Credit score question?

[jrc1122]

My point was that, I wouldn't call it irresponsible.

A) A perfect person (financially): pays cash for everything, always goes the practical route.

B) Irresponsible person (financially): misses payments, doesn't pay bills on time or at all, they typically have bad credit.

I believe that overwhelming majority of the people on this board fall in neither category.

that is all I am trying to say..


I completely agree that large down payments or paying cash is the best route, but calling someone irresponsible for not doing so is very presumptuous to say the least.
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Chrysler Europe History

[rodscamaro]

Originally Posted by jrc1122

My point was that, I wouldn't call it irresponsible.

A) A perfect person (financially): pays cash for everything, always goes the practical route.

B) Irresponsible person (financially): misses payments, doesn't pay bills on time or at all, they typically have bad credit.

I believe that overwhelming majority of the people on this board fall in neither category.

that is all I am trying to say..


I completely agree that large down payments or paying cash is the best route, but calling someone irresponsible for not doing so is very presumptuous to say the least.

I still think it's irresponsible to put a few thousand down on a 40,000 dollar car unless you have assets of some kind and little financial debt. My point is, you may not be able to make a 700.00 payment for the life of the loan which in some cases can be as much as 72 months. Moreover, a lot of people have lost their jobs in recent years which for many were unforeseeable.

[jrc1122]

Originally Posted by rodscamaro

I still think it's irresponsible to put a few thousand down on a 40,000 dollar car unless you have assets of some kind and little financial debt. My point is, you may not be able to make a 700.00 payment for the life of the loan which in some cases can be as much as 72 months. Moreover, a lot of people have lost their jobs in recent years which for many were unforeseeable.

Well that is your choice, but you are calling a lot if not most of the people on this board "irresponsible".
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Smoking Kills

[jfclavel]

Originally Posted by coryrulez9

You can always get a LT for like 26k and upgrade later

true, true. to be honest tho id like the v8... i know its more expensive and stuff, but its just a preference. i started doing the right thing: i pulled out my credit report so i can fix the root of the problem, it's my debt to credit ratio is so bad a little bit of me dies on the inside everytime i say it out loud. if you look at my debt just as a number its not bad, but when you see how much of the percentage of my actual balance is to my available credit, thats where banks dont wanna take risk. so first things first is pay all my cards (i was able to get my main card to 3.25% APR so i can balance transfer all my cards onto one), move out instead of getting a car right now, then after the 2010 model year hype has gone down and i can find a really nice used one for very low $$$, ill get that one for a while to build up credit, then trade it in for the keeper. ill do a couple of direct deposits into my checking account from my credit card so i can have a good down payment built up, and when im paying my card off ill only pay 3.25 interest on the balance (better than financing a vehicle for the same amount at a higher interest...)

any feedback?

[jfclavel]

Originally Posted by coryrulez9

you may just need to buy a totally different used car and use it as a trade in a year or two

also crossed my mind, but there's really nothin out there i that makes me wanna drive it.

MAYBE the potiac g8, but its just as pricey as the 'maro

[jfclavel]

Originally Posted by rodscamaro

I still think it's irresponsible to put a few thousand down on a 40,000 dollar car unless you have assets of some kind and little financial debt. My point is, you may not be able to make a 700.00 payment for the life of the loan which in some cases can be as much as 72 months. Moreover, a lot of people have lost their jobs in recent years which for many were unforeseeable.

i can see where you're coming from, if you dont have the money dont buy it, and i can agree that credit in general is an unnecessary evil, but if you look at it this way, its just a mathematical concept with time being the main component:

you can either wait and save up about $700 for the next 60 months so you can pay for the car in cash after five years

or

you can get the car now and assuming you will still make that money you'll pay that back

so

you're not being irresponsible. when you pay interest, you're paying for the luxury of having the car now rather than later....

[IConnection]

I know how some of u feel about down payments,monthly payments etc....
I financed my GTO at 60 months for ZERO when GM had that deal
I finaced ALL of it,I didnt put 1 cent down...

$29500 + TTL = $525 a month
My car before the GTO,I had a $385 month payment on my 00 WS6 and it only had 13K miles on it in 2005...I didnt even enjoy the car that much since I didnt drive it alot....

I cant go into another $550 a month payment,soooo until I can afford the Camaro I wont have one :(

But the glass is 1/2 full I still have an 11 Sec GTO

[rodscamaro]

Originally Posted by jfclavel

i can see where you're coming from, if you dont have the money dont buy it, and i can agree that credit in general is an unnecessary evil, but if you look at it this way, its just a mathematical concept with time being the main component:

you can either wait and save up about $700 for the next 60 months so you can pay for the car in cash after five years

or

you can get the car now and assuming you will still make that money you'll pay that back

so

you're not being irresponsible. when you pay interest, you're paying for the luxury of having the car now rather than later....

I hear you as well, if you want the car and can afford it then get what you want and enjoy it. You can always refinance it later if you want a smaller payment. I'm just saying from my experience, I got sick of 600.00 payments, so I tend to put a little more down now to get the payment around 300.00.

[jfclavel]

Originally Posted by rodscamaro

I hear you as well, if you want the car and can afford it then get what you want and enjoy it. You can always refinance it later if you want a smaller payment. I'm just saying from my experience, I got sick of 600.00 payments, so I tend to put a little more down now to get the payment around 300.00.

thats why im gonna save up for the next three year till i have about $20k saved up and just have to finance about $24k when in try again...

[jfclavel]

Originally Posted by InjectionConnection

I know how some of u feel about down payments,monthly payments etc....
I financed my GTO at 60 months for ZERO when GM had that deal
I finaced ALL of it,I didnt put 1 cent down...

$29500 + TTL = $525 a month
My car before the GTO,I had a $385 month payment on my 00 WS6 and it only had 13K miles on it in 2005...I didnt even enjoy the car that much since I didnt drive it alot....

I cant go into another $550 a month payment,soooo until I can afford the Camaro I wont have one :(

But the glass is 1/2 full I still have an 11 Sec GTO

right on

[rodscamaro]

Originally Posted by InjectionConnection

I know how some of u feel about down payments,monthly payments etc....
I financed my GTO at 60 months for ZERO when GM had that deal
I finaced ALL of it,I didnt put 1 cent down...

$29500 + TTL = $525 a month
My car before the GTO,I had a $385 month payment on my 00 WS6 and it only had 13K miles on it in 2005...I didnt even enjoy the car that much since I didnt drive it alot....

I cant go into another $550 a month payment,soooo until I can afford the Camaro I wont have one :(

But the glass is 1/2 full I still have an 11 Sec GTO

Yup!! Nothing like 0%, chevy will be offering that in the future!!!!