sold the ta new car questions..

[Italian Stallion]

:cry: so about 3 weeks ago i sold my trans am. it was a 97 with around 94,5xx on it. i got $6,200 which i felt was really good for an lt car. anyway im looking into buy a new car, probably a 99-02 ws6.

NOW..I want to take out a loan from the bank for somewhere around 10k. the problem is i have no credit but my step dad said he can co-sign if need be (awesome credit) . do you guys think its a good idea to use to 6k towards payments every month or should i really only be taking out a 4k loan and basing it off of my fixed income per month?

thanks guys - Mike

[BonzoHansen]

include the cash in your payment, take the lower loan.

[WildBillyT]

include the cash in your payment, take the lower loan.

This.

[Blackbirdws6]

Lower loan amount would be ideal since things tend to happen when you have a good amount of money sitting in your pocket. The interest should be lower as well (hopefully). If having no buffer is concerning, keep $1k out of the 6 in a savings account.

[LTb1ow]

Save money in bank, and don't buy a overpriced gas guzzler.

[Blackbirdws6]

Save money in bank, and don't buy a overpriced gas guzzler.

LS engines get like 30mpg though....

[1320B4U]

What blackbird said. Always allow yourself a buffer. A smaller loan will still build your credit.

[NJSPEEDER]

If you are worried about leaving yourself with no buffer maybe just hold out $500-1k. The best thing when you are trying to build credit is to keep the payments as manageable as possible. Also, be careful once you get 3-6 months into making the payments. Once you get a little bit of positive push on your credit report you will start to see a lot of credit offers flying your way. Resist the urge to have a plastic baller wallet and only take on debt/credit lines if you actually need them.

-Tim

[Mike]

these guys all suck. Take the bigger loan. Use the 6k on mods and worry about payments as they come.

[sweetbmxrider]

Lower loan amount would be ideal since things tend to happen when you have a good amount of money sitting in your pocket. The interest should be lower as well (hopefully). If having no buffer is concerning, keep $1k out of the 6 in a savings account.

I was going to suggest this as well. Between unforeseen problems/maintenance, registration, insurance, fuel, tires :twisted:, etc. you want to have a rainy day fund.

[Jersey Mike]

Soooooo did you sell it as a LS1 or LT1 this time?

[Italian Stallion]

thanks for the responses, I think ill probably end up keeping around 1500 -2k for a rainy day. definitely don't think I want to throw all my cash out at once!

[NJ346]

Why not wait a couple of months until you can just pay for the car with straight cash?

[Blackbirdws6]

Why not wait a couple of months until you can just pay for the car with straight cash?

http://www.thegloss.com/wp-content/uploads/2013/06/Screen-Shot-2013-06-28-at-1.38.01-PM.png

[maroman88]

Why not wait a couple of months until you can just pay for the car with straight cash?

my thoughts exactly, unless the point here is to build credit. personally id never take out a loan for a toy, or really anything other than a house.

[NastyEllEssWon]

my thoughts exactly, unless the point here is to build credit. personally id never take out a loan for a toy, or really anything other than a house.



especially taking a loan out for whats almost a 20 year old car at this point. im with the boat with the others that say just save your money. if you wanna build credit appliances on credit cards are a pretty easy way to do that and furnish your home with nice things :lol:

[band77one]

get credit cards and buy all the things

[zraffz]

these guys all suck. Take the bigger loan. Use the 6k on mods and worry about payments as they come.

Lmao my buddy is still paying off a car that he hasn't owned for 8 months.

[Teds89IROC]

http://www.thegloss.com/wp-content/uploads/2013/06/Screen-Shot-2013-06-28-at-1.38.01-PM.png

LMFAO