Should I Apply For A Car Loan Through My Bank?
08-14-2005, 01:04 AM
#1
Junior Member
Thread Starter
Join Date: Aug 2003
Posts: 9
Hi im 24 and sadly enough i owe about 14k, in bad debt. Im thinking of buying a newer car. I have about 5k saved up right now. Im thinking of maybe getting a loan for around 17-18k. Should i even try? Im thinking of getting a toyota hybrid prius or something hybrid with alot of room(will have a family eventually). I was thinking maybe a wrx wagon. I just dont want to go in there and get laughed at lol. thanks,
kevin.
kevin.
08-14-2005, 04:28 PM
#4
Senior Member
Join Date: Oct 2003
Location: North NJ
Posts: 647
[quote name='ColinRX7' date='Aug 14 2005, 02:20 AM']you should probably throw 5k at your 14k debt, bringing you to 9k of debt
[/quote]
do this...pay off your debt than buy a car..you will feel better about yourself and have less to worry about because you wont be 31k in debt
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do this...pay off your debt than buy a car..you will feel better about yourself and have less to worry about because you wont be 31k in debt
08-14-2005, 08:21 PM
#6
Senior Member
Join Date: Aug 2003
Location: green brook, nj
Posts: 792
[quote name='rx7girltk' date='Aug 14 2005, 04:28 PM']do this...pay off your debt than buy a car..you will feel better about yourself and have less to worry about because you wont be 31k in debt
[/quote]
maybe he needs a new car now?
[quote name='Rob x-7' date='Aug 14 2005, 06:59 PM']new hybrid is more then 18k isnt it?
[/quote]
yeah..i think they are mid 20s...and I knwo for a fact that wrx are mid 20s.
maybe consider buying a used car?
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[/quote]
maybe he needs a new car now?
[quote name='Rob x-7' date='Aug 14 2005, 06:59 PM']new hybrid is more then 18k isnt it?
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yeah..i think they are mid 20s...and I knwo for a fact that wrx are mid 20s.
maybe consider buying a used car?
08-14-2005, 10:35 PM
#8
Fabricator
Join Date: Jan 2004
Location: Central Ohio (Hebron) Zephyrhills Fla.
Posts: 1,322
[quote name='Everlastingboost' date='Aug 13 2005, 10:04 PM']Hi im 24 and sadly enough i owe about 14k, in bad debt. Im thinking of buying a newer car. I have about 5k saved up right now. Im thinking of maybe getting a loan for around 17-18k. Should i even try? Im thinking of getting a toyota hybrid prius or something hybrid with alot of room(will have a family eventually). I was thinking maybe a wrx wagon. I just dont want to go in there and get laughed at lol. thanks,
kevin.
[/quote]
This generation seems to have the "I wants".
Years back when my son and I argued about his lack of initiative in job hunting, he blurted out " what were you doing when you were 24?"
So I said "well let us recap"
When I was 24 I had a wife and two kids. Two jobs. A paid off old car. And A house I was making payments on, including a garage I was building race cars in.
You're 24, what the hell are you doing?
A week later my boy left for Pheonix for MMI motocycle school. He is he is now 40, and well on his own now and lives in LasVegas NV.
When you are young, you can withstand nearly any hardship. If you have dragged a partner into this disaster then she can endure this with you or run away now while she can still have a life.
So with the income from 3 1/2 jobs (she can work one full and one part time job)you can be out of debt in a year or so, and so use to working all of the time that once the debts are paid off you can start saving huge amounts of money, and building you individual Roth IRAs to the max.
The more time you spend apart the better your relationship will be.
Any cash left after you max out your IRAs each year shoud go into investment (rental) property. Nothing holds and gains value like real estate. No name says it all like:
"Real - Estate"
I am in my summer home in Hebron Ohio, with the 30 X 40 shop, and working on my investment home getting ready to put that on the market shortly.
A nice 2,600 square foot Cap Cod with full finished basement including a Lear jet fuselage with a big screen TV in the door, I built 13 years back on 5.3 acres.
Should be good for $325,000.00. Even if the market drops and we clear only $300,000.00, that pays off everyone and we build a new Florida house for free, with another nice shop. We bought 2 nice 1 1/4 acre lots a few years back for 5,000 and 7,000 and have been offered 45,000 each for them. Sweet. So we could turn over those lots and move into a used house and build a shop right now. Those situations are available all of the time. But mother wants (and deserves a new house and I deserve a new shop)
No dice. New house maybe yet this year.
Then we become Florida residents for 6 months and a day each year to avoid the Ohio tax on our retirement incomes.
Along the way, we raced cars for 30 years, spending several fortunes. We raised two great kids. We met thousands of great people. We both retired from government service with 20 and 25 years of service. Did 4 years in the US Navy, Did 10 years as a cop. 15 years as a cabinet maker, painter, car builder. Junk collector. Painter. Mold maker. And race car builder/owner.
Never turn down a job, no matter how hard or dirty it is.
It was all so easy.
Help everyone who asks for help. Be the first one into work in the morning, and the last to leave (depending on when that second job starts).
Learn how your job fits into the rest of the program. Write down everything. Learn the jobs of those around you. Volunteer for extra work when available.
Sleeping is practice for being dead.
When you sleep, do it right. Never go to bed without a shower. Get used to noise. Have some form of white noise you can take anywhere you need to sleep. Like a cheap little fan. Anywhere that fan is will be just like home. We got this house cheap because it is 100 yards from a busy fire station.
We turned on our noisy cieling fan and the second night we heard no fire engines, and have heard none since. Your brain just dials out the familier noise along with the unfamilier noise, and you sleep undisturbed.
You need a new car, like I need cancer. There is never a time to buy a new car.
It is one terrible waste of money. The loan rates for car loans are the worst.
Buy used cars, as new and as low miles as possible but used only, Let the first guy loose half of the value, then step in and use up the car. Drive it until it will not move under its own power.
Most 30 years olds cannot remember the cars they have owned, or how much each one cost. I have been gifted cars because of mechanical problems. I can tell you about every car, how I got it, what was wrong with it how long I had it, who ended up with it. and so on. And I have owned a bunch of them. Right after I got married, the engine blew in my 60 Falcon station wagon. I had no money, but a friend had a run out 283 Chevy V-8 and an iron three speed. I put that in my Falcon in my moms 2 car garage in one weekend, with a hatchet and a pair of pliers, for tools. Drove it for a year and sold it for 4 times what I paid for it.
The last new car around here was for my wife. It was a 2000 Kia. We drove them at local dealers until she found what she wanted. Then we got on the internet and had Edmonds get us bids from all over Ohio. A dealer in Akron won the low bid and brought the car to Columbus on a rollback. She drove the car around for an hour. She liked it.
We did the deal on the kitchen table. The best new car buy in Ohio that day. Its my car now, she got a Dodge van. Very nice.
But make the dealer bid on your car. Make him bring it to you. Have the cash in the bank so you can write a good check for something when you can get a deal on it or make some quick cash by turning a piece around quickly.
The hybrids will not be cost effective until gas gets over 6 dollars. Then only if you keep the damn things for well over 100K miles. Kind of a Mother Earth News toy right now.
Just some stuff to think about. Things are for entertainment, and have no real lasting value. Only people count. Family count the most.
Lynn E. Hanover
kevin.
[snapback]748347[/snapback]
[/quote]
This generation seems to have the "I wants".
Years back when my son and I argued about his lack of initiative in job hunting, he blurted out " what were you doing when you were 24?"
So I said "well let us recap"
When I was 24 I had a wife and two kids. Two jobs. A paid off old car. And A house I was making payments on, including a garage I was building race cars in.
You're 24, what the hell are you doing?
A week later my boy left for Pheonix for MMI motocycle school. He is he is now 40, and well on his own now and lives in LasVegas NV.
When you are young, you can withstand nearly any hardship. If you have dragged a partner into this disaster then she can endure this with you or run away now while she can still have a life.
So with the income from 3 1/2 jobs (she can work one full and one part time job)you can be out of debt in a year or so, and so use to working all of the time that once the debts are paid off you can start saving huge amounts of money, and building you individual Roth IRAs to the max.
The more time you spend apart the better your relationship will be.
Any cash left after you max out your IRAs each year shoud go into investment (rental) property. Nothing holds and gains value like real estate. No name says it all like:
"Real - Estate"
I am in my summer home in Hebron Ohio, with the 30 X 40 shop, and working on my investment home getting ready to put that on the market shortly.
A nice 2,600 square foot Cap Cod with full finished basement including a Lear jet fuselage with a big screen TV in the door, I built 13 years back on 5.3 acres.
Should be good for $325,000.00. Even if the market drops and we clear only $300,000.00, that pays off everyone and we build a new Florida house for free, with another nice shop. We bought 2 nice 1 1/4 acre lots a few years back for 5,000 and 7,000 and have been offered 45,000 each for them. Sweet. So we could turn over those lots and move into a used house and build a shop right now. Those situations are available all of the time. But mother wants (and deserves a new house and I deserve a new shop)
No dice. New house maybe yet this year.
Then we become Florida residents for 6 months and a day each year to avoid the Ohio tax on our retirement incomes.
Along the way, we raced cars for 30 years, spending several fortunes. We raised two great kids. We met thousands of great people. We both retired from government service with 20 and 25 years of service. Did 4 years in the US Navy, Did 10 years as a cop. 15 years as a cabinet maker, painter, car builder. Junk collector. Painter. Mold maker. And race car builder/owner.
Never turn down a job, no matter how hard or dirty it is.
It was all so easy.
Help everyone who asks for help. Be the first one into work in the morning, and the last to leave (depending on when that second job starts).
Learn how your job fits into the rest of the program. Write down everything. Learn the jobs of those around you. Volunteer for extra work when available.
Sleeping is practice for being dead.
When you sleep, do it right. Never go to bed without a shower. Get used to noise. Have some form of white noise you can take anywhere you need to sleep. Like a cheap little fan. Anywhere that fan is will be just like home. We got this house cheap because it is 100 yards from a busy fire station.
We turned on our noisy cieling fan and the second night we heard no fire engines, and have heard none since. Your brain just dials out the familier noise along with the unfamilier noise, and you sleep undisturbed.
You need a new car, like I need cancer. There is never a time to buy a new car.
It is one terrible waste of money. The loan rates for car loans are the worst.
Buy used cars, as new and as low miles as possible but used only, Let the first guy loose half of the value, then step in and use up the car. Drive it until it will not move under its own power.
Most 30 years olds cannot remember the cars they have owned, or how much each one cost. I have been gifted cars because of mechanical problems. I can tell you about every car, how I got it, what was wrong with it how long I had it, who ended up with it. and so on. And I have owned a bunch of them. Right after I got married, the engine blew in my 60 Falcon station wagon. I had no money, but a friend had a run out 283 Chevy V-8 and an iron three speed. I put that in my Falcon in my moms 2 car garage in one weekend, with a hatchet and a pair of pliers, for tools. Drove it for a year and sold it for 4 times what I paid for it.
The last new car around here was for my wife. It was a 2000 Kia. We drove them at local dealers until she found what she wanted. Then we got on the internet and had Edmonds get us bids from all over Ohio. A dealer in Akron won the low bid and brought the car to Columbus on a rollback. She drove the car around for an hour. She liked it.
We did the deal on the kitchen table. The best new car buy in Ohio that day. Its my car now, she got a Dodge van. Very nice.
But make the dealer bid on your car. Make him bring it to you. Have the cash in the bank so you can write a good check for something when you can get a deal on it or make some quick cash by turning a piece around quickly.
The hybrids will not be cost effective until gas gets over 6 dollars. Then only if you keep the damn things for well over 100K miles. Kind of a Mother Earth News toy right now.
Just some stuff to think about. Things are for entertainment, and have no real lasting value. Only people count. Family count the most.
Lynn E. Hanover
08-15-2005, 12:41 AM
#10
Senior Member
Join Date: Jan 2004
Location: Columbia IL/St. Louis MO
Posts: 2,748
You COULD buy a new car, but you are better off. You are just piling negative equity on top of a negative equity. Cars depreciate as soon as you drive it off the lot. I just recently bought a new car. I sale cars for a living, so I got it at a discount, but it was before all of this Employee Pricing **** started. I check out KBB on the price of my vehicle, it dropped by 15% of what I bought it for.
Just deal with the debt, pay it off, and then buy a new car.
Where is the debt from? Credit card, a car?
Just deal with the debt, pay it off, and then buy a new car.
Where is the debt from? Credit card, a car?