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Dustink
Posts: 2,980
Registered: ‎10-02-2012
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Re: I just bought a car...

[ Edited ]

ihatemyscore wrote:

Best advice all year. I guess I will continue to use my vehicle until my credit significantly improves.

 

hope your around in a yr and a half lol.


At that point I will try to convince you not to by a chevy :smileytongue:

 

What are you driving now?

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
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ihatemyscore
Posts: 283
Registered: ‎02-05-2012
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Re: I just bought a car...

2004 hyundai elantra gls which I am upside down in on a 29% rate

 

have 5200 on it left. I am gonna put that 1500 down on it and then pay 550 a month. payment is 249 a mo right now.

Last App: 9/16/13
BK Discharge: 6/12
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Mike360
Posts: 433
Registered: ‎03-19-2010
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Re: I just bought a car...

my god 29% how is that even legal. hyundai's are nice i just bought a new sonata. my advice is to stick with the car you got. pay off the current loan and get your scores to 700+. save for a good down payment if you wanna get a new car. 

~~In my wallet: Best Buy $7500, Dell Preferred $5500, Discover IT $4000, Chase Freedom $3500, Barclays NFL Extra Points $3300, Sears $2800, Bill Me Later $2100, CapOne Platinum $2000, Kohls $1500, Target $200
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
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Re: I just bought a car...


ihatemyscore wrote:

2004 hyundai elantra gls which I am upside down in on a 29% rate

 

have 5200 on it left. I am gonna put that 1500 down on it and then pay 550 a month. payment is 249 a mo right now.


Sounds like a good plan.

 

Try calling the lender and getting an APR reduction. Say something about having another lender that with refi the car, but you want to give them a chance to keep your business by lowering your apr.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
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ihatemyscore
Posts: 283
Registered: ‎02-05-2012
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Re: I just bought a car...

I did that.. they responsed. "All "Out" loans are 29% apr, sorry". :smileysad:

 

I am just going to pay it off this year.. and run it to the ground... 

 

They dont even report to the credit beaurs!

Last App: 9/16/13
BK Discharge: 6/12
NavyFCU Flagship Visa Sig $10k | NavyFCU nReward Secured $500 | NavChek $5k | Walmart $600 | Capital 1 Quicksilver $750 | Capital 1 Plat $1k | Kays $400 | Amazon $600 | Express $250 |
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Dustink
Posts: 2,980
Registered: ‎10-02-2012
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Re: I just bought a car...

That sucks. Who suckered you into that loan? Sorry to be harsh, I am glad you found this forum.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
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ihatemyscore
Posts: 283
Registered: ‎02-05-2012
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Re: I just bought a car...

Kia in EL CAJON. Worst service, bad brand, liars. Truthfully, NO don't worry! I will take your criticizim. Long story why I got the car, again one of those stories like I needed the car... 

 

Thank you.. I am eager to learn how to properly buy a car.. could you please explain a little bit?

Last App: 9/16/13
BK Discharge: 6/12
NavyFCU Flagship Visa Sig $10k | NavyFCU nReward Secured $500 | NavChek $5k | Walmart $600 | Capital 1 Quicksilver $750 | Capital 1 Plat $1k | Kays $400 | Amazon $600 | Express $250 |
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
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Re: I just bought a car...

[ Edited ]

First off, don't buy a car made in Korea (Hyundai or Kia). Many on this forum do, but I think it is a bad move for many reason. I won't go into that.

 

 

Step one: Save your money for a large down payment and have a steady reliable income

 

Step two: Go out and get a pre-approval. Stick to credit unions and big name banks that you have accounts with. Tell them how much you have to put down. Your BK might be a road block for a long while.

 

Step three: Get a general idea of what car you want. Narrow it down to a few. What are your needs? What are your priorities? What is your budget? Not just for the car, but also for gas, insurance, and maintenance. What kind of climate do you live in? (Actual questions, reply here and I'll give you some car suggestions.) Then test drive lots of cars.

 

Step four: Get in contact with internet sales managers at several dealers within the same make. Get the dealers competing.

 

Step five: Go to the dealer that seemed like the best to deal with.

 

Step six: Walk at the slightest hint of trouble. The dealer will 99% of the time call you back in.

 

Step seven: Go back to the dealer and walk again if you need to. (Helpful if you find a dealer that isn't too far of a drive.)

 

Step eight: Agree on the terms of the car. Either use your pre-approval, or use it as a bargaining chip to get a better rate from the dealer.

 

Step nine: Don't get suckered into anything from the finance guy. Don't let him talk you into anything. You can always buy it later. At this point you are under enough stress and it will be hard to make a rational decision about a warranty ect. Your down payment should be enough to make it so that you don't need gap.

 

Step ten: Enjoy your car and be sure to write a yelp review about the dealer. A negative one will help any problems get resolved, and a positive one is a nice gesture. Plus it can lead to things like a free oil change or car wash :smileywink: 

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
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ihatemyscore
Posts: 283
Registered: ‎02-05-2012
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Re: I just bought a car...

You seem to be very knowledable and I appreciate all your help and nice convo.

 

I think it would be best that I just stick with the car I have now and start saving up a couple grand for a car cash.. I think I really need to just stay in the garden until I have 0 inquiries..

 

Let me ask you this.. when apping for new credit now since I have more than enough for now... Should I wait 2 years from now to let every single inquiry drop? I have way to many and I want a clean start. I know it's hard but it will be a good journey.. right?? lol..

 

I really want 0 inquiries on all reports.. I know if I waited until 2015 and all inquiries are dropped and my payment history is 24-32months..I know my score should be high 6's to low 7's...

Last App: 9/16/13
BK Discharge: 6/12
NavyFCU Flagship Visa Sig $10k | NavyFCU nReward Secured $500 | NavChek $5k | Walmart $600 | Capital 1 Quicksilver $750 | Capital 1 Plat $1k | Kays $400 | Amazon $600 | Express $250 |
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

Re: I just bought a car...

[ Edited ]

ihatemyscore wrote:

You seem to be very knowledable and I appreciate all your help and nice convo.

 

I think it would be best that I just stick with the car I have now and start saving up a couple grand for a car cash.. I think I really need to just stay in the garden until I have 0 inquiries..

 

Let me ask you this.. when apping for new credit now since I have more than enough for now... Should I wait 2 years from now to let every single inquiry drop? I have way to many and I want a clean start. I know it's hard but it will be a good journey.. right?? lol..

 

I really want 0 inquiries on all reports.. I know if I waited until 2015 and all inquiries are dropped and my payment history is 24-32months..I know my score should be high 6's to low 7's...


I agree on waiting in regards to the car. I was pretty much just giving info for a year or so down the road.

 

As for INQs. They don't have that much of an impact after 6 months and they have no impact after a year. No need to wait 2 years for them to drop.

 

For you, the key thing will be that nasty BK on your report. That will have the main impact, not the INQs. Even if you have a score of 700. Many lenders will still run from you, especially the ones that you burned in the BK. Auto loans are generally easier to obtain than credit cards after a BK. It will be hard to obtain unsecured credit. NFCU will be your friend in that regard. They may also be your friend later on for an auto loan. During the next couple years, grow your lines with them. The trust they show you will help other lenders trust you. High limits lead to higher limits and generally higher limit cards come with better rewards.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%

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