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Thread: 2nd car question

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    Pyxie78's Avatar
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    #1

    2nd car question

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    DH wants to get a car when he comes home from deployment. ATM, we only have my 2006 Chevy Malibu. His lisence was suspended (just actually paid that off today *phew*) before so no car for him. Now that its all taken care of, he wants me to research cars for him.

    I just sat down and did a whole budget, based off his pay now and his pay next year (he just took the E-5 test and will find out if he passes in November) and we can easily do an around $300/month maybe a bit more for the car.

    Here's my "things"/questions now...
    1)We have no down payment. We did have a little savings but puppy got sick and wiped it out. Will that be a problem?
    2)Given that we have no downpayment, will we be able to get an around $300/month payment?
    3)Should we go with a loan through the dealership itself(thats how my car is, I have a loan with Chase) or is Navy Federal/our other credit union from up in NY a better idea?
    4)Will they even give him a loan w/o a co-signer? He does have credit, I think its around average as do I, however I know no one will let me be a co-signer since I am un-employed.(My mom is a co-signer on my car so I got awesome apr 6.1%. His mom co-signed on his motorcycle a while back but we sold it and idk if she would/he would even would want to ask her to be a co-signer on this car)
    5)Any suggestions on where to look? His ideal thing would be to get a newer-used Mustang (2005-on). No, actualy he would prefer a new car but idk if thats in the cards for now.

    TIA for any advice, I know this is a lot of questions but I want to try to figure this all out before he comes home from deployment so I can present him with a plan.
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    #2
    I wouldn't count having E5 pay until you actually have it. I'm not sure how the Navy works it but when DB made E5 he didn't actually sew on for several months afterwards. He made it in August, and didn't sew on until March or so.

    is there anyway to put away savings now so you can get a down payment saved up?

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    #3
    Quote Originally Posted by Saigon View Post
    I wouldn't count having E5 pay until you actually have it. I'm not sure how the Navy works it but when DB made E5 he didn't actually sew on for several months afterwards. He made it in August, and didn't sew on until March or so.

    is there anyway to put away savings now so you can get a down payment saved up?
    oh no i know and i'm not counting on the E5 pay. I know, even if he does pass, while he gets frocked right away it could take up to 6 months to get paid for it. I was basing it on his pay now...when he gets e-5 it will just be easier I'm trying to build savings back up slowly but surley. This month was a no-go because of the suspension fees though
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    You might want to talk to your insurance company and see if his suspension will increase your premium dramatically. That will effect how much you can afford for a car payment

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    #5
    Quote Originally Posted by Pyxie78 View Post
    DH wants to get a car when he comes home from deployment. ATM, we only have my 2006 Chevy Malibu. His lisence was suspended (just actually paid that off today *phew*) before so no car for him. Now that its all taken care of, he wants me to research cars for him.

    I just sat down and did a whole budget, based off his pay now and his pay next year (he just took the E-5 test and will find out if he passes in November) and we can easily do an around $300/month maybe a bit more for the car.

    Here's my "things"/questions now...
    1)We have no down payment. We did have a little savings but puppy got sick and wiped it out. Will that be a problem?
    2)Given that we have no downpayment, will we be able to get an around $300/month payment?
    3)Should we go with a loan through the dealership itself(thats how my car is, I have a loan with Chase) or is Navy Federal/our other credit union from up in NY a better idea?
    4)Will they even give him a loan w/o a co-signer? He does have credit, I think its around average as do I, however I know no one will let me be a co-signer since I am un-employed.(My mom is a co-signer on my car so I got awesome apr 6.1%. His mom co-signed on his motorcycle a while back but we sold it and idk if she would/he would even would want to ask her to be a co-signer on this car)
    5)Any suggestions on where to look? His ideal thing would be to get a newer-used Mustang (2005-on). No, actualy he would prefer a new car but idk if thats in the cards for now.

    TIA for any advice, I know this is a lot of questions but I want to try to figure this all out before he comes home from deployment so I can present him with a plan.
    It's good not to plan on that E5 pay - DH is up for it to and we are actually looking for him to get a car when he gets back to. I am not financial wiz, but here is my 2 cents:

    1)We have no down payment. We did have a little savings but puppy got sick and wiped it out. Will that be a problem?
    If you want a lower payment and depending on the value of the car iot could be. with a $300 car payment you have to include gas and insurance which could be up to $200 extra dep on you and your SO's situation. For just the car payment, you could get a $15,000 car or so.

    2)Given that we have no downpayment, will we be able to get an around $300/month payment?
    Again, it really depends on the car and your and DH's credit. for ever $10,000 you spend on a car, expect about a $200 or more payment. So thats where the $15,000 comes from.

    3)Should we go with a loan through the dealership itself(thats how my car is, I have a loan with Chase) or is Navy Federal/our other credit union from up in NY a better idea?
    Sometimes it is a lot harder to get financing through the dealership, I would try Navy Fed - especially now with the economic situation. What was great credit last year, is marginal now.

    4)Will they even give him a loan w/o a co-signer? He does have credit, I think its around average as do I, however I know no one will let me be a co-signer since I am un-employed.(My mom is a co-signer on my car so I got awesome apr 6.1%. His mom co-signed on his motorcycle a while back but we sold it and idk if she would/he would even would want to ask her to be a co-signer on this car)
    refer to the above question.

    5)Any suggestions on where to look? His ideal thing would be to get a newer-used Mustang (2005-on). No, actualy he would prefer a new car but idk if thats in the cards for now.

    I would try CarMax - I have heard great things. If you do go through a private seller, make sure you uses CarFax - you need to know if you are buying a lemon. Especially with Fords (not that I am against them - I have just never met a Ford I liked) - they tend to break down a lot, so you want to make sure youa re not buying a rebuilt engine or anything like that, unless your DH is good with cars and that might be okay!

    Hope this helps!!
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    Also, if he wants a Mustang, that might be a bit too expensive considering your current situation.

    My mother had a Mustang and even with a 2 grand deposit, she was paying about $400 as it was a 2009 Mustang and she bought it in 2008. Also her insurance rate was a bit higher and she is even an Insurance agent. She also had a very good credit score.

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    #7
    I just recently bought a car. I think I put 1000 down...not much. My credit isnt the best. But I went to enterprise car sales. I got a crysler 300 for waaaaaaaay under kelly blue book AND my payments are around 300/month. They have nice cars that are fairly inexpensive. They have ford 500 and malibus and stuff around 9000. Its no haggle price since all are under kbb value. They already made all their money renting the cars out and now are just trying to sell them. You may be able to get a good deal through them I would def recommend it to anybody!
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    Here's my "things"/questions now...
    1)We have no down payment. We did have a little savings but puppy got sick and wiped it out. Will that be a problem?

    Ummm really depends on your credit some loan offices(companies) dont care. and it will lower your payment in some instances.

    2)Given that we have no downpayment, will we be able to get an around $300/month payment? Depends on the car you get and the interest

    3)Should we go with a loan through the dealership itself(thats how my car is, I have a loan with Chase) or is Navy Federal/our other credit union from up in NY a better idea?

    I would say credit unions now have the best interest rate...dealerships normally pretty high but take a look around and ask.

    4)Will they even give him a loan w/o a co-signer? He does have credit, I think its around average as do I, however I know no one will let me be a co-signer since I am un-employed.(My mom is a co-signer on my car so I got awesome apr 6.1%. His mom co-signed on his motorcycle a while back but we sold it and idk if she would/he would even would want to ask her to be a co-signer on this car)

    FIRST: you need to pull his credit(all 3 agencies) you need to be educated about this b4 you buy a car. IF he has bad credit rating or no credit yes you may want a co- signer.

    5)Any suggestions on where to look? His ideal thing would be to get a newer-used Mustang (2005-on). No, actualy he would prefer a new car but idk if thats in the cards for now.

    Mustang....look at car insurance first and I would look at maintenance on those cars...investigate the car you looking at. 2005 mustang I would be worried about high miles and how much more you could get out of that car.

    Just do your home work. Look at cars that will outlast your loan and you could re-sell for some money.




    http://www.carmax.com/

    http://www.auctiondirectusa.com/
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    #9
    1)We have no down payment. We did have a little savings but puppy got sick and wiped it out. Will that be a problem?We did not have a payment when we got our first car loan through navy fed, on the car we just bought (our second car) we got the dealership to find us a loan and we had to pay tax tags and license and was about 1000 dollars
    2)Given that we have no downpayment, will we be able to get an around $300/month payment?Our payment for our first car was 270 and our loan was for 15,000 so it is possible
    3)Should we go with a loan through the dealership itself(thats how my car is, I have a loan with Chase) or is Navy Federal/our other credit union from up in NY a better idea?I am not sure what to say, we did our first one through Navy Fed, our second one they gave us a hard time and were going to give us a higher interest rate than we wanted. The bank we ended up financing through got us a really low interest rate. But if you go through a dealership make SURE that they do not just send your credit out to 100 different banks, pick and choose and only send to a couple, otherwise it will lower your score big time
    4)Will they even give him a loan w/o a co-signer? He does have credit, I think its around average as do I, however I know no one will let me be a co-signer since I am un-employed.(My mom is a co-signer on my car so I got awesome apr 6.1%. His mom co-signed on his motorcycle a while back but we sold it and idk if she would/he would even would want to ask her to be a co-signer on this car)if the car is applying for is his only car loan on his credit, and he has a good debt to income ratio they should
    5)Any suggestions on where to look? His ideal thing would be to get a newer-used Mustang (2005-on). No, actualy he would prefer a new car but idk if thats in the cards for now.The ford dealership have some great deals, we got my truck at carmax and got a good deal on that.
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    #10
    Thank for all the info :-)
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