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Payments on a used car?

K

K5trs

1/2 ton status
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May 18, 2012
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Location
Hobbs, New Mexico
I offered a guy 1k upfront then ill make payments and If the 4k isn't payed off by August 5th the truck goes back up for sale. I'm nt worried about the date it's how do I keep from getting screwed?

Pics of car
 
Either borrow the money from a bank or save up the full amount. I'd never make payments to a person like that, too much chance of getting screwed.
 
So it would be safer and easier to loan from a bank? I'm 16 so I don't think I would get approved. Would a bank even loan 3k?
 
K5trs said:
So it would be safer and easier to loan from a bank? I'm 16 so I don't think I would get approved. Would a bank even loan 3k?
Click to expand...

You'll need someone (your parents) to cosign for the loan. Then, yes.
 
I think your uncle set you straight on this, right? This is a bad idea. :)
 
even on a bank loan of 3k jessie? he said nothing about loans just to not make payments to the owner and to pay in cash. From what i can tell the car is solid i just looked at 61 photos of it..Im just saying i could pay a 3000 dollar bank loan off before august.
 
if you can get the bank loan, get it, pay it off without any late payments, that goes on your credit as a good mark.
 
ya im not making payments to him if thats what you mean chief for some reason in my head i thought it was a good idea :dunno: but the bank loan sound alright the guy said he'd hold it for me for awhile.
how high is the average interest on a loan?
 
K5trs said:
i just looked at 61 photos of it
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If you have not seen it in person, flash light in hand, don't pay $0.01 for it. Pictures are worth a thousand words, but seeing it yourself in person is worth 10,000 pictures. NEVER make payments to the owner. Couple reasons why:

1. Can't trust people. You'll get screwed. They'll rebuke, say you didn't pay and you're out the cash and no ride.

2. Makes you seem shady. Most of the people who do this CAN'T get a loan from the bank and for good reason. They've had too many loans they didn't pay back and don't have good credit. This makes you an easier mark for the people who do stuff like reason 1 because those same people who can't make the payments can't afford to pursue legal action. Also, no legal documents and no paper trail leaves you up **** creek.

3. Taking out a loan at your age, with parents cosigning, is a good start to your credit. Paying it off on time will boost your credit and get you ready to take out larger loans later on on your own. My parents helped me with this when I was your age. It's helped me out since then with other vehicle purchases and even buying our first house last year.
 
Never, never, ever pay cash to anyone for large sums of money such as a car. Always pay with a cashiers check or money order. Leave a paper trail so you have proof you paid the full amount. Pay cash and its the sellers word against yours and they may say you didn't pay the full amount when you did in order to try and scam a few more dollars from you.

Again, never pay cash for bigger deals. And get a bill of sale along with the title once you pay him in full.

And as the others above said, get a loan from a bank. Much, much safer. Have the bank make the check to the sellers name in the full amount so you can be done and over with him. The only obligation you have with payments is your bank and thats much safer and trustworthy.
 
K5trs said:
how high is the average interest on a loan?
Click to expand...

Lowest they have ever been....ever...

I did a loan for the Blazer + shipping at 6% interest...paid the loan off in 11 months and only paid $230 in interest total...
 
Oh I'm heading up there in 2 weeks to check it out myself I have the buyers guide in hand!:D I would never like western union someone that money haha. But ya I'm sure they would let me, 3000 isn't too Big of a loan to begin with so I'll have no problem paying it off. My plan would be to get it payed by the time 2 a days start for football which would be easy.
 
I just checked my Credit Union's website....3.15%

That's insane!!! That's as close to zero as you will probably ever see...the economy is bad, so if you have a job and make money now it the best time ever to buy a car or a house...
 
always a good idea...lots of trained eyes on this forum...at least get some comments and opinions
 
I still say save up the money and buy it with the money you have.
You will jump on a deal now and 3 months down the road you will find a better truck for half the price and you'd still be paying for this one.
You are still young, life is ahead of you, don't rush.
 
on the other hand, they are sooo very rare where I am at that I had to jump...when I was looking, they were all out your way...Texas, Arizona, California...none around here...plus..I was looking for a specific year...a 1974...that made it even more critical to jump when I found it...
 
but, I almost went overboard too...I gave this guy in Texas hell over the 1973 Blazer he had...called him several times...kept beating the price down...got him down to $3800 and it was even the same color I was looking for...at the time I didn't know anything about rust...it had some spots which I thought were terrible...looking back now, they were very minor compared to what I have already fixed on mine..
in hind-sight, I should have bought that one...
I think I still have a picture of it..:




3kc3m83o25Z15U35S4a59d0bf57cba1831155.jpg
 
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