Buying an Evo with CASH
Jun 11, 2004, 05:54 PM
#62
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gentleman i have to sign off for the night to do my closing work before 9 but i will be back on first thing tomorrow morning. Moviemadness if you get a chance please give me a call tomorrow at 434-220-8823 if you cant reach me leave a message and ill call you back asap im here from 9 till 6. I look forward to talking to you guys again soon good night
Jun 11, 2004, 08:09 PM
#63
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If your going to put $20K down, why not just hold out and save another $10K so you can buy an Evo cash and not worry about getting a bank or financing involved. Im letting you know right now, your a dealerships dream for getting your ******* widened 100' in financing.
It will be alot less expensive in the longrun.
It will be alot less expensive in the longrun.
Jun 11, 2004, 09:53 PM
#65
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Moviemadness, if you really want to get your credit straight go to your local credit union, open an account with the $$$ you have. They will open the account for you with that kind of cash. Most of the credit unions also offer financing that is less than you would pay at a typical bank or dealership. They also tend to be a lot easier to deal with if you are a member. With a large amount of $$$ in their accounts they will usually finance you at a good rate and you won't have to worry about any dealer mark-ups on the finance side of things.
Jun 12, 2004, 07:26 AM
#66
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"if you want to pay outright for a car buy an RS and we can have a stereo put in for you and with 30k you dont have to worry about payments, just another option because those are availible to but only in red and white"
-> I want a black one with the option package.
"If your going to put $20K down, why not just hold out and save another $10K so you can buy an Evo cash and not worry about getting a bank or financing involved. Im letting you know right now, your a dealerships dream for getting your ******* widened 100' in financing.
It will be alot less expensive in the longrun."
->dude I have no idea what you just said.
"my evo was paid in full.... a little under 30k out the door........"
->what was your method of payment?
"Moviemadness, if you really want to get your credit straight go to your local credit union, open an account with the $$$ you have. They will open the account for you with that kind of cash. Most of the credit unions also offer financing that is less than you would pay at a typical bank or dealership. They also tend to be a lot easier to deal with if you are a member. With a large amount of $$$ in their accounts they will usually finance you at a good rate and you won't have to worry about any dealer mark-ups on the finance side of things."
->so open up an account with the car money, get a loan, and just pay it off right away?
-> I want a black one with the option package.
"If your going to put $20K down, why not just hold out and save another $10K so you can buy an Evo cash and not worry about getting a bank or financing involved. Im letting you know right now, your a dealerships dream for getting your ******* widened 100' in financing.
It will be alot less expensive in the longrun."
->dude I have no idea what you just said.
"my evo was paid in full.... a little under 30k out the door........"
->what was your method of payment?
"Moviemadness, if you really want to get your credit straight go to your local credit union, open an account with the $$$ you have. They will open the account for you with that kind of cash. Most of the credit unions also offer financing that is less than you would pay at a typical bank or dealership. They also tend to be a lot easier to deal with if you are a member. With a large amount of $$$ in their accounts they will usually finance you at a good rate and you won't have to worry about any dealer mark-ups on the finance side of things."
->so open up an account with the car money, get a loan, and just pay it off right away?
Jun 12, 2004, 07:29 AM
#67
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[QUOTE=Scottybob]Lucky dog. My first car was a Datsun F10, quite possibly the uglyest car ever made. (this pic doesnt do it justice, it was much worse)
actually it was only a drive, not ownership; it was my ex's car. haha
actually it was only a drive, not ownership; it was my ex's car. haha
Jun 12, 2004, 09:32 AM
#70
Okay, if I were you, this is what I would do.
1. Take your money and go to a bank you trust. Open up a savings account with the highest interest rate. But whatever you do, make sure your account is FDIC insured. Sometimes your bank will promise you aggressive returns in money market accounts that may not be FDIC insured. What they do is basically day-trade with your money. So don't let them do that. Get the highest yield savings account.
Usually they have a minimum balance to hold such an account without fee, but with your balance it should not be a problem.
2. Go pick your favorite car and negotiate the final sale price. If they ask you cash or finance, tell them it shouldn't matter. Just negotiate the price and let you figure out how to pay for it later.
3. When the final price is done, go to the finance person and apply for a loan. They'll try to sell you a bunch of loan insurance that will cost only a few more bucks a month. Since you have enough cash to buy the car outright, you should decline all the loan insurance. Tell them you want just a straight up loan with no extra.
With your balance in the bank, you should have no problem securing a loan. Now you can shop around to get the best rate. The dealer will be the easiest place to get a loan, but they may not offer the best rate. But if you don't want to mess around just take the factory financing.
I recommend that you extend the loan out as far as they'll let you, usually 5 or 6 years. Tell them you want the minimum down to get the loan approved.
Make sure there's no early payment penalty.
4. After you make the down payment, take delivery of the car. Now make sure you pay the monthly payments on time.
5. After 6 months or a year, consider paying off your entire balance. Just make sure you don't spend your money somewhere else, like modding the car
If you can pull it off, your credit will be excellent after you pay off that loan. You'll spend maybe a few hundred more than you would if you paid it off at once, but you won't have good credit if you do. Building your credit takes a lot of time and effort.
Another good way to build your credit is to take out some credit cards. Spend about $50, and pay off the balance immediately. Then put the credit card away and never touch it again. This will build up your creditworthiness.
Not a good way, however, if you don't have self-control
1. Take your money and go to a bank you trust. Open up a savings account with the highest interest rate. But whatever you do, make sure your account is FDIC insured. Sometimes your bank will promise you aggressive returns in money market accounts that may not be FDIC insured. What they do is basically day-trade with your money. So don't let them do that. Get the highest yield savings account.
Usually they have a minimum balance to hold such an account without fee, but with your balance it should not be a problem.
2. Go pick your favorite car and negotiate the final sale price. If they ask you cash or finance, tell them it shouldn't matter. Just negotiate the price and let you figure out how to pay for it later.
3. When the final price is done, go to the finance person and apply for a loan. They'll try to sell you a bunch of loan insurance that will cost only a few more bucks a month. Since you have enough cash to buy the car outright, you should decline all the loan insurance. Tell them you want just a straight up loan with no extra.
With your balance in the bank, you should have no problem securing a loan. Now you can shop around to get the best rate. The dealer will be the easiest place to get a loan, but they may not offer the best rate. But if you don't want to mess around just take the factory financing.
I recommend that you extend the loan out as far as they'll let you, usually 5 or 6 years. Tell them you want the minimum down to get the loan approved.
Make sure there's no early payment penalty.
4. After you make the down payment, take delivery of the car. Now make sure you pay the monthly payments on time.
5. After 6 months or a year, consider paying off your entire balance. Just make sure you don't spend your money somewhere else, like modding the car
If you can pull it off, your credit will be excellent after you pay off that loan. You'll spend maybe a few hundred more than you would if you paid it off at once, but you won't have good credit if you do. Building your credit takes a lot of time and effort.
Another good way to build your credit is to take out some credit cards. Spend about $50, and pay off the balance immediately. Then put the credit card away and never touch it again. This will build up your creditworthiness.
Not a good way, however, if you don't have self-control
