PenFed only gave me $30K for a loan, advice on getting the rest?

[Team Plutonium]

^ OP has credit problems, bank #1 will give him only $30K (hence the thread), so yes, OP is not really in the market for an M3.

[PhillyNate]

Originally Posted by truths2k05

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.

I hate to say it but WELL SAID.

[truths2k05]

Originally Posted by Team Plutonium

^ OP has credit problems, bank #1 will give him only $30K (hence the thread), so yes, OP is not really in the market for an M3.

Insufficient length of credit history or not enough open lines of credit with a 720 is not a negative credit rating. It means he has to open more lines of credit little by little and make good on them. Find another lender and try again so that you can build your credit, ignore the naysayers as they know zilch about credit and how it works.

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.

[Team Plutonium]

Originally Posted by truths2k05

Insufficient length of credit history or not enough open lines of credit with a 720 is not a negative credit rating. It means he has to open more lines of credit little by little and make good on them. Find another lender and try again so that you can build your credit, ignore the naysayers as they know zilch about credit and how it works.

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.

I don't argue with you how one establishes credit, but OP stated that he has past or present delinquencies on the credit report... sounds to me he has to learn to pay his bills on time before committing to a $60K+ loan.

[Maloney]

Originally Posted by truths2k05

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.

Who has no obligations? Also, do not forget he lives in San Francisco, which the median home costs $775,000. If he purchased the median home, he would commit $4000 per month of his $6,771 monthly take home pay. Let's say he buys a $50,000 M3 on top of that, just to have have a median home and an M3 he is committing to $4865.00 per month in bills. Now he has to insure the car, assuming since he just graduated college, 23 Y/O male in an M3, so his rate would be anywhere from $150 to $200 per month. This leaves him with $1700 to survive every month. I'm not saying buying a home is a great investment, but some sort of shelter is necessary in life.

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.

[konaforever]

Originally Posted by Team Plutonium

I don't argue with you how one establishes credit, but OP stated that he has past or present delinquencies on the credit report... sounds to me he has to learn to pay his bills on time before committing to a $60K+ loan.

720 probably means one late payment over the last 7 years. Anyone can make a simple error without it being systematic.

[alms211]

Originally Posted by surlynkid

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.

First off, you'd have to pay ME to drive a fcuking Dodge Ram...there's a reason this sh!t has 0% interest tied to it from the manufacturer.

Having said that, if you think a 2% interest rate isn't "that great", you're dumber than I already think you are. Seriously, borrowing money for 4-5 years at 2% isn't "that great"??

Where did I say there was no risk in the real estate investment? You think there is no risk in your mutual fund?

[truths2k05]

Do ED and finance through bmwfs, as long as your DTI makes sense.

[truths2k05]

Originally Posted by Maloney

Who has no obligations? Also, do not forget he lives in San Francisco, which the median home costs $775,000. If he purchased the median home, he would commit $4000 per month of his $6,771 monthly take home pay. Let's say he buys a $50,000 M3 on top of that, just to have have a median home and an M3 he is committing to $4865.00 per month in bills. Now he has to insure the car, assuming since he just graduated college, 23 Y/O male in an M3, so his rate would be anywhere from $150 to $200 per month. This leaves him with $1700 to survive every month. I'm not saying buying a home is a great investment, but some sort of shelter is necessary in life.

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.

The reason why I said zero obligations is that I would look at any additional obligations besides the cost of the car and the cost of maintaining it as detrimental towards his decision to acquire it.

By the way have you ever heard about renting? Roommates? Money saved up?
I'm not the idiot that placed him in a 3/4 million house just for arguments sake.
I am not the sort of person that would even consider a house an investment right now. Mortgage+hazard insurance+equity loss+taxes+upkeep+possible homeowners association fees................do you get the point.

[surlynkid]

Originally Posted by alms211

First off, you'd have to pay ME to drive a fcuking Dodge Ram...there's a reason this sh!t has 0% interest tied to it from the manufacturer.

Having said that, if you think a 2% interest rate isn't "that great", you're dumber than I already think you are. Seriously, borrowing money for 4-5 years at 2% isn't "that great"??

Where did I say there was no risk in the real estate investment? You think there is no risk in your mutual fund?

so you just drive your M3 to the track, change tires there, and sweat your ass off? how do you get it home when you crash it or blow the motor? sorry - did that with SCCA 20 years ago. got smart. the cummins can pull a pair of M3's to the track. it serves a specific purpose that will not happen without a big diesel. i guess you stick your race tires in your back seat.

more risk in that real estate than my mutual funds.

sorry you folks just cannot understand that some people with credit scores over 800 and plenty of disposable income just buy cars with cash. at 0%, sure i'll take your money. anything else is just a hassle. they have my title, if it is wrecked, the check for repair is co-written, etc.

[alms211]

Originally Posted by surlynkid

so you just drive your M3 to the track, change tires there, and sweat your ass off? how do you get it home when you crash it or blow the motor? sorry - did that with SCCA 20 years ago. got smart. the cummins can pull a pair of M3's to the track. it serves a specific purpose that will not happen without a big diesel. i guess you stick your race tires in your back seat.

more risk in that real estate than my mutual funds.

sorry you folks just cannot understand that some people with credit scores over 800 and plenty of disposable income just buy cars with cash. at 0%, sure i'll take your money. anything else is just a hassle. they have my title, if it is wrecked, the check for repair is co-written, etc.

No, my buddy drives a F450 Super Duty and trailers his E36 M3 track car. I load my tires/wheels etc. in his rig. Or if I go solo my wife drives the X5 or 4Runner with my track wheels/tires. Sweat your ass off changing 4 wheels? Takes about 15 minutes.

Im just busting your balls re: Dodge Ram truck. I just dont want to fool with a trailer, etc.

Take your mutual fund. I'll take my Walgreens long term NNN leased property.

I fully understand those with disposable income/cash to buy a car outright. I've done it myself ------when interst rates were above 5%.

[fongpi]

Originally Posted by fuzzybam

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.

SF Proper

Originally Posted by Maloney

When are you moving out of your parents?

Already out!

Originally Posted by LarThaL

Part of the purpose in getting a used car is to get something that one can afford without stretching it. Sounds like you are stretching it. It's one thing if one is poor and is taking a loan to get a used car just to provide basic transportation. This is something done out of genuine need. But to take out a hefty loan to buy a used M3? Sounds like you should be looking at a different car.

You must be ballin'

Originally Posted by truths2k05

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.

Thanks for understanding!

Originally Posted by Team Plutonium

Paying cash, or financing... it doesn't really matter to this thread. OP can't afford an M3 - it's that simple. If you have an issue finding the money to lease or buy a car you should be shopping in a different price class. No shame in that.

You won't be able to enjoy the M3 if you have to stretch yourself in order to be able to afford it. Buy a GTI, or a 135i and enjoy that car, and sleep well at night.

Just wait... I'm 40 and clearly in the older percentile on this board, but I often feel that younger folks have the need to reach higher when it comes to cars, watches, toys, etc... than our generation did. If the last 12 years taught us anything it is to get out of debt ASAP, and then buy the toys.

Just my 2 cents...

I don't have any debt, that's the part of not having credit history. You see, you have debt and pay it off over time to grow your credit.

[fongpi]

Originally Posted by Maloney

Who has no obligations? Also, do not forget he lives in San Francisco, which the median home costs $775,000. If he purchased the median home, he would commit $4000 per month of his $6,771 monthly take home pay. Let's say he buys a $50,000 M3 on top of that, just to have have a median home and an M3 he is committing to $4865.00 per month in bills. Now he has to insure the car, assuming since he just graduated college, 23 Y/O male in an M3, so his rate would be anywhere from $150 to $200 per month. This leaves him with $1700 to survive every month. I'm not saying buying a home is a great investment, but some sort of shelter is necessary in life.

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.

I just finished grad school,not undergrad. Although I just say, you must think pretty highly of me if you think that I can make this out of undergrad

[surlynkid]

Originally Posted by alms211

No, my buddy drives a F450 Super Duty and trailers his E36 M3 track car. I load my tires/wheels etc. in his rig. Or if I go solo my wife drives the X5 or 4Runner with my track wheels/tires. Sweat your ass off changing 4 wheels? Takes about 15 minutes.

Im just busting your balls re: Dodge Ram truck. I just dont want to fool with a trailer, etc.

Take your mutual fund. I'll take my Walgreens long term NNN leased property.

I fully understand those with disposable income/cash to buy a car outright. I've done it myself ------when interst rates were above 5%.

MD might not be hot enough to sweat, but Houston sure is. The trailer has to also do double duty to haul the rock crawler 4x4 toys. Sometimes double low from dual transfer cases is just the right speed. Slower can be better. Not much room for these tires on your F-450.

[alms211]

Pretty sweet^^^^

[335(EX)(EYE)]

Originally Posted by fbmbirds

Usaa 1.20% Apr

+2

[SamS]

For 1.20% at USAA, don't you have to use their car buying service? Otherwise it seems to be 1.45%. You save the .25% on new, via the service. Seems like the service gives decent prices, ~$1500-2000 over invoice for the few models I built. Not spectacular, but not too bad. And you get $1500 automatically off for USAA member, so that puts you close to invoice price.