the fact you put a significant amount of money into the vehicle for maintenance. Financing is still a great way to get a much more enjoyable, much newer vehicle, and you put more money into a car payment than you would maintenance.

However, you get a large part of that money back when you're ready to sell.

You're telling me someone will loan me money to buy something that I don't have the money for? Wow, wish I had thought of that bet it would make billions of dollars in interest, fees, and penalties for the people who thought it up. Hey we agree on something it is foolish if OP only had 10k and spent all on a car! What if he took a percentage of what he had, maybe 35-40% and bought it cash while continuing to save money each month because he didnt have a car note?

Not even just a mortgage. Credit score can also affect your likelihood of getting an apartment, getting approved for and premium rates for insurance, or even getting certain jobs.

why are you greentexting that you stupid nigger

oh wait you don't have a credit card because you're a poorfag with nigger credit lol

Different user, annual fee on my Venture card is $95. I get anywhere from $300-500 in rewards every year I use it, depending on my spending, and I just use the card on bills and pay off the balance every month.

I then use that to help with vacation costs every few years, I took a round trip from US to Canada to visit family this year and basically spent $50 in traveling fees, the rest was covered for me. On top of that, cards like AMEX gold/platinum will grant you access to airport lounges, get you free hotel upgrades or exclusive upgrades with your points, etc.

But I'm not a huge fan of AMEX so I stay with Capital One.

>You're telling me someone will loan me money to buy something that I don't have the money for?
Yes hence the reason its called a LOAN. Its money you either don't have or don't want to spend right away.

>buy some shitty car for 3k

a car with significantly less miles and many years newer is bound to have less potential problems than a car with the opposite. The loan enables him to purchase a much newer and superior car all the while still saving money because his monthly payment won't significantly impact his financial situation. It will also enable him to build credit for better interest, ratings, and practicability in the future.

Credit also influences many things including things like rent or jobs and other stuff.

Nice mental gymnastics and straw grasping.
stay poor I guess.

>likelihood of getting an apartment

sir you are too poor and irresponsible to rent from us
even though we can literally just kick you out if you bounce a cheque

lmfao

>interest, fees, and penalties
It's important to keep emergency funds.
>interest
Good credit = very low interest because you're low risk
>fees
Make your payments on time
>penalties
Make your fucking payments on time.

this

Apartment complexes don't want to deal with that shit. They don't want to go through the legal effort and costs of getting an eviction. All that takes way too much time. A landlord would much rather get people they know are responsible with good financial standings who are more likely not to be delinquent

get gud scrub

>prezo
>nigger

first day here?

lol triggered the namenigger

You made some valid well written points. Your neighbor I'd suspect is financing cars at a lower rate than what he can get if he invests his money. So the net effect is he's "making money" buy not spending his cash. Many people do this but there are risks involved with it. I'm not saying OP should keep a 3-4k car long, just long enough to save up the difference in price. In his case its 7k and probably less than one year. if hes smart about his purchase he can get a car that wont need any repairs in the 10-15k he will probably drive it. It doesnt sound like he has much money saved at all so if he looses his job and can't make the note what happens? He looses his car and will owe the difference when its auctioned off. The net effect of that is a negative balance. To me that worse than a possible repair bill.

You seem quite upset
I'm not black lol

well I mean if we're going to play this game

my dick is 8" if i measure from the base

What does that even mean.

while doing a push up

Yes, around 740 is where the top tier is for most lenders, so you'll probably get a 4% or below loan.

Great, and it may be an amazing vehicle. I finance my car for the same reason I don't pay my rent, insurance, medical insurance, etc. outright for the year, instead paying them monthly. Because it allows me to enjoy having money in the bank with less stress on my finances.

Not to mention the likelihood of reporting an insurance claim is almost directly linked to your likelihood of having good credit, so you can qualify for lower insurance premiums with better credit.

I have 3% apr on my yamaha R6 purchase and I will pay it off in 3 months, which is less stressful than slamming 10 grand in one go.

I'll take the bait. same guy. here's my fully restored C3 with LS swap. guess what I bought with the money I saved not taking out a loan for a daily driver?

>dindu in denial

That's how it works you moron. Finances need to be taught in school

He says while driving a shoebox to work every day

>buying a restored chevy shitcan and giving financial advice
Pass. You plan on paying off a mortgage in one go too? Enjoy saving money for 25 years instead of buying when the market is primed for home buying (currently in a seller's market).

100k is barely down payment money in a hot metro area. Yes, I saved 200k before purchasing my house with a mortgage.

Home ownership is different than a car, the magnitude of price and homes usually appreciate where almost all cars depreciate.

How fucking hard is it to save $10k?

Even on minimum wage you can up that much in a year or two.

I'm not a nu-male soyboy faggot that has to live in a "hot metro area"

If you built up good credit, it's significantly better to purchase when the housing market is most supportive of purchasing a home, and prices are low. Waiting 20 to buy a home in cash would be retarded, considering whatever your rent payment is now could be a mortgage payment, and you can sell your house down the road for significant profit. Home ownership is a much more significant investment than car ownership, waiting to save up for a home when you're paying rent now is retarded, especially if you can afford it and you're in a good market to buy.

Otherwise, waiting 20 years to save up 250 grand for the kind of house you want may backfire, and you may end up putting that as a down payment on a house that was once 250 grand but is now valued over 400 grand.

Buy the cheapest reliable car and invest the most you can in a 401k, roth ira, or whatever is available to you.

Yeah, why not get a $3k shitbox that you'll likely total due to a blown tranny/engine instead of a 10k car you can resale for 8-9k to buy a better car down the road?

>hurr you can save up for a better car with the 3k shitbox
Yeah, okay, so instead of a $150 monthly car payment for a few years, I'm going to buy a shittier car with higher maintenance costs that I can't reclaim any of my investment on, just to save for another 3k shitbox down the road?

Pass.

>giving your money away every month to some jew instead of just setting aside x% of your monthly paycheck every month in an account you don't plan to touch
Well memed goy, Mr. Goldstein and Sheckleburg will be proud of you.

What's the point of saving for retirement? There's no guarantee you'll ever even see it. Meanwhile you're enjoying life less by driving shittier cars, passing on vacations, passing on living, just to work every day of your life and save up for retirement so you can do the same shit when you're too old and crippled to enjoy most of it.

Literally any city that is a large size is a “hot metro area” in terms of real estate. Those areas also happen to be where there are many high paying jobs.

Enjoy your flyover state. Confession: I would actually love to in a cozy rural conservative area, but I’ll take wealthy suburb instead.

Any of these credit karma users able to comment on CK's tax filing? Is it worth using?

How hard is it to maintain a score that high long-term when stuff gets removed from your score after 7 years? Do you just keep using credit cards and it keeps up?

I restored it you dingus. Chevy may have made shitcans, but I don't. the money I saved was used to make it into a beautiful machine.

and comparing saving money buying a car to saving money to buy a house outright is retarded and you know it.

that is literally what a 401(k) is for dude. the benefit is that company's match a percentage of what you put in, making them much more viable for saving than filling up money market accounts and certificate accounts on average. it's still better to invest in mutual funds and shit, but 401(k)s are for people that want lowest possible risk for reward. ROTHs are great for younger folks planning for retirement, and then they make a switch to regular ones when they start to make more money.