@rebuilding88 wrote:Not rude at all. I've never had good credit and always paid stupid subprime. Sorry I was just feeling defeated.
I have a self lender loan and a fresh start loan.
ive been trying to get a secured card but I get nothing but denied. I only burned credit one and capital one for less then 200.00. I have tried the prequels but denied also.
Have you tried Open Sky for a secured card? They are very good for rebuilding.
@jmw1 wrote:It's way cheaper to just to save for a $3k-$5k junker with cash regardless of credit. Keep driving the current vehicle and save up $500/month until the repoman grabs it. He might not grab it for months or even longer. Keep in mind if your credit was 740+, you still get hosed with a rapidly depreciating new car $30k car +tax on 4% interest with a very similar payment for 6 years. You should seriously consider getting off the endless auto loan conveyor belt where banks are taking $500+ a month for 6 years and then you do it over and over. Auto loans even at 0% are a good way to barely survive paycheck to paycheck forever.
100% spot on! It took me 25 years to break that cycle. Even a cheap reliable car in that price range isn't necesarily a "junker".
@OmarR wrote:
@jmw1 wrote:It's way cheaper to just to save for a $3k-$5k junker with cash regardless of credit. Keep driving the current vehicle and save up $500/month until the repoman grabs it. He might not grab it for months or even longer. Keep in mind if your credit was 740+, you still get hosed with a rapidly depreciating new car $30k car +tax on 4% interest with a very similar payment for 6 years. You should seriously consider getting off the endless auto loan conveyor belt where banks are taking $500+ a month for 6 years and then you do it over and over. Auto loans even at 0% are a good way to barely survive paycheck to paycheck forever.
100% spot on! It took me 25 years to break that cycle. Even a cheap reliable car in that price range isn't necesarily a "junker".
So, I'm not necessarily in agreement with this line of thinking. Why? I drive an older car which I bought used and my wife drives a car she purchased new the year prior. We've had her car for five years and mine for four; hers was roughly $25,000 new and has since needed about $800 in unscheduled maintenance giving us a total of $25,800. If we were to sell her car at, let's call it, "Pre-Pandemic" prices, we would have been able to get roughly $12,000 for it, which in turn gives an overall cost of ownership of $13,800.
My car, with a year less time with us and fewer miles on the clock, started with an acquisition cost of $10,000, followed a year later by nearly $6,000 in unscheduled and preventative maintenance, followed by another $2,000 of the same a year later. I just got the car back from its annual inspection yesterday and was alerted to the fact much of the exhaust system, cats included, is "fragile"; that'll probably be another $1,000 on the balance sheet. Here again, had we sold it at "Pre-Pandemic" prices, we would have gotten maybe $3,000, maybe even $4,000. Taking the higher of those two numbers would yield a total cost of ownership of $14,000.
I didn't buy my car because it was old and less expensive, I bought it because that is the car I want and am more than happy to pay what it costs to keep it in tip-top condition.
@Horseshoez wrote:
@OmarR wrote:
@jmw1 wrote:It's way cheaper to just to save for a $3k-$5k junker with cash regardless of credit. Keep driving the current vehicle and save up $500/month until the repoman grabs it. He might not grab it for months or even longer. Keep in mind if your credit was 740+, you still get hosed with a rapidly depreciating new car $30k car +tax on 4% interest with a very similar payment for 6 years. You should seriously consider getting off the endless auto loan conveyor belt where banks are taking $500+ a month for 6 years and then you do it over and over. Auto loans even at 0% are a good way to barely survive paycheck to paycheck forever.
100% spot on! It took me 25 years to break that cycle. Even a cheap reliable car in that price range isn't necesarily a "junker".
So, I'm not necessarily in agreement with this line of thinking. Why? I drive an older car which I bought used and my wife drives a car she purchased new the year prior. We've had her car for five years and mine for four; hers was roughly $25,000 new and has since needed about $800 in unscheduled maintenance giving us a total of $25,800. If we were to sell her car at, let's call it, "Pre-Pandemic" prices, we would have been able to get roughly $12,000 for it, which in turn gives an overall cost of ownership of $13,800.
My car, with a year less time with us and fewer miles on the clock, started with an acquisition cost of $10,000, followed a year later by nearly $6,000 in unscheduled and preventative maintenance, followed by another $2,000 of the same a year later. I just got the car back from its annual inspection yesterday and was alerted to the fact much of the exhaust system, cats included, is "fragile"; that'll probably be another $1,000 on the balance sheet. Here again, had we sold it at "Pre-Pandemic" prices, we would have gotten maybe $3,000, maybe even $4,000. Taking the higher of those two numbers would yield a total cost of ownership of $14,000.
I didn't buy my car because it was old and less expensive, I bought it because that is the car I want and am more than happy to pay what it costs to keep it in tip-top condition.
The type of car you choose makes a difference.
While they are not sexy, something tells me you didn't choose/want a Honda Civic, Honda Accord, or Nissan Sentra type car.
But I could be wrong.
I am $4k + regular maintenance, going on 9 years. 2001 Chevy Blazer.
@OmarR wrote:
The type of car you choose makes a difference.
While they are not sexy, something tells me you didn't choose/want a Honda Civic, Honda Accord, or Nissan Sentra type car.
But I could be wrong.
I am $4k + regular maintenance, going on 9 years. 2001 Chevy Blazer.
Funny you should mention a Honda Accord, the 2006 I mentioned above, is a Honda Accord clone called the Acura TL. While the car is still rock solid at 15 years of age, it isn't exactly an inexpensive car to maintain, in spite of the fact most of the mechanical bits are identical to the same year Honda Accord (which was built on the same assembly line in Ohio).
@rebuilding88 wrote:Well that didnt take long, LOL I recieved a call Sunday asking when and where they can come pick up he car. I was going to play hide and seek but decided not to. I didn't reafirm the car because it was so upside down. Oh well, on to bigger things.
Wow; so what is Plan B regarding a vehicle?