dandyrandy
Well-Known Member
Poor people need to earn more. Ask any repub.
Our Next Housing Bubble Is Here..
- Thread starter schuylaar
- Start date
Lucky Luke
Well-Known Member
yep, u lose a huge amount when u drive it off the lot. But then again you should not have to spend a cent on it (except for services if they are not included in the purchase price) for 4 or 5 years. Newer cars can also be allot better on fuel.
If someone is looking at borrowing money on a used car then they should look into the costs of a new one.
Lucky Luke
Well-Known Member
My Toyota Town ace has over 400,000ks on it. Toyotas are great.
UncleBuck
Well-Known Member
I had a 92 corolla with 460,000 miles on it going strong when I lost control on some ice and split the radiator on a tree
Probably coulda fixed it but didn’t want to bother
Budley Doright
Well-Known Member
Ya well I get the toy thing as you can see by the picture of my boat, or otherwise know as the money pail
.
Budley Doright
Well-Known Member
That’s where they trap you lol. I’m cheap but I know that the money I save buying used is way more, even with repairs, then payments on a new one at x3 the price. Mind you I take months to find one and they typically last 6-10 years before it’s a pain to keep it going and trusting it. I came real close to buying new this time but just couldn’t bring myself to be committed to a $400 a month payment for 6 years
. There is nothing like jumping into a new car though, been there a couple of times when I was young and not good at math lol.
Lucky Luke
Well-Known Member
I'm a user of no doc loans, which I believe you call sub prime loans.
I'm a classic example of who these loans are targeted at. Sole traders who on paper don't earn very much money.
The loans are not the problem its stupid people not knowing what they can and cannot afford to pay back.
I used to do a little bit of Finance and Insurance on new/used motorbikes and used cars when I was in that trade and the amount of people who don't even ask what their repayments are going to be or what the interest rate is, is astounding. House hold finance should be part of the school curriculum IMO.
Lucky Luke
Well-Known Member
our last family car , 99 Subaru Forrester GT lasted us about 15 years. Last 5 years was costing us some $$ and wasn't as reliable as what we needed it to be. Was a fantastic car though. Looked at used and the cheaper end of new and the repayments on new was surprising. 1% Comparable finance rate with fixed price servicing sold me.That’s where they trap you lol. I’m cheap but I know that the money I save buying used is way more, even with repairs, then payments on a new one at x3 the price. Mind you I take months to find one and they typically last 6-10 years before it’s a pain to keep it going and trusting it. I came real close to buying new this time but just couldn’t bring myself to be committed to a $400 a month payment for 6 years
Im looking at a used one for myself as mine get knocked around a bit. 460,000klms on my Toyota ATM. Looking at a older $6kish Hi ace or Hilux. Hard to find a good one at that price where im at though.
The stupid people? How about the predatory lending? Talking folks into a non-stated 'for now'.seemed sketchy and those brokers lost both their homes and
Budley Doright
Well-Known Member
Yes it is hard your right. Just went through that. The issue here is bodies not lasting unless you wash it every time you drive it and get it rust proofed which helps. I set a limit of 6g’s and didn’t waver from going over that.
Budley Doright
Well-Known Member
It’s the people that want more than they can afford mostly that get into trouble. But yes they fall into the trap of lenders throwing money at them knowing it could ruin their life.
Lucky Luke
Well-Known Member
yep, stupid people.
I agree predatory lending is a thing, like its always been. The selling of anything has a tendency to be predatory.
"Would you like fries with that?"
a fair amount of americans have bad credit.
FICO Score Range
Percentage of U.S. Consumers
Percentage With Lower Scores
800-850
20.7%
79.3%
750-799
19%
60.3%
700-749
17.1%
43.2%
650-699
13.2%
30%
600-649
10%
20%
550-599
8.5%
11.5%
500-549
6.8%
4.7%
300-499
4.7%
N/A
700+ is considered good credit.
Lucky Luke
Well-Known Member
of cause they do, its the end result of a min wage that doesn't move with inflation, under employment, your health crises, etc etc etc
UncleBuck
Well-Known Member
Especially the ones who don’t pay their rent and end up living in their cars
Budley Doright
Well-Known Member
And who’s fault is this bad credit score? I’m really interested in your opinion. From what I’ve seen in my limited circle of friends it’s their fault for the most part. They’ve overextended themselves, having access to easy money, buying shit they really didn’t need.
blu3bird
Well-Known Member
Agreed. Most people I know are completely irresponsible with their credit.
Also, it's 3am and I'm up ready to leave for work and some fat drunk lady was parked in my driveway, I politely told her I have to leave for work and she has to leave. She's parked down the road in a ditch now lol.
tangerinegreen555
Well-Known Member
It's also lower if you borrowed money from yourself (401k) and paid yourself back.
Not to mention that they get names confused and have things on your report you didn't even borrow.
My wife's report had her buying a house in 2014. Total bullshit. Found out trying to open an online social security account through 3rd party verification service to verify identity they use. Which is also ridicuIous.
And why does your credit score go down if you apply to 6 different places shopping for rates. Seen that too. Do they think you're taking all 6 loans?
And then there's ID theft.
There's a lot of things that affect credit scores, and for $5.99 a month to each credit service, they'll let you try to repair their mistakes.
Aren't there enough scams out there?
