Question about Loans...

[5spdfrk]

No debts at all.

all debts have been erased. if you get what i mean

Well, some place may work with you on a loan, but you're more than likely still going to have a higher interest rate than you want.

My best advice is to get a credit card if you dont have one, and use it to buy everything you need (key word there), and pay it off each month. This will make you more credit worthy. It's one of the easiest things to do to help your credit. Just don't get carried away with the "free money". Also, a credit union is good advice too.

If you're not in a rush to get the car, take time to build your credit. In the end it will save you money from not having to pay the exorbitant interest rate you may get stuck with if you bought today.

[JennB]

If you're not in a rush to get the car, take time to build your credit. In the end it will save you money from not having to pay the exorbitant interest rate you may get stuck with if you bought today.

I couldn't agree with you more.

If you don't need the car right now, hold off. Work on your credit so you don't end up paying literally thousands in extra interest.

If you do go through with buying a new car, don't just look at the payments, take a minute to multiply the payments times the term and see what the total of payments is on the car. Then subtract the loan value and see just how much interest you are paying. I used to work in auto finance and so many people never even realize they are paying $6,000 or $7,000 interest on a car and if they had taken the time to work on their credit, it could have easily saved $3,000 or $4,000. Plus, a high interest rate means you will be upside down in the value of the car for a pretty long time.

If you decide to buy now, go to a credit union. Make sure to talk to the loan officer about refinancing once your credit improves.

[Dirty Octopus™]

I couldn't agree with you more.

If you don't need the car right now, hold off. Work on your credit so you don't end up paying literally thousands in extra interest.

If you do go through with buying a new car, don't just look at the payments, take a minute to multiply the payments times the term and see what the total of payments is on the car. Then subtract the loan value and see just how much interest you are paying. I used to work in auto finance and so many people never even realize they are paying $6,000 or $7,000 interest on a car and if they had taken the time to work on their credit, it could have easily saved $3,000 or $4,000. Plus, a high interest rate means you will be upside down in the value of the car for a pretty long time.

If you decide to buy now, go to a credit union. Make sure to talk to the loan officer about refinancing once your credit improves.

yeah thats EXACTLY what i mean by finding something reasonable.
im not just looking at monthly payments. im looking at the long run. ive learned my lesson and dont plan on making miniscule payments just to pay 2 times what the vehicle is worth.