Buying a new car the year out of college, dumb or not?

[xdudefromheaven]

Originally Posted by mush

u can easily afford the frs/brz
if i was u, i would get the 2014... that gives a few months to save for a down payment/back up money

i was in the same boat, except i graduated 2 years ago
i still live at home. i have no reason to move out ATM, i save so much money living here... i do plan on buying a house in a few years
i give my parents $$
i waited almost 2 years before i bought a new car(that new car itch was not fun), now i have a nice chuck of money in the bank and im actually paying more than double the car note so i can pay it off faster

o yea im stingy with my money too! nothing wrong with that

well i work part time don't pay much and i still go to school

[forzajuve]

What is your credit card score?
And do you have credit history?

A female in my area bought a brand new Scion TC and she had absolutely no credit score. Her interest rate = 20%.

[pheoxs]

Originally Posted by chickdigger802

There are other things people finance for? o_O

Sadly, yeah. Credit cards, furniture, appliances, home renos, vacation trips. People spend money because they have the available credit and think I can afford the 150 a month payment and just keep adding them up.

I slightly disagree with the statement. Education/House - Yes. Car - No unless you are paying a huge chunk of it as a downpayment or short financing (2-3 yr). If you are financing it at 60-84 months then I don't think you should be purchasing a vehicle worth that much.

[Chef]

Originally Posted by forzajuve

What is your credit card score?
And do you have credit history?

A female in my area bought a brand new Scion TC and she had absolutely no credit score. Her interest rate = 20%.

20%?!?!?!

[forzajuve]

Originally Posted by Chef

20%?!?!?!

Haha yeah man! I do not understand why someone would buy/finance a brand new car with no credit score. Sorry to make you feel nauseous :P

[frslee]

Damn, why did she even buy the car with 20% APR, crazy.

Surprisingly Toyota financial services reduced my rate after I purchased my car. So after signing my car with 3.24%, the second contract for the graduate rebate program went out. After few weeks, I got a letter from Toyota and they reduced the APR to 2.74%

I'm not sure what happened, but I'm assuming Toyota reviewed my file with work history and good credit history. 0.50% isn't much, but I'm happy.

[shawnperolis]

Originally Posted by suaveflooder

This is a poor mans way of thinking. "How much down, how much a month?" Rich people ask, "how much?"

The advice you just have him is so dangerous! "Well how will I ever afford anything without credit? It's called 'money'"

You can finance a house with no credit. You've paid bills and had a work history. You will need to find a loan company that deals with these kind of loans, but it is more than doable. That is what i plan on doing.

It's hard to have to wait for things, but it is better in the end and you will find that you have more money. You walk up to someone with an exotic and ask him what his payments are he will laugh at you. Wait what? Someone paid $250k+ for a car in cash? Isn't that the same price as a house??

It can be done

Not having credit is a dangerous way to do things. If an emergency happens and you need to take a loan out to pay for, let's say extreme medical bills, you are going to get shafted hard if you've never financed anything. Financing a 25k car at 3% isn't the end of the world, guys.

[pheoxs]

Originally Posted by suaveflooder

This is a poor mans way of thinking. "How much down, how much a month?" Rich people ask, "how much?"

The advice you just have him is so dangerous! "Well how will I ever afford anything without credit? It's called 'money'"

You can finance a house with no credit. You've paid bills and had a work history. You will need to find a loan company that deals with these kind of loans, but it is more than doable. That is what i plan on doing.

It's hard to have to wait for things, but it is better in the end and you will find that you have more money. You walk up to someone with an exotic and ask him what his payments are he will laugh at you. Wait what? Someone paid $250k+ for a car in cash? Isn't that the same price as a house??

It can be done

Having a credit history is not the same as owing people lots of money. I have a great credit score and never had a loan or paid interest before. Credit cards and lines of credit building your credit score and if you never use the LoC and pay off the credit cards every month you never spend any money in interest. Purposely not wanting to build credit and financing a house with no credit history is ridiculous.

[NorseLegend]

I wouldn't risk paying for anything until that position is confirmed. Once it is, take account of what you have and can pay and then make a decision about whether or not you can afford it.


All your base are belong to me.

[Chef]

I have my student loans still but I financed my car at 3.25%. 20%?! damn, should've started a credit line at Macys or something.

[zipfizz]

Originally Posted by frslee

Damn, why did she even buy the car with 20% APR, crazy.

Surprisingly Toyota financial services reduced my rate after I purchased my car. So after signing my car with 3.24%, the second contract for the graduate rebate program went out. After few weeks, I got a letter from Toyota and they reduced the APR to 2.74%

I'm not sure what happened, but I'm assuming Toyota reviewed my file with work history and good credit history. 0.50% isn't much, but I'm happy.

I think if you get the grad rebate then they enrole you in a program that could lower your interest rate if you get it through TFS.

[chickdigger802]

20%? Is that with the grad program, which from what it says on their site gives you competitive rates as if you have a long good credit history?

Or this someone past college age and always used cash?

[Enraged21]

Originally Posted by chickdigger802

20%? Is that with the grad program, which from what it says on their site gives you competitive rates as if you have a long good credit history?

Or this someone past college age and always used cash?

It should be 2.9% interest at the most. And I believe its if you're 6 months within graduation or have graduated a year or two already.

[shirker]

Originally Posted by chickdigger802

20%? Is that with the grad program, which from what it says on their site gives you competitive rates as if you have a long good credit history?

Or this someone past college age and always used cash?

The only way anyone could have a 20% APR is if they have no credit history (cash only/debit card use) or have abominable credit and a history of missing payments