buying used car questions

[sn95_311]

please forgive me if any of this sounds stupid , ive never done anything like this before and need some input

I plan on trying to finance a used car or truck , 10-15k I think is ware id like to be , any less is better ,., found a few 05-07ish f150s that seem decent enuff , either extended cab or 1 or 2 had the 4 full doors wich I realy like , my main thing is im not 100% sure ill get approved , I should , im 27y/o , work , very little debt , have 2 credit cards , another thing is I know this may sound realy stupid but I know that usually when you finance a car that you have to keep full coverage on it , well that will blow my budget all to hell so id like to just have plpd on it if possible , like I said im not sure and have never done this , another thing that may sound realy stupid is that im trying to be in the 400 a month or less range including insurance and all ,., any ideas guys ? , don't realy want to go to the hood ware there just going to sell me some POS and call it a day

realy just need some light on all this .,. basicly down to 1 car and have a wife and kids so this aint going to work lol , my wife smashed my truck up on one of those days a few weeks ago ware it snowed realy bad , its kinda fixed but I don't trust it at all ,., wifes truck needs a BCM and is starting to show signs of head gasket failure again and her truck just isn't worth fixing , still runs and drives but only on short distances

 

[99Electriccobra]

If you have a loan, you will need full coverage insurance. Unless you do a signature loan, the truck is not the collateral at a higher interest rate.

$300 a month should get you close to a $15000 truck, then leave $100 for insurance.
Good luck, sounds like your close to be able to do what you want to do here.

What about leasing a new one? Someone told me new Rams are $200 a month?

or this guy's here:
http://www.motownmuscle.com/forums/...lverado-regular-cab-Z71&p=2701346#post2701346

 

[Jaggirl02]

I used to be a Used Car Finance Manager so I may be able to help you.. You would be under/close to $300/month payment wise on a $15,000 car with no money down for a 60 month term (unless you get an outrageous interest rate). You could have the option to finance for 72 or 84 months too (depending on the age of the car and the mileage on it) which would obviously give you an even lower payment.
I don't know if you plan to put any money down on it but sometimes even a little bit $500-$1000 down will get you a little bit of a lower rate.
You do need full coverage on a vehicle if you have a loan on it.. You cannot have PLPD until the car is paid off.

 

[Beigg]

He probably doesnt have the 12k laying around, hence the need for a loan for 15k or less.

You will need a down payment to keep the payments affordable so you can also afford insurance. Insurance will need to be Full Coverage.

 

[sn95_311]

my insurance is going to be threw the roof with either full coverage of plpd , ive never kept insurance in my name , usually been in my wifes moms name ware we pay like 60bucks a month per vehicle plpd , not sure if she will do full coverage for me or if the car dealer will let that happen .... would a used car dealer or trying to get a loan from the bank be easier/cheaper maybe ?


im trying to have 0 or as little down as possible , most I may be able to put down would be like 500ish , and that's after I sell my wifes vehicle

a lease wouldn't hurt I guess but they scare me a little as I realy don't know how they work

 

[BigWheelinBubba]

I'd say you're screwed as far as the insurance goes unless you get your mother in law to go on the loan with you as a signer and put it in both of your names so she can continue to carry the insurance.

 

[Jaggirl02]

my insurance is going to be threw the roof with either full coverage of plpd , ive never kept insurance in my name , usually been in my wifes moms name ware we pay like 60bucks a month per vehicle plpd , not sure if she will do full coverage for me or if the car dealer will let that happen .... would a used car dealer or trying to get a loan from the bank be easier/cheaper maybe ?


im trying to have 0 or as little down as possible , most I may be able to put down would be like 500ish , and that's after I sell my wifes vehicle

a lease wouldn't hurt I guess but they scare me a little as I realy don't know how they work

It's not up to the dealership to allow your mother in law on the insurance, it's your insurance company. $500 down won't change your payment much so if it would help you more to keep that $500 in your bank as a cushion then don't put it down.
A lease is great if you don't drive a lot and you want a reliable car that you won't have to spend money on for repairs. However, if you think credit may be an issue for you.. typically you need better credit for a lease than to finance a used car. The lease ads you see are usually always with at least start ups (first payment, tax on rebates, title, fees, etc) due at signing which is usually $700+. If an ad says $0 down, that still means start ups. A sign & drive is when you have absolutely $0 due at signing but it also bumps your payment up.
When you turn in a lease at the end of the term they check for things like rips/tears/burnholes in the seats, tired tread, cracked windshields, dents, deep scratches, cracked bumpers, cracked lights.

 

[99Electriccobra]

http://www.motownmuscle.com/forums/showthread.php?178945-1996-Eddie-Bauer-Ford-Bronco-5-8-351w

Unfortunately with all the "baggage" I would lower your expectations and do something like this while saving up for a while. You could do a signature loan, pay it off in 1-2 yrs with PLPD, interest rate would be 8-10%, but your only paying on $3-4K.

 

[sn95_311]

total shot in the dark but what if I did like a personal loan threw the bank then bought a car ?

 

[Nokooler]

total shot in the dark but what if I did like a personal loan threw the bank then bought a car ?

That's what I did... I shopped for 2 Supercharged 3800's and an Ls1 SS... Eventually I took out a $2k personal loan, bought my accord and saved the rest for rainy days...

$60 loan payment, $55 insurance, $35ish gas every two weeks*.

 

[sn95_311]

wonder if I should try this , try like a 10-12k personal loan

 

[derbydad276]

time to join the rest of us... get insurance in your own name.
are you the titled owner of any of the cars in moms name?

if so I think you can get away with not going into the pool for 6 months .....check with Sean on here

Im 50 years old I have only bought 1 brand new car in my life the rest have been (used) I refuse to take the Big Hit depreciation ...
that a (New) car has

I usually by demo's or off lease cars 1 to 2 years old

15 grand will get you a $265 a month payment on a 60 month note at 2.24% here is a link to L.O.C. federal credit union
I have used this credit union in the past currently they are offering 2.24% for up to 60 months on a used car 2006 and up
but you can shop around

http://www.locfederal.com/Car_Loan_...ionalPrincipal=0&calculate_option=0&calc_id=5

 

[04GoaT]

time to join the rest of us... get insurance in your own name.
are you the titled owner of any of the cars in moms name?

if so I think you can get away with not going into the pool for 6 months .....check with Sean on here

Im 50 years old I have only bought 1 brand new car in my life the rest have been (used) I refuse to take the Big Hit depreciation ...
that a (New) car has

I usually by demo's or off lease cars 1 to 2 years old

15 grand will get you a $265 a month payment on a 60 month note at 2.24% here is a link to L.O.C. federal credit union
I have used this credit union in the past currently they are offering 2.24% for up to 60 months on a used car 2006 and up
but you can shop around

http://www.locfederal.com/Car_Loan_...ionalPrincipal=0&calculate_option=0&calc_id=5

I've done 2 vehicles through LOC now, but they have their restrictions. Not anyone can walk in and be a member. You've got to live or work in one of their towns to be eligible. Their online pay system is non existent as well. Other than that and some bs time from pay off to release lien, I've been pleased.

 

[derbydad276]

they run hot and cold on interest I have done 3 cars with them PNC bank has 4.39 % for up to 60 months on 2006 and up from a dealer

fifth third says as low as 2.99%

 

[JDP]

sometimes banks won't do big unsecured loans like that. 12k loan with no collateral is risky for them, not to mention the interest rate can be 2-4 times as much as a secured loan

what about getting a cheaper vehicle with a small personal loan and get insurance in your name? then wait a year or so and see what you can do after

It sucks when you have to start building credit and get insurance in your name because they sock you with the high rates because you're a newb. Luckily my dad made me do this stuff at a young age and i though he was an asshole for it, but now that i'm 26, i get great loan deals and my insurance rates a cheap as dirt. So i suppose he did ok with me, lol

 

[sn95_311]

still been looking around .,. got approved at a few places , none realy have 05-07 f150s or any full size truck for that matter , a few places do have the 05ish monte carlo ss and the 05ish impala ss with the 5.3 liter v8s . these look like a sharp ride , how are they for maintenance and reliability ? I know there v8 fwd but do they make decent power , trans pretty solid in them ?