<gryffin1337[at]yahoo.com> wrote in message
news:1106613238.240416.305390[at]c13g2000cwb.googlegroups.com...
- quote -

I thought I addressed this: Just ask.

- quote -

If you already have a job, ignore this. Your paystub is sufficient.

- quote -

Probably not, unless its the bank you have $4,000 on deposit with. Banks
often are more willing to work with their depositors than strangers. If your
bank won't work with you, maybe you should shop around. Many Credit Unions
are famous for taking care of their depositors, and they are often a thorn
in the side of local banks.

Brent D. Gardner, ChFC
Chartered Financial Consultant
http://www.brentdgardner.com/
http://www.gardnerfinancialgroup.com/
http://www.topgunproducers.com/
http://www.creditfixinc.com/

Si vis pacem para bellum!

"Be ever questioning. Ignorance is not bliss. It is oblivion. You don't go
to heaven if you die dumb. Become better informed. Learn from other's
mistakes. You could not live long enough to make them all yourself." - Hyman
George Rickover (1900-86), Admiral, US Navy, advocated development of
nuclear subs & ships

The Chartered Life Underwriter (CLU) and Chartered Financial Consultant
(ChFC), designations owned and exclusively offered by The American College,
signify the highest standards of academic study and professional excellence
in the financial services industry. The ISP source of this post is not
monitored. If you want to email me, click on a link.

On Tue, 25 Jan 2005 07:18:54 CST, "herlihyboy"
<ryan.parmenter[at]gmail.com> wrote:

- quote -

Agreed. OP apparently has reasons why he needs more car than he can
afford, but by not sharing those reasons with the newsgroup he is
receiving a lot of replies that to him are irrelevant.

Around here, low horsepower motor scooters don't require insurance,
tags or taxes. You can save a ton by buying a scooter and warm coat
<grin> .

-HW "Skip" Weldon
Columbia, SC

Can you please answer why you need an 10K car instead of a 4K car? Is
there a specific car you fell in love with and it's no less than 10K?
If that's the case, good luck to you. My only advice is to pursue a 4K
car and I would never suggest going into debt for a "want" and not a
need. Please reply and address this question as it will impact other
advice from people.

Once again thank you for the help. The first time buyer program is
actually the first program I looked into, but I was refused becuase of
the fact that I have been at my current job for only two months. I had
never thought of asking the dealer to co-sign but I can try that
avenue. Any tips on how exactly to go about this? Also, what should I
ask my employer for regarding this "you'll need something from your
prospective employer to verify the offer." And last for now, would a
bank offer anything, even if it has enormous interest rates? Thanks
again

<gryffin1337[at]yahoo.com> wrote in message
news:1106549543.031868.150000[at]z14g2000cwz.googlegroups.com...
- quote -

You've been going to the wrong places, or something's not right with your
story.

There are first time buyer programs with many new dealers, and lenders, and
many places have special financing for people in your exact situation. An
2004 model entry level car in the price range you mention, with a rebate,
dealer discount, and your downpayment, is a virtually risk free loan to the
lender, as long as you have a job. If you're not employed, that's a problem.
If you're just starting a job, you'll need something from your prospective
employer to verify the offer, and this should be easily obtainable.

Generally, it is MUCH EASIER to buy a new car with non-existent (or bad)
credit, than it is to buy a used one. While this flies in the face of what
people perceive as common sense, the overwhelming majority of people
(including many that post here) do not have the first clue about how car
dealers and car financing actually work. The exception to this rule is the
dealer-financed options, which are for people who have TERRIBLE credit.
First time buyers don't need to go that far.

When you go to the dealer, tell the salesperson immediately that you need to
talk to a business manager, or F&I guy FIRST. If they won't let you, go to
another dealer. You need to get pre-qualified, and most dealers know how to
handle this, but some have been burned and just don't want your business
(but plenty DO). Be polite and ask for their help. Language is key.
Seriously. Say "I need your help" because people tend to want to help
others, and this disarms them a little. No matter what they say, be polite.
Car salespeople and business managers are used to some abuse, which is why
they bend over backwards for the really nice customers.

One thing you can do is validate your rent and utility bills to show
previous on-time payment history. The F&I guy (F&I = Finance & Insurance),
also known as the Business Manager, is generally on commission, just like
the salespeople on the floor. His office is where the deal is consummated,
even when one pays cash. They will shoo you out if you come in and aren't
prepared, because the guy behind you is someone he can make money on today,
while you require some extra effort. Make his or her job easier and have all
the documentation in hand: Rental history from your landlord (they often
can print this out, or type a letter for you), utility payment history (they
often print this out for you, some are available on the web), previous tax
returns (two years, three is better), most recent pay stub, and the last 3-4
months of your checking and savings accounts.

The last straw, before going to a "we tote the note" place is to ask the
dealer if they will co-sign for you. Don't be afaid. The worst thing they
can do is say no, but plenty will do it. This fact is RARELY advertised,
because no dealer wants a bunch of pikers coming in to screw them (and
advertising this WILL bring the pikers in). They will want all that
documentation I mentioned, and they may ask for a copy of your keys (makes
reposession easy), and probably a lengthy list of your best friends, family,
neighbors and co-workers (so they can track you down if you default, as well
as bring pressure on your friends to make you either pay or bring the car
back).

When you go to the dealer, dress nice. This may sound silly, but if you
dress professionally, you have a much better chance than if you wear jeans
and a t-shirt, or worse, sweat pants. No ball caps, clean shaven guys,
neatly trimmed (clean) hair, no earrings on guys, and if you have tattoos,
cover them up. Absolutlely no gangbanger wannabe clothing of any kind, and
women should not dress like they work in a strip club (that means NO
clubwear). Business managers are people who are just like everyone else, and
they judge a book by its cover. Dress as if you were going in for an initial
job interview for a white collar office job, and that may be the difference
between getting what you want vs. being sent down the road again.

Remember: Smile, be patient, and polite. Somebody will help you.

Brent D. Gardner, ChFC
Chartered Financial Consultant
http://www.brentdgardner.com/
http://www.gardnerfinancialgroup.com/
http://www.topgunproducers.com/
http://www.creditfixinc.com/

Si vis pacem para bellum!

"Be ever questioning. Ignorance is not bliss. It is oblivion. You don't go
to heaven if you die dumb. Become better informed. Learn from other's
mistakes. You could not live long enough to make them all yourself." - Hyman
George Rickover (1900-86), Admiral, US Navy, advocated development of
nuclear subs & ships

The Chartered Life Underwriter (CLU) and Chartered Financial Consultant
(ChFC), designations owned and exclusively offered by The American College,
signify the highest standards of academic study and professional excellence
in the financial services industry. The ISP source of this post is not
monitored. If you want to email me, click on a link.

gryffin1337[at]yahoo.com <gryffin1337[at]yahoo.com> wrote:
- quote -

Don't underestimate a $3k car.

If the engine is good, and the car has been taken care of, it
can last a very long time.

--
With sufficient thrust, pigs fly just fine. However, this is
not necessarily a good idea. It is hard to be sure where they
are going to land, and it could be dangerous sitting under them
as they fly overhead. -- RFC 1925

gryffin1337[at]yahoo.com wrote:

- quote -

Why? Please be specific.

John Cowart

Thank you to everyone who has posted suggestions I do appreciate them,
and I do realize the implications of a loan, however for various
reasons I do in fact need a loan and not just a four-thousand dollar
car. I am not looking for a $15,000 loan, but rather close to ten, if
anyone has any suggestions on where I might be able to find a loan like
this I would appreciate it. I plan to pay the loan off in the next 6-8
months as I have a good paying job, it is just that I cannot wait that
long to purchase the car, which would obviously be the best option if
available to me. Thank you again for the time and suggestions.

In article <1106574648.016850.88380[at]f14g2000cwb.googlegroups.com> ,
"herlihyboy" <ryan.parmenter[at]gmail.com> wrote:

- quote -

I with you on this one. Just don't consider a Pontiac Grand
Am. I suggested that in misc.consumers a few weeks ago, and
I am still getting flames over it.

At any rate, the poster doesn't so much want a cheap car,
rather, they want to avoid the car loan trap at all costs.
If he spends the $4K on a car now, the car is done and paid
for. If he buys a $16K car, he has 4 or 5 years of expensive
payments to look forward to, and will still end up with a
$4K car in a few years. Not only that, but that $4K car
will cost $25K or $30K by the time he adds up all the
payments. If that $25K or $30K was invested at his age,
it will be a million dollars by age 65. The net result is
that buying a new car is a million dollar decision.

-john-

--
================================================== ====================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ====================

gryffin1337[at]yahoo.com wrote:
- quote -

In this fact pattern, you either are going to get credit at exorbitant
rates if someone will loan to you *OR* you need to concentrate on buying
a vehicle that you can put all the funds up for. I believe the latter
makes a lot more sense than the former.

The issue will be more one for an auto discussion group and than a
financial group, but I would suggest that unless your transportation
needs (not wants) are unusual (such as you are required to provide a
vehicle to haul large trailers, etc.), you should be able to find very
reliable transportation with the funds you have available. It may not
be the most interesting car to look at or impress your friends, but it
will go from point A to point B on demand.

Key word is *reliable*--you are looking for a car with a good track
record on reliability, not one that is "neat looking" or "cool" or
anything else of that sort. You may want to research used car
reliability ratings from a number of sources. As well, once you find
one, I would second the suggestion to have an independent mechanic look
over the vehicle and give you his/her thoughts on the particular vehicle.

No, most likely you don't get a warranty. But you also don't get the
monthly car payment--and if you save what you aren't sending in for a
car payment, you should find after a couple of months that could pay for
a fairly substantial repair and still be funds ahead. And, hopefully,
your mechanic should be able to give you the heads up on any vehicle
that has a major problem just waiting to happen (that's why you want the
vehicle inspected).

--
Ed Zollars, CPA
Phoenix, Arizona

Why not just by a $4,000 car? You could buy a decent, used Accord or
Civic with that amount of money.

gryffin1337[at]yahoo.com <gryffin1337[at]yahoo.com> wrote:
- quote -

Have you tried your bank?

If that doesn't work:

$4k should buy you a nice used car, including an inspection by a nice
independent mechanic.

With any money left over, get a secured credit card and build up credit.

--
With sufficient thrust, pigs fly just fine. However, this is
not necessarily a good idea. It is hard to be sure where they
are going to land, and it could be dangerous sitting under them
as they fly overhead. -- RFC 1925

I'm 18 years old and I have no credit, and I have no one to co-sign on
a car for me, but I desperately need a loan for a car. I have about
4,000 dollars saved but when I went to the dealership they said I was
not able to to get financing since I didn't have the credit. If anyone
has a suggestion I would greatly appreciate it. Oh and also, I already
checked drive time and that won't work, and I don't really have the
time to build up credit over the next couple of months as I am out of
transport to work.