grymoire Posted October 17, 2008 Share Posted October 17, 2008 Hi ENA friends, I have 2 questions: 1) How difficult is it to get a car loan in this tough economic condition?? 2) Is it odd for a guy (single) in the 30s to think of buying a 2 door coupe as opposed to a 4 door sedan?? Thanks, G Link to comment
redhearts Posted October 17, 2008 Share Posted October 17, 2008 TRUST ME. Get a practical car, not a flashy car. Unless your a millionaire or making over $6,000 a month. Link to comment
grymoire Posted October 17, 2008 Author Share Posted October 17, 2008 TRUST ME. Get a practical car, not a flashy car. Unless your a millionaire or making over $6,000 a month. I make 95K per year. This will be my first car and I want to buy a new flashy one Link to comment
JadedStar Posted October 17, 2008 Share Posted October 17, 2008 Hi ENA friends, I have 2 questions: 1) How difficult is it to get a car loan in this tough economic condition?? 2) Is it odd for a guy (single) in the 30s to think of buying a 2 door coupe as opposed to a 4 door sedan?? Thanks, G I just heard yesteday from my mechanic that dealerships are going to be selling a lot more used cars this year because they are ordering fewer new ones from the manufacturers due to the economy and that most dealers are going to really be strict on the credit checks and no more of this "free interest and no money down". They will be requiring 20% down in most cases. So it will be harder to get one but not impossible. And i am sure you will still find the random dealer not requiring such a big down payment. Your second question isn't making sense. Why would it be strange for a guy in his 30s to buy a two door car? I bought one in my 30s. Nothing odd about that at all. I don't care for four door sedans all that much but just bought one because I happen to really like the Nissan Altima's body style. First four door i have sedan i have ever owned. LOL Link to comment
JadedStar Posted October 17, 2008 Share Posted October 17, 2008 I make 95K per year. This will be my first car and I want to buy a new flashy one GO FOR IT! I had flashy sports cars in my 30s ... they reflected my style! LOL Link to comment
grymoire Posted October 17, 2008 Author Share Posted October 17, 2008 Hi JS, I am willing to make 20% down payment. I am looking at a car that costs $33,000 and I am planning to make 20% ie., $6600 as down payment. Will it still be a problem to get a loan? The second question has to do with my self-esteem. If I was young and good-looking like I used to be 8 yrs ago I would go for the 2 door coupe. But I am 33 yrs old and bald now. 2 door coupes are for meant for young and good looking people right? Link to comment
avman Posted October 17, 2008 Share Posted October 17, 2008 The economy will love you for it. The car dealer will practically kiss your feet just for showing up. If you have good credit and a down payment you'll be able to get a car loan. Link to comment
avman Posted October 17, 2008 Share Posted October 17, 2008 2 door coupes are for meant for young and good looking people right? Two door coupes are meant for people that want a two door coupe. No other prerequisites. If that's what you like then buy one! Link to comment
grymoire Posted October 17, 2008 Author Share Posted October 17, 2008 The economy will love you for it. The car dealer will practically kiss your feet just for showing up. If you have good credit and a down payment you'll be able to get a car loan. Really? I keep hearing in the news that since banks do not have money they are unable to give loan even for people with FICO score of 800 plus... This is confusing for me... Link to comment
JadedStar Posted October 17, 2008 Share Posted October 17, 2008 Hi JS, I am willing to make 20% down payment. I am looking at a car that costs $33,000 and I am planning to make 20% ie., $6600 as down payment. Will it still be a problem to get a loan? The second question has to do with my self-esteem. If I was young and good-looking like I used to be 8 yrs ago I would go for the 2 door coupe. But I am 33 yrs old and bald now. 2 door coupes are for meant for young and good looking people right? First off don't feel a bit funny about buying the car you really want. If you can afford it and don't feel like it will be a bad move financially don't let your age stand in your way. A person's car often reflects their tastes and personality so who cares if someone dared thought 'why is he driving that car". Even tho i seriously doubt anyone would think that. Secondly, if your credit is good i can't imagine why you'd have problems securing a loan. Is your credit at least middle of the road or better? If you have accounts that went to collections or judgements they might decline you or might just ask for more money down. Dealers WANT to put you behind the wheel so they will try to work with you. Link to comment
avman Posted October 17, 2008 Share Posted October 17, 2008 Thats because the media loves a sensational story. There are still plenty of banks that want to loan money because that's how they make money. People with poor credit will have much more trouble now getting loans. But if your credit is good (doesn't have to be perfect, but good) then you'll be able to get financing. Especially if you are putting 20% down. Link to comment
redhearts Posted October 17, 2008 Share Posted October 17, 2008 I think you should only buy a car if you have the money CASH. LOL Link to comment
redhearts Posted October 17, 2008 Share Posted October 17, 2008 2 door coupes & expensive cars are for people who can afford them. I saw a guy late 40s in a Maserati short & fat. oh getting a loan, highly depends on the credit score you have!!! Better interest rates for better scores too. Link to comment
grymoire Posted October 17, 2008 Author Share Posted October 17, 2008 My credit is bad. The score is 601. And I do have records of some accounts going to collection... but from now to the point i buy a car i am planning to pay off 90% of the outstanding balance.. hoping it will boost my score and look good in the dealer's eyes. I do love the Coupe... it is sooo beautiful... but somehow a voice keeps telling me "this is a car you shud have purchased when you were in your 20s.. not in your 30s"... I am single now and planning to be that way for the next 2 yrs... But what happens once I do get married and have kids? Will a 2 door be good enuff? Link to comment
Clementine orange Posted October 17, 2008 Share Posted October 17, 2008 I make 95K per year. This will be my first car and I want to buy a new flashy one I'm a guy. Go for the flashy. Trust me on this. She can make you buy the mini-van later. Trading in your beloved car for a soul-less cool-killer will be only the first of many sacrifices the married man makes. Link to comment
JadedStar Posted October 17, 2008 Share Posted October 17, 2008 Many people are only able to afford their dream car when they are older. Not many younger people can. If you can afford it don't let your age hold you back. Just go to the dealership and apply Gry. There is no obligation just to see if you qualify. They will probably work with you beacuse of your income and down payment. If you have a good work history dealers will still work with middle of the road customers credit wise. If you only made 30k a year and didn't have the down payment i doubt you'd get it with your credit score, but making 95 a year and if you have good work history and down payment i dont think you'll have a problem. They will search thru many banks until they find one willing to take you on (assuming this is a major dealer of new cars). Link to comment
shes2smart Posted October 17, 2008 Share Posted October 17, 2008 These days I'm working at a car dealership. The only folks we have problems financing are the people who already have iffy credit...and even then there are lenders who will make the deal...at double digit interest rates. If your credit is good (you can check it for a small fee at link removed), you won't have a problem. Business is slow, but people are still buying and banks are still lending. Link to comment
avman Posted October 17, 2008 Share Posted October 17, 2008 601 isn't so hot for a credit score but you can probably get financed. It's just going to be a higher interest rate. If you can raise your score before you go for a loan that will only help you. Try to pay any balances down below 50% of the total card limit. If you have any unpaid collections then pay them off. And you're only in your 30s. You aren't dead yet. If you have your eyes on a nice flashy coupe then buy it. Unless there is some practical reason why you can't have a coupe (kids, towing, cargo space, etc) then get one! Link to comment
grymoire Posted October 17, 2008 Author Share Posted October 17, 2008 601 isn't so hot for a credit score but you can probably get financed. It's just going to be a higher interest rate. If you can raise your score before you go for a loan that will only help you. Try to pay any balances down below 50% of the total card limit. If you have any unpaid collections then pay them off. And you're only in your 30s. You aren't dead yet. If you have your eyes on a nice flashy coupe then buy it. Unless there is some practical reason why you can't have a coupe (kids, towing, cargo space, etc) then get one! yea.. now my score is 601. i am planning to buy in the second week of December. between now and then i am going to pay off 90% of my outstanding balance on all cards. that is the best i can do. hopefully that boosts my score a bit Link to comment
Crazyaboutdogs Posted October 17, 2008 Share Posted October 17, 2008 I hate two door cars...if you are a passenger in the back seat it is such a nuisance crawling in...it was fine when I was a kid getting into the back seat of my parent's Chrysler Valiant or Volaré but as an adult it is a real pain. Link to comment
JadedStar Posted October 17, 2008 Share Posted October 17, 2008 I hate two door cars...if you are a passenger in the back seat it is such a nuisance crawling in...it was fine when I was a kid getting into the back seat of my parent's Chrysler Valiant or Volaré but as an adult it is a real pain. Yea but if a person is single wtihout kids how often do they have a passenger in the back? Once my kids were grown i can't say i ever really had passengers in the backseat. On the off occasion i did, they were riding with ME LOL and i didn't buy the car to give everyone rides around town. LOL Link to comment
redhearts Posted October 17, 2008 Share Posted October 17, 2008 I say wait till the Christmas car sales and such. Out of curiosity, what kind of car? Link to comment
grymoire Posted October 17, 2008 Author Share Posted October 17, 2008 I say wait till the Christmas car sales and such. Out of curiosity, what kind of car? Yup.. My plan is to pay off 90% of my outstanding balance on all credit cards and buy a new car around Christmas time. I am deciding between the 4 door Infiniti G35 and the 2 door Infiniti G37. Hence the question about Coupe. But have to say that the 2 door G37 is the most beautiful car I have ever seen. Link to comment
Clementine orange Posted October 17, 2008 Share Posted October 17, 2008 Yup.. My plan is to pay off 90% of my outstanding balance on all credit cards and buy a new car around Christmas time. I am deciding between the 4 door Infiniti G35 and the 2 door Infiniti G37. Hence the question about Coupe. But have to say that the 2 door G37 is the most beautiful car I have ever seen. Yes, it is a very nice car. Not the most beautiful ever though I have to say...but nice. Lotsa power Link to comment
grymoire Posted October 17, 2008 Author Share Posted October 17, 2008 Yes, it is a very nice car. Not the most beautiful ever though I have to say...but nice. Lotsa power what is your most beautiful car? Link to comment
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