Finance question

[RebDuck]

Anyone know where a 21 yr old with very little credit history can go to get financed for a vehicle when no cosigner is available?? any help would be appreciated

[free78]

There is a lot of car lots that will try to work with you and help you with that. Start with the major car dealers around. Check out carmax if you have one of those close. Be careful about the small buy here pay here deals that say they report to credit agencies.

[1010]

Stay away from the fast loan crooks you will never get it paid off, DONT do IT. A major bank; M&F, Bancorp, Union Planters etc or loan from GMAC, Ford credit etc.
Save up the down payment if you don't have it and use a major bank. Better yet save up all of the $$$ and pay cash, it will ride and drive much better. Thats how to get ahead and it takes patience.
Tag and insurance is bad enough to keep up with.

JMO

[music_man]

Stay away from the fast loan crooks you will never get it paid off, DONT do IT. A major bank; M&F, Bancorp, Union Planters etc or loan from GMAC, Ford credit etc.
Save up the down payment if you don't have it and use a major bank. Better yet save up all of the $$$ and pay cash, it will ride and drive much better. Thats how to get ahead and it takes patience.
Tag and insurance is bad enough to keep up with.

JMO

ABSOLUTELY!!!!!! Save up and pay cash for your vehicle (you don't have to drive a new crew cab z71)
You will save thousands of dollars over the 5 years you pay for a new vehicle!!!!! And, after 5 years it's worth about 1/10 what you paid for it new, then you add the interest you paid, and !!!!!!

Pay cash for one you can afford!!!!! Listen to this advice!!!! It will pay off in the long run!!!!!

[7ducks]

Stay away from the fast loan crooks you will never get it paid off, DONT do IT. A major bank; M&F, Bancorp, Union Planters etc or loan from GMAC, Ford credit etc.
Save up the down payment if you don't have it and use a major bank. Better yet save up all of the $$$ and pay cash, it will ride and drive much better. Thats how to get ahead and it takes patience.
Tag and insurance is bad enough to keep up with.

JMO

ABSOLUTELY!!!!!! Save up and pay cash for your vehicle (you don't have to drive a new crew cab z71)
You will save thousands of dollars over the 5 years you pay for a new vehicle!!!!! And, after 5 years it's worth about 1/10 what you paid for it new, then you add the interest you paid, and !!!!!!

Pay cash for one you can afford!!!!! Listen to this advice!!!! It will pay off in the long run!!!!!

Great advice.

[music_man]

Something to consider:
New z71 crew cab (just as an example)
$39,000
you pay zero down (which is very possible these days)
financed for 72 months at 7.5% interest

$682.74
Monthly Payment
$49,157.52
Total of 72 Payments
$9,670.02
Total Interest Paid
Oct, 2017
Pay-off Date

Let's says you average around 25,000 miles a year (and that's being generous). After 72 months you will have 15000 miles on it.

Kelly blue book value of a 2005 (6 years old) Z71 crew cab with $150,000 miles on it:
$16,245

You lost $32,912.52
Just something to consider

[southernmallard]

at 7.5% interest

[MudHog]

at 7.5% interest

don't worry about that. An average of 25,000 miles a year after 6 years only equals 15,000 miles. THEN, the value goes from $150,000.00 to only $16,245.

I'd have trouble setting that up in a linear equation.

[1010]

at 7.5% interest

don't worry about that. An average of 25,000 miles a year after 6 years only equals 15,000 miles. THEN, the value goes from $150,000.00 to only $16,245.

I'd have trouble setting that up in a linear equation.

A for effort!!

[lower14]

Anyone know where a 21 yr old with very little credit history can go to get financed for a vehicle when no cosigner is available?? any help would be appreciated

This may be of interest: http://www.daveramsey.com/media/flash/e ... layer.html


Seriously, dude. There's only one reason why you need a co-signer - the bank knows that you can't afford the damn thing, and they want someone who they can go after to collect when you go south. Listen to the other guys. Save up, pay cash, and be much more secure in your overall financial situation.

[music_man]

So sorry I left off a zero!!
And, what's the problem with 7.5% interest? Are you saying that's high or low??

[RNT]

So sorry I left off a zero!!
And, what's the problem with 7.5% interest? Are you saying that's high or low??

That is High for sure

[ScottyLee]

So sorry I left off a zero!!
And, what's the problem with 7.5% interest? Are you saying that's high or low??

That is High for sure

for someone with little to no credit 7.5% is a good rate.

[music_man]

So sorry I left off a zero!!
And, what's the problem with 7.5% interest? Are you saying that's high or low??

That is High for sure

for someone with little to no credit 7.5% is a good rate.

And that's what I based it on
He said he needed a cosigner, which tells me he has no little to no credit. And, 7.5% is a good rate for someone with no credit. I am just trying to help out here. I wish someone would have shown all this to me 10 years ago!
Same goes for a house! Finance a house for 15 years instead of 30! If you pay $150,000 for a house and finance it for 15 years verses 30 you could save up to $100,000 once it's paid off! Again, just stuff banks and finance companies are not going to tell you. They want your money! That's why they will sell you a new vehicle for 0 down! The less you put down, the more they make off you in interest.

The biggest problem with buying a new vehicle is depreciation!!! It is absurd!!!!

[ducks_inc]

buy what you can afford. if it's a 2,500 $ beater, so be it,, a vehicle is a means to get from point a to point b.. it's NOT a status symbol, people wont like you more for driving an expensive car they wont respect you more and IF it did get you laid more those are not the women you want a lasting relationship with, she'll cost you more in the long run... buy what you can afford and pay cash for, as you become older and more established and increase you credit worthiness step up, but only step up to what you can afford at the time.. just my .02,, and my experience (except the getting laid part)
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