Need small loan advice

[DarrenWS6]

Whats up all. I found a little car I really want to buy for a DD to save me the extra fuel cost and miles on my truck. It's an '04 Cavalier LS Sport 2dr 5spd with a great maintained history and 86k miles. This would be great for me and I would even enjoy driving it here and there some as I sometimes find my girlfriend's Acura Integra fun to drive around shifting gears and taking turns with.

Problem? Yes. That would be, it is $5500 and I only have half of that available that I will willingly put towards that. I am worried about losing the chance to buy it as my bank will not do a loan for longer than 18 months due to its age, and the other banks here don't want to go longer than 24 months. To make it very affordable and easy to pay it off I would need a 36 at minimal term. Looking to stay at $140 - $170 or so. My credit is 720 so I have a proven history and I am not worried about a downplay too much. This would make it easy to pay it off in just months and help me pay off my truck faster.

Any advice on who to call and check out? I really don't want to lose the chance at this car, there are not too many really nice ones like this out there.
http://www.cars.com/go/search/detail.jsp?tracktype=usedcc&csDlId=&csDgId=&listingId=86210475&listingRecNum=11&criteria=prMx%3D6000%26sf1Dir%3DDESC%26prMn%3D0%26mkId%3D20053%26stkTyp%3DU%26mdId%3D20817%26rd%3D250%26crSrtFlds%3DstkTypId-feedSegId-mkId-mdId-pseudoPrice-trId%26zc%3D16912%26rn%3D0%26PMmt%3D1-1-1%26stkTypId%3D28881%26sf2Dir%3DASC%26sf1Nm%3Dprice%26sf2Nm%3Dmiles%26isDealerGrouping%3Dfalse%26trId%3D24235%26rpp%3D50%26feedSegId%3D28705&aff=national&listType=1

 

[Darkanion]

I know you're also wanting to save miles on the truck, but $5500 would buy a lot of gas..

 

[Boilerup15]

I took a personal loan out on my bike when I bought it. That way I still got the title and the bank never asked what the money was for, plus you don't have to carry full coverage insurance that way if you don't want to.

 

[Bowtie2Sierra]

Vehicles are the worst investment you can make and I will never take a loan out to buy one. If you still have a loan on your truck, I sure as hell wouldn't take out another loan for a DD to save a few bucks on gas. I doubt the money you will save on gas will pay for the interest on the loan and the insurance premium to insure it.

Sorry man but this makes zero financial sense.

And Cavaliers a dime a dozen.

 

[daddy]

I took a personal loan out on my bike when I bought it. That way I still got the title and the bank never asked what the money was for, plus you don't have to carry full coverage insurance that way if you don't want to.

Was that secured with collateral?










Darren, my advice here... Don't have two car payments on a tight budget. That's just a bad idea.

Either sell the truck and buy something that's truly practical and affordable or cut back in a few other places and drive less, but, no matter what, keep that $2,800 in the bank for a rainy day.

 

[BlueCollarPilot]

Vehicles are the worst investment you can make and I will never take a loan out to buy one. If you still have a loan on your truck, I sure as hell wouldn't take out another loan for a DD to save a few bucks on gas. I doubt the money you will save on gas will pay for the interest on the loan and the insurance premium to insure it.

Sorry man but this makes zero financial sense.

And Cavaliers a dime a dozen.

 

[txab]

I took a personal loan out on my bike when I bought it. That way I still got the title and the bank never asked what the money was for, plus you don't have to carry full coverage insurance that way if you don't want to.

Was that secured with collateral?


Darren, my advice here... Don't have two car payments on a tight budget. That's just a bad idea.

Either sell the truck and buy something that's truly practical and affordable or cut back in a few other places and drive less, but, no matter what, keep that $2,800 in the bank for a rainy day.

+1

Don't forget about the added insurance expenses and registration expense with the second vehicle.

 

[NoMoney]

Last four posters are dead on. Sounds like a case of car fever. Check out Dave Ramsey maybe he can help you with your finances.

 

[Texas Jim]

First let me say...
I agree with the other posters.
If you can't pay cash for an older car... you really don't need it.
Based on what you say your budget is... you really can't "AFFORD" it...

You say you have half of the 5500.. that's 2750...
You would be financing the other 2750 plus sales tax, title and license fees.
That's gonna make about 3000 to be financed.
If you financed that for 24 months the payment will be 150 to 170 ... depending on interest rate.
By the car being so old... they are gonna rape you on interest charges.

But now the big problem arises...
You are now flat ass broke...
You now have no cash in the bank
What if something happened to either one of the vehicles ??
How are you gonna pay to repair either one of them.

And remember....It is an EIGHT YEAR OLD car...
Do you really think it is going to run for two more years without "SOMETHING" going wrong with it?

And when it does... all you will be able to do, is go back to driving your truck again.

I would advise you to keep driving the truck.. for now... save a little bit more and then pay CASH for another DD.
And at the same time... do not totally deplete your savings.

You really do need a rainy day fund in the bank ... just in case...

 

[Carolinaboy]

I know you're also wanting to save miles on the truck, but $5500 would buy a lot of gas..

Mutha Effin

I've looked at getting a DD several times, you figure in the initial cost of the vehicle and the maintenance of the vehicle and you can buy a ton of gas!

I spend close to $3600 a year in gas. So I can't justify buying a car worth $3k or more


Just my .02. I do hate putting a lot of miles on my truck though