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i wanna buy a truck....

Discussion in 'The Lounge' started by muddysub, Apr 30, 2006.

  1. muddysub

    muddysub 1 ton suburban status Staff Member Moderator GMOTM Winner

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    ok im done with th 3rd person stuff now....

    anyway ive been looking for a truck for a few months, but the problem ive been running tino is the fact that i have no credit history... but theres this dealership here in town called carmax thats supposed to be really cool to deal with, so im thinkin about goin down there monday and talkin to them about this truck... its a 2003 ford f-150 supercrew, 4x4, 5.4L white ext. grey int. i want this truck really bad but im tired of getting turned down on vehicle loans... but i know dealerships have a better chance at financing people than i would if i walked into a bank and asked them for $20k. so i think im gonna give it a try...
     
  2. R77K10

    R77K10 Banned

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    i know i will never be buying such a thing, even if i wanted such a thing, in which i dont, i like real trucks and they get me around jut like any late one does and do the work i need done too and dont have to worry about scratching or denting it and insurance is cheap and so forth and its free no payments ever, screw expensive vehicles, :D

    i totally screwed my credit up early on and well it will save me $ in the long run though

    cuz i wont go into debt further to buy something like this

    banks are bad, credit is bad, cards and checks are bad, too much trouble also and only getitng worse,
    only cash itself is good

    nothin else for me

    good luck
     
  3. Corey 78K5

    Corey 78K5 1 ton status

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    Scott I would look at a new truck first if I were You. Lenders would much rather give a loan on a new vehicle than they would used. Most of the time the interest rate will be quit a bit lower on a new vehicle as compared to used. Yeah this Carmax place probably can get You into that truck, but I bet You anything that they will either want a cosigner or the interest rate will be so hi that it will probably add another $10,000 to the price.
    The best thing to do in Your situation with a lack of credit is to save up about $5,000 and use it as a down on a new truck. This way You get lower payments and lower interest rate. Ford Credit and Chrysler Financial are pretty easy for getting loans through.
     
  4. Corey 78K5

    Corey 78K5 1 ton status

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    So How does not paying Your bills save money? You still have a debt You owe. Dont be a dead beat pay up.
    NO, not paying your bills is bad. It's real simple, once a month you pay your bills and for some strange reason your credit score gets hire. Not paying your bills leads to driving around in old piece of sh!t and paying rent on some sh!t hole forever cause you do not have credit to buy a house of your own.
     
  5. Rhinopkc

    Rhinopkc 1/2 ton status

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    After buying quite a few car that my wife or I just "had to have" I came to a point where I realized something, if I can't buy the car outright, I need to find a cheaper car. Save your money and buy something that is yours, not the bank's, then you're not wasting money on interest payments. I realize that in this day and age my way of thinking is not very popular, but you'll get much farther in life if you don't rack up debt on stuff that depreciates as fast as cars do. Save that money to put down on a house, or if you have a house, pay down your mortgage. Debt sucks, I've been there.
     
  6. Jagged

    Jagged 1 ton status

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    Amen. I've got three vehicles that I own, no payments, just maintenance. It's nice somedays when you decide to go for a drive in your truck or your car. One of these days I'll be able to afford something newer, but in the meantime I can deal with older vehicles (98 Z24 Cavalier, 89 Jimmy, and a 78 Jimmy).

    If you're dead set on having a newer model, and if you're any good at bodywork, I suggest you check out the insurance pool auctions. You can get some decent deals there. The guy that bought the 89 Jimmy prior to me owning it bought it from the pool for $600. All it needed was a fender, hood, core support, and grill.
     
  7. muddysub

    muddysub 1 ton suburban status Staff Member Moderator GMOTM Winner

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    yeah i was talking to my mom about it this morning and she mentioned that a new vehicle is easier to get into because used ones have already depreciated.. and im done with old vehicles... i want something new, nice looking, and dependable that i can pull my quads with and go out into the hills and not have to worry about the truck breaking down... thats exactly why the suburban has sat in my backyard for 3 years now... its not worth the time and money in my opinion. ive got about 2 grand saved up so far i wanna get atleast $4k saved up for a down payment. i really want an 02-03 crew cab long bed 4x4 superduty with a 7.3L powerstroke in it, if i can swing it id much rather get one of those... then i could take dads 28' toyhauler and head out on weekends with my friends riding. my dad has an 03 7.3L f-350 and he can do 65mph up the hill to our property in utah with the 14,000lb trailer behind him... cant do that with an older truck. of course you cant do that with an f-150 either. if i cant get an f-250 or f-350 ill settle for an f-150. im just tired of old junk vehicles...
     
  8. muddysub

    muddysub 1 ton suburban status Staff Member Moderator GMOTM Winner

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    yeah but you cant exactly hook your old chevy up to a 14,000lb toyhauler trailer with 4 quads in it and head up into the mountains camping and riding for a week... like i said id really prefer a 7.3L powerstroke, the f-150 is kind of a compromise for me.
     
  9. Jagged

    Jagged 1 ton status

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    I'm failing to see your logic.

    Tired of junk vehicles, but you want a ford.

    Just kidding brother, hopefully you can get what you want without breaking your back with interest. Me? All I want in a truck is a fullsize Jimmy/Blazer. A 1 ton dually would be bad ass, but I'm fine where I am right now. You can ask Gofergurl how much I like the Jimmy/Blazer :) Back on track now, just remember to be smart dealing with the stealerships.
     
  10. muddysub

    muddysub 1 ton suburban status Staff Member Moderator GMOTM Winner

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    yeah thats the only thing im afraid of is the whole dealership thing... ive never bought a new vehicle before so im not realy sure as to what to do.
     
  11. TSGB

    TSGB 1 ton status

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    The number one thing you need to remember when you walk into a dealership, is they get paid commission!
     
  12. Rhinopkc

    Rhinopkc 1/2 ton status

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    No, the number one thing to remember when considering a brand new car is the fact that you start losing a buttload of money the minute you drive it off of the lot. A 1 or 2 year old car is a way better deal.
     
  13. muddysub

    muddysub 1 ton suburban status Staff Member Moderator GMOTM Winner

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    thats kinda why i was looking at used ones... vehicles depreciate much faster right after the original purchase then they do later on.
     
  14. dontoe

    dontoe 3/4 ton status GMOTM Winner

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    If you can get in a credit union, that's the way to go. I hate banks, but my credit union is easy to get along with and relatively low interest rates. Got my house mortgage with them and have bought several trucks through them and a bunch of personal loans. I ain't any good about saving money, 'cept my 401K that I can't spend except in dire emergencies.
     
  15. bigjbear

    bigjbear 1 ton status Staff Member Moderator

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    Buying a 2-3 yr old truck is a good move, someone else took the big deprecation hit. Try to put down at least 1/3 of the price, and keep the loan as short as possible. I did a 5 yr loan once-never again. Luckily I tend to keep cars for much longer than that, so I sill had for years after it was paid off, but that long of a loan was a mistake.

    Carmax's prices look low, but they don't like to come down on them any. So they might end up being more than somewhere else that is asking more to start with. Bottom line, know what its worth before you go in there.
     
  16. beater_k20

    beater_k20 Banned

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    everything i have, i own outright. i did a vehicle loan once, and probably will never do it again. fortunately, i have friends in the car business, so i generally get stuff at a pretty good *discount* ($100 over what they have in it). i'm actually using this to my advantage. my 93 i bought for $1600. low book on it is like $3200, so in selling it, i make a pretty hefy chunk of change considering the only thing i've had to do to it was general maintnance stuff. selling off the 93 and the Grand Am will wipe out all debts i have, save for my student loans. i'll probably buy a 81-87 K10 or K20 for a not-so-nice day driver, and keep the 92 for the nice day driver. paying cash for the beater truck, i'll set myself up real nice to buy a house.

    do you have bad credit? or just dont have any? if you have none, go to your bank, and tell them you'd like a credit card to establish your credit. now buy some stuff! its important that you carry a balance on the credit card, and make the payments on it on time. paying it off every month will show as a $0 balance, which does nothing for your credit. also, a credit card with a limit that is too high will screw you over, as it will mess with your available credit. if your available credit is too high, it will actually work against you. i'm considering getting rid of my Visa Platinum specifically for this reason. my credit limit is just too high, a couple more increases, and it will start hurting my chances of getting a loan.

    as for Randy's comment about banks being bad. remember, this is the guy who told us, not long ago, he lived in a shack, and "proudly" drives his rusted out beat up junk. some people just dont get it. :screwy: banks will work to your advantage more often than not, you've just got to watch the contracts. watch for things like late penalties (in case something happens and you cant make a payment), often times the late penalty will be a jump in interest rate. i've seen this on both credit cards, and on vehicle loans as well. just gotta watch the fine print, and you'll be golden.

    my last bit of advice on the truck buying situation... no matter how much you really like something, nitpick the sh!t out of it! and beat the hell out of them on price. when i bought my 92 in March, i just found out what they had in it, and went in on my own. was kind of fun picking it over, and beating the guy up on the price. started out they wanted 2995 for it, and owned it for 2100. i went so far as to lay $1500 in crisp $100 bills out on the guy's desk, and telling him "write it up" he finally ended up breaking out the paperwork, and showing me the $2100 he had invested in it. understanding that he needs to make money too, i gladly paid the $2200, after all, it is exactly what i was looking for.
     
  17. muddysub

    muddysub 1 ton suburban status Staff Member Moderator GMOTM Winner

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    damn man, you're tenacious. :haha: :haha: :haha: :haha:
     
  18. kyser_soze

    kyser_soze 1/2 ton status

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    I usually buy a vehicle that is 2 yrs. old under 36k miles (still under warranty for a little while) with a 3 yr. loan( lower interest rates).

    The initial buyer takes the hit on depretiation, you will save about $10,000 off of brand new.
     

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