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Old 01-11-2009, 10:10 PM   #1
GoldFire
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Question To finance, or not to finance

So I am 20 years old and have only had a credit history for around 8 months (always just used a visa check card until 8 months ago when I got a real credit card). I have a good credit score of around 740, but I imagine the low length of the credit history will give me issues. I have enough money to pay off the car in full, but I was thinking it might be better to pay something like half down and then finance the rest. I would be looking to have it 100% paid off by the end of this year or earlier, but I would only want to do this if I could get a fairly low rate so that I can invest some of my extra cash. I am not sure if I will have a hard time proving steady income as I own my own company, so I am not technically employed by anyone. Anyone know hard it will be to finance and what kind of rate I could try for (hoping for something low in the current economy).
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Old 01-11-2009, 10:30 PM   #2
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if your self employed you may want to finance the whole thing and get the tax deduction. it may be a higher payment but you will be able to stay liquid.. and right now liquid is a must...
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Old 01-11-2009, 10:49 PM   #3
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Well I was thinking about that but I don't know if that would be possible. My company has only been incorporated for 6 months and I have made no purchases through the actual company.
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Old 01-12-2009, 12:37 AM   #4
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Co-signer, parents probably. Will gey you a Camaro and build your credit.
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Old 01-12-2009, 02:16 AM   #5
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Quote:
If your self employed you may want to finance the whole thing and get the tax deduction.
I'm actually both...I wonder how much of the car could be used as a write-off on taxes. Hmm...
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Old 01-12-2009, 08:04 AM   #6
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Quote:
Originally Posted by GoldFire View Post
So I am 20 years old and have only had a credit history for around 8 months (always just used a visa check card until 8 months ago when I got a real credit card). I have a good credit score of around 740, but I imagine the low length of the credit history will give me issues. I have enough money to pay off the car in full, but I was thinking it might be better to pay something like half down and then finance the rest. I would be looking to have it 100% paid off by the end of this year or earlier, but I would only want to do this if I could get a fairly low rate so that I can invest some of my extra cash. I am not sure if I will have a hard time proving steady income as I own my own company, so I am not technically employed by anyone. Anyone know hard it will be to finance and what kind of rate I could try for (hoping for something low in the current economy).
Goldfire,

If you have been in business for 2 or more years you should have no issue with obtaining a loan.

If not there are a few lines of thought on this. First is to put down as little cash as possible as to stay liquid as stated above. The second is to put a large down payment and pay it off, at the earliest in a year. The third is to pay all cash. The last is IMO the best way to do it. Why?
If you pay all cash then if something happens to your income then nobody can come take your car away. You will have transportation to make income in a different way if your first way goes away. I also believe it is a bad practice to have a loan on anything. Debt is not your friend.

Thinking as I am writing this, if I were in your shoes I would put about 60%-75% down and finance the rest over 12 to 18 months as this would give you a nice track record for your credit report. Dont worry too much about the rate because it will only cost you a few hundred dollars to obtain a nice record for your credit report.


Enjoy your car!!!
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Old 01-12-2009, 09:15 AM   #7
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Thanks for the advice everyone!
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Old 01-12-2009, 08:16 PM   #8
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Save up a lot. This market is going to blow for a while. I am young, too, and I know that our age will limit our credit. Financing the whole thing is simply not an option, and you probably should consider the additional expenses of ownership. You have to pay high insurance, gas prices, and living expenses that will overwhelm your budget. Trust me when I say that you'll want to save carefully. I will be eating 2 microwavable soups for lunch until I have enough for my wedding and my car. Even if you can afford the rates you are given now, you should be prepared for the market to get substantially worse. Be careful.
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