Need some financial advice!

[DiamondGCoupe]

Salary isn't everything in a car loan, I actually got approved by sending a copy of my college diploma/grades and law school acceptance letter since this was my first car in my name I just didn't have the credit history. I ended up not even needing proof of income and even have them lower my APR! When you don't have a history of car credit, it's hard to build a profile of a person.

I kind of wish I would have taken the higher rates two years ago when I got my Infiniti to avoid this kind of problem but my dad practically got 0% financing based on his income/credit so that was hard to pass up.

[dimabimmer]

Credit crunch has been insane! I think BMWFS is into picking up cash upfront... My frist lease 2007 335i they wanted $10k down (on lease!!!)...ok, I went for it...since it was to reduce monthly payment, for 3 years made payments on time (almost on time) and I owed them $0.00 at the end of lease...., the second time around they wanted $20k down on a lease! for an M3....wow... I would much rather buy gold,-best bet in these shaky economic times...

[red998]

^^wow that is crazy for a dp.
i m working on 09s. lets see if magic can happen. I would double up on payments but....
gotta buy a place(yes i will finance that too, i don t have 300K to drop i know someone said how people live off of financing in america and how sad it is)
also getting married in the near future. this is my only chance to get it. very narrow window fellas, know what i mean?
hypothetically i can double up but i don t know how much that would change things. or do u mean the monthly payments go down? i know there is no penalty on paying it off early.

[DiamondGCoupe]

Dude if you're getting married AND planning on buying a place in the next 6-12 months, last thing you need is a $1200 car payment. Don't do it. For you AND your families sake.

[red998]

nope 6-12months time period. a lot more than that, but u r right if it were 6-12 then i would not be looking at M's.

[e46e92love]

Originally Posted by Panda///Monic

If you can't buy it outright you can't afford it. I hate how this country runs on credit

Too many people living a life they cant/shouldn't be financing

Really? So if someone doesn't have 70k cash, they can't afford the car? So I guess you paid for your car(s) and house with cash?

Bottom line is, yes people in this country live beyond their means, but someone making 200k a year could afford an //M with no worries at all, but they still may not have 70k laying around.

Cheers,
e46e92

[mazda3ndp]

you might be ok with spending 1200 a month now on an M3 but in 3-4 years your going to hate paying that much for 3-4 year old car. Personally I only buy things in cash... or cash and small loan which I will pay off much faster (3-6months) than the expected 36/48/60 months. trust me man....

[jaiman]

Originally Posted by Panda///Monic

If you can't buy it outright you can't afford it. I hate how this country runs on credit

Too many people living a life they cant/shouldn't be financing

Since we are throwing out stupid lines, how about "Anyone who pays cash for a car lacks financial savvy"

[DiamondGCoupe]

I have the best of both worlds, I put half the car down and am financing the rest lol

But back to the OP - there will be plenty of time in life to have fun and buy this car, I would never consider buying a new car just as I am about to get married regardless of my income. It's not something you want holding you back from anything. Think like a man, and think about your future wife (and someday children) the money will be better spent elsewhere!

[CSanto]

Originally Posted by jaiman

Since we are throwing out stupid lines, how about "Anyone who pays cash for a car lacks financial savvy"

+1
My investments -tax do better than the interest on my auto loan.

[Kyoshi71]

Originally Posted by oneginee

Very simple.

This car is not for you. You can not afford it. Go and buy another cheap truck. Too many people in this country are living on money they don't have. Again very simple this car is not in your budget. reality check.

Brilliant advice. Probably valid for most on this board.
How often do you hear:

..."I just got out of high school and..."
..."I just graduated college and..."
..."I just lost my job BUT..."
..."I just made an extra $250 on the sale of my Civic, so..."

[artifice]

Kind of smells like a pissing contest is in pursuit.

[red998]

steeewwpid lines:
should i get m3 or 135i with sport package?
m3 vs dodge challenger- lmao

[quality_sound]

Originally Posted by red998

^^wow that is crazy for a dp.
i m working on 09s. lets see if magic can happen. I would double up on payments but....
gotta buy a place(yes i will finance that too, i don t have 300K to drop i know someone said how people live off of financing in america and how sad it is)
also getting married in the near future. this is my only chance to get it. very narrow window fellas, know what i mean?
hypothetically i can double up but i don t know how much that would change things. or do u mean the monthly payments go down? i know there is no penalty on paying it off early.

Your payments won't go down but what will happen is you'll be paying the principal off faster. With less principal to calculate the amount of interest the amount of interest shrinks as well. But because your payments stay the same you simply pay the lan off sooner and save a lot of money in interest.

Follow the link below and it'll show you in numericals terms what I'm saying. it'll make way more sense then. I didn't get it until I looked at it like that.

http://www.bankrate.com/calculators/...alculator.aspx