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post #1 of 36 (permalink) Old 12-07-2010, 02:06 PM Thread Starter
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Question Need Some Financial Advice!

Ok, I am looking for an SS/SC.

Here is where I stand now:
My car now is almost payed off (only about 1000 left on it.)
I only have had credit with 1 company.
I want to sell my car and then put that money towards the down payment on the SS/SC.
Insurance is only going to go up about $83 per 6 months so Im not worried about that.

Is there any way I can keep my monthly car payment at about $170 with the SS?
Am I going to be able to sign for a car with only little credit?

I just need some help from the people who have done this multiple times.
This is my first time looking/buying a car on my own.
I need some advice. Thanks guys.
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post #2 of 36 (permalink) Old 12-07-2010, 02:19 PM
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do you bank with a bank or a credit union? i worked at both a bank and a credit union. Credit unions are more open to doing what is best for the member. if you sell it, you're going to have to pay off the 1000 from your current loan before you can apply for a new loan. is it under your name as the primary? because that raises your credit score, as long as you make payments regularly. have you ever looked at your credit score? anything above 630 is OKAY, above 670 is even better, and above 730 is perfect. if you don't have any other credit, that's no big deal. actually it's sometimes better because that means your credit score is probably pretty good standing as long as you've always paid your bills on time and not applied for many other lines of credit. first, i'd see how much you can get for your car. craigslist or ebay might be better if it's modded. otherwise any other car selling website will do too.

to determine how much you're gonna spend on your SS per month:
how much did you buy your balt for?
what's your interest rate?
what's your loan term for? (36,48,60,72)
what kind of term are you looking for with the SS? (36,48,60,72)
what's the price of the SS you're looking at?
how much of a down payment are you planning on putting on it?

those are what are going to determine how much you'll pay per month.
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post #3 of 36 (permalink) Old 12-07-2010, 02:26 PM Thread Starter
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Quote:
Originally Posted by BankerBalt View Post
do you bank with a bank or a credit union? i worked at both a bank and a credit union. Credit unions are more open to doing what is best for the member. if you sell it, you're going to have to pay off the 1000 from your current loan before you can apply for a new loan. is it under your name as the primary? because that raises your credit score, as long as you make payments regularly. have you ever looked at your credit score? anything above 630 is OKAY, above 670 is even better, and above 730 is perfect. if you don't have any other credit, that's no big deal. actually it's sometimes better because that means your credit score is probably pretty good standing as long as you've always paid your bills on time and not applied for many other lines of credit. first, i'd see how much you can get for your car. craigslist or ebay might be better if it's modded. otherwise any other car selling website will do too.

to determine how much you're gonna spend on your SS per month:
how much did you buy your balt for?
what's your interest rate?
what's your loan term for? (36,48,60,72)
what kind of term are you looking for with the SS? (36,48,60,72)
what's the price of the SS you're looking at?
how much of a down payment are you planning on putting on it?

those are what are going to determine how much you'll pay per month.
Nice info! I honestly dont know some of those questions because my mother did most of the talking when I got my current car (I was 16), But I will definitely get back to you with the answers.

I have only been making payments on the credit for about a year now.
The SS is going to be around 9-10k
If I sell my car for about 4-5k, will that be a pretty good down payment for my monthly payments to be low?
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post #4 of 36 (permalink) Old 12-07-2010, 02:31 PM
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Quote:
Originally Posted by GBALT05 View Post
Nice info! I honestly dont know some of those questions because my mother did most of the talking when I got my current car (I was 16), But I will definitely get back to you with the answers.

I have only been making payments on the credit for about a year now.
The SS is going to be around 9-10k
If I sell my car for about 4-5k, will that be a pretty good down payment for my monthly payments to be low?

lol god yes. i paid 9600 for my balt, i'm at a 6.8% rate on a 72 month term and i pay 160/mo. i didn't put any down payment because my car crapped out and i bought the balt 4 days after mine died and i didn't have money to put down.

you can get away with selling your balt for however much, putting 3k down and pay less than 170 a month on a 4 year loan. GO TO A CREDIT UNION TO GET YOUR LOAN. the interest rate will be at least half of what a bank can do for you no matter your credit.
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post #5 of 36 (permalink) Old 12-07-2010, 02:35 PM Thread Starter
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Quote:
Originally Posted by BankerBalt View Post
lol god yes. i paid 9600 for my balt, i'm at a 6.8% rate on a 72 month term and i pay 160/mo. i didn't put any down payment because my car crapped out and i bought the balt 4 days after mine died and i didn't have money to put down.

you can get away with selling your balt for however much, putting 3k down and pay less than 170 a month on a 4 year loan. GO TO A CREDIT UNION TO GET YOUR LOAN. the interest rate will be at least half of what a bank can do for you no matter your credit.
As far as credit unions go, I work at publix and remember them saying something about a Credit Union...should I use that?
Or is this only if I stay at publix for the length of the loan?

PEFCU - Publix Employees Federal Credit Union

or what are some good credit unions?
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post #6 of 36 (permalink) Old 12-07-2010, 02:44 PM
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https://www.lgeccu.org/Rates.aspx?pa...&table=3&tab=5
Current Loan Rates – Credit Union of Georgia

those are two credit unions near you with the rates. now keep in mind, those rates are dependent on your credit score and loan term, but they're not gonna go up more than 2% higher than that. auto loans at banks are AT LEAST double that, but probably higher.

PEFCU: Rates and Fees those are the rates at publix

credit unions have a one-time membership fee. odds are that since you're an employee of publix, you'll only have to pay a 5 or 10 dollar fee instead of a typical 25 dollar fee. but that is just to open a membership and you'll never have to pay that again. it's a good investment when you get older and want a good place to bank because they won't charge you fees and their rates on CD's, savings, IRA's, and other savings plans are a lot higher than anywhere else (except for an investment center). even if you quit publix, your account there will never close unless you personally close it yourself.
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post #7 of 36 (permalink) Old 12-07-2010, 02:48 PM Thread Starter
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Quote:
Originally Posted by BankerBalt View Post
https://www.lgeccu.org/Rates.aspx?pa...&table=3&tab=5
Current Loan Rates Credit Union of Georgia

those are two credit unions near you with the rates. now keep in mind, those rates are dependent on your credit score and loan term, but they're not gonna go up more than 2% higher than that. auto loans at banks are AT LEAST double that, but probably higher.

PEFCU: Rates and Fees those are the rates at publix

credit unions have a one-time membership fee. odds are that since you're an employee of publix, you'll only have to pay a 5 or 10 dollar fee instead of a typical 25 dollar fee. but that is just to open a membership and you'll never have to pay that again. it's a good investment when you get older and want a good place to bank because they won't charge you fees and their rates on CD's, savings, IRA's, and other savings plans are a lot higher than anywhere else (except for an investment center). even if you quit publix, your account there will never close unless you personally close it yourself.
Thank you for all the info sir! You have been a HUUUGE help. Im about to leave the house but if you can think of anything else to help me buy this car for fairly cheap than go ahead and post some more! I will continue to research all of the links above
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post #8 of 36 (permalink) Old 12-07-2010, 03:09 PM
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the easiest way to make your payments lower is to:
cheapest car (obviously)
put as much of a down payment as you can
longer loan term
lower interest rate (credit dependent)

but just like i said, you can get away with selling and paying off your car, put a down payment with that money on the SS

example 1.

SS $10,000
interest rate 5.5%
down payment $0
term 60 months (5 years)
$191.10/mo

example 2.
SS $10,000
interest rate 5.5%
down payment $3,000
term 60 months (5 years)
133.71/mo

example 3.
SS $10,000
interest rate 5%
down payment $3,000
term 48 months (4 years)
161.21

the lower the term, the lower the interest rate will be. but as you can see, it's still not very expensive even if you DON'T decide to put (much) money down. if you want money left over, then go with this

SS $10,000
interest rate %5.5
down payment $1,000
term 60 months (5 years)
$171.91/ mo

or for 4 years, the interest rate at %5.00, down payment of about $2,500 would put you at $172.72

up to you how you want to do it, but those are some pretty good options. that way if you want some money left over to mod it a little bit more, then you've got some.
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post #9 of 36 (permalink) Old 12-07-2010, 03:16 PM Thread Starter
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Jesus, you are the man. Im super pumped now. I feel like I can afford it and know most of what Im doing now.

You just made my day dude. Nohomo. lol
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post #10 of 36 (permalink) Old 12-07-2010, 03:20 PM
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I vote Sticky.




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