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i hate shopping for vehicles....

Discussion in 'The Lounge' started by muddysub, Feb 26, 2006.

  1. muddysub

    muddysub 1 ton suburban status Staff Member Moderator GMOTM Winner

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    3 weeks ago i test drove a 2001 ford f-350.... nice truck, crew cab, longbed, 4x4, 7.3L powerstroke yadda yadda yadda.. anyway i didnt get approved to finance all $20,000 of it... so today i see an older square body ford truck, absolutely beautiful... and its for sale.. its a 1995 f-350, regular cab, longbed, 4x4, 6" lift 35" BFG muds, nice front bumper,3 8" lights on the grille, interior is perfect. its got a 460 with a 5spd stick and manually shifted transfer case, with only 85,000mi on it for $6500... immediately i shat myself. so i met with the guy sellin it and he said he would hold it for me for a week to let me go to a bank and get the money... after i do my taxes this week ill have over $1000 to put down on it so ill only need to finance $5000-$5500. i hope i get it but its so frustratin trying to get a loan when you're 21yrs old with no real credit built up... all have on credit is my matco toolbox ( BTW .064" sheetmetal! hahahaha) and my quad. i just hate applying for loans and not getting approved.
     
  2. dontoe

    dontoe 3/4 ton status GMOTM Winner

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    Oh, how I remember wanting and not gettin. If ya have to do without to get something........you'll find it has a lot more value to you. I ate rice and beans and did without a lot to get a down payment on my first new vehicle, my 1983 FXWG HD. Never have thought about selling it and I suppose I'll will it to someone one day.
    Good luck on getting it...and post up yer pics when ya do! :laugh:
     
  3. muddysub

    muddysub 1 ton suburban status Staff Member Moderator GMOTM Winner

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    if i do get it, i most certainly will.... its first job will be pulling my suburban out of dad's backyard and over to my house...
     
  4. GotLabs

    GotLabs 1/2 ton status GMOTM Winner

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    Good luck to you. I tried to get a loan when I was 21 for tires and the bank said no! I called them back the next day and they gave me a loan for an engagement ring!! :haha:
     
  5. camiswelding

    camiswelding 1/2 ton status

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    other than gas mileage ... an awesone rig
     
    Last edited by a moderator: Feb 26, 2006
  6. RubberFloorMat

    RubberFloorMat 1/2 ton status Premium Member

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    im not trying to come off as an asshole, but you seriously thought you could get financing at 21 with no credit??


    a good way to build credit is go get a sears card and buy some tools with it, they are one of the few that report every 6 months.

    i built up great credit in less than 2 years this way.
     
  7. newyorkin

    newyorkin 1 ton status

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    I don't mean to come off as an a-hole either, but how badly do you need this truck that you're going to rack up car loan debt at 21? I'm 29 with an ultra-stable job and decent income, and I'm trying to pay DOWN debt (point being that I can afford some debt right now, but that does not at all make it intelligent).

    Just be careful when it comes to debt, it can become a vortex that prevents enjoyment of other elements of life. My motto from 21 to 29 has changed from "I'll worry about it later" to "I don't want to worry about it later". But I remember being 21 thinking how good it would be to take out a loan and be driving a nice car. I'm glad in retrospect that I never did (or that I bought cash instead).

    Is that really a great deal, though? $6500 for a 95 F350? I haven't been looking at 1-tons, so no idea on their value right now. That just doesn't seem like a great deal to me, kinda average (not arguing, it may very well be).
     
  8. muddysub

    muddysub 1 ton suburban status Staff Member Moderator GMOTM Winner

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    rubberfloormat... i went t matco tools and got a card from them, if im buying tools im buying quality stuff, i make my lliving with them so they've got to last but i see your point and appreciate the constructive criticizm.

    newyorkin... i need it pretty damn badly, im driving a pickup that im borrowing from my uncle and my suburban doesnt run, it needs an engine, and ive got 3 more months before i need to give the truck back to my uncle.

    i didnt think it'd be this hard... matco tools approved me for $10,000 when i bought my toolbox, polaris approved me for $12,500 when i bought my quad. so i thought getting a loan for a truck would be no problem...

    oh and the truck books for $6600 and the guy said he'd let it go for $6000
     
  9. Thunder

    Thunder 3/4 ton status

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    WTF:dunno: I dont se how anyone 21 years old cant get credit unless you seriously screwed up your credit. Or never established any.
    My 21 year old daughter gets pre approved platinium credit cards in the mail. She had no problem buying a 2 year old Jetta a year ago. Got a loan on line thru eloan. Had the money the next day after applying.
    You need to get a bank account Checking/savings and keep money in it, dont bounce checks and a Debit or credit card, Get a job. Establish some Credit and quit letting mom and dad pay for everything. You will soon have more credit than you will ever need.
     
  10. Jagged

    Jagged 1 ton status

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    Creditors love people like you.

    Hell, I'm only $900 in debt and I feel that's too much :|

    I'm afraid I have to agree with newyorkin on this. I've paid cash for almost every vehicle I've had. 89 Taurus, 87 K5, 97+98 Cavaliers, 95 T-10. I think it'll be a long while before I take out a loan on a vehicle.

    Short term loans are your best bet with used vehicles IMHO. I got a 12 month $1,000 loan to help buy the T-10. I had the cash outright to buy it, but I just didn't want to break the bank. Most of my debt right now is from X-mas shopping because I like to buy lots of things for people for some reason :doah:
     
  11. muddysub

    muddysub 1 ton suburban status Staff Member Moderator GMOTM Winner

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    ive got and have had a job for the last 4 years, ive had a checking account, debit card and credit card for 3 years never bounced a check, one late payment on my cred card, no missed payments, i havent even thought of eloan though ill have to check them out...
     
  12. Thunder

    Thunder 3/4 ton status

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    Sorry man. I guess I was a little harsh. I know you have been working hard. And been busting your ass on your trucks.
    Try Eloan if your credit is good they are pretty easy to deal with.. BUT. Problem with eloan is you have to buy from a dealer. Trying to get a loan for a private party vehicle is hard. Many loan companies/banks dont want to deal with private party vehicle sales.Espically on vehicles more than a few years old. Maby you should find a vehicle at a dealer get a pre approved loan and go down offer them rock bottom price and be prepaired to walk if they dont give it. Also check autotrader.com dealers always give lower prices over the internet and you can still haggle with them using email.. There are ton and tons of trucks for sale in Vegas. if you are firm and decide on what you want to pay for the vehicle you should pretty much be able to write your own deal. I have done some sweet deals on cars I have found online.
     
  13. RubberFloorMat

    RubberFloorMat 1/2 ton status Premium Member

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    sounds to me that he just doesnt have alot of credit and that his income to debt ratio is a bit high..

    you can get credit no matter what....but its the interest rate that is the issue, deciding if its worth it to pay 30-40% over what a car/truck is worth in interest charges isnt very smart.

    i could go out tomorrow and get approved for a M5 BMW, but im not going to, cause the interest is so frigging high.

    what sort of interest is she paying?? i bet its more than 18%.


    i say go for the older truck, just to bad its a 460ci, however, my dad put 200k on a truck just like that so i wouldent be worried unless it was abused by the former owner.

    get your tools you need, pay off your 4 wheeler, and dont have late payments or whatever, and i bet that you can step right into a new truck in 2-3 years.
    ;)
     
  14. muddysub

    muddysub 1 ton suburban status Staff Member Moderator GMOTM Winner

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    yeah thats the problem i need a truck in the next 2-3 months... and yeah i dont have much credit history i think thats why i'm having a hard time.

    when you apply for a loan and get turned down does that show up as a bad thing on your credit? im just afraid if i apply on eloan and get declined that it'll showup as a bad thing on my credit...
     
  15. RubberFloorMat

    RubberFloorMat 1/2 ton status Premium Member

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    some do some dont.

    i dont see why you would have a problem getting the older truck tho.

    provided that you do in fact make enough to pay a payment etc...
     
  16. Jagged

    Jagged 1 ton status

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    Any time someone checks your credit (like applying for a loan) it shows on the report.

    Whether thats positive or negative.... I don't know.
     
  17. grimjaw

    grimjaw 1/2 ton status

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    Banks do not like to finance older cars and trucks. Any thing over 5-7 years old is a pain. The other issue you may be having is debt to income ratio.
     
  18. bigjbear

    bigjbear 1 ton status Staff Member Moderator

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    All car loan requests in a 14 day window show as one hit. Multiple hits are bad.
    What is worse is late payments. Do you have ANY?
    Also income/debt ratio over 60/40 is bad. Do you know yours?
    Did you check your credit report for errors before you applied for the loan? You would be amazed how many have errors.

    Good luck, and after getting turned down for the big loan you were smart looking for something a third of your original choice. Too many people will just find another bank and bury them self in debt.
     
  19. Thunder

    Thunder 3/4 ton status

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    No. She pays typical interest that anyone would pay on a 2 year old car. 6 or 7 percent.
    But she has good credit. When she was younger I cosigned a loan for her. she doubled payments paid it off early.
    Also other than the car and she has no debt.
    One thing good about eloan is they pre approve you for a fixed maximium ammount then send you a credit voucher by overnite mail for that ammount. It is like a check When you buy a vehicle you just fill in the ammount you want financed. You dont have to use the entire loan ammount just what you need to buty the vehicle. So its like walking into a dealer with cash.
     
  20. 89GMCSuburban

    89GMCSuburban 1/2 ton status

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    That's why you didn't get it. Hell, they'll deny you loans if you have too much OPEN credit, like a card with a 10k limit but the balance is $0. The mere fact that you could fill it up after you get the loan and make payments harder to make on time is enough to refuse it.

    I was about $1,700 in debt and got approved for $13k at 4.9% through my credit union. Course, I bought my 99 GMC Jimmy for $8,600, put $3,600 down and financed thge last 5k. Payments are $52 every two weeks for the next 4 years (3 now).

    Also, be careful when applying since they check your credit, it shows up as a credit check in your bureau, which CAN hurt your credit. Try applying for 8k or less and I'm pretty sure you'll get it.
     

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