help a brother outtt!!!

[NightmareSS]

Originally Posted by Jeanius

I agree, the bank will see you can handle your bills and your credit score will sky rocket, mine went from the 650's when I had 5k debt to 720 after I paid it off, in a matter of 2-3 weeks, when you have 5k in bills and are pulling in $800 a pay period, assuming after taxes, your debt to income ratio isnt very good considering a 30k+ car. Your payment will be $500-650, add insurance, then you still have your credit card bills, on 5k I'm sure your paying over $150 a month, I'm not trying to rain on your parade but I just think you might be in for a suprise. Good luck my friend

well for the passed 6 months i been putting almost my whole check minus 200 a pay period for spending money and my current cars insurance...so the banks have to be seeing this...i brought my debt down like 6-7 k in 6 months...i have like 5-6 grand to put down on the car...part of me feels maybe i should just pay off the credit card debt and try to get the car with the 1000 dollar deposite i put down to order...that way i only have the 1 car payment and thats all...but the thing is half my debt is to best buy and i have no interest for another 2 and a half years...idk tom im going to my credit union and setting up my account to be able to go online and do shit...that way i can put in my grandfathers info without having him here(cuz he lives in florida) and see if i get approved...shit if i get 7% ill consider myself lucky and run with it...so tomorrow is the big day where i see where i stand...fingers crossed

[nards444]

Originally Posted by NightmareSS

well for the passed 6 months i been putting almost my whole check minus 200 a pay period for spending money and my current cars insurance...so the banks have to be seeing this...i brought my debt down like 5-6 k in 6 months...i have like 5-6 grand to put down on the car...part of me feels maybe i should just pay off the credit card debt and try to get the car with the 1000 dollar deposite i put down to order...that way i only have the 1 car payment and thats all...but the thing is half my debt is to best buy and i have no interest for another 2 and a half years...idk tom im going to my credit union and setting up my account to be able to go online and do shit...that way i can put in my grandfathers info without having him here(cuz he lives in florida) and see if i get approved...shit if i get 7% ill consider myself lucky and run with it...so tomorrow is the big day where i see where i stand...fingers crossed

Its good that you are working on this, but it just doesnt seem that you can afford this kind of car, by the time you pay insurance and the pink slip over half of your months pay is gone. Your better off getting a 1LT or saving your money for a year than finding a year old 2ss. at 12 bucks an hour a 35k car isnt a smart life decision.

[Jeanius]

Bro, before you apply, talk to one of the reps at the credit union and ask their opinion on whether you should pay the debt off or use the money for the down payment

[oachalon]

If i were in your situation, i would not buy the car. Also you cant blame being 24 for having bad credit. I am 23 and have fantastic credit. Just looked it up last month and it was 795. Your responsibility is to get your credit cards paid off before buying a sports car.

You should think about saving your money and paying off your credit card. Then with the left over money you should start saving for retirement. 401k if allowed, IRA, Roth IRA, etc. Now is the time to get in with the stock market so low. I have a 401k, roth ira, and brokerage account. Business first pleasure later. Reason why this economy is so bad, too many people living beyond their means. For some reason people think they must have a $50k suv when they cannot afford it.

Its your money, so do whatever you want, but dont come to me when shit hits the fan. I am sicking of my tax money bailing people out.

[nards444]

Originally Posted by oachalon

If i were in your situation, i would not buy the car. Also you cant blame being 24 for having bad credit. I am 23 and have fantastic credit. Just looked it up last month and it was 795. Your responsibility is to get your credit cards paid off before buying a sports car.

You should think about saving your money and paying off your credit card. Then with the left over money you should start saving for retirement. 401k if allowed, IRA, Roth IRA, etc. Now is the time to get in with the stock market so low. I have a 401k, roth ira, and brokerage account. Business first pleasure later. Reason why this economy is so bad, too many people living beyond their means. For some reason people think they must have a $50k suv when they cannot afford it.

Its your money, so do whatever you want, but dont come to me when shit hits the fan. I am sicking of my tax money bailing people out.

[Lauryn200]

Originally Posted by oachalon

If i were in your situation, i would not buy the car. Also you cant blame being 24 for having bad credit. I am 23 and have fantastic credit. Just looked it up last month and it was 795. Your responsibility is to get your credit cards paid off before buying a sports car.

You should think about saving your money and paying off your credit card. Then with the left over money you should start saving for retirement. 401k if allowed, IRA, Roth IRA, etc. Now is the time to get in with the stock market so low. I have a 401k, roth ira, and brokerage account. Business first pleasure later. Reason why this economy is so bad, too many people living beyond their means. For some reason people think they must have a $50k suv when they cannot afford it.

Its your money, so do whatever you want, but dont come to me when shit hits the fan. I am sicking of my tax money bailing people out.

Your parents raised you right...

I don't think the lad can afford a car that's over $35,000---if he is hell bent on getting a camaro..best advise go with a less expensive one...if you want mod it later on.....I'm a retired Deputy Sheriff and have a full time job that pays well,but I would cringe if my car note was over $500.

As of now I have two..Jeep Wrangler 06 (will payed off next spring) and VW GTI 09 both come up to $600.00 a month....

[toehead93]

Wait until they are sitting on dealer lots. Right now a great deal is very hard to find. Once cars are sitting you'll be able to steal one and GM might even offer 0% financing by then. If you wait long enough and you can afford it you can get HUD and navigation too.

Besides credit score you need to have a good loan to debt ratio, check yours out.

[NightmareSS]

Originally Posted by nards444

Its good that you are working on this, but it just doesnt seem that you can afford this kind of car, by the time you pay insurance and the pink slip over half of your months pay is gone. Your better off getting a 1LT or saving your money for a year than finding a year old 2ss. at 12 bucks an hour a 35k car isnt a smart life decision.

but i need a car now and i wouldnt wanna put myself in a contract for something i didnt want...i feel selling myself short to get the "cheaper model" which wouldnt be what i truely want to save a 5k when ill already be paying 26-28k is stupid...finding a year old 2ss would be my best option but i need a car and just want it now... =/ ...i know 12 bucks isnt alot and a 35k car isnt exactly cheap but i live at home so i dont have that much to pay monthly...half my pay to the car is fine, ill feel like im working for something that i love...i know i sound a lil stupid and immature but i know i can afford the payments...i just wont be able to go out and splurge like most my friends do blowing 100-300 a night at a bar/club or wuteva...but to have the camaro its worth it imo...also im kinda passed that stage...ive had 3 cars in my life all used cars and outdated with over a 100,000 miles...i just want a new car that i can love and take pride in and quite hoestly i feel im overdue for one and deserve one...i live in staten island, land of the rich lil fags driving around benzes and beamers that daddy pays for...im doing this all by myself financially and i feel ready to take the responsibility...i mean some of you had to be in my shoes at one point......

i just payed off one of my credit cards for a 1000...so i have 3 left...best buy for 3k, visa for 1k and macys for 500...and yea imma talk to the loan person at the credit union and see what they think i should do..pay of the cards first or use it for a down payment...but i feel paying off a 3k debt thats charging no interest for almost 3 years is stupid...idk we'll see tom...and thx for all the imput/advice, it is appreciated

also im considering do the cash for clunkers thing with my current 300zx...the car is worth more but just today i notice by rear passenger side tire rumbling and shaking when i go over bumps...specially when i was going around a bend...there is a few other things that need to be fixed aswell...so the amount to fix this shit plus the 3500 from the clunker program will amount to what its worth or more...they only thing is, dont you get that money next year in your tax returns? if so, that wouldnt really help my situation now..

[brandotron]

Originally Posted by NightmareSS

i know 12 bucks isnt alot and a 35k car isnt exactly cheap but i live at home so i dont have that much to pay monthly..

You should also think about how long you want to live at home. If you're 23, you might want to think about moving on out BEFORE buying a car. Where are you going to take all the chicks you pick up with your Camaro?

[txaggie_08]

Also, for reference, check this website out. You can check out what your payments would be on a certain interest rate. Play with the numbers and think about what you can really afford when you also have to pay for insurance and upkeep. It all adds up...

http://www.bankrate.com/calculators/...alculator.aspx

[kdoske]

OK, heres what you do. Click on this link I have provided below. Enter in all your current debts as they are now without the camaro. Make sure you enter it in honestly because you will only be lying to yourself if you falsify info, then click calculate. Look and see what your Debt to income ratio is. If you Debt Ratio is below 30% your good. Now enter it in WITH the your estimated camaro payments provide by a loan calculator. After you click calculate if your Debt ratio is STILL BELOW 30% then buy the car. If it isn't walk away before you put yourself in trouble.

A person should NEVER go above 30%. Its the golden standard used by many, some even say 25%

http://moneycentral.msn.com/personal...e.aspx#Results

[nards444]

Originally Posted by NightmareSS

but i need a car now and i wouldnt wanna put myself in a contract for something i didnt want...i feel selling myself short to get the "cheaper model" which wouldnt be what i truely want to save a 5k when ill already be paying 26-28k is stupid...finding a year old 2ss would be my best option but i need a car and just want it now... =/ ...i know 12 bucks isnt alot and a 35k car isnt exactly cheap but i live at home so i dont have that much to pay monthly...half my pay to the car is fine, ill feel like im working for something that i love...i know i sound a lil stupid and immature but i know i can afford the payments...i just wont be able to go out and splurge like most my friends do blowing 100-300 a night at a bar/club or wuteva...but to have the camaro its worth it imo...also im kinda passed that stage...ive had 3 cars in my life all used cars and outdated with over a 100,000 miles...i just want a new car that i can love and take pride in and quite hoestly i feel im overdue for one and deserve one...i live in staten island, land of the rich lil fags driving around benzes and beamers that daddy pays for...im doing this all by myself financially and i feel ready to take the responsibility...i mean some of you had to be in my shoes at one point......

i just payed off one of my credit cards for a 1000...so i have 3 left...best buy for 3k, visa for 1k and macys for 500...and yea imma talk to the loan person at the credit union and see what they think i should do..pay of the cards first or use it for a down payment...but i feel paying off a 3k debt thats charging no interest for almost 3 years is stupid...idk we'll see tom...and thx for all the imput/advice, it is appreciated

also im considering do the cash for clunkers thing with my current 300zx...the car is worth more but just today i notice by rear passenger side tire rumbling and shaking when i go over bumps...specially when i was going around a bend...there is a few other things that need to be fixed aswell...so the amount to fix this shit plus the 3500 from the clunker program will amount to what its worth or more...they only thing is, dont you get that money next year in your tax returns? if so, that wouldnt really help my situation now..

just trying to give you some advice, everything you are saying sound like your trying to do the right thing, but at the same time are making a rash decision. Plenty cars are out there to be had, used ones new ones that are half the cost of a 2ss. And dude you have to leave home sometime. If I were your parents i wouldnt let you stay in my house if you bought a new car. Litterally you can not afford this model car, its plain in simple. By the time you get a loan, pay insurance and gas you will have nothing left of your paycheck, NOTHING... you wont be able to do anything but drive the camaro to work.

You need to get out of your head that your settling for less, its getting what you can afford and being adult. Someday in life you can afford something like this, and it will be much more enjoyable when you can relax and not worry about the payments. Another thing to think about is maybe using this 35k and using it to go to college so you can make more than 12 bucks an hour. Not trying to be a parent or bust your dreams, we all have them and it takes time to get those dreams, not all when your 23.

[NightmareSS]

well im not 23 im 25(26 next month) lol...like that makes anything better...but im waiting on the city to call me for a job...there is a freeze on city job hiring right now or i woulda been working already(i scored really well and im high on the list...1103 outta 40,000...got 1 question wrong)...by next year i should be in...i tried the college thing but i wasnt ready at the time...i partied a lil too long i guess you could say...didnt get my shit together till i was about 22...but im fine with working with the city, im currently waiting on sanitation...top pay is 70k-90k+...i also took other test like fireman and court officer...so im just waiting on one of them...and i live in new york city, i dont plan on moving out anytime soon...i live in the basement of my moms house...i have my own entrance and all...i fixed the basement up so its like my own apartment...but without paying out the ass for rent...i mean dont get me wrong i help my mom out and shit but rent out here is no joke and what i throw her doesnt compare...its just me and my mom here and my mother just recently took in my cousin kids cuz her and her husband are all ****ed up on drugs and in and out of jail and shit...my situation isnt like im just free loading off my mom, she wants me here and needs me here to help out...and i dont wanna leave anyway

point being, im not worried about moving out till im ready to get married and thats not in my near future...maybe another 5 years or so(who knows)...also my family owns property...my grandfather owns a house in florida, 2 out here and gave my mom the house we live in...my moms his only child and im hers...so basically i dont need to worry about buying a house...i mean i want to buy my own one day but its not at the top of my priorities right now...right now while i dont have any real expensives i wanna enjoy myself...your only young once! not gonna enjoy the camaro as much when im 35 with a wife and kids!!!

o and i work 4 days a week 10 hours a day...im currently looking for a part time job a few nights a week just for that extra spending money to go out with...i think ill be alright...granted i get the loan...believe me, my grandfather wouldnt co-sign for me if he didnt think i could handle it...he is about as old-school brooklyn italian as they come...5'6 with a mouth like no other

Originally Posted by kdoske

OK, heres what you do. Click on this link I have provided below. Enter in all your current debts as they are now without the camaro. Make sure you enter it in honestly because you will only be lying to yourself if you falsify info, then click calculate. Look and see what your Debt to income ratio is. If you Debt Ratio is below 30% your good. Now enter it in WITH the your estimated camaro payments provide by a loan calculator. After you click calculate if your Debt ratio is STILL BELOW 30% then buy the car. If it isn't walk away before you put yourself in trouble.

A person should NEVER go above 30%. Its the golden standard used by many, some even say 25%

http://moneycentral.msn.com/personal...e.aspx#Results

10% before the car and 48% after the car...though it goes by you before tax salary...after taxes i calculate it leaving me with 150 dollars a week spending money...i dont go out or spend a dime during the week cuz i wake up early and stop home to eat lunch, and maybe once a weekend i go out drinking, and 20 bucks a week for gas (i work 4 miles away)

[NightmareSS]

lol i just blurt it all out...but enough of my life stories