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09-28-2012, 10:23 AM | #45 |
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09-28-2012, 10:44 AM | #46 |
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09-28-2012, 02:25 PM | #48 | |
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A 2% loan isn't "that great" huh You haven't a clue |
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09-28-2012, 02:38 PM | #49 |
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i got 0% on my dodge ram 2500, so no, it really is not that great. it is all relative. a no-risk real estate investment -- sure........................i'll stick with my mutual funds.
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09-28-2012, 02:43 PM | #50 | |
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WHAT'S UP NOW?! Stop trolling.
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09-28-2012, 02:47 PM | #51 |
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you could also lease
3 year lease on a new M3 will still be over 30k though lol
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09-28-2012, 03:34 PM | #52 |
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09-29-2012, 06:12 AM | #54 | |
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I called PenFed today and they said it's because I don't have a long enough "credit history," and nothing to do with past delinquency. I think they just wanted to get me off the phone. I guess I have no choice but to be patient! The good thing is I've decided the M3 I found wasn't the ideal set up in terms of colors or options, so at least this gives me more time to find a more fitting arrangement! Thanks for the tips everyone! |
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09-29-2012, 11:14 AM | #56 | ||
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09-29-2012, 11:15 AM | #57 |
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125k and just graduated? Are you living in SF proper or one of the outlying areas? If it is the former I bet that had some play on why they would not loan you the money.
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09-29-2012, 12:03 PM | #58 |
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09-29-2012, 12:35 PM | #59 | |
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09-29-2012, 01:24 PM | #60 | |
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That makes sense, I didn't think it had to do with income or a couple blemishes on your report. Credit depth can be a pain to get around. I would still be surprised if you couldn't be financed through a dealer, but the rate will be higher. Given your income and the fact that rates are crazy low anyways, if it were me I would get financed through the dealer and refinance in a year. It's doubtful rates are going anywhere and you are essentially adding a few thousand dollars to the price of the car, but thats pretty much it. Given a choice between paying an extra few thousand and waiting a year for the M3, I'd go for the car. But that could be just because I've been looking for the perfect M3 in my area for the last 3 months and I'm getting impatient! |
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09-29-2012, 11:25 PM | #61 |
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This is a smart man!!!!!! Lol
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09-30-2012, 01:38 PM | #62 | |
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I was waiting for all the financial guru's here to eat crow. Why is it every time someone comes here for financial advice all these idiots tell that person that they can't afford it, or how they pay cash. If you guys were truly financially savvy you would leverage by borrowing at low interests rates so that your money wouldn't be tied up on one thing. 125k a year with zero obligations he can drive a Porsche if he likes. I guarantee that if you pay cash for everything as the idiots have suggested, you will never have an ounce credit. Learn what Donald Trump learned the hard way, always use money that isn't yours to get the deal done. And never borrow what you don't have the ability to repay. |
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09-30-2012, 02:55 PM | #63 | |
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09-30-2012, 03:18 PM | #64 | |
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You can't build credit paying cash. Open a few secured credit cards with a few hundred in each account and pay on time, credit will improve. Get another lender for M3 auto loan, make timely payments and credit will improve. The whole banking industry works on leverage. Your auto or mortgage loan is given to you when the lender often times only has 10% of the loan amount in reserve. In other words banks leverage themselves by lending money they don't have, even they don't have the cash. I guess Steve jobs should of waited till he had the cash and not pursued Apple via venture capital money either. |
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09-30-2012, 08:04 PM | #65 | |
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I think it's better to get advice on not to do it, than from idiots like you telling people they are fine without looking at the true finances and telling him he can afford a new 911. You sound like mortgage lenders of the 2000's. He just graduated college and getting his first paycheck so he wants to get himself a bad ass car. I understand that, but having a bad-ass car and not being able to fill it up or move out of Mom's house isn't very bad-ass.
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09-30-2012, 08:25 PM | #66 |
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720 probably means one late payment over the last 7 years. Anyone can make a simple error without it being systematic.
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