I Think I Have Made A Desicion

[SW03ES]

Army- nc211 has a point. 6.75% is a very good rate on a car that old, unless you have a cosigner with excellent credit you're not going to get that rate, you're going to be closer to 9% probably and thats assuming interest rates stay where they are.

My fiance's Prius is 9% and its brand new, AND her dad cosigned on it and he has tier 2 credit.

Honestly, I wouldnt spend that money on a car which you're not doing, you're using some as a down and financing the rest which is smart. I'd use the bulk of that money as a nest egg to maybe get into a house or something here at some point. Using that money to buy a car is like pouring it down the toilet, its best to seize the opportunity and really put it to good use.

[ArmyofOne]

Army- nc211 has a point. 6.75% is a very good rate on a car that old, unless you have a cosigner with excellent credit you're not going to get that rate, you're going to be closer to 9% probably and thats assuming interest rates stay where they are.

My fiance's Prius is 9% and its brand new, AND her dad cosigned on it and he has tier 2 credit.

Honestly, I wouldnt spend that money on a car which you're not doing, you're using some as a down and financing the rest which is smart. I'd use the bulk of that money as a nest egg to maybe get into a house or something here at some point. Using that money to buy a car is like pouring it down the toilet, its best to seize the opportunity and really put it to good use.

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oh i totally agree, i also have a nest egg already. but we can get into that offline or in PM's.

my dad has nearly perfect credit. he could go get a loan on a ferrari tommorrow and still be approved at 5.9%. i can probably get it too. but even with 9%, it wont kill me.

exactly my point about financing though, i have a window here, and im going to take it. i will still have half or maybe more to throw into my IRA with my other 20K i have in there.

You make a valid point, but i have to start somewhere, and a 9% interest rate iwll only raise the payments what, $35 a month.

[ArmyofOne]

Army- nc211 has a point. 6.75% is a very good rate on a car that old, unless you have a cosigner with excellent credit you're not going to get that rate, you're going to be closer to 9% probably and thats assuming interest rates stay where they are.

My fiance's Prius is 9% and its brand new, AND her dad cosigned on it and he has tier 2 credit.

Honestly, I wouldnt spend that money on a car which you're not doing, you're using some as a down and financing the rest which is smart. I'd use the bulk of that money as a nest egg to maybe get into a house or something here at some point. Using that money to buy a car is like pouring it down the toilet, its best to seize the opportunity and really put it to good use.

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oh i totally agree, i also have a nest egg already. but we can get into that offline or in PM's.

my dad has nearly perfect credit. he could go get a loan on a ferrari tommorrow and still be approved at 5.9%. i can probably get it too. but even with 9%, it wont kill me.

exactly my point about financing though, i have a window here, and im going to take it. i will still have half or maybe more to throw into my IRA with my other 20K i have in there.

You make a valid point, but i have to start somewhere, and a 9% interest rate i wll only raise the payments what, $35 a month.

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Here is another one, 1997, 89K miles (notsure if service done, that would be a req'ment), gold withbeige interior cost: $13,990 +895 for extended servic warranty so $14,890. at 10% interest rate, my payments would be $187.43 a month for 48 months. If i drop it to 36 months, the payment will be $238 which is still doable.

matt, you want to talk abotu a floaty ride, my ES had it.

you could turn the steering wheel with less than 3 lbs of pressure from the pinky, all the way around. even after the wreck.

[Transit921]

get another es250 u have a lot of stuff u can switch into ur new es50 , i seen ur car on lexuslovers.com , i have the one wth the horizontal view on the street as my wallpaper on my computer , my car looks the same

[SW03ES]

Oh no, the interest rate doesnt make THAT much difference. Even your dad would be hard pressed to get 5.9% on a loan for a used car. Used car loans have higher interest rates, sometimes by as much as 1% because they're riskier for the bank, there being a chance that the bank wont get what you owe back out of that. A downpayment helps, but not that much.

If you didn't have enough credit to get a cell phone without a deposit then you wont be able to get 5-6% on your own even on a new car unless you have a connection somewhere. Thats just how it is.

[ArmyofOne]

get another es250 u have a lot of stuff u can switch into ur new es50 , i seen ur car on lexuslovers.com , i have the one wth the horizontal view on the street as my wallpaper on my computer , my car looks the same

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I dont have TIME. i leave in 8 days (7 now) for active duty. thats barely enough time to get rid of the car i have. i am speaking in terms of when i get back, 6 months or maybe even longer.

Im not getting another ES250. why bother?

steve i know. i wont get it on my own, my parents will cosign for me. i didnt want them to before, because at motorola i could be laid off at any time. My dad most certianly doesnt have a hard time getting used car loans, TRUST me. we have connections in the business. :)

[98es]

Army- Are you not able to get the USAA loan? I just sold my mom's 2003 accord to one of my best friends about to go into the army. I think he's going to be an officer though and he's already signed, maybe that's the difference. Anyways, he got 3.5% financing with NO credit, no down payment, they just used his future income as the basis for the loan. He's able to defer the payments up to one year too. But I guess keep in mind that this was a 03 with only 17k miles, so my guess is it still qualified for new car financing, but still. I would check USAA if you haven't already since you're in the service. Good luck.

[SW03ES]

I was going to suggest that too

[ArmyofOne]

Army- Are you not able to get the USAA loan? I just sold my mom's 2003 accord to one of my best friends about to go into the army. I think he's going to be an officer though and he's already signed, maybe that's the difference. Anyways, he got 3.5% financing with NO credit, no down payment, they just used his future income as the basis for the loan. He's able to defer the payments up to one year too. But I guess keep in mind that this was a 03 with only 17k miles, so my guess is it still qualified for new car financing, but still. I would check USAA if you haven't already since you're in the service. Good luck.

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Thats a very good point. I forgot about the USAA loan. I doubt ill get 3.5% but i can get 5% possibly, but maybe not on a 7 year old car.

SADLY, i may have to look into american made. i just dont feel like being upside down on a car for the next 10 years. if i buy a used LS, the value has already dropped substantially. If i buy, say a new mustang GT, 30K value will immeadiately become $24k when i drive it fof the lot, but i will still owe $30K. on a used LS, I Put down $7500, Finance the rest, then i have a low payment and im driving a car that wont be broken in 6 months. and i only owe $6K-$7k...The LS just seems liek the smartest move, becuase i know that if tis taken care of, it can literally last FOREVER.

[ArmyofOne]

anybody have a connection in the insurance business? I guess Im high Risk now...

My 6 month Policy at Geico is $2,757.80. thats full coverage, with $1,000 deductibles on collision and comprehensive, and state minimums on everything else, no rental reimbursement and no roadside assistance...(ill get AAA for that i suppose).

so $659 for the first installment, then for every 30 days after that its $389. this is on a 1997 Lexus LS400.

[SW03ES]

Ins dont help you with insurance. Even if you know an adjuster they can only write you what their company's underwriters will allow.

[ArmyofOne]

Ins dont help you with insurance. Even if you know an adjuster they can only write you what their company's underwriters will allow.

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ouchies...

thats pretty bad when insurance is more than the car note LOL.

looks like USAA will be beating that by over $500, good to know.