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-   -   Daca-friendly banks for auto loan? (http://dreamact.info/forum/showthread.php?t=76122)

JohannBernoulli1667 02-25-2017 01:37 AM

Re: Daca-friendly banks for auto loan?
 
I see, 220 a month seems like a lot for a dreamer. I mean ultimately you decision. But you should think it through. Debt is no fun.

I make 90k and I won't buy a car if I cannot pay cash for it.

I understand your situation but try to get a car that is no more than 8000k sticker price.

You will thank yourself in the end.

natalia1 02-25-2017 01:50 AM

Re: Daca-friendly banks for auto loan?
 
Quote:

Originally Posted by JohannBernoulli1667 (Post 606292)
I see, 220 a month seems like a lot for a dreamer. I mean ultimately you decision. But you should think it through. Debt is no fun.

I make 90k and I won't buy a car if I cannot pay cash for it.

I understand your situation but try to get a car that is no more than 8000k sticker price.

You will thank yourself in the end.

I guess you're right. I told them I would think about it and give them a response on Monday. Thanks for the advice:)

FLDreamerrr 02-25-2017 05:49 AM

Re: Daca-friendly banks for auto loan?
 
Yeah it's a struggle . I pay 450 a month plus 300 for insurance

texaskid 02-25-2017 05:57 AM

Re: Daca-friendly banks for auto loan?
 
Quote:

Originally Posted by JohannBernoulli1667 (Post 606292)
I see, 220 a month seems like a lot for a dreamer. I mean ultimately you decision. But you should think it through. Debt is no fun.

I make 90k and I won't buy a car if I cannot pay cash for it.

I understand your situation but try to get a car that is no more than 8000k sticker price.

You will thank yourself in the end.

I do agree with the pay cash part, though if you want to build your credit file, getting a loan and paying whatever interest on it might pay off in the long run when you get lower rates on mortgage/loans later in life. Pretty much the only reason I ended up getting a loan
(trying to be positive that we'll still be here)

JohannBernoulli1667 02-25-2017 12:33 PM

Re: Daca-friendly banks for auto loan?
 
Quote:

Originally Posted by natalia1 (Post 606296)
I guess you're right. I told them I would think about it and give them a response on Monday. Thanks for the advice:)

No problem :)


If you want to build credit then do it buying a cheaper car, going through a credit union but do not buy from a dealership! Do private.


You could do this:

This is how I buy cars:

Look for a private seller

If you do not have cash, use a credit union, the credit union will give you a loan even if you are buying from a private seller. Just find a car with low miles that is affordable and well taken care of through a private seller. You can ask for the carfax to see the maintenance history and also to make sure that it has not been crashed.

Dealerships are just there to rip you off.


I can guarantee you that you will feel very happy with your purchase. The fact that you will drive a car you can afford is a piece of mind.

natalia1 02-25-2017 03:53 PM

Re: Daca-friendly banks for auto loan?
 
Quote:

Originally Posted by JohannBernoulli1667 (Post 606325)
No problem :)


If you want to build credit then do it buying a cheaper car, going through a credit union but do not buy from a dealership! Do private.


You could do this:

This is how I buy cars:

Look for a private seller

If you do not have cash, use a credit union, the credit union will give you a loan even if you are buying from a private seller. Just find a car with low miles that is affordable and well taken care of through a private seller. You can ask for the carfax to see the maintenance history and also to make sure that it has not been crashed.

Dealerships are just there to rip you off.


I can guarantee you that you will feel very happy with your purchase. The fact that you will drive a car you can afford is a piece of mind.

Will definitely keep this in mind, thanks! :)

brz09tls 02-26-2017 04:07 PM

Re: Daca-friendly banks for auto loan?
 
Quote:

Originally Posted by FLDreamerrr (Post 606306)
Yeah it's a struggle . I pay 450 a month plus 300 for insurance

You are getting shafted. Why pay the BANK for something that you can just save and pay NO interest on? If you save the money and wait, you won't have to give YOUR money to the bank at all. Plus the car will be yours, not the bank's.

Research better ways to afford a car, they are out there even for those with less than decent credit. My opinion, along with others on this thread, is that you should pay cash for a car that you can actually afford.

If you really want a nicer car, wait until you can afford it by saving every month and paying most of it (or all) up front. Peace of mind. But i get it this is not the mindset of most people.

FLDreamerrr 02-26-2017 08:40 PM

Re: Daca-friendly banks for auto loan?
 
Quote:

Originally Posted by brz09tls (Post 606492)
You are getting shafted. Why pay the BANK for something that you can just save and pay NO interest on? If you save the money and wait, you won't have to give YOUR money to the bank at all. Plus the car will be yours, not the bank's.

Research better ways to afford a car, they are out there even for those with less than decent credit. My opinion, along with others on this thread, is that you should pay cash for a car that you can actually afford.

If you really want a nicer car, wait until you can afford it by saving every month and paying most of it (or all) up front. Peace of mind. But i get it this is not the mindset of most people.

The interest Igor through Suntrust is between 3-4% which I understand is something but I plan to buy a house soon so the good credit will help plus I like having the piece of mind knowing my car won't break down anytime soon

texaskid 02-26-2017 08:52 PM

Re: Daca-friendly banks for auto loan?
 
Quote:

Originally Posted by FLDreamerrr (Post 606551)
The interest Igor through Suntrust is between 3-4% which I understand is something but I plan to buy a house soon so the good credit will help plus I like having the piece of mind knowing my car won't break down anytime soon

After reading multiple success stories, surprisingly SunTrust declined my application back in June. Credit score was 750, 2 open CC accounts in good standing. That's how I ended up at a local CU

2Face 02-26-2017 09:23 PM

Re: Daca-friendly banks for auto loan?
 
Go to a credit union. You'll def get it. That's how I got my first loan for my main ride, Nissan Maxima 2004 (Gangster car still goin strong) at a 4.9% rate. I put down like $3K for down payment (i was able to at the time but you don't really have to. I'd suggest you do just to strengthen your case).


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