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05-05-2014, 10:21 AM
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#1
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Join Date: Aug 2011
Location: Beachwood, NJ
Posts: 406
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sold the ta new car questions..
 so about 3 weeks ago i sold my trans am. it was a 97 with around 94,5xx on it. i got $6,200 which i felt was really good for an lt car. anyway im looking into buy a new car, probably a 99-02 ws6.
NOW..I want to take out a loan from the bank for somewhere around 10k. the problem is i have no credit but my step dad said he can co-sign if need be (awesome credit) . do you guys think its a good idea to use to 6k towards payments every month or should i really only be taking out a 4k loan and basing it off of my fixed income per month?
thanks guys - Mike
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'97 TA 5.7L/A4
sold
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05-05-2014, 10:26 AM
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#2
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Admin.
Join Date: Aug 2005
Location: Hamilton, NJ
Posts: 20,170
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include the cash in your payment, take the lower loan.
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Vent Windows Forever!
The looser the waistband, the deeper the quicksand. Or so I have read.
Feather-light suspension, Konis just couldn't hold. I'm so glad I took a look inside your showroom doors.
Hey everybody, it's good to have you on the Baba-too-da-ba-too-ba-ba-buh-doo-ga-ga-bop-a-dop
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05-05-2014, 10:42 AM
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#3
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Ayatollah of Rock N Rolla / Admin
Join Date: Mar 2006
Location: Parts Unknown
Posts: 12,573
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Quote:
Originally Posted by BonzoHansen
include the cash in your payment, take the lower loan.
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This.
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05-05-2014, 11:28 AM
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#4
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Lord of the rings / 10 Second Club / Meet Coordinator
Join Date: Aug 2004
Location: Millstone Township, NJ
Posts: 6,389
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Lower loan amount would be ideal since things tend to happen when you have a good amount of money sitting in your pocket. The interest should be lower as well (hopefully). If having no buffer is concerning, keep $1k out of the 6 in a savings account.
__________________
97 T/A Ram Air Convt
Forever dyno queen / 777rwhp 662 rwtq @ 17lbs / 10.2 @ 140
'24 Corvette Z06
'17 Sierra 2500HD Dmax
'17 Lex LS460
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05-05-2014, 11:33 AM
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#5
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Mongo the Meet Coordinator
Join Date: May 2008
Posts: 16,941
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Save money in bank, and don't buy a overpriced gas guzzler.
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Quote:
Originally Posted by KirkEvil
repo bigals turd gen and part it out to a loving home
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05-05-2014, 11:59 AM
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#6
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Lord of the rings / 10 Second Club / Meet Coordinator
Join Date: Aug 2004
Location: Millstone Township, NJ
Posts: 6,389
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Quote:
Originally Posted by LTb1ow
Save money in bank, and don't buy a overpriced gas guzzler.
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LS engines get like 30mpg though....
__________________
97 T/A Ram Air Convt
Forever dyno queen / 777rwhp 662 rwtq @ 17lbs / 10.2 @ 140
'24 Corvette Z06
'17 Sierra 2500HD Dmax
'17 Lex LS460
Last edited by Blackbirdws6; 05-05-2014 at 11:59 AM.
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05-05-2014, 12:46 PM
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#7
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Join Date: Oct 2009
Location: West Milford
Posts: 1,026
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What blackbird said. Always allow yourself a buffer. A smaller loan will still build your credit.
__________________
1991 Camaro
1992 L98/ttop Firehawk tribute (sold)
2006 Srt-10 Viper
2012 z-71
2011 Equinox (family vehicle)
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05-05-2014, 01:18 PM
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#8
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NJFBOA Co-Founder
Join Date: Jul 2004
Location: All up in your kool aid!
Posts: 12,235
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If you are worried about leaving yourself with no buffer maybe just hold out $500-1k. The best thing when you are trying to build credit is to keep the payments as manageable as possible. Also, be careful once you get 3-6 months into making the payments. Once you get a little bit of positive push on your credit report you will start to see a lot of credit offers flying your way. Resist the urge to have a plastic baller wallet and only take on debt/credit lines if you actually need them.
-Tim
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05-05-2014, 01:35 PM
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#9
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BadMod
Join Date: Aug 2004
Location: hamilton, nj
Posts: 8,889
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these guys all suck. Take the bigger loan. Use the 6k on mods and worry about payments as they come.
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So much stupid, so little time.
Quote:
Originally Posted by 79CamaroDiva
It started before I drove your car. I just have to look at it the wrong way and your car poops parts.
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Mercerville MotorSports, LLC
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05-05-2014, 01:35 PM
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#10
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Meet Coordinator
Join Date: Jan 2008
Location: brick/pt. pleasant beach
Posts: 19,370
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Quote:
Originally Posted by Blackbirdws6
Lower loan amount would be ideal since things tend to happen when you have a good amount of money sitting in your pocket. The interest should be lower as well (hopefully). If having no buffer is concerning, keep $1k out of the 6 in a savings account.
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I was going to suggest this as well. Between unforeseen problems/maintenance, registration, insurance, fuel, tires  , etc. you want to have a rainy day fund.
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05-05-2014, 02:01 PM
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#11
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Power Member/NJFBOA Bookie/Moderator
Join Date: Jun 2009
Location: North Jersey = Best Jersey.
Posts: 4,435
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Soooooo did you sell it as a LS1 or LT1 this time?
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1995 Firebird... Stock-ish.
Quote:
Originally Posted by LS1ow
Good. He microwaved my phone 6 years ago, i hope his intake erupts.
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05-05-2014, 07:19 PM
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#12
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Join Date: Aug 2011
Location: Beachwood, NJ
Posts: 406
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thanks for the responses, I think ill probably end up keeping around 1500 -2k for a rainy day. definitely don't think I want to throw all my cash out at once!
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'97 TA 5.7L/A4
sold
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05-05-2014, 08:46 PM
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#13
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11 Second Club / I <3 LT1s
Join Date: May 2008
Location: Troy, Mi
Posts: 2,642
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Why not wait a couple of months until you can just pay for the car with straight cash?
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Vinnie -
00 SS A4- LQ9/LS3/Stalled/3.42s 1.48/11.10/121 mph<-6spd swap in progress.
13 Silverado Z71- Sold 11/16
99 Z28 M6- -H/C/9in - sold 1/13
99 Silverado Z71- The DD - Sold 7/13
03 CBR 600RR - Sold 8/13
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05-05-2014, 08:56 PM
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#14
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Lord of the rings / 10 Second Club / Meet Coordinator
Join Date: Aug 2004
Location: Millstone Township, NJ
Posts: 6,389
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Quote:
Originally Posted by NJ346
Why not wait a couple of months until you can just pay for the car with straight cash?
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__________________
97 T/A Ram Air Convt
Forever dyno queen / 777rwhp 662 rwtq @ 17lbs / 10.2 @ 140
'24 Corvette Z06
'17 Sierra 2500HD Dmax
'17 Lex LS460
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05-05-2014, 11:27 PM
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#15
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12 Second Club
Join Date: Aug 2004
Location: West Milford
Posts: 8,373
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Quote:
Originally Posted by NJ346
Why not wait a couple of months until you can just pay for the car with straight cash?
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my thoughts exactly, unless the point here is to build credit. personally id never take out a loan for a toy, or really anything other than a house.
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88 Camaro
95 Impala SS
97 Trans Am WS6
98 Blazer ZR2
00 Corvette
04 CTS-V
04 Grand Cherokee
06 GMC Sierra
07 Sublime Charger Daytona
12 Tahoe LT
17 Malibu LT
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05-06-2014, 06:10 AM
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#16
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Join Date: Apr 2008
Location: Delran
Posts: 6,785
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Quote:
Originally Posted by maroman88
my thoughts exactly, unless the point here is to build credit. personally id never take out a loan for a toy, or really anything other than a house.
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especially taking a loan out for whats almost a 20 year old car at this point. im with the boat with the others that say just save your money. if you wanna build credit appliances on credit cards are a pretty easy way to do that and furnish your home with nice things 
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05-06-2014, 01:25 PM
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#17
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15 Second Club
Join Date: Mar 2005
Location: camden county
Posts: 1,122
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get credit cards and buy all the things
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05-06-2014, 02:22 PM
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#18
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Join Date: Feb 2010
Location: Stillwater
Posts: 822
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Quote:
Originally Posted by Mike
these guys all suck. Take the bigger loan. Use the 6k on mods and worry about payments as they come.
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Lmao my buddy is still paying off a car that he hasn't owned for 8 months.
__________________
Quote:
Originally Posted by LTb1ow
...its cool to like diesels, cause that and pretending to be country is like, hip nowadays!!
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05-09-2014, 10:18 AM
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#19
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Join Date: Sep 2004
Location: Haledon, NJ
Posts: 5,162
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Quote:
Originally Posted by Blackbirdws6
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LMFAO
__________________
1989 IROC-Z 355 LT1 T56 Swapped
2016 Chevy Colorado LT 3.6 v6
2008 Jeep Grand Cherokee Laredo 4.7L RIP 12/29/2016
1998 Honda CBR 600F3
2003 Yamaha FX140
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