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Kallehoe
Sweden67 Posts
i bought a snowmobile a few years ago for about 11k usd and the loan and the interest are taken each month from my account, no additional fees (might be a bit more in the end because of moving interest, about 4% now) even that i bought a used vehicle i still have the warranty for 2 years from the date it was bought from the shop so any mechanical problem just goes away  after that it's on me. cars here have 2-7 years warranty so a new car such as yours wouldn't cost anything to fix. | ||
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SleepTech
United States222 Posts
If you paid two payments and didn't clarify that one was principal only then they would just use it as another interest check so it doesn't really help much. But if you did one the regular payment and stated the other as principal then you'd be taking out that backend principal thus end up getting less accrued interest over the totality of the contract. On like a 6 year loan if you did this, you might save a year off your loan and maybe save a couple thousand dollars. On a 30 year mortgage, you save a TON of money. | ||
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Dhalphir
Australia1305 Posts
The only way I can think of being able to do that is if you used the car for work purposes which - if you did - surely some of it can be claimed on tax? I know you can claim a lot of stuff on tax here if its for work purposes. | ||
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ranshaked
United States870 Posts
On October 07 2011 16:10 SleepTech wrote: What you're doing when you use those booklets is during the first few years you're paying pretty much interest only. So maybe like out of your first couple payments of a $250 payment, you might be putting $25 towards your actual cost of your car and $225 on the interest. They frontload the interest so you can pay them a lot of money over time. Now, as you get close to the end of your contract, you start to pay more towards your principal (the actual cost of the car) then interest. This is when you start to pay down the debt faster. If you paid two payments and didn't clarify that one was principal only then they would just use it as another interest check so it doesn't really help much. But if you did one the regular payment and stated the other as principal then you'd be taking out that backend principal thus end up getting less accrued interest over the totality of the contract. On like a 6 year loan if you did this, you might save a year off your loan and maybe save a couple thousand dollars. On a 30 year mortgage, you save a TON of money. Man, I would just give them 2 payments, but it would be labeled like "october and november" I guess it's too late to pay on pricipal now isn't it? | ||
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ranshaked
United States870 Posts
On October 07 2011 16:10 Dhalphir wrote: How the hell did you do 113k miles in three years? The only way I can think of being able to do that is if you used the car for work purposes which - if you did - surely some of it can be claimed on tax? I know you can claim a lot of stuff on tax here if its for work purposes. yeah one of my jobs is delivery for a chinese restaurant...which is weird because I make more money there than my other job lol. | ||
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Dhalphir
Australia1305 Posts
Is this just a thing that you happened to not ask about due to inexperience, or is this the way a lot of jobs are in the US? | ||
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ranshaked
United States870 Posts
On October 07 2011 16:29 Dhalphir wrote: It is very weird to me that the restaurant is in no way obligated to provide you with any sort of transport or to reimburse you for car costs. Here, there is no way the company wouldn't, at minimum, pay for your fuel and servicing. Is this just a thing that you happened to not ask about due to inexperience, or is this the way a lot of jobs are in the US? There's a 2$ delivery charge included with every order. I make decent money. I make 100$ in tips a night. 4 hours of work. Plus, 5$ an hour. They don't pay for servicing or anything like that | ||
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Dhalphir
Australia1305 Posts
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Porcelain
United States218 Posts
I can't believe no one in your life stopped you from spending that much on a NEW car.  Last November I bought my 2009 Toyota Corolla LE for 12 grand (that's after all the extra fees, etc) with about 30,000 miles on it. I'm 21, and I had been driving a piece of shit Saturn (that I bought for 3k in 2006) up until that time. Also random, I lived in FL too and drove around with no AC for nearly 4 years. At least I had people in my life to stop me from financing a car I couldn't afford years earlier. I'm sorry you made that choice, but at least you don't have that bad of an interest rate. You learned a good lesson! Also, this vehicle is rated very highly by consumer reports! I'm trying to stay positive haha. Does your car have so many issues because you've put so many miles on it in a short (kind of) period of time? I'm concerned since I just bought the same car lol. + Show Spoiler + ![[image loading]](http://i.imgur.com/mEBQs.jpg) <3 | ||
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Sotamursu
Finland612 Posts
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nayumi
Australia6499 Posts
On October 07 2011 16:42 Dhalphir wrote: Yeah thats the part thats weird to me. Like, here in Australia, a Dominoes Pizza delivery guy will get provided with a car (not a fancy one, but a car nonetheless) which is owned by the company that he uses to do all the deliveries, rather than using his own car. that's why pizzas in Australia are so fucking expensive if you call for delivery ... anyway, imo ... if you really don't see how you can meet all the future payments, i'd suggest to sell that piece of junk and use the proceeds for your repayments ... then maybe try to find another job that doesn't require you having your own transportation (a restaurant that provides you car or sth) ... credit can be a bitch ... so unless you can draw out a clear plan on how to settle it, i'd suggest to take a slap in the face right now, rather than a chuckfuckingnorris roundhouse kick in the nuts a year later ... | ||
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Wrongspeedy
United States1655 Posts
I think even though it sucks and it feels like your trapped, in time you will get out from under it and be fine. So don't worry mate, just keep paying it off, sell it when you can for a decent price if its still giving you troubles. Just don't lower the price on it to cover your payments, my brother had to do that with a truck, he got a nice lecture from the old guy who bought it from him for almost nothing. | ||
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Dhalphir
Australia1305 Posts
On October 07 2011 19:42 Sotamursu wrote: I would never buy a used car that costs more than 3 or 4 thousand euros/dollars. They pretty much always have hidden problems and eventually the repairs are going to cost so much that it's just better to send the car to the junkyard and buy a new one. Investing so much to a car at that age was a pretty bad idea, I hope you learned from your mistakes. the car was new when he bought it. | ||
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Velr
Switzerland10551 Posts
1. Don't buy a new car EVER except the cut into your budget is not noticeable to you. 3+ year old ones are just so much cheaper that you always make a way better deal. You can get unlucky by buying a used car, but you also can get unlucky if you buy a new car.. In other words: If you buy a car and shred it on the next day, whiteout any insurance money (theoretically  ) and so on you shouldn't have to change a single thing about your financial situation.2. Don't buy a car if you can't pay for it on the spot in cash (it's a bit different for super expensive cars, but that’s for different reasons). You never know what happens to you the next week/day/year and suddenly your sitting on a loan/rates and don't know wtf to do.. 2 is actually a pretty good rule for about everything except buying a House/Flat . | ||
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bonifaceviii
Canada2890 Posts
On October 07 2011 20:28 Wrongspeedy wrote: Where were your parents to tell you it was a bad idea? My Dad would have literally kicked the shit out of me for buying a new car at 19. Its sad you had to learn this the hard way, someone should have told you it was a bad idea. This is why financial education needs to be in the high school curriculum. Not "make a weekly budget" retard classes, but a class that will help you understand what a financing arrangement for a car or a mortgage is, and how it works. It's not that difficult, and is well within high-school-level math to understand. | ||
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quiong
United States268 Posts
http://www.edmunds.com/car-buying/confessions-of-a-car-salesman.html IMO, bottom line is, if you can afford to buy a new car, negotiate the lowest possible price you can get, then pay all of that upfront immediately. Get some insurance coverage right away. If you can't afford to do that, buy a used car. Don't take out loans and commit yourself to some monthly repayment for the next couple of years. If anything changes in your financial situation, it can become a huge headache. | ||
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Djzapz
Canada10681 Posts
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QuanticHawk
United States32021 Posts
On October 07 2011 22:28 bonifaceviii wrote: This is why financial education needs to be in the high school curriculum. Not "make a weekly budget" retard classes, but a class that will help you understand what a financing arrangement for a car or a mortgage is, and how it works. It's not that difficult, and is well within high-school-level math to understand. I agree with this 100%. Most people don't learn this shit without really sharp parents, or by falling flat on their face themselves also, for the future, never buy new. You lose a shitload of value when you roll off the lot (as much as ~20%), and you get much better deals/overall value with a Certified Pre Owned (CPO). Almost all companies do this for any of their cars made in the last four years that pass an inspection and are under a certain milage (usually 50k or so). You could have gotten the same car from the year prior with 20k on it, so it's virtally brand new, but you'd pay like 4-5k less, and you'd get an additional warranty beyond what's left on the original. as someone said, you also want ot make sure that you're paying down the principle when you sign and just generally understand everything. | ||
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Sotamursu
Finland612 Posts
I got the idea that it hadn't been used much, but it still wasn't brand new. | ||
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LaSt)ChAnCe
United States2179 Posts
my guess is you aren't following the scheduled maintenance plan of your car (in your handbook) and that's going to be a huge part of why this is so expensive for you. also, why do you have that many miles on it? over 100k for a 3-4 year old car just seems too much for me? On October 08 2011 02:20 Sotamursu wrote: I got the idea that it hadn't been used much, but it still wasn't brand new. from what he described, it definitely was. | ||
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