cancel
Showing results for 
Search instead for 
Did you mean: 

Car Buying (Don't want an Auto-Loan)

Valued Contributor

Car Buying (Don't want an Auto-Loan)

This will be our first time buying a car from a dealership.

But here's the situation...

We need a car desperately because we have family coming in from out of town over the next few weeks, and our current car is only a two-seater.

We've already picked out maybe 5-6 cars from dealerships from TrueCar and we'd like to buy one without any financing.

Here's the thing we have about $1,000 right now available and we're receiving a settlement check before the end of the month for roughly double the value of the car we're getting. And we'd really like to not finance the car, because I don't see any real benefit to it if you're able to PIF. (Unless I'm missing something?)

What is our best option we need the car ASAP?
Message 1 of 7
6 REPLIES
Moderator

Re: Car Buying (Don't want an Auto-Loan)


Matt4200 wrote:
This will be our first time buying a car from a dealership.

But here's the situation...

We need a car desperately because we have family coming in from out of town over the next few weeks, and our current car is only a two-seater.

We've already picked out maybe 5-6 cars from dealerships from TrueCar and we'd like to buy one without any financing.

Here's the thing we have about $1,000 right now available and we're receiving a settlement check before the end of the month for roughly double the value of the car we're getting. And we'd really like to not finance the car, because I don't see any real benefit to it if you're able to PIF. (Unless I'm missing something?)

What is our best option we need the car ASAP?

Finance the car and just pay it off as soon as the check comes in.  Easy to do.  The only other option is to see if the dealership will put you on a promissory note for the balance.  If they are willing to do that, they’ll let you take the car, sign the P note and then you give them the check when you receive it.  Either option is going to require a credit check but let’s you take delivery now.

 

Other option is to rent a vehicle for the duration of your visitors’ stay.  With this choice you won’t end up with another vehicle that you apparently don’t need.

Message 2 of 7
Contributor

Re: Car Buying (Don't want an Auto-Loan)

How long will family be in town? 

Do you need the larger car after your family leaves?

 

You can rent a car for as little as 200 a week.  You can also rent out your 2 seater during the same time period using some service I forget the name of,  potentially cutting your cost down to almost nothing.

 

 

Message 3 of 7
Valued Contributor

Re: Car Buying (Don't want an Auto-Loan)

$200 a week is expensive, I'd pay $100, but $200 is just too much for that. I mean especially because we literally are home and have a driveable vehicle just not 1 more seat.

I didn't really want to do anything with a credit check not because of low scores FICO is above 700, I just don't want another HP.
Message 4 of 7
Valued Contributor

Re: Car Buying (Don't want an Auto-Loan)

Go to Turo.com and find a cheap beater there to rent for as little as $10/day.

 

I rented a big white van with 7 seats for $16 a day one weekend when family visited.  It was a piece of junk but it started and drove fine.

FICO8FICO8Visit my posts:
03/1712/17My 11 Rules to Credit RebuildingFree FICO Scores!
550EX
570TU
559EQ
710EX
701TU
734EQ
FICO alert: why did my credit score drop???
Message 5 of 7
Valued Contributor

Re: Car Buying (Don't want an Auto-Loan)

Hmm I checked there too they want $180 maybe higher rates because of the holiday season Smiley Sad

I'm in Minneapolis
Message 6 of 7
Valued Contributor

Re: Car Buying (Don't want an Auto-Loan)

$180!!!  Per day???

 

How about you and I buy 2 vans and rent them for $180/day on Turo instead?  

FICO8FICO8Visit my posts:
03/1712/17My 11 Rules to Credit RebuildingFree FICO Scores!
550EX
570TU
559EQ
710EX
701TU
734EQ
FICO alert: why did my credit score drop???
Message 7 of 7