Should I Apply For A Car Loan Through My Bank?
08-15-2005, 01:01 AM
#11
Junior Member
Thread Starter
Join Date: Aug 2003
Posts: 9
wow alot of insight on here. thanks for all the replys everyone. Im not buying a brand new car as i know they depreciate rapidly off the lot. I was thinking of a newer car, 2000-2004 maybe. I have right now about 11k in bad debt from a car loan. It was a toyota truck that ended in a bad situation(me not caring about making payments blah blah I FUCED UP). The other 3k is from credit cards that is written off as bad debt as well. Im thinking of actually taking out a loan and maybe paying off all my debt, with whatever I have left to buy a decent honda or toyota(something reliable and family worthy). Ive realized that im not getting any younger and need to take care of my debt soon. I would like to have a nice house before im 30 lol. If anyone knows of any really good jobs for someone with just a hs diploma let me know. I was thinking car sales? I have good mechanical backround but i want to make more than 1400 a month(my rent is almost 900). My fiance only makes about 800 a month so we are basically poverty right now! thanks everybody,
kevin.
[quote name='Lynn E. Hanover' date='Aug 14 2005, 07:35 PM']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
[/quote]
kevin.
[quote name='Lynn E. Hanover' date='Aug 14 2005, 07:35 PM']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
[snapback]748541[/snapback]
[/quote]
08-15-2005, 01:18 AM
#12
Senior Member
Join Date: Jan 2004
Location: Columbia IL/St. Louis MO
Posts: 2,748
Well, I sell cars for a living now that you say that. It is good money, but there is alot of bullshit involved behind closed doors. ALOT of bullshit. You don't have to be VERY knowledgable about cars, you just need to have product knowledge. That is all.
I make good money, but if you don't make 4,000+ a month, you are in the wrong business. I make good money for being 20 years old, but I put in alot of hours too. At least 50-55 hours a week.
It's GREAT business, but everybody will label you as *******, douchebag, fuckstick, jerk-off, grease ball, etc.
And about your debt thing, you fucked up on your part, so you need to obviously fix it. Because when a dealership runs credit, or your bank does, 7-10 years of credit history will show up. Just to let you know.
GOOD LUCK
I make good money, but if you don't make 4,000+ a month, you are in the wrong business. I make good money for being 20 years old, but I put in alot of hours too. At least 50-55 hours a week.
It's GREAT business, but everybody will label you as *******, douchebag, fuckstick, jerk-off, grease ball, etc.
And about your debt thing, you fucked up on your part, so you need to obviously fix it. Because when a dealership runs credit, or your bank does, 7-10 years of credit history will show up. Just to let you know.
GOOD LUCK
08-15-2005, 01:18 AM
#13
Senior Member
Join Date: Dec 2003
Location: Mississippi
Posts: 464
I would get what I could afford without taking out a loan.
Something like a 96 or 97 Nissan Altima. They are great cars, no common trouble items. I bought my 97 in perfect shape for 4k and sold it for 4k 6 months later.
Do NOT put yourself deeper into debt. Pay off the debt you have, and then do everything possible to keep from getting back in the same situation.
Something like a 96 or 97 Nissan Altima. They are great cars, no common trouble items. I bought my 97 in perfect shape for 4k and sold it for 4k 6 months later.
Do NOT put yourself deeper into debt. Pay off the debt you have, and then do everything possible to keep from getting back in the same situation.
08-15-2005, 01:26 AM
#15
Senior Member
Join Date: Dec 2003
Location: Mississippi
Posts: 464
[quote name='rowtareh' date='Aug 14 2005, 10:21 PM']Yeah, go buy a car from Joe Billy Bob the mechanic and start paying off debt.
Get something easy on maintenance, gas, blah blah.
[/quote]
like, a 97 altima. there isn't a better car for the money out there.
Get something easy on maintenance, gas, blah blah.
[snapback]748587[/snapback]
[/quote]
like, a 97 altima. there isn't a better car for the money out there.
08-15-2005, 07:21 AM
#16
Super Moderator
Join Date: Feb 2002
Location: Amityville, New York
Posts: 12,288
Lynn knows the real deal
shocked you would take the time to type all that, but you and I share the same views
except I dont have any kids, but I had to work for everything I have, 2 jobs, 3 jobs, side jobs, buy-sell cars, whatever it took.
shocked you would take the time to type all that, but you and I share the same views
except I dont have any kids, but I had to work for everything I have, 2 jobs, 3 jobs, side jobs, buy-sell cars, whatever it took.
08-15-2005, 02:53 PM
#18
Senior Member
Join Date: Jan 2004
Location: Columbia IL/St. Louis MO
Posts: 2,748
[quote name='venomrx7' date='Aug 15 2005, 02:26 AM']like, a 97 altima. there isn't a better car for the money out there.
[/quote]
that or a camry, civic would be good with a decent amount of miles on it.
[snapback]748589[/snapback]
[/quote]
that or a camry, civic would be good with a decent amount of miles on it.
08-15-2005, 09:03 PM
#19
Fabricator
Join Date: Jan 2004
Location: Central Ohio (Hebron) Zephyrhills Fla.
Posts: 1,322
[quote name='Everlastingboost' date='Aug 14 2005, 10:01 PM']wow alot of insight on here. thanks for all the replys everyone. Im not buying a brand new car as i know they depreciate rapidly off the lot. I was thinking of a newer car, 2000-2004 maybe. I have right now about 11k in bad debt from a car loan. It was a toyota truck that ended in a bad situation(me not caring about making payments blah blah I FUCED UP). The other 3k is from credit cards that is written off as bad debt as well. Im thinking of actually taking out a loan and maybe paying off all my debt, with whatever I have left to buy a decent honda or toyota(something reliable and family worthy). Ive realized that im not getting any younger and need to take care of my debt soon. I would like to have a nice house before im 30 lol. If anyone knows of any really good jobs for someone with just a hs diploma let me know. I was thinking car sales? I have good mechanical backround but i want to make more than 1400 a month(my rent is almost 900). My fiance only makes about 800 a month so we are basically poverty right now! thanks everybody,
kevin.
[/quote]
The debt load is the first thing to work on. Then a house or better yet a twin single to live in one side and rent the other. Once you get your credit back on line, you can buy anything you want, but if you add to the debt load, be sure it is income producing.
There are tons of money floating around right now, from tax cuts and a booming economy, (sorry democrates) so now would be a good time for two jobs.
Most employers cannot find a person that can make change in his head let alone trust with the store keys.
Lynn E. Hanover
kevin.
[snapback]748579[/snapback]
[/quote]
The debt load is the first thing to work on. Then a house or better yet a twin single to live in one side and rent the other. Once you get your credit back on line, you can buy anything you want, but if you add to the debt load, be sure it is income producing.
There are tons of money floating around right now, from tax cuts and a booming economy, (sorry democrates) so now would be a good time for two jobs.
Most employers cannot find a person that can make change in his head let alone trust with the store keys.
Lynn E. Hanover
08-15-2005, 09:42 PM
#20
Senior Member
Join Date: Jan 2004
Location: Columbia IL/St. Louis MO
Posts: 2,748
I have thought about getting a second job just for extra money, last month in sales SUCKED for me. *sigh*. But I am no where near broke.
I need to find a good friend in real estate around here also. I will be moving out by November. I don't want an apartment either, but it seems that I will have to deal with that for the time being. I just hate paying for something when it does not go towards owning anything. Except for new vehicles, I don't really mind that.
I need to find a good friend in real estate around here also. I will be moving out by November. I don't want an apartment either, but it seems that I will have to deal with that for the time being. I just hate paying for something when it does not go towards owning anything. Except for new vehicles, I don't really mind that.