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Old 05-09-2005, 08:25 PM   #1
Vladimir L
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Default Settle for an STI or wait for an M3

I got approved on a loan for an STI and 350z. Its the first car im buying on my own. So the loan amounts 30k are pretty large. I am putting 5000 down but the rate is 12%. I dont mind it so much because ill refinance out of it in 6 months. My credit score is 700 but my highest credit card only can hold up 3k. Thats my biggest issue holding me back. I really want the E46 M3 though should I keep searching and trying to find a bank that will approve me for a 35k used E46 m3? Or just get the STI and then get the new E92 M3 when it comes out.
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Old 05-09-2005, 08:26 PM   #2
SubEd
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Burying yourself in debt is a bad idea.
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Old 05-09-2005, 08:28 PM   #3
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jeezus 12%?

Get a WRX instead. Pay it off, and then get better credit/better car if you can afford it in the future.
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Old 05-09-2005, 08:28 PM   #4
sdogg3kgt
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Isn't the new one the E90? Just wondering because all those new numbers have me confused.
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Old 05-09-2005, 08:29 PM   #5
kingleh
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sti is faster then e46........ road corse, drag strip, everything


get the STY
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Old 05-09-2005, 08:29 PM   #6
Vladimir L
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Quote:
Originally Posted by SubEd
Burying yourself in debt is a bad idea.

I need the debt to build credit. I can afford the debt too. I know a good amount about finances. It will help me when im ready to buy a home. I wouldnt spend all my money on a car. Then watch my account balance say zero.
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Old 05-09-2005, 08:29 PM   #7
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there's something missing here

a 700 credit score and 12% interest just dont add up

but with either car try and put down 20% of the value
about the m3: why buy a used car that may have been 'drivin' when you can buy a NEW STi with a warranty
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Old 05-09-2005, 08:29 PM   #8
Vladimir L
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Quote:
Originally Posted by sdogg3kgt
Isn't the new one the E90? Just wondering because all those new numbers have me confused.

E92 = The coupe
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Old 05-09-2005, 08:29 PM   #9
SubEd
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Yeah, I don't get the interest rate...
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Old 05-09-2005, 08:30 PM   #10
Vladimir L
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Quote:
Originally Posted by WRX300
there's something missing here

a 700 credit score and 12% interest just dont add up

but with either car try and put down 20% of the value
about the m3: why buy a used car that may have been 'drivin' when you can buy a NEW STi with a warranty

Well pretty much because no one has ever giving me a large amount of money so they are doing me a favor. Never have had a car loan. My biggest credit line is only 3000 bucks. I have good pay stubs though and so on. Come on guys the warranty will be gone in a month.
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Old 05-09-2005, 08:30 PM   #11
WRX300
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Quote:
Originally Posted by Vladimir L
I need the debt to build credit. I can afford the debt too. I know a good amount about finances. It will help me when im ready to buy a home. I wouldnt spend all my money on a car. Then watch my account balance say zero.
debt to build credit would be credit cards with realistic balances, not a $35k loan on a used car
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Old 05-09-2005, 08:31 PM   #12
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but if you do get the used m3: do you have the ability to dump $2500 into it everytime it goes to the mechanic?
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Old 05-09-2005, 08:31 PM   #13
Vladimir L
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Quote:
Originally Posted by WRX300
debt to build credit would be credit cards with realistic balances, not a $35k loan on a used car

Credit cards can only do so much. They arent an installment loan. Also its going to be a while before I get a credit card for over 10k.
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Old 05-09-2005, 08:32 PM   #14
Vladimir L
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Quote:
Originally Posted by WRX300
but if you do get the used m3: do you have the ability to dump $2500 into it everytime it goes to the mechanic?

I know

but so with the WRX

If I would just lease a new one free service but then I would be paying 800 a month on a lease! I can write the lease completely off on my taxes though. I might just lease the WRX STI too. I am a loan officer and do alot of traveling! So I need a tax write off. I can write off 80% of the car.
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Old 05-09-2005, 08:33 PM   #15
fuzzycuffs
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Quote:
Originally Posted by Vladimir L
Credit cards can only do so much. They arent an installment loan. Also its going to be a while before I get a credit card for over 10k.
I bought my WRX without having a credit card who's limit is above 10k, and I got a lot better credit score than 12%.
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Old 05-09-2005, 08:35 PM   #16
Vladimir L
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Quote:
Originally Posted by fuzzycuffs
I bought my WRX without having a credit card who's limit is above 10k, and I got a lot better credit score than 12%.

Was your biggest account higher then 12k? I have also had my longest credit card only since July so roughly about 10 months. My credit history hasnt been established. I applied for credit at Pentegon Credit Union which says 4.25% now I am just waiting for the approval. Oh well theres always mommy and daddy to cosign .
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Old 05-09-2005, 08:36 PM   #17
WRX300
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Quote:
Originally Posted by Vladimir L
I know

but so with the WRX

If I would just lease a new one free service but then I would be paying 800 a month on a lease! I can write the lease completely off on my taxes though. I might just lease the WRX STI too. I am a loan officer and do alot of traveling! So I need a tax write off. I can write off 80% of the car.
if you're doing a lot of traveling I would be looking at more economical cars than two gas guzzling performance coupes/sedans.....

buy something you can rack tons of miles on (maybe a nice acura tl or something) and then save up for a toy (say a 95 m3) or something similar you can tinker with
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Old 05-09-2005, 08:38 PM   #18
Vladimir L
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Quote:
Originally Posted by WRX300
if you're doing a lot of traveling I would be looking at more economical cars than two gas guzzling performance coupes/sedans.....

buy something you can rack tons of miles on (maybe a nice acura tl or something) and then save up for a toy (say a 95 m3) or something similar you can tinker with

Well I have another car I just need a tax write off and a toy. My current car though Guzzles more gas then barney on the simpson drinks beer.
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Old 05-09-2005, 08:39 PM   #19
WRX300
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ok then lease a 911
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Old 05-09-2005, 08:39 PM   #20
fuzzycuffs
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Quote:
Originally Posted by Vladimir L
Was your biggest account higher then 12k? I have also had my longest credit card only since July so roughly about 10 months. My credit history hasnt been established. I applied for credit at Pentegon Credit Union which says 4.25% now I am just waiting for the approval. Oh well theres always mommy and daddy to cosign .
No, like I said none of my credit cards (the 3 that I have) had anything close to 12k... more like 5-6k each at the time. Maybe combined.

Parents didn't co-sign either, but I dropped $13k on a down payment since I had been saving for a while living at home.

I had paid off my student loan debt (wasn't much) already too, so maybe my credit score was pretty good. And I had my oldest card for about 3 years at that point, and my newest card for maybe a year. Always pay on time, never carry a balance.
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Old 05-09-2005, 08:40 PM   #21
fuzzycuffs
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If you want a serious tax writeoff, get a $100k+ SUV and write it off with that tax loophole as long as it's 6k lbs loaded during inspection.
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Old 05-09-2005, 08:46 PM   #22
Vladimir L
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Ehh I can still write off 80% of a new car thats leased.

I'm not down with the whole Hummer and Escalade thing. Well my credit cards are like this:

Providian 3000 dollar limit 2k used up but a fairly new card
Cross Country Bank 500 dollar limit 0 dollars used up
Capital One 300 dollar limit 0 used up
HSBC 300 dollar limit 0 used up
Chase Manhattan 300 dollar limit 0 used up (its tied to my check card)


Maybe I need to ask for credit line increases.
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Old 05-09-2005, 08:46 PM   #23
Vladimir L
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Quote:
Originally Posted by WRX300
ok then lease a 911

E55 After I get my STI maybe!
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Old 05-09-2005, 08:52 PM   #24
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$300 and $500 limits?! Good lord - I have never heard of such a thing. What the hell is the point then - or are those cards only good at places like McDonalds, cuz an places else that I would want to use a card, I would be maxed out real quick.
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Old 05-09-2005, 08:55 PM   #25
WRX300
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Quote:
Originally Posted by Hazdaz
$300 and $500 limits?! Good lord - I have never heard of such a thing. What the hell is the point then - or are those cards only good at places like McDonalds, cuz an places else that I would want to use a card, I would be maxed out real quick.
small limits like that are normally issued to those with like 500 credit scores, people just out of bankruptcy, or maybe even possibly; those starting out with credit - but when I was young and got my first cards they were 1k - 2k limits
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