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Old 10-10-2012, 10:25 PM   #26
rockyraccoon
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Finance with penfed.org

.99%apr 60 months with $0 down required if approved, although I would recommend some sort of down if you want to lower your monthly note. 72 months is 1.49% but requires 15% down.
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Old 10-10-2012, 10:25 PM   #27
NemesisSi
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I dont think 707 is A tier credit anymore with the decline of the economy. I could be wrong tho.

Dealers are hurting right now and will do just about anything to sell a car.
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Old 10-10-2012, 10:33 PM   #28
NemesisSi
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Nevermind 707 is still A tier. 700 - 739 is A tier.
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Old 10-10-2012, 10:34 PM   #29
mightymints
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I dunno, they told me their system said A today. I had no idea there was a tier. They said A+ was above 749.

EDIT, saw your post. I guess maybe he said 739.


Actually my over all plan with cars is quite different. When I moved here, my wife ( American ) had a VW Jetta in which she was quite upside down. So I go her into an Altima lease. It has a silly high payment right now for what it is, but its going to get us back on track with her credit.

Once its paid off, she really wants a bugeye STi swap. So thats in 2 years time. In maybe 2 or 3 years, I will probably downgrade to a 2007 STi or something again, and get a truck or something too. But we shall see.

As for right now, I am 23 years old, a pretty decent job in sales. Still have lots of life to go, so I need to make some mistakes along the line.
I am just very happy about finally getting a brand new STi.

My Uncle is a pro rally driver in Europe. When I was younger, he purchased one of the first 100 STi's ever made and imported it into the UK. Ever since that first day in an STi, they have had me hooked. 1992 WRX STi.

In England I was about to buy a 2003 STi, but moved here instead. I ended up finding the 2005 STi, and its been an absolutely amazing car. I will be sat to sell her, but thats how it is.

Last edited by mightymints; 10-10-2012 at 10:41 PM.
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Old 10-10-2012, 10:36 PM   #30
Winston
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Quote:
Originally Posted by mightymints View Post
I just try not to spend more than 50/60% on any of my cards.
Hopefully you pay them off in full each month...

Sorry for playing "dad" here, it's just that I'm seeing this slow-motion train wreck happening and I'm trying to stop it. The same train I got on at, oh, 23 or so.
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Old 10-10-2012, 10:42 PM   #31
mightymints
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Actually I don't pay them off completely since I was told that it doesn't help your credit quite as much. You kinda have to pay some % to gain credit faster in a way from what it is.

However, I am never in a position where I couldn't pay off all my debt at once if it really came down to it, just by selling everything.
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Old 10-10-2012, 10:49 PM   #32
Winston
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I had to look that one up, because I've heard that before too. Apparently, keeping even a small balance is worse than just paying off your card(s) each month.

http://www.huffingtonpost.com/credit...b_1605593.html

I got so screwed over by interest rates when I had credit card debt, that I refuse to carry a balance. Now I make Discover pay *me* every month with their cash back Bastards!
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Old 10-10-2012, 11:00 PM   #33
mightymints
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Haha. Well, credit cards are convenient. But its almost a speculate to accumulate to me right now. The only things I have that I continuously pay monthly are things like furniture that I actually needed, and I got stuff to last.
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Old 10-10-2012, 11:09 PM   #34
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hope you dont regret getting rid of the 05
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Old 10-11-2012, 12:43 AM   #35
SGC2CIC
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Quote:
Originally Posted by Uncle Scotty
hope you dont regret getting rid of the 05
He probably will. I miss my 05 :-/
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Old 10-11-2012, 01:11 AM   #36
young j
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72 months is a long time....just something to think about ...its goin to affect your wallet for a while.
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Old 10-11-2012, 10:13 AM   #37
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My .02 on buying a new car vs used car.

I was a firm believer in never buying new up to the age of 21. My previous 2 used cars just turned into money pits just to keep them road worthy. I was spending a minimum of $100 a month to keep them on the road.
So I purchased a brand new vehicle with a warranty and was only paying $300 a month. I had no worries about breaking down and being stranded ever again.

Now that I am older I live on both sides of the road. I am financing a brand new truck that will always start and drive. I own outright a 2002 WRX that I get to play with and drive around. When it breaks down I have no worries about not making it to work because I have a reliable vehicle at home to drive.
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Old 10-11-2012, 10:33 AM   #38
Winston
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The discussion here is not really about buying new vs. buying used. Aside from the immediate depreciation hit on a new car (which is why I recommend "near new" cars), there is nothing wrong with buying a new car that you can comfortably afford to pay cash for. Financing is what I have the issue with. I'm sure that you could get to work just as reliably with a good used truck that you own outright and your '02 WRX as a backup vehicle.

The "two cheap used vehicles" setup is really the best method if you have the parking space, because you absolutely need to be able to get to work/school reliably every day.
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Old 10-11-2012, 10:42 AM   #39
brandonjoe11
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I'm 23 so I can relate to where you are coming from. I would love to get a new car, specifically a chevy truck but I have no reason to sell my wrx. Plus i would miss the hell out of my 07. I plan on driving it until the wheels fall off. Our cars should run for at least 150xxx miles with the proper maintenance. I may be wrong but you said you wanted to finance a truck and start a family in the near future? So you are going to drop 6k, finance a 13 STI and in 3 years turn around and trade it in for something else? I know this is your dream but there are other ways to build your credit.
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Old 10-11-2012, 11:04 AM   #40
aschen
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Quote:
Originally Posted by Winston View Post
The discussion here is not really about buying new vs. buying used. Aside from the immediate depreciation hit on a new car (which is why I recommend "near new" cars), there is nothing wrong with buying a new car that you can comfortably afford to pay cash for. Financing is what I have the issue with. I'm sure that you could get to work just as reliably with a good used truck that you own outright and your '02 WRX as a backup vehicle.

The "two cheap used vehicles" setup is really the best method if you have the parking space, because you absolutely need to be able to get to work/school reliably every day.
Have you shopped for a "near new car" these days? pricing has gotten out of hand. Cars that are 30k new have asking prices of 27k. Hopefully nobody is getting near their asking prices, but prices are inflated.

New cars are starting to make more sence these days. A car with 35k miles on it has half the warentee left, probably requires a service and possibly tires.

I am mostly against long term financing but it makes sence for some. My reccomendation is to finance your first real car and dont buy anything else until it is payed off and you can very comfortably afford caqr #2. Hopefully cash.

I pay for toy cars, but financed my daily driver. I put half down and financed for 3 years. The cost of credit (used wrx wagon) was less than $1000. I went to the dealership expecting to buy outright, but I the 3 year loan was so cheap. I left the remaining cash in the emergency fund.

6 years seams like a long time to finance any car, espescially an STi, but its up to the op to decide whats sensible for his situation. I say if you cant pay it off in 3-4 years, you probably cant (or shouldent) afford the car.
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Old 10-11-2012, 11:15 AM   #41
bulldog2277
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wow...

I understand alot of people dont like financing and if you can pay cash for a car do it. But my wife and I always like to switch our cars out. Not only that, I would much rather her have a car to drive that I know will start, and has a warranty on it then some 5-6k cash car that has 100+k miles.

We all do diffrent things, we saved and put our extra $$ down on a house and live within our means. I have a limit on my car payments, and will not be buying a new car for myself until the Miata is paid off.

If the op wants to buy a new STI - go for it, he knows he is getting a new car, never been beat on, never been modded... to me thats worth the extra $$
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Old 10-11-2012, 12:13 PM   #42
Winston
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Switching out cars is a bad idea just because you "like to do it," unless you are profiting each time you do it (I know some guys who do that). If you're going from one car note to the next, that's just not smart financially.

I definitely understand wanting your wife to drive a reliable car. I think every husband is the same way. However, it's a myth that a car can't be $5-$6k, or have over 100,000 miles, and be reliable. Any machine can be reliable if it's well-maintained.

Well, I've said my peace. I think everyone knows where I stand by now. Some folks agree with some or all of it, and some don't. That's fine; each person has to live with the consequences of their actions -- both good and bad.

Best of luck to the OP with his new STI. I hope you pay it off early and hang onto it until it's a classic!
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Old 10-11-2012, 01:23 PM   #43
bulldog2277
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Originally Posted by Winston View Post
Switching out cars is a bad idea just because you "like to do it," unless you are profiting each time you do it (I know some guys who do that). If you're going from one car note to the next, that's just not smart financially.

I definitely understand wanting your wife to drive a reliable car. I think every husband is the same way. However, it's a myth that a car can't be $5-$6k, or have over 100,000 miles, and be reliable. Any machine can be reliable if it's well-maintained.

Well, my wife and I prefer to spend our disposable income on having nice, fun cars and taking a nice vacation once a year. Id rather spend the xtra $ on that then cable tv/direct tv, expensive bar tabs or getting a new iphone every six months. Im sure when talking about wants/needs and being smart financially... It all comes down to how you want to spend your $. I would never buy a big screen tv, furniture or clothes on a credit card (I do but its one I pay down every month - I keep a 15-20% balance on all my cards)

not to mention i can budget a car payment, I used to believe that I would rather have a nice clean used car, and a car payment was for chumps. But I have fanatstic credit, and interest rates are usually very low for me. I like having a newer car. - I never go into a car thinking it will be an investment

I'll pay a car payment, and a house payment but I usually send extra on them. If your happy driving a older well maintained used car thats great, but I dont like to work on cars (at least not right now), and I want my wife to have something she feels safe and secure in. Ive seen used cars with 20k miles fall apart and used cars with 180k+ miles drive like they are new...

If the op can afford the payment, and he wants to go 72 months... why not? Most loans are simple interest and there isn't prepay penalties, so why not do the 72 months if the interest rate is the sam/ close, and just pay it off sooner?


and just to finish off my rant - you guys realize how our economy works right??? Do you guys have any idea what would happen if the banks and the car companies went out of buisness? When I managed a restaurant I lost $1500 a month in sales when the dealership I catered for quit doing catering because of slow business. Thats 18k a year, so thats less hours I can give someone, so that cuts into their income. They stop buying movies, video games, computers, phones etc...


The world is thrown into chaos!!! People fighting in the streets! Babies snatched from their mothers wombs...

all because you wanted to save some $ on a car payment...



OP congrats on your new car! I hope you are excited and that you post pics when you get it!
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Old 10-11-2012, 01:43 PM   #44
awoodSTI
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You are supposed to hold on to all of your monies, so that when you are old you can look at it and dream about all the things that you could have done with it when you were young!
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Old 10-11-2012, 01:56 PM   #45
bulldog2277
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Originally Posted by awoodSTI View Post
You are supposed to hold on to all of your monies, so that when you are old you can look at it and dream about all the things that you could have done with it when you were young!

ahh ok, im doing it wrong!
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Old 10-11-2012, 02:09 PM   #46
Kastley85891
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05 STi is my fav version, I had an 06,08 on credit, now an 03 thats paid, sure I dont miss having to make payments but a new car sometimes makes them a inevitable.
I make sure Wife+kids have a new ride every 36 and I love having my cheapo project car ;-)

OP - I know where you are coming from, its way way easier to get in to a new 'decent' vehicle here in the USA as opposed to where we grew up, I understand completely ;-)
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Old 10-11-2012, 03:13 PM   #47
kaboom
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Quote:
Originally Posted by Winston View Post

2. Paying interest is a great reason not to finance a car. Throwing away $1k a year for no good reason is a big deal. If it's no big deal to you, I'll PM you with my PayPal address and you can give me some money. Gift only, please.


Simply put, if you have to finance a car because you don't have the cash to pay for it all at once, the total cost of the car is almost certainly a financial burden and the simple act of paying for a car that's out of your financial league will impact your finances for the rest of your life.
1. Are you giving out loans?
B. A bit dramatic, don't you think?
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Old 10-11-2012, 04:46 PM   #48
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I sure dislike when people project themselves onto others. Offer advice instead of projecting beliefs.
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Old 10-11-2012, 04:54 PM   #49
Kastley85891
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^like that - If I believed in religion Id say Amen, but still thumbs up LOL
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Old 10-11-2012, 05:07 PM   #50
Winston
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Quote:
Originally Posted by kaboom View Post
1. Are you giving out loans?
B. A bit dramatic, don't you think?
1. Sure, but you won't like my rates or terms My comment was in response to a poster who said that $1k per year in interest was not a big deal. If you have so much money that giving away $1k is no big deal, then I want some!

B. It's the truth. Yes, it is dramatic! The problem is that people don't see it for what it is.
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