I hate money.... (bit of a rant)

"Shooltzie" (karlschulz01) 11/02/2013 at 08:53 • Filed to: None

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I've been trying to get this car. Trying to get a loan for it, yet my credit sucks because of some stuff that happened 5 years ago. So, I tried asking some family members for help in this regard.

What do I get instead? A blast of shit saying how it's a terrible idea and I should buy a house instead and stop trying to apply logic to an illogical situation.

Problem is, I'm going to need a co-signor to get a house as well. And then I'd be dumping all my money into that, so if something happens to my current car I'd be fucked because I wouldn't be able to get to work. For right now I am perfectly fine with renting a house, with a garage, and splitting the rent with my roommate. If I could get this car, I would have 2 vehicles. This would be amazing for me since if something happened to one, I would have an alternative to use until I can get the other fixed. This makes logical sense to me.

!!!error: Indecipherable SUB-paragraph formatting!!! Link to the car, btw. Talked him down to $12k flat, lowest he would go. It's absolutely beautiful, very well maintained, sounds like God's choir singing O' Fortuna, etc etc.

In all honesty, I only have one problem in this situation. I had to actually ask my family for help. I had to rely on other people, when I'm trying to be 100% financially independent. This pisses me off more than any of them can ever understand. I'm trying to improve my credit, and buying a car will give it a nice boost. I can pay it every single month, will have plenty of cash left over from each paycheck to live on (I did all my finances, I'm golden trust me) and also to put into savings, yet it seems most people (mainly my cunt of a sister, whom I didn't ask for her opinion nor talked to her about. She just found out and started giving me a blast of shit) assume that because I got fired from a job 4 years ago, even though I have a steady job with perfect attendance and live on my own and have for 4 years now, that I can't keep a job and am just a dead beat.

Oh it's too much money, you'll back yourself into a corner and ruin someones credit. Umm, actually I end up with about $400 out of each paycheck EXTRA, and that's after paying every single bill I have. Also, in January I get a third paycheck (always finance as if you only get 2 paychecks a month. That way, the 2 months out of the year you get a third you can completely bank that one) that will cover 2 payments more than easily (still even a hundred bucks left over there).

But no. I'm totally and completely irresponsible and can only apply twisted logic to an illogical situation.

And should buy a house. That I can't get a loan for, either.

deekster_caddy > Shooltzie 11/02/2013 at 09:00

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That sucks. Sounds like you are trying to do the right things. Owning a house is expensive, and definitely not for everybody. I wanted my own house so I could have my own garage (and a lot of other reasons). When my wife and I started looking for a new apartment in the city we figured out that rent on what we wanted was pretty close to a mortgage payment, so we decided why not make the mortgage payment instead. 12 years later, we aren't much closer to paying off the house, but it is worth a lot more than when we moved in. My car experimenting has slowed to making payments on my new car (0% interest etc), and whatever I can build for close to free. I still fix a lot of cars for other people though, the money I set aside from that goes to the tool fund so I can keep my garage interesting.

Cars are expensive. Houses are more expensive. If you have a decent apartment and garage, and don't feel the need for your own house, then don't get your own house!!!

Have you tried a credit union instead of a bank? They can be more forgiving with their rates. Do you have a 401K? You can usually take a loan against your 401K, and it's your money and the interest goes back into the 401K. Poor credit doesn't matter for that.

duurtlang > Shooltzie 11/02/2013 at 09:03

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Why not buy a car you can actually afford without getting a loan?

Shooltzie > duurtlang 11/02/2013 at 09:06

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I would, if it weren't for the fact that I don't have $12k saved up and don't want a piece of shit "Will it still run in a year" style car. I want something nice, no rust, etc etc that I can be thoroughly proud of. Yes I know, a Jalop is always proud of their car but I want a car I don't have to worry about as much while I work on my other vehicle. Plus, that Cadillac is just so fuckin sexy.

Shooltzie > deekster_caddy 11/02/2013 at 09:12

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I should go talk to the credit union, like you said. I don't currently have a 401k (I'm a complete idiot for not having it, and really should look into it) so that part is out of the deal.

And no, I don't really care to own a house at this point. I'm only 23 (24 next week!), no GF, no kids nothing. I am enjoying the bachelor lifestyle at this point and the only thing I care for in a house is a bed, electrical outlets, a garage and internet. I can get all those in the place I'm renting (only costs me $350 a month for rent, plus about $90 a month for electric) and am in a decent neighborhood. I've actually fallen asleep on the couch with the garage door open, and 6 hours later came back and everything was as it was before. Does this mean I won't ever buy a house? I can imagine plenty of reasons to buy my own house, I just don't see the reason right now.

BiTurbo228 - Dr Frankenstein of Spitfires > Shooltzie 11/02/2013 at 09:13

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Well that's shit.

The way that I pitch it when people ask why I buy cars when I could buy other things is that the cars I buy are usually fairly sound investments.

They're usually either dirt-cheap (in which case they can't really depreciate any further), or mid-price classics (which will hold their value and I can sell on completely tax-free).

Reigntastic > Shooltzie 11/02/2013 at 09:18

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Well, if you want to be financially independent, stop asking them for money. Can't expect them to not judge your decisions when you're risking their money.

Save up and buy a car for yourself, no reason to need Mom and Dad's approval if you're banking as much in a month as you say you are.

Shooltzie > Reigntastic 11/02/2013 at 09:18

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This is the one and only time I have ever asked anyone in my family for money. I have never asked before.

Dunnik > Shooltzie 11/02/2013 at 09:22

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Why not get a cheaper car, something in the $1000-3000 range. It's possible you won't need a co-signer for such an amount.

Pay that off, your credit improves, then finance a newer/better car.

Reigntastic > Shooltzie 11/02/2013 at 09:23

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Not really the point, though. You aren't financially independent until you cut all ties.

Shit, I'm 19 and I'm not spending Daddy's money; I'm also putting myself through school.

Shooltzie > Reigntastic 11/02/2013 at 09:27

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I haven't spent a dime of any of their money. Nor do I plan on it. I'm just trying to get the one last bit of help before I can just walk away from it all and not need anyone.

Shooltzie > Dunnik 11/02/2013 at 09:32

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Wouldn't be the worst idea. I just liked this one in particular because I felt it was a good price for a great car. That's the only reason I was going for it.

Jayhawk Jake > Shooltzie 11/02/2013 at 09:38

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The balls in their court if you need them to cosign.

Go talk to a credit union and see what they can do, and do that. If you can't get a loan on a $12,000 car then you shouldn't be trying to get a loan for a $12,000 car.

Credit unions should be able to advise you on your credit score and how to fix it.

Quick tip: pay your bills with a credit card and pay them off every month. Easy way to build history. If you can't get the loan, put that $800 extra into savings until you can

Reigntastic > Shooltzie 11/02/2013 at 09:41

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I'd probably just walk away at this point, no clue what's stopping you.

ESSSIX GmbH - Accountant/Wagon Thumper > Shooltzie 11/02/2013 at 09:46

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From experience, if your going to try and get a second car in case your current car dies...and you dont have you own place you shouldn't go for a tuner car. Get something 100% reliable and practical (insurance is cheap for those)

If you step back and look at the situation your asking for help to buy a 4 door sports car that you're labeling your "backup" one that you will beat on, and will break stuff, not directly cause of the beatings but age of the car. Sports cars are expensive to fix (fact), and the second something happens (and believe something will happen) and you have to put any money into it you'll get a whole world of "I told you so, blah blah blah" (and your sister will most definitely be the cherry on that bitter cake). I would just wait till you can truly afford a sports car, and that means sticker and repairs.

My story: Last year my wife crashed her car, I drove a cramry(she drives this now) back then and was itching to get into something more fitting for an enthusiast; enter the b5 S4 Avant. Like you finding funding was difficult, the car is 13 years old, and banks and credit unions will only give you black book value. I was aware that these cars can be problematic if you dont find the best example, and repairs are expensive cause german and you couldnt fit another dame bolt in the bay its so tight. Found one I like, owned by an older man (late 40s), which was a plus since old people dont hoon their cars. We talked plenty, got the feeling he knew what he was talking about, and that he took great care of the car. Finally managed funding (credit union, but they only gave 8k, so I needed to produce the remaining 5k) I was short 1k, asked my father, got the whole german car expensive to fix blah blah blah..but I knew I was buying a good example. He gives me the money but looks me in the eye and says "your about to buy a lemon." I laughed, because I work from home, if I dont have a working car its just inconvenient. But less then one year later ive probably spent 6k or more fixing shit. last month alone I dropped 2k, and that was with me doing all the work my self.

Now I'm not saying this will happen to you, but with enthusiast cars its hard to draw the line, we love them, we enjoy them, we want to make them better, and keeping it stock etc is hard because race car. And the pain we would feel if it was hit would be tough, because it cost us so much, and I mean that as in the 13k was difficult to come by.

I honestly wouldn't take back my purchase, even if the damned thing loves to rob me, I've learn a shit ton in the last year that I would have never learn had I not bought it. But like I said its been an expensive experience, had I gotten something silly like a civic Id have plenty of money in my pocket (oh and gas mileage sucks Im lucky if i get 250 miles out of the tank). However moving forward I don't think I'll buy a used sports car till I can afford it and then some comfortably with out any real sacrifice.

So its in your best interest to wait, but if you do it, dont get mad when bad shit happens, it happens, anger is a useless emotion that only spoils your dinner. And your sister would just relish in it to make it all worse.

SkarTisu > Shooltzie 11/02/2013 at 09:54

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I had to dig myself out of credit problems in the past. Had to go through the whole phase of driving shit cars while that was going on, too. Very frustrating.

To help restore credit, get a gas card from your favorite local station and start using that. Another step is getting a credit account at something like a furniture store or Best Buy/Fry's/etc and buying something around $500 and paying that off.

It takes a while to restore credit, which is super frustrating, but it's how the game is played. It sounds like you're in a reasonably good position financially, although having only $400 spare a month sounds a little shaky. But, if you're actually in a good spot, prove it to the banks by doing those things I mentioned, and your credit score will improve.

SkarTisu > SkarTisu 11/02/2013 at 09:55

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No need to even consider the advice of buying a house instead of a car right now since you won't be able to get a mortgage if you're unable to get a car loan. I agree with their advice on principle, but it's irrelevant to you right now.

Shooltzie > SkarTisu 11/02/2013 at 10:16

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$400 a paycheck, twice a month. Give or take $800 a month.

dogisbadob > Shooltzie 11/02/2013 at 11:06

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LOL NO, I wouldn't help you either. You don't need a high-mileage CTS-V now. Especially if you already have a car. Oh also, you won't be able to afford the gas, either. Count on 12 mpg, and premium is mandatory.

Just do what other people that struggle with money do: get a 90s Japanese car for like $3000 or less until you can afford the Caddy. You won't have to worry about problems in those cars because they don't really break down all the time.

Look, I'd love to have a fun toy too, but I can't afford it, so I do without for now. I get by on an older Lexus I got for $700. It has over 200k (bought it at 180k)

deekster_caddy > Shooltzie 11/02/2013 at 11:16

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As far as what others here are saying about saving your extra $400/mo and buying it in cash a year from now - that's a great idea if you can really sock away the $400/mo. There will be other CTS-Vs on the market. No car payments beats the snot out of making payments. Plus if an emergency comes up within the next year, you will have something to dip into instead of being tapped out.

SkarTisu > Shooltzie 11/02/2013 at 11:32

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Okay, that's much better. Play the gas card game for three months or so then check your credit score again. It should be noticeably better.

JWreck > Shooltzie 11/03/2013 at 11:01

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What? If you don't have 3-6 months of income saved at all right now that should be your first priority. Not a second car because you think it's a great deal.

Don't go get a "gas card" or a credit line from a furniture company. Go to your local credit union and do a 'Share Secured' loan - you front $500, they give you back $500. Then you make payments to that and in the end you end up with the original $500 you had, minus maybe $3 of interest (these often charge only a fraction of what a normal loan would be - 1 to 2%).