"Horrible Purchase"

[Pucker5]

Your parents definitely saved you from a mistake, but IMO it's a blessing. 20% unemployment right now my dude. Cherish your job focus on that so you don't lose it. Check Craigslist, it is probably flooded with good cheap cars from people trying to make cash to pay rent. Wait a month or two and maybe you can get that same LX for $7000. I got my first car loan at 22 and never had any history of credit through my bank and nobody co-signed for me, I still own the car.

what this guy said, lot of people getting rid of hobby vehicles and extra vehicles over household count.

2001 Lexus LX470 Land Cruiser 4WD - cars & trucks - by owner -...

FIRM PRICE!! Super clean Locally owned Lexus SUV Never taken offroad Recent oil change and detail...

orangecounty.craigslist.org

Found this one today. Didn’t dig for specific vehicle history but mileage isn’t atrocious, looks clean, lc suspension overhaul...could be down to 7k by month’s end.

@Bizzaror you mentioned your parents were going to cosign. Since it’s a smaller amount maybe you could let them be banker and make your payments to them with less or no interest...:if they’re not stressing 7k and were trying to help you out

 

[jlm43]

Yes I have a near 800, all the banks and CUs near me told me I needed a cosigner. I'm going to assume b/c of my age I'm a huge liability to them. Also I make more than enough from retail to pay for all my expenses and a car payment right now while saving more than 50% of my checks. Also I do valuable my parents opinions, but when they're saying to get a base Wrangler over a LC I'm not listening to them on that.

It sounds like you are on a good path. You might need to rephrase the question to the banks and CU's. Generally, if you put a good chunk of money down, you may not need a co-signer. Sometimes dealers can help with this as well. Just make sure you don't pay a high interest rate just to get the loan.

But like others have said, right now isn't a great time to be taking on new debt or making large purchases.

In reference to the Wrangler idea, I can confirm that my 2005 LC with 160k miles is more reliable than our 2014 JKUR with 75k miles. We bought the JKUR new so there's no unknown history involved.

 

[nothappening]

Yes I have a near 800, all the banks and CUs near me told me I needed a cosigner. I'm going to assume b/c of my age I'm a huge liability to them. Also I make more than enough from retail to pay for all my expenses and a car payment right now while saving more than 50% of my checks. Also I do valuable my parents opinions, but when they're saying to get a base Wrangler over a LC I'm not listening to them on that.

When you apply for a loan and get denied, they send you a letter with the reasoning. No assumptions necessary.

Pay in cash. You don't need an auto loan to boost your credit score (tons of lost money on interest for no reason) when it's already 800.

 

[Bizzaror]

When you apply for a loan and get denied, they send you a letter with the reasoning. No assumptions necessary.

Pay in cash. You don't need an auto loan to boost your credit score (tons of lost money on interest for no reason) when it's already 800.

All read "short credit history" when I've been paying bills for ~5 years. Been told at dealers I've never had a "big amount" to pay off, most I paid off was my limit of $1500 on a card. Reading everyone's replies just made me realize I should buy in cash.

 

[Bizzaror]

It sounds like you are on a good path. You might need to rephrase the question to the banks and CU's. Generally, if you put a good chunk of money down, you may not need a co-signer. Sometimes dealers can help with this as well. Just make sure you don't pay a high interest rate just to get the loan.

But like others have said, right now isn't a great time to be taking on new debt or making large purchases.

In reference to the Wrangler idea, I can confirm that my 2005 LC with 160k miles is more reliable than our 2014 JKUR with 75k miles. We bought the JKUR new so there's no unknown history involved.

I've always asked them how I could sign, and I never was told or thought of that. I'll be sure to think of that in the coming months.

 

[ramangain]

Btw, to the mods for letting this run out. Most of us are very bored.

 

[Bizzaror]

Btw, to the mods for letting this run out. Most of us are very bored.

Hey I think everyone is learning something here. Most of all that I made a poor decision.

 

[Pucker5]

When you apply for a loan and get denied, they send you a letter with the reasoning. No assumptions necessary.

Pay in cash. You don't need an auto loan to boost your credit score (tons of lost money on interest for no reason) when it's already 800.

Old dudes on here telling young guys to go all your cash in on any car is extreme to the other direction.

even if you buy a less expensive car but “paying cash” pulls you uncomfortably away from the smart strategy of having enough rainy day savings for challenging times, how does that leave you in any better of a scenario? For someone in their early 20’s...5k May very well be that rainy day

small limit credit card and bills on a rental don’t mean much and can improperly inflate that credit score significantly. a vehicle Has historically been that next largest credit jump but will require some self control to ensure it is manageable and not burdensome.

 

[nothappening]

Old dudes on here telling young guys to go all your cash in on any car is extreme to the other direction.

even if you buy a less expensive car but “paying cash” pulls you uncomfortably away from the smart strategy of having enough rainy day savings for challenging times, how does that leave you in any better of a scenario? For someone in their early 20’s...5k May very well be that rainy day

small limit credit card and bills on a rental don’t mean much and can improperly inflate that credit score significantly. a vehicle Has historically been that next largest credit jump but will require some self control to ensure it is manageable and not burdensome.

It's a toy, not a tool.

 

[phatdragon]

What kind of "mechanic" would say a Land Cruiser is not an off-road vehicle?

Personally I would be looking at 4th gen (120 series) 4runners, or GX's. They can found in good shape for reasonable prices, have good longevitiy and you can wheel them pretty hard. Then bump it up to the hundo or 200 series when you can.

 

[2020 Rocks]

Can we move this out of tech to chat so the sodomy can begin?

 

[nukegoat]

Can we move this out of tech to chat so the sodomy can begin?

Uhh

 

[Bizzaror]

.

 

[nukegoat]

Hey I think everyone is learning something here. Most of all that I made a poor decision.

Pics of that sweet Hyundai plZ

 

[Bizzaror]

Can we move this out of tech to chat so the sodomy can begin?

Nope

 

[jerryb]

I financed a 100k car in the 2008 downturn. do you guys think that was a bad decision?
should I spend my girlfriends 1200$ on beer?

 

[Bizzaror]

What kind of "mechanic" would say a Land Cruiser is not an off-road vehicle?

Personally I would be looking at 4th gen (120 series) 4runners, or GX's. They can found in good shape for reasonable prices, have good longevitiy and you can wheel them pretty hard. Then bump it up to the hundo or 200 series when you can.

A 4th Gen 4Runner is something I really want, but I kid you not a GX in my area with the same mileage is cheaper than the SR5. I was seriously going to purchase a GX before this, but I hate that barn door so ******* much.

 

[2020 Rocks]

Uhh

7 pages about a horrible purchase that never happened?

 

[Bizzaror]

7 pages about a horrible purchase that never happened?

Precisely

 

[jerryb]

getting more wonderful by the second