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Advice about purchasing a new car

Discussion in 'General Chat' started by larry24, Feb 13, 2014.

  1. larry24
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    larry24 New Member

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    [Feb 13, 2014]
    I woke a few weeks ago readyto head off on my normal routine. I gathered myself, the kids, andthe million other items I need on a daily basis and we shuffled outthe door. As any other day I swung by the school and dropped the kidoff. I headed to the bank and handled the daily banking. A quick stopat the store and off to the office. As I left the bank I found myselfconfronted with the front end of a Ford pickup truck. I can't say itwas one of the best views I have had of a truck, or a view I wouldcare to repeat.


    So I am now on the market tofind a new car, again. I have a number of vehicles in mind that Iwould love to purchase, but the reality is that the past few yearshave been a bit more challenging than I would care to admit. It hasbeen a number of years since my last car loan, and my pile of scrapmetal was paid off when it merged with that Ford. I will get a littlebit of money from the insurance, but I doubt that it is going to bemore than a small down payment on my next car.


    I am in the process ofcleaning my credit up and getting things back to where they oncewere. My credit isn't horrible by any means, but I have had sometrouble the last few years. I have managed to start making paymentsand arranging to clean up the debts I have on my report, but it is aprocess that requires time and patience.


    I thought I would head tothe internet and see what information I could find that might beuseful. I found myself on this pagehttp://en.wikipedia.org/wiki/Credit_(finance) on Wikipedia. I find itintriguing that there are so many different types of credit andloans. These financial people certainly understand how to leveragemoney in a way that creates a profit. They tell me that credit is theexchange of resources where one party gives another party resourcesin exchange for repayment of those resources at a future date or ininstallments until the debt is repaid. I wonder if they would allowme to wash cars as a resource exchange for a vehicle?


    I discovered that car loansare labeled as consumer credit. These types of loans typically have adifferent expectation for us to meet because consumer goods areconsidered to be luxury items. This means that it is more challengingto acquire one of these loans. I would consider my vehicle somewhatessential as I find that a 20 mile walk on a daily basis just to getto work would be a little inconvenient. Regardless, I began to lookfor other websites that could offer help, advice, and even loans ifat all possible. There was little surprise to find several millionwebsites that offered a variety of services, loans, and nearlyanything else I could desire. I came acrosshttp://www.bestautolenders.com/ from Prescott Financial. Have any ofyou used these folks to acquire a loan? Any feedback on the qualityof their service?


    Looking for a new vehiclehas a ton of stress, but a bunch of joys, as well. One aspect offinding a new vehicle I enjoy is the hunt for the car itself. It hasbeen a few years since the last car I purchased, and I am excited tohead out and test drive as many vehicles as I can. Any suggestionsfrom you folks? What vehicle do you currently own that you wouldrecommend to someone like myself? Would you recommend buying it brandnew or used? If used, how old or how many miles? Any advice on otheraspects I should consider as I look for a new vehicle?
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  2. enoliver
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    enoliver Member

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    [Feb 13, 2014]
    Larry,

    How can anyone recommend a car for you? How could we suggest new or used? we don't know you, or your disposeable income. I could recommend a brand new Bentley continental GT, but if you're on the minimum wage there would be no point. We also don't know whether you're a single parent or married, since you appear to do everything alone in the mornings, which means that the choice is wholly yours, and not a decision to be made with a partner. Regarding the loan company you mentioned, I would suggest that the quality of service is less important than the A.P.R. of the loan.
    Furthermore, it seems odd to me that you would look up on Wiki what types of finance are available; I think that it is no mystery to look for a car, then look for a way of buying it; bank loan, finance etc.
    I think that perhaps I am being a cynic when I say that this seems like a thinly disguised advert for a car loan company. I mean, there are 3 paragraphs of not much info, the a paragraph of wiki, then a paragraph of the loan company, then the request for advice.
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  3. S4_dan
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    S4_dan Fire up the Quattro! VCDS Map User

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    [Feb 13, 2014]
    Your first port of call would be How much can you afford?

    There is no point looking at cars then realising that it is way out of your budget. A waste of time spent looking, driving and building up your hopes.

    Look at your finances, work out how much you can borrow and THEN think about what type of vehicle you require.
    Your bank is a good likely start for a loan as they know how you handle your finances on a weekly/monthly basis. As do other companies as they do credit checks etc, but your bank is personal to you.

    You mention about debt, any missed payments, defaults etc are going to hit you hard if you have any. They will either increase the APR of the loan or decline you for a loan.

    When you do get the finance you are looking for, you don't have to take the full loan amount offer. This could leave you some disposable cash to put towards the rest of debts to pay them off quicker.
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