Bad idea? Confirmed!

"Dogsatemypants" (kb113400) 12/12/2018 at 06:28 • Filed to: None

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I am thinking of dropping the volvo in favor of a 2011 Tacoma ex cab 4wd with 5spd. It would put me on a 5 year finance plan, and likely improve my credit score in the process. Oppo thoughts?

UPDATE! The Volvo still has to go. It is in the process of failing, and I don’t have the workspace, time or backup vehicle to rehab it.

That being said, you guys are right. Thats too long and too much money for me to be financing.

I am going to look into my options on a small personal loan or a small bank loan, and see what I can see. I am looking at japanese wagons, suvs, and trucks. There are a few possibilities that look fun and affordable on cl.

E90M3 > Dogsatemypants 12/12/2018 at 06:47

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If the reason to buy this truck is solely to increase your credit, get a credit card or something. If it’s more than that and you can comfortably afford the payments, then go for it. 

Sovande > Dogsatemypants 12/12/2018 at 07:00

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What kind of Volvo? And how badly do you want a truck? 

HFV has no HFV. But somehow has 2 motorcycles > Dogsatemypants 12/12/2018 at 07:13

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I always say you shouldn’t get a loan unless you can actually afford to pay 100 dollars more than the minimum.

Also is there a warranty on the Tacoma? 

I like cars: Jim Spanfeller is one ugly motherfucker > Dogsatemypants 12/12/2018 at 07:26

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Nope, great idea. Do it. 

UnderSTeerEnthusiast - Triumph Fanboy > Dogsatemypants 12/12/2018 at 07:40

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Generally I would not say it’s a good idea to go on a 5 year finance plan with a soon to be 8 year old car (or already 8 depending on build date) . Regardless of condition, age and wear you will be making payments on a 12-13 year old car at one point. Who knows how long you get once it’s paid off. If you’re aiming for a better score, I’d get a credit card and just use it for normal daily stuff to build credit as you save money.

The Dummy Gummy > Dogsatemypants 12/12/2018 at 07:48

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If you have to finance something to improve your credit score, this is a terrible financial decision. 

Funktheduck > Dogsatemypants 12/12/2018 at 08:00

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A five year loan on a vehicle that age seems like not a good idea. I’m actually surprised anyone would offer that. Too much risk involved for me. 

dtg11 - is probably on an adventure with Clifford > Dogsatemypants 12/12/2018 at 08:46

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As others have said, a 5 year loan on an 8 year old truck doesn’t seem wise. It’s also not the best way to build credit

davesaddiction @ opposite-lock.com > Dogsatemypants 12/12/2018 at 09:07

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What’s your main objective with making this change (highest priority)?

someassemblyrequired > Dogsatemypants 12/12/2018 at 09:42

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5 yr loan on an 8 year old truck is madness. I’d stick with the Volvo unless you can pay cash or pretty close to it.

Interest rate on an older vehicle with a low credit score is likely to be crazy. You might be better off financing a new one, as Toyotas don’t depreciate much and the interest rates will be way better.

If I were in your shoes, I’d stick with the known known of the Volvo . If you need credit history for a mortgage , start with a credit card and pay it off religiously every month. Or buy a new crapcan and finance through the manufacturer. Don’t get trapped in a 5 yr used car loan on bad terms .

nermal > Dogsatemypants 12/12/2018 at 11:03

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Used Tacomas are a bad deal. All of the problems of an old vehicle, none of the depreciation.

You’re better off purchasing in the 2-3 yr old range. Especially if you want a Tacoma, the actual price won’t be much more but your interest rate will be significantly lower.

shop-teacher > Dogsatemypants 12/12/2018 at 13:56

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No.  Tacomas are still vehicles with moving parts that break periodically.  They aren’t magic solid gold like everybody thinks.  You’re going to be making payments on a vehicle until it’s nearly 13 years old, and it will be requiring repairs in that time.

Dogsatemypants > nermal 12/12/2018 at 14:27

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Can’t afford a 2 -3 year old car. They are offering me an ok deal at 12%. If i pay cash, i am looking at a max budget of 6k

Dogsatemypants > davesaddiction @ opposite-lock.com 12/12/2018 at 14:29

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Having a reliable running vehicle. Volvo is in need of repair yet again. There are a number of things that are coming close to critical point of failure. More than i can afford to fix.

davesaddiction @ opposite-lock.com > Dogsatemypants 12/12/2018 at 14:45

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Gotcha - w hat are they asking for the Tacoma?

davesaddiction @ opposite-lock.com > Dogsatemypants 12/12/2018 at 14:46

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Run away. 60 months at 12% on a 7 year old vehicle is a very bad idea. 

Dogsatemypants > davesaddiction @ opposite-lock.com 12/12/2018 at 18:17

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17k

Dogsatemypants > nermal 12/12/2018 at 18:18

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On the other end of things, when i do want to sell, lack of depreciation is a good thing.

Dogsatemypants > Sovande 12/12/2018 at 18:21

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Xc70. its not that i want a truck, the volvo is going tits up in a hurry and this is an offer on the table.

nermal > Dogsatemypants 12/12/2018 at 20:34

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The key is to buy a 2 - 3 yr old one, drive it for 5 yrs, then sell it to some schmuck for not much less than you paid for it. Rinse & repeat as needed. 

Dogsatemypants > nermal 12/12/2018 at 20:45

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Great plan. Sadly, that won’t be in the cards for me any time soon. I live barely above paycheck to paycheck right now.

Dogsatemypants > E90M3 12/12/2018 at 20:49

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Nope. Goal is to get a car/ truck that I can fall in love with and that will be less expensive to maintain. I am looking mostly at 4 runners, rav 4, tacoma, crv, xterra, civic, and accord wagons.

Must be manual and must have a seat that my fucked up spine can tolerate. I would prefer a wagon or suv so i can fold down seats and lay down.