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Author
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Topic: need opinions bank loan for used car 7k or buy from dealership?
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ed650
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Member # 9897
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posted
 
 
So my uncle has bad credit and I have good credit and im 22.
Im debating if should get a auto loan from bank of America for $7000 With 2.5 to 6% interest or go to a dealership and buy a used car.
Im leaning more towards bank loan because I see that the car he wants is 7k private party and $8500+ at dealer.
He wants his monthly payments to be under 300 which is something the bank offers but I just want to make sure im not missing something.
So please chime in and let me know whats best.
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410w Hatch
306Ci Coupe
Posts: 1744 | From: menlo park | Registered: Apr 2010
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Robb
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Member # 9444
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posted
I'd get the bank loan and find a good car private party. If you go to a dealership, They'll have like 1 piece of crap for $8k and itll be nothing you want. Atleast with a bank loan you have more freedom to find a good car.
Posts: 2467 | From: Sacramento,CA | Registered: Sep 2009
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adower
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Member # 5955
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posted
quote:
Originally posted by ed650:
So my uncle has bad credit and I have good credit and im 22.
Im debating if should get a auto loan from bank of America for $7000 With 2.5 to 6% interest or go to a dealership and buy a used car.
Im leaning more towards bank loan because I see that the car he wants is 7k private party and $8500+ at dealer.
He wants his monthly payments to be under 300 which is something the bank offers but I just want to make sure im not missing something.
So please chime in and let me know whats best.
Dont do it! He has bad credit for a reason. I understand he is family but dont possibly ruin family ties over money.
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98 Cobra
Griggs
S Trim
HRE
Posts: 3327 | Registered: Aug 2005
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1996 GT
I'm Joe Yates
Member # 4992
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posted
What the fuck are you doing? Cosigning for someone? I don't care if its your mama. DO NOT COSIGN FOR NOBODY EVEN GOD HIMSELF.
You're uncle can go to Fulton Ave and get a buy here pay here loan if he really needs a car. If he dont pay, which he's already proven he can't do it on his own once or twice before, then don't sign off on that just cause your blood. Real family wouldnt put you in that type of position. Fuck taht
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http://i.magaimg.net/img/257w.png
Posts: 9308 | Registered: Oct 2004
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i
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Member # 12534
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Like what he said ^^^^^^ I know he's your uncle but there is a reason why he has bad credit. You Do Not Want to Regret This Mistake.
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86 Caged Coupe 5.0
91 Salvaged Coupe
Posts: 1901 | From: Sacramento | Registered: Nov 2012
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1996 GT
I'm Joe Yates
Member # 4992
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posted
Do you know what the fuck happens to you when a car gets repossesed?
It's pretty fucked up.
Basically if you buy a car 7500 or 8000 bucks, they're gonna add tax and license another 1000 bucks or so. Now you owe 8500 9000 on the loan. If your uncle doesnt pay and he owes like 7000 6000 even 5000 on the loan. They will auction off the car for maybe 1000 bucks and the residual amount is how much you will still owe the bank. Then if you go and try to buy a house and a loan officer sees a negative collection over 1000 bucks they are going to FORCE you to pay off the car balance before you can buy a house.
PAY OFF A CAR YOU DON'T HAVE ANYMORE SOUNDS LIKE FUN FUN FUN huh.
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http://i.magaimg.net/img/257w.png
Posts: 9308 | Registered: Oct 2004
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hurting your feelings
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Member # 13641
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Don't ever FUCKING CO-SIGN OR GET SOMEONE A LOAN WITH YOUR GOOD CREDIT. If he could pay his bills he would have good credit.
Posts: 1830 | From: In front of the bank with a 45 an a ski mask | Registered: Jun 2014
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351w
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Member # 11875
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You're missing the common sense section of your brain.
Posts: 1018 | From: 510 | Registered: Apr 2012
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ed650
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Member # 9897
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I actually offered to do that for him and in the event he doesn't pay me the monthly of 200 I will just buy the car myself as I had planned to buy me another car at the beginning of next year.
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410w Hatch
306Ci Coupe
Posts: 1744 | From: menlo park | Registered: Apr 2010
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fredfifty
Since
9/2010
Member # 10320
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Do not co-sign a loan, credit card, etc even for a family member. I learned the hard way. I already turned down my sister and mom. They understood, thank god. Lol
Posts: 4948 | Registered: Sep 2010
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phonso302
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Member # 9260
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this is how uncles and nephews turn to enemies.... as stated above if he was reponsible he wouldnt need a co signer or in this case your credit profile... it seems you are already expecting him to flake on you since you are talking yourself into buying the car ....
Posts: 1820 | From: PINOLE | Registered: Jun 2009
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Blow_U_In_Reverse
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Member # 12298
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Dont do it bro!! Like EVERYBODY has already mentioned, he has bad credit for a reason!! Dont risk ruining ur credit for ANYBODY.. no matter how bad his credit is, most dealers will finance him.. it might be at a higher interest rate BUT he WILL get financed.. let him handle that himself, and if ur looking for a car then just go get urself whatever u want.. cut him outa the pic.. u get ur car separately and he can go deal with his situation himself..
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"Real Men Get BLOWN"
-1993 Cobra "COBRUUH"
-1984 T-Top Notchback
#KurganTuned
Posts: 2688 | From: FiJi-925-650 | Registered: Aug 2012
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Raelsmar
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Member # 9804
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Cafords consensus says don't do it. On top of the car payments he will have to have full coverage insurance on case of accident. So you gotta ask yourself can the payment plus insurance be paid for?
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2010 Genesis 2.0T
If you can read this, then it's burrito time
Originally posted by 2T0NE
Niners deserve to lose
Raiders Lakers A's
Posts: 3768 | From: Vallejo, CA | Registered: Feb 2010
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losbadgts
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Member # 4394
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Like said above. Dont ever and I mean ever use your credit for someone else no matter who it is. It doesn't matter if he agree that if he doesn't pay u keep the car but what happens if he doesn't pay and doesn't give u the car. So keep your credit clean dont abuse it and when time to buy a house that good credit will be your lifesaver
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Why pretent someone u are not, everyone else could see it.
Posts: 3625 | From: redwood city | Registered: Apr 2004
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Just_a_GT
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Member # 10372
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I'm with everyone here on not cosigning for anyone but if you're certain you can take over payments in case your uncle can't, it better be a car that you would consider buying yourself. In other words you should be making the choice in what vehicle you're going to risk your credit for.
Overall guys do you recommend a bank loan for cars let's say under $15k over going straight thru a dealer. I'm planning on getting a car as well and I feel I'm better off getting a bank loan and buying from a private party
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1990 GT 308 edelbrock alum heads Daily driver
2000 GT CAMMED 281ci
Posts: 697 | From: Winton, CA | Registered: Oct 2010
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90GT510
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Member # 9199
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Wow smh at this. First of all financing a $7k car? For ur uncle with no credit.. Why not just get him a nice beater for 3500 or less. Paid cash no worry about repos.
Posts: 1725 | From: East Bay/Dallas, TX | Registered: May 2009
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ed650
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Member # 9897
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quote:
Originally posted by 90GT510:
Wow smh at this. First of all financing a $7k car? For ur uncle with no credit.. Why not just get him a nice beater for 3500 or less. Paid cash no worry about repos.
My uncles credit is bad from previous years not recently, he works 2 jobs, both of his cars recently went out a 94 Mercedes and a 1990 nissan sentra.. he wants to fix the mercedes and sell it but I told him he would just waste his money and to save it instead for a better car. Now I have a 2003 sentra that he was thinking of buying from me but I really rather him buy something newer and nicer like a nissan maxima 05+ ... I also have some cash saved but I don't want touch it at the moment and I also make enough income to pay for the car in the invent that he flakes on his payments. I had planned to sell my sentra at the end of the year and buy me a newer car anyways, but I rather just help him out since he needs a car and im tired of seeing him in buckets. All I have to do is sell my sentra and pay the 3k-4k difference which is what I can make from now till the end of this year without having to touch my savings account. Is it still a bad idea even though I can comfortably pay for the car and keep it if he flakes?
[ 2014-09-20, 09:10 AM: Message edited by: ed650 ]
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410w Hatch
306Ci Coupe
Posts: 1744 | From: menlo park | Registered: Apr 2010
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351w
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Member # 11875
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posted
quote:
Originally posted by ed650:
quote:
Originally posted by 90GT510:
Wow smh at this. First of all financing a $7k car? For ur uncle with no credit.. Why not just get him a nice beater for 3500 or less. Paid cash no worry about repos.
My uncles credit is bad from previous years not recently, he works 2 jobs, both of his cars recently went out a 94 Mercedes and a 1990 nissan sentra.. he wants to fix the mercedes and sell it but I told him he would just waste his money and to save it instead for a better car. Now I have a 2003 sentra that he was thinking of buying from me but I really rather him buy something newer and nicer like a nissan maxima 05+ ... I also have some cash saved but I don't want touch it at the moment and I also make enough income to pay for the car in the invent that he flakes on his payments. I had planned to sell my sentra at the end of the year and buy me a newer car anyways, but I rather just help him out since he needs a car and im tired of seeing him in buckets. All I have to do is sell my sentra and pay the 3k-4k difference if he decides to flake. Is it still a bad idea?
Great idea!
Posts: 1018 | From: 510 | Registered: Apr 2012
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SLOWSN95
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Member # 8269
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If there's one way to make or break your credit.. this is it. No way I'd come within a 50 foot pole to do this.
Posts: 2214 | From: 510/east bay | Registered: Mar 2008
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351w
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Member # 11875
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Your uncle definatley should be riding in an 05+ Maxima, buckets are for people who don't know people with good credit, I say do it.
Posts: 1018 | From: 510 | Registered: Apr 2012
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1996 GT
I'm Joe Yates
Member # 4992
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posted
If he hasn't fixed it then he hasn't proved to anybody he can handle payments.
7-8k car is a piece of shit, even with bad credit go to swedensky and have him lease a festiva, cheap car that's brand new with a warranty. No cosign.
If he don't have a good enough job then he should be walking and bussing instead of using your credit. The bay has great public transportation
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http://i.magaimg.net/img/257w.png
Posts: 9308 | Registered: Oct 2004
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1996 GT
I'm Joe Yates
Member # 4992
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posted
quote:
Originally posted by TEXAS:
Your uncle definatley should be riding in an 05+ Maxima, buckets are for people who don't know people with good credit, I say do it.
The 05 maxima will never break down before the loan is paid.... Lololol
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http://i.magaimg.net/img/257w.png
Posts: 9308 | Registered: Oct 2004
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wilit
Mustang Messiah
Member # 3367
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posted
quote:
Originally posted by adower:
quote:
Originally posted by ed650:
So my uncle has bad credit and I have good credit and im 22.
Im debating if should get a auto loan from bank of America for $7000 With 2.5 to 6% interest or go to a dealership and buy a used car.
Im leaning more towards bank loan because I see that the car he wants is 7k private party and $8500+ at dealer.
He wants his monthly payments to be under 300 which is something the bank offers but I just want to make sure im not missing something.
So please chime in and let me know whats best.
Dont do it! He has bad credit for a reason. I understand he is family but dont possibly ruin family ties over money.
+1. Never cosign for anyone, especially family. You're going to get fucked and because they're family, there's not much you can do about.
As someone who has been fucked out of $10k by cosigning, I can speak with some authority here.
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"If a man hasn't found something worth dying for, he isn't fit to live." - Martin Luther King Jr.
Posts: 4793 | From: 37.78514° North 122.40100° West | Registered: Oct 2003
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SLOWBACK 67
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Member # 6348
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posted
The only person I'd consign for word be my son or daughter. My parents did that so I could get a better interest rate. I didn't have bad credit. I just didn't have enough credit history.
to the OP I know you want to help out cause he's family. But you need to put yourself and your well being ahead of others. Even if it is family.
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Originally posted by turbo50:
I have no intenions of keeping anyones parts or taking anyones money.
Posts: 8582 | From: Vallejo | Registered: Dec 2005
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