Application for credit

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Have you driven a manual vette? I've only driven the auto version and thought it was plenty fast. Almost scary fast accelerating on the hwy.
 
Originally Posted By: SatinSilver
Have you driven a manual vette? I've only driven the auto version and thought it was plenty fast. Almost scary fast accelerating on the hwy.


I've driven several manuals, and a couple autos...I could see owning an auto if the car was going to be driven in a lot of heavy traffic, but otherwise, IMO anyway, a sports car should be a manual...shifting is part of the fun!
 
Originally Posted By: grampi
Originally Posted By: Mr Nice
Originally Posted By: grampi
Originally Posted By: Mr Nice
If you take your time you can find C4 Vettes with ultra low mileage that were only driven on the weekends.


That's true, but I'm not interested in a C4, I want a C5. Low mileage, one or two owner C5s are still selling from the mid teens to low 20s, depending on the year...


Sorry, I had a brain [censored]. I meant C5 Corvette.

My neighbor recently bought a triple black 6 speed 2001 Corvette (under 40K miles) and was in mint condition for less that a new base Corolla.


Triple black? Interior, exterior, and what else?


Black convertible top.
 
Originally Posted By: Mr Nice
Triple black? Interior, exterior, and what else?


Black convertible top.
[/quote]

Gotcha!
 
So you are looking to borrow maybe $5K for the balance of the car payment. I wouldn't be concerned about the interest rates too much. You are not borrowing that much money too have that much of a payment difference over the length of the loan. If you took a personal loan for $5000 for 36 months, at 3% = $145 per month, 6%=152; 9%=161 per month. A difference of $16 of going from 3% to 9%. I think a sit down talk with your bank could give you some answers withut a credit check being pulled.
 
Wow are people so scared of their credit scores (which are bank bull) that they can't bring themselves to apply for a loan?

You say now and two years. Which is it? Two years from now your credit don't care that you applied for a loan and never took it.

If you need it now, it's common to have a 90 day window for a blank check loan. Use it as you see fit when the right deal comes along.

Either case the few points isn't going to make much difference. Your debt to income ratio is way more important.

Also after servicing the loan, your score jumps higher than the ding you too applying. Sometimes way more.
 
Grampi,

I owned a 2000 C5 FRC for a while. I bought it with 48k on it and sold it with 64k for $16,000. There are plenty of great vettes out there in the mid teens. Also don't be afraid to look south for one. They are generally cheaper in the warm weather states. The one I owned was a Florida car and I got a deal on it.

If you only need 4-5k as suggested by another member look into a Credit card that has 0% interest for 18-24 months and pay it off before the deadline.

I've used that option several times instead of using my savings or emergency funds.
 
Originally Posted By: SatinSilver

Borrowing against your retirement account is another option. Usually a short term 2-3 yr loan term. Interest is paid back to yourself.


I thought borrowing on retirement essentially took the borrow balance out of the market?
Which would negate the idea of leaving money in mutual funds to continue earning 15% etc
 
Originally Posted By: grampi
Originally Posted By: user52165
Hopefully not threadjacking, but..................

In my state, even if you pay cash (check) in full for new car - it my case $35K - you still have to complete a credit application.

Is this the norm elsewhere?


I've never heard of this...


Maybe a CA thing. I paid cash for my Pilot and just gave them a cashier's check.
 
IME most credit unions will not lend on a vehicle more than 8-10 years old. THAT is a question the USAA rep should easily answer - max age of the car.
 
Originally Posted By: grampi
Originally Posted By: bubbatime
Ive used USAA auto loans for the past 3 car purchases, and I dont think the process could be any easier at all. You fill out the application online in 5 minutes, get approved, and bring the approval letter to the dealer. It is So stinking easy. I LOVE the loan process at USAA. I'll use them even if the rate isn't the lowest (unless the manufacturer is offering 0% interest)



I've applied for loans with USAA before and I agree, it is a simple process, however, I don't want to apply for a loan just to find out what its terms will be if doing so is going to count against me in some way....


Grampi,

Sometimes I worry you find trouble even when there is no trouble there to be found.
The terms of the loan have been provided by helpful forum members above.
They have also encouraged you to check your credit history and the proper way to do so is by getting free copies of your credit reports each year from the 3 CRAs and not by this method you have cooked up with USAA.

When you constantly buck the system then you are going to find yourself in this place you do.

Go with the flow Grampi
grin.gif
 
Originally Posted By: Brybo86
Originally Posted By: SatinSilver

Borrowing against your retirement account is another option. Usually a short term 2-3 yr loan term. Interest is paid back to yourself.


I thought borrowing on retirement essentially took the borrow balance out of the market?
Which would negate the idea of leaving money in mutual funds to continue earning 15% etc


This is true.
 
Originally Posted By: ArcticDriver
Originally Posted By: grampi
Originally Posted By: bubbatime
Ive used USAA auto loans for the past 3 car purchases, and I dont think the process could be any easier at all. You fill out the application online in 5 minutes, get approved, and bring the approval letter to the dealer. It is So stinking easy. I LOVE the loan process at USAA. I'll use them even if the rate isn't the lowest (unless the manufacturer is offering 0% interest)



I've applied for loans with USAA before and I agree, it is a simple process, however, I don't want to apply for a loan just to find out what its terms will be if doing so is going to count against me in some way....


Grampi,

Sometimes I worry you find trouble even when there is no trouble there to be found.
The terms of the loan have been provided by helpful forum members above.
They have also encouraged you to check your credit history and the proper way to do so is by getting free copies of your credit reports each year from the 3 CRAs and not by this method you have cooked up with USAA.

When you constantly buck the system then you are going to find yourself in this place you do.

Go with the flow Grampi
grin.gif



I know my credit history, and what method is it that I have "cooked up" with USAA? I have no idea what you mean about bucking the system...
 
Originally Posted By: Brybo86
Originally Posted By: SatinSilver

Borrowing against your retirement account is another option. Usually a short term 2-3 yr loan term. Interest is paid back to yourself.

I thought borrowing on retirement essentially took the borrow balance out of the market?
Which would negate the idea of leaving money in mutual funds to continue earning 15% etc


I agree will not touching retirement money to buy a car.
 
Originally Posted By: Mr Nice
Originally Posted By: Brybo86
Originally Posted By: SatinSilver

Borrowing against your retirement account is another option. Usually a short term 2-3 yr loan term. Interest is paid back to yourself.

I thought borrowing on retirement essentially took the borrow balance out of the market?
Which would negate the idea of leaving money in mutual funds to continue earning 15% etc


I agree will not touching retirement money to buy a car.


None of my retirement money will be going for any vehicles...
 
If you have good credit, and you find yourself in quick need of 5,000 for your dream car... you can always take out a last-minute, unsecured personal loan at your bank.

Of course your rate will be a bit higher with this type of loan, but maybe it's worth it to get your car before someone else grabs it.
 
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