Lest the original poster misunderstand, it has always been first and foremost my goal to help the original poster accomplish the goal as posed in their first post. I make no judgement about whether the loan is suitable or not, nor do I presume to offer money management advice in this forum.
Unless the original poster asks otherwise.
Those other opinionated posts belong in another forum, that is far less narrowly focused than this forum, or perhaps more suited on the MSN fight club money board.
But not here.
Do we have a prayer?
Started by
olemanwinter
, Mar 20 2012 05:47 PM
26 replies to this topic
#27
Posted 06 May 2012 - 05:38 PM
Please don't take this as a troll post. And congrats on the new car! My concern would be others in a credit situation like yours, reading this and doing the same thing.
I really hope buying a brand new car was 100% a need and not a want. But as your kept looking at higher trim levels, I am not to sure. All the options you just paid for, are 21% more expensive now.
I will leave it at this, if you are going to buy a car at an extremely high interest rate, get the cheapest, most reliable car as possible. Also get something that holds it he highest resale value (remember at 20%+ interest rate, unless your are doubling your payment, it will take a long, long time before you make even a small dent in the principle). KIA's are getting better with their resale, but still have a long way to go. Not a knock against KIA at all (I own a 2011 Hyundai Tuscon). Oh and the mind set of "I can just refinance in a year", all I will say is good luck! At a sub 500 credit score, you need to be doing more than just paying on the car loan. Maybe a secured credit card, and of course making sure there are no errors on your CR, and if there are taking the proper steps to correct them.
Anyways, congrats on the car, hope you enjoy it, and everything works out for you!
All good thoughts and ideas - but again it has nothing to do with the "can we get approved" question. If they were asking for advice or seemed truly lost (like some other posts a bit further down in this forum), then your points are completely valid. However, the OP wasn't looking for that kind of input, and even if they were, posting after the deal is finalized is too little too late. Hopefully other posters with similar situations will post their own unique conditions and questions and not just assume it's one size fits all.
I just hope the OP hangs around for a while. This thread is not indicative of the kind of help many people receive on CB.
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