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what do you think of this auto deal

Discussion in 'The Lounge' started by supersize75k5, Oct 17, 2006.

  1. supersize75k5

    supersize75k5 OrganDonorRacing.com

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    back round of my story,

    I have a built 86 blazer, a 4x4 3/4 00 burb loaded and 1 ton buggy I am still in process with..

    I have been inquiring into making my dollar do something better and I am currently renting, well I have no credit cards, no cars I have financed nada..

    so I want to get some credit going or established, the burb is my daily driver for my business and not great to work out of, gas is not a concern really since I like driving a full size with a big block.its paid for and woth about 7500 to 10,000 depending on private sale or trade in yada ..yada. I payed alot less than that for it.

    the 86 is nice, but I cant see keeping it when the buggy is done, and it seems to be getting trashed very quickly and the time spent to keep on top of body damage and maint could go towards getting the buggy done. I am sad to ruin it so quickly and like to push it every time I take it out...damn lockers..:doah:

    the buggy I wont bail out on.. so that stays


    so i could can the burb, trade it in or sell it to someone for a good deal and use the money towards a newer truck that can still perform its duties.. the 86 i might keep for a fun driver or just sell and dum the money into the buggy since it is ment for 4 wheeling anyways.


    I know one car dealer, he owns this place, vip here in mesa az, he has purchased some seats from me as well as being a customer of mine now, and willing to make a deal and in house financing as well. for the deal he is willing to make me the burb would be just about a straight trade..but that does not help me establish credit..:rolleyes: so options are using 50 percent of the burbs worth as a down on the truck and him giving me a newer 4 banger truck for the balance of the burbs worth..


    truck in question is an clean 03 2wd hd with a 6.0 and low miles, a spray in liner, clean and white paint.single cab with no carpet, but thats only a 100 bucks to aquire. blue book is 12,000 retail, I can get it for around 8500 to 9500

    this helps me get rid of the burb easy, but now I would have 2 trucks, a blazer and a buggy, not to mention a trailer I will have to purchase soon..the s10 would be nice on gas and get more then double what the 6.0 would get in the 03.. parking becomes and issue again as well as a extra headache..dont really have to much use for a small pick up, and like I said the gas is not a concern, funtion/size/capability is.

    or I empty kill the money that was for the buggy and use it down on the truck, and sell the burb myself and ..which could take a while as well as cause me parking issues and cost for maint/insurance

    thoughts?

    my wants are simply a newer reliable 3/4 ton truck that can tow as well as look nice and presentable to my customers and be easy to work out of, I dont mind the 2wd since it will keep me out of trouble...:crazy: I want to start now and get my ducks in a row towards buying a home around this time next year
     
  2. bowtiepower00

    bowtiepower00 1/2 ton status

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    Can you trade for the 03 only, no S10? I don't see any reason to have an S10 and the K2500, the 6.0's get pretty good mileage, especially in 2WD. They make good tow rigs also. It's also nice to have your vehicle paid for if you can. The expenses add up quickly on multiple vehicles, I'm sure you already know that. If you have to, sell the burb yourself, or possibly on consignment. If you want credit, consider getting a secured credit card (one that you have to put a deposit down on) and use it frequently and pay it off at the end of each month. Other things, like utility payments, phone bills, car insurance, etc., show up on a credit check too, to help establish you. While I agree that a house is a wonderful thing to own, I don't believe that now is the time to be purchasing one, as prices have begun to fall, and will continue to for the next few years according to many experts. There are plenty of other ways to make your money work for you, I would start with a few grand in savings and some sort of retirement. If you have those, then you can begin to get serious. Do you have health care? I would look into that too, if you don't already have it.
     
  3. justmeburb

    justmeburb Registered Member

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    If you know much about credit and financing and things of this sort any finance person working with you on a home loan will tell you WAIT til after you have purchased a home to finance it. They frown on too many big debts when you are trying to buy a first home. If you can sell a truck and pay cash for a new one before you buy a house you are much better off. What finance people want to see is a steady pay sched in your history on a small scale. IE get a credit card use it and keep it payed down or off. Do not use it for big purchases that you wont be able to pay off in a timely fashion. Make sure all of your bills are payed on time with no late fees. You can look into a personal loan using the pink of one of the trucks you already own and then they don't look as closely. HTH
     
  4. beater_k20

    beater_k20 Banned

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    you're 22 years old, no established credit, and want to buy a home at this time next year? yeah, good luck with that.
     
  5. supersize75k5

    supersize75k5 OrganDonorRacing.com

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    lol, I cant agree with you more, more or less want to get on track. I cant really see being turned down if I did have good credit and more then 10 or 15 percent down though. as for now not being a good time, with price of a home dropping and if it does what they say it will do then I think it would be a great time to buy as long as I planned to stay in the home for a while.

    to put it into numbers, the place I just moved out of was 1150 a month to rent, I spent close to that just in gas a month this summer, that has dropped big time for the moment but who knows what will happen, and I would say I dump more then that into my tucks on a monthly basis.. if was a able to get a house closer to where I my work area and customers are, along with not renting I could really see my money actually going somewhere,

    I did look into prepayed credit cards today and looks like I will start that asap, also I am seeing if I can do that with a gas card since I use so much.And I started an account at a credit union today so that should get the ball rolling some. I have heard more good things about credit unions than banks when it comes to lending.

    for the truck, I dont really want to rush any choice I make so I am just going to sell the burb on my own and use some cash and just pay for what I want, or at least 3/4 of it. i cant see a bank frowning on a loan less that a few grand and it will show positive credit wise.

    well thats my thinking thus far, I think getting a gas card is a great Idea even if I do have to prepay it at first untill I get a balance or whatever. I use too much gas to not be making it do anything for my credit:crazy:
     
  6. justinf

    justinf 1/2 ton status

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    Why? I was 24, with no real credit, and had just finished college and gone to work full time (I had only worked at that job for 3 months part time, then was preapproved for the home loan based solely on my offer letter for full time employment just before graduatio). I was approved for a home loan with absolutely no problems without a cosigner.:dunno:
     
  7. supersize75k5

    supersize75k5 OrganDonorRacing.com

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    not to mention, just had breakfast with my friend who is a broker..

    right now in phoenix it is an 8 month market, compared to a year ago when it was less than a month and sometimes before they listed they sold:eek1: he did confirm what every one has said about the market cooling for a few years and thinks the estimates are true, but I want a home for long term, as well as making my life less hectic and better in the long run. also noted is tghat sellers will get more desperate..and I think lenders will get more creative as the number of listed homes on the market continues to just go up. the news said there is 80,000 homes on the market in the phoenix area right now..

    of coarse with prices dropping to much, more cali people will soon take niotce, move over to have more affordable living/more house and then the market can go back up..:haha:
     
  8. bowtiepower00

    bowtiepower00 1/2 ton status

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    If you have established pay, and a history of paying bills on time, you should have no problem purchasing a house, especially if you have a decent down payment. Being a first time homeowner will work in your favor too. Just make sure you get a 30yr fixed rate mortage, as opposed to some of the low payment variable rate loans you see advertised on TV and such that can end up costing you more in the long run. Also, if you are able to purchase a fixer-upper and do the work yourself, you will be far ahead of the game, even if home values fall.
     

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