Current Events > Money people of CE, please give me advice on buying a car.

(+) Yeah! (+)

I want a truck, dammit. I have an opportunity to get a 1996 Mazda b2300 with 100k miles for $2000, but the process is just too long to get an actual car loan, as any vehicle I want to get sells just way too fucking fast. So I was talking with some loan dudes at my bank, and he suggested a line of credit is a good idea.

However, I know not to be an idiot. I'm frightened that I could fuck it waaaaay up.


But I mean, it's only 2000 or so.

Please give me advice, CE. Should I get a (cheap) vehicle using a line of credit? Should I try to borrow some money from people to get this truck, in addition to a line of credit? I just don't know. Give me advice.
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how old are you
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Timohtep posted...

I want a truck, dammit. I have an opportunity to get a 1996 Mazda b2300 with 100k miles for $2000, but the process is just too long to get an actual car loan, as any vehicle I want to get sells just way too fucking fast. So I was talking with some loan dudes at my bank, and he suggested a line of credit is a good idea.

However, I know not to be an idiot. I'm frightened that I could fuck it waaaaay up.


But I mean, it's only 2000 or so.

Please give me advice, CE. Should I get a (cheap) vehicle using a line of credit? Should I try to borrow some money from people to get this truck, in addition to a line of credit? I just don't know. Give me advice.

2000????? For a truck that old? Fuck no.
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JAMC posted...

Timohtep posted...

I want a truck, dammit. I have an opportunity to get a 1996 Mazda b2300 with 100k miles for $2000, but the process is just too long to get an actual car loan, as any vehicle I want to get sells just way too fucking fast. So I was talking with some loan dudes at my bank, and he suggested a line of credit is a good idea.

However, I know not to be an idiot. I'm frightened that I could fuck it waaaaay up.


But I mean, it's only 2000 or so.

Please give me advice, CE. Should I get a (cheap) vehicle using a line of credit? Should I try to borrow some money from people to get this truck, in addition to a line of credit? I just don't know. Give me advice.

2000????? For a truck that old? Fuck no.

Have you ever bought a used vehicle? The thing's in great shape and has relatively low mileage for that age. I've talked to some people and that's a great deal for that price.

I'm 23 in like a month and a half.
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A car loan for a 2000 dollar truck with 100k miles on it from 1996.

Wtf, everything about this screams horrible idea. If ideas could be so bad they kill, you'd have just killed this entire board.
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JAMC posted...

Timohtep posted...

I want a truck, dammit. I have an opportunity to get a 1996 Mazda b2300 with 100k miles for $2000, but the process is just too long to get an actual car loan, as any vehicle I want to get sells just way too fucking fast. So I was talking with some loan dudes at my bank, and he suggested a line of credit is a good idea.

However, I know not to be an idiot. I'm frightened that I could fuck it waaaaay up.


But I mean, it's only 2000 or so.

Please give me advice, CE. Should I get a (cheap) vehicle using a line of credit? Should I try to borrow some money from people to get this truck, in addition to a line of credit? I just don't know. Give me advice.

2000????? For a truck that old? Fuck no.

Trucks don't tend to go below that unless they don't run.
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Especially Mazda b-series/Ford Rangers. They're really nice trucks and I have seen maaaaaany with >200k miles for over 2.5 thousand
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More advice please.
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Timohtep posted...

JAMC posted...

Timohtep posted...

I want a truck, dammit. I have an opportunity to get a 1996 Mazda b2300 with 100k miles for $2000, but the process is just too long to get an actual car loan, as any vehicle I want to get sells just way too fucking fast. So I was talking with some loan dudes at my bank, and he suggested a line of credit is a good idea.

However, I know not to be an idiot. I'm frightened that I could fuck it waaaaay up.


But I mean, it's only 2000 or so.

Please give me advice, CE. Should I get a (cheap) vehicle using a line of credit? Should I try to borrow some money from people to get this truck, in addition to a line of credit? I just don't know. Give me advice.

2000????? For a truck that old? Fuck no.

Have you ever bought a used vehicle? The thing's in great shape and has relatively low mileage for that age. I've talked to some people and that's a great deal for that price.

I'm 23 in like a month and a half.

Indeed I have. Never a vehicle that old for that much, certainly.
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If you can't afford a $2000 car out of pocket, you probably shouldn't buy it. I've literally built more expensive computers.
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ChromaticAngel posted...

If you can't afford a $2000 car out of pocket, you probably shouldn't buy it. I've literally built more expensive computers.

what if he needs the car to get to work so he can make money ?
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JAMC, where do you live?
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take it to floor 100 so you can steal jet from the item god

Timohtep posted...

JAMC, where do you live?

Michigan. We have more used cars available here than anywhere on earth. Would never pay 2k for anything 20+ years old.
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ChromaticAngel posted...

If you can't afford a $2000 car out of pocket, you probably shouldn't buy it. I've literally built more expensive computers.

This with less snobbery. If you make more than minimum wage it shouldn't take you long at all to save that up. I make 11.50 and I saved up 4000 in six months. Why would you ever take out a loan or line of credit for such a small amount
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JAMC posted...

Timohtep posted...

JAMC, where do you live?

Michigan. We have more used cars available here than anywhere on earth. Would never pay 2k for anything 20+ years old.

Go look up used truck and car prices for Bellingham WA.

CirocObama posted...

How far are you away from 2 grand? Do you need this truck right now? Do you even need a truck oppose to a civic or corolla?

Kinda far. I definitely 200% want a truck. I don't necessarily need it right now. I am 1000% better at paying bills than I am at saving. I am terrible at saving.
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How much money do you make a week TC? What's your credit like?

Do you need a truck or just want one?

Because like ChromaticAngel said, you should already have at least 2k to put down before buying anything. Also, most banks won't give you a car loan on anything older than 10-15 years or less than 5k. You'd probably end up taking out a personal loan which is typically a bad idea for a car.
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Save up money so you don't need to take out a loan for a $2000 loan lol. Unless you don't have a vehicle and the purchase of the truck will directly result in making more money.
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Timohtep posted...

JAMC posted...

Timohtep posted...

JAMC, where do you live?

Michigan. We have more used cars available here than anywhere on earth. Would never pay 2k for anything 20+ years old.

Go look up used truck and car prices for Bellingham WA.

So you are willing to vastly overpay because of your location? Have you considered leasing?
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Timohtep posted...

JAMC posted...

Timohtep posted...

JAMC, where do you live?

Michigan. We have more used cars available here than anywhere on earth. Would never pay 2k for anything 20+ years old.

Go look up used truck and car prices for Bellingham WA.

CirocObama posted...

How far are you away from 2 grand? Do you need this truck right now? Do you even need a truck oppose to a civic or corolla?

Kinda far. I definitely 200% want a truck. I don't necessarily need it right now. I am 1000% better at paying bills than I am at saving. I am terrible at saving.

my suggestion to you then is lease with option to buy.

the way it works is your monthly payments added together constitute the downpayment. I don't know if companies will allow you to renew the lease several times and then add them all together, but it might be worth looking into.

At the very least, you'll end up with a nice car and your downpayment is basically taken care of and you can get a loan and buy something a little newer like a 2014 model or something.
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JAMC posted...

So you are willing to vastly overpay because of your location? Have you considered leasing?

That's generally how things go. Location is a dominant factor in prices.

Also leasing is generally a bad idea if you don't make much money (Or in general)
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itachi15243 posted...

How much money do you make a week TC? What's your credit like?

Do you need a truck or just want one?

Because like ChromaticAngel said, you should already have at least 2k to put down before buying anything. Also, most banks won't give you a car loan on anything older than 10-15 years or less than 5k. You'd probably end up taking out a personal loan which is typically a bad idea for a car.

I am currently on leave from my job for the summer, but when I work I make like 425 a week. I am currently applied to many many places for a summer job. A truck would make such a search far easier.

JAMC posted...

Timohtep posted...

JAMC posted...

Timohtep posted...

JAMC, where do you live?

Michigan. We have more used cars available here than anywhere on earth. Would never pay 2k for anything 20+ years old.

Go look up used truck and car prices for Bellingham WA.

So you are willing to vastly overpay because of your location? Have you considered leasing?

Why the fuck would I lease? A truck of that age is still extremely reliable and an mpg of 27-30 is pretty good, especially for something of that age.
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I agree wholeheartedly that I should just save, but I really really am bad at that. Like really bad. I am much much better at paying off bills.
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Drpooplol posted...

JAMC posted...

So you are willing to vastly overpay because of your location? Have you considered leasing?

That's generally how things go. Location is a dominant factor in prices.

Also leasing is generally a bad idea if you don't make much money (Or in general)

Doesn't mean you have to buy it. 2k for a 96 truck is a ripoff. Leasing is a great idea provided your commute isn't crazy.
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Timohtep posted...

itachi15243 posted...

How much money do you make a week TC? What's your credit like?

Do you need a truck or just want one?

Because like ChromaticAngel said, you should already have at least 2k to put down before buying anything. Also, most banks won't give you a car loan on anything older than 10-15 years or less than 5k. You'd probably end up taking out a personal loan which is typically a bad idea for a car.

I am currently on leave from my job for the summer, but when I work I make like 425 a week. I am currently applied to many many places for a summer job. A truck would make such a search far easier.

JAMC posted...

Timohtep posted...

JAMC posted...

Timohtep posted...

JAMC, where do you live?

Michigan. We have more used cars available here than anywhere on earth. Would never pay 2k for anything 20+ years old.

Go look up used truck and car prices for Bellingham WA.

So you are willing to vastly overpay because of your location? Have you considered leasing?

Why the fuck would I lease? A truck of that age is still extremely reliable and an mpg of 27-30 is pretty good, especially for something of that age.

You obviously wouldn't consider it, so nevermind.
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My bank can get a car loan done same day if it's dealer purchase.

Is this a private party purchase?

If so a personal unsecured loan is a valid option for such a low amount. But I would go with a closed installment loan instead of a lien of credit. The benefits being a more disciplined approach to paying it off, a fixed interest rate, and the same payment every month. Another perk is having that installment loan category on your credit report to supplement the line category (I assume you already have a credit card at least).
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CapnMuffin posted...

My bank can get a car loan done same day if it's dealer purchase.

Is this a private party purchase?

If so a personal unsecured loan is a valid option for such a low amount. But I would go with a closed installment loan instead of a lien of credit. The benefits being a more disciplined approach to paying it off, a fixed interest rate, and the same payment every month. Another perk is having that installment loan category on your credit report to supplement the line category (I assume you already have a credit card at least).

It's private. No way I could find a dealer purchase for that cheap around here. If only.

I don't have a credit card. This would be my first credit thing.
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First? Anyone going in with you? Without a co-singer it could definitely be difficult to get an unsecured loan. I'd hate to see someone put 2K on a line of credit...

But if you have the dough and can definitely force yourself to pay a few hundred per month no matter what then that's an option.
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CapnMuffin posted...

First? Anyone going in with you? Without a co-singer it could definitely be difficult to get an unsecured loan. I'd hate to see someone put 2K on a line of credit...

But if you have the dough and can definitely force yourself to pay a few hundred per month no matter what then that's an option.

Yep, first. I have the credit for it alone, actually. Already approved for the line, at 2500.
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Both of my parents think it's a fine idea.

I want more opinions, CE
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Set up a second account charge yourself x money/month that gets paid to that account. Get 2k in that account, buy a truck.
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