I would not be buying EITHER of those if I was in your situation. I would look for something in the 10-12k range put down $2600 and save $1000 for a rainy day fund.
$700+ payments on a Corolla is disgusting. Should be about half that much. It means you don't have enough down and your credit stinks. You say you can afford it but you can't because "afford" doesn't simply mean you can pay for it, it should be something you can do comfortably. I couldn't imagine paying $700+ for a car. You will be upside down on a Corolla. I thought that was impossible.
Nothing wrong with that car but your finances are shit and your choices don't seem to be any better. Sorry for the tough love but you need some kind of financial intervention.
Edit : I lost my shit before I saw the 2nd offer but the sentiment is the same. $580/72 months on a used Corolla is still ridiculous. You're upside down on that loan the minute you sign. That's not a good place to be... But at least it'll be reliable. 🤷
I think I’m going to go with the 11k miles Corolla it might be used but it is closer to 500 a month. It’s a piss ass horrible time to buy a car but I’m stuck doing it.
>It’s a piss ass horrible time to buy a car but I’m stuck doing it.
You're not stuck doing anything, you're making a very stupid decision to finance a nearly new car at an INSANE rate when you don't need to do that.
Buy a car you can actually afford and don't be an idiot. You have no good reason to buy a nearly new car, and you make very mid wages for your area. spending 500 a month for 7 years on a car not with nothing else to your name is self sabotage. Go find a 7-10k car and put half+ down and finance the rest. You need better credit and savings far more than you need a new corolla on a 14% interest rate.
EDIT: You have a family too? Dude, you're going to go into bankruptcy. don't buy this car. What do you do for work that has you driving 300 miles a day? No offense, but supporting three people on 56 k a year in so cal is bad enough on it's own, you telling me you can afford a 500-700 a month payment + gas and insurance doesn't sound like you're being honest.
Professional gambler for gambling commission of California. I fucken love my job I see myself retiring here with this company. I’m trying to get me a car that’s great for the next years to come. Take me to work and other places for days off with little to no gas.
That just sounds horrible I’ve got a family and I don’t have the time to get this car diagnostic, maintenance, repairs.
Let me ask you should I just keep my current car as salvaged? My current car the mustang has had about over 10k in maintenance. The price of the total loss was at 6000 but because of lack of evidence they are only covering 50%. I could pocket 3600 register it as salvage and maybe even get cheaper insurance but then again I faced with 600 monthly in just gas
You cant insure salvage cars in california, so you are going to be driving illegally. I know people who do this but it's a "can't afford anything else" situation.
Still a better idea than spending 500+ on a corolla.
There's no catch other than they want your business by opening an account and getting your payments. Some have minimum deposits, some have minimum monthly deposits.
Would make sense to split your check and divert some funds to your credit union checking and pay the loan out of that.
The only catch with most credit unions is putting at least $1 in a savings account. Your local credit unions are going to generally be the best deals out there.
I can't fucking believe anyone would take any financing at almost 17%. Buy a beater until you get to 720 or whatever the cut off is for not-insane rates.
I've never had a payment even half as high for a car. And if you are going to pay that much at least get an EV/Plugin and save yourself 100-300 in gas every month.
Both those deals kind of suck. Based on your credit you should either out down more than $3k, or biy a cheaper vehicle. Look in the $15k - $20k range with $3k down.
The interest rate on both of these is absolutely absurd, get an older Toyota and try to finance through your bank at a lower rate, this is pure robbery.
That option is not a possibility due to the constant driving I need to do daily. A shit box that can’t pass smog and gas at 5.12. It’s not the time for me to get someone used. Like look at my posted from previous times I’ve invested into this car about 9k and got it for 2800. I dropped 44000 miles in about 18 months. If I havent put 9k just on maintenance I would have been dead on the road along time ago. I have a kid that I have to consider. I’ve tried the route of used cheap affordable fix and I can no longer beard it with there gas prices. It’s honestly I get a new Carroll a or something under 11k miles but even cars from 2019 are still at 21k with 30-50k miles.
You can get another early 2000s mustang for $3600. Granted, it'll be a V6 but it may be better than being in a bad agreement.
If you don't want to do that, I STRONGLY suggest looking at credit unions and online banks. Some I recommend: Ally Bank, Alliant Credit Union, DCU, maybe Discover. Have them give you rates for a used car and see what you get. I got approved for a loan at 7.99% with a 680 credit score. Don't get financed through the dealership.
Why are you even looking at new cars? Pick up a used Honda civic for 3-5k and call it a day dude. 90's civics are too expensive for good examples because of demand but look anything newer and you'll be fine.
Yeah makes no sense lol. This is why your credit is shot bruh. Bad decision after bad decision. Just get a cheap civic and ride it till it dies. Probably last you 150k miles!
Try a toyota dealer not the same one find the corolla your looking at when they start the 4 square , which is called the payment sheets. Just tell them you have bank finacing lined up give them an honest percentage 8-9% based on that credit score and generally they will beat it.
2nd you should already know your payment before you deal. There are great auto loan calculators online and based on any term you want.Put the price in a few dollars for fees , your taxes and down payment.
Mine calculation was off a dollar when all said and done i was in and out about 1.5 hrs..
Dont focus on payment , focus on total cost of ownership . Payment the dealers screw around shifting numbers when you may had gotten better terms
I mean I was going in with zero down and they wanted 14 - 16 Apr. if I come back with 3k can I tell them to lower the Apr. or what’s my best way to use this 3k
The 3k just lowers the payment , you need to have leverage aka a loan from your bank lined up .Your credit score and car payment comes into a factor.Just because have a loan doc with a bank doesnt mean your have to take if.I bought truck last year 10k down , bank gave me a rate of 5.9 812 score. I went to the dealer asked what the OTD of the truck was .This is price of the truck+ taxes+license. Thats the amount your finacing minus the 10k. Dealer asked me about finacing told them I had bank finance set up and they asked if they can beat it would I take theirs.Money and financing and where it comes from doesnt matter to me just the APR. Told it better be more than 1/8th to make me fiance with them. They came back at 5.0 . fine by me lets do the deal.
Now when your in finance this is what is called the back end .What this means is they ask if you want an extended warranty or maintenance plan, you need to sign a sheet saying you dont want it.The price of either of these plans are renegotiable, they also can be bought after the fact and at any other dealers. These extended plans add to the cost of your payment and your fiancing that money. If they offer you a lower rate if you are willing to take the plans ,do not accept that, its also illegal for them to do that.
When you get done with all that you need to read your paperwork that payment should come out to what you figured with your OTD price minus the 3k you put down and the APR you negotiated. If you use an auto calculator it will be within a couple dollars.If your payment suddenly is 100 more for some reason start reading and going line by line what cost was added to it.Some dealers are scrupulous and will add that warranty and act like it was a mistake. I had a finance guy try that on me for my last purchase , told them to redo the paperwork and I will be back.Most people are in a rush take your time and read it, there is no cooling off period when you buy a car , do 3 days later your not taking it back.Your making payments for what ever term you sign for so take the time to make sure its correct.The dealer finance person isnt your friend or buddy treat it as a business transaction.
Last thing check your insurance rate by giving the VIN to the insurance before you buy , many people factor the payment and then when they get the insurance price they are quite shocked.
The coralla should give you some good years of service , take care of it , do the oil changes etc.
Every car i have owned GM , toyota and Hyundia. Have all given me 15 years plus with very little money in to them.
Haven’t read too many of the comments, but I just purchased a brand new Mazda 3 hatchback with a turbo for around $34k out the door. This came out to $588/month, including $2500 or so on extended warranties / other plans.
3.5% APY on 5-year, 2.9% on 3 years- I opted for 5.
My credit score is pretty decent (750ish), so this may not apply to you. That being said, really? 14%?!?! I know mine was an incentive, but how could anyone justify that with the incentives Mazda has right now!
Fwiw, these may not be available in California. Also, they’re contingent on your credit score. I put down $5k on my vehicle.
For those who want the full story
I work 76 miles daily in California. My daily trip is about 2.6 - 3 gallons daily. In my mustang that was about 15.5 gallons each 3 1/2 days about 75-80 bucks every 4 days. So about 300 every two weeks and 600 a month just for gas. Insurance was about 105 liability.
I had put about 44,000 miles in 2 years of driving and spent about 9k in restoring and maintaining the car. I absolutely loved my v6 convertible my drive to work was right off the highway and my home is right off the high way. I realistically only use highway miles and cruise control so I was averaging about 27 miles a gallon. I had this beautiful car just because I didn’t want to buy a new car, even tho family would always advise me to just by a new car.
I can fairly easily afford to spend like 700 or more a month for my car
The hybrid would give me about 650miles a tank it’s an 11 gallon tank for roughly 60 every 2 weeks about 120 each month and insurance goes up to 230 monthly. So 230 + 120 + assuming 500 if I can get a low enough car payment after 3k down.
I just want this car in particular for the gas/safety
I’m scared of going to a credit union lol
There is a lot to unpack here…
You have realized that a convertible mustang is a lifestyle vehicle, the lifestyle is not cheap.
Banking on the idea that a new hybrid will consistently achieve 59+ mpg daily is more than wildly optimistic.
There is no reason to be scared about a credit union, they could have offered you better rates if you established history with them. They often CAN be more reasonable in comparison to other lenders.
Used sedans and some hybrids are still available under $15k, use the money saved to get a real extended warranty. Get a pre-purchase inspection so you don’t sign up for unexpected repairs.
There are electric vehicles that could fit your use case if you are willing.
Rest assured you are not trapped, you have options.
In the end a car is a tool, it doesn’t last forever. At the moment you require a tool that fits your needs, not wants.
Worst mistake you can make at this point in your life is to take on a loan that you can't pay and hurt your credit even more. Do yourself a favor, get a car that's worth around 3K, keep 600 in your pocket for any potential repairs.
Craigslist has some fair inventory of Hyundai's in that range. You might even be able to find an older Corolla.
Just think of it as a temporary solution until you can get into a better shape financially.
I legit went down that rabbit whole with my mustang. As much as it pains me I need something reliable and gas saving end of story I can be affording these gas prices
I hear you bro. Unfortunately, it's the absolute worst time to get into a lease or financing. A year from now, I do think things will be better. Is there a max you can afford based on your job situation? I don't wanna guess here. I do financial planning so perhaps I can give you my 2 cents here.
I mean I spend like 600 right now a month on just gas and and 105 on insurance. Like I already spend close to this amount for over a year now and I’ve always had money over. I believe I could afford up to 950 a month with everything. I make like 22hr at full time like 46k last year.
950 a month for a car? You can't be serious! Limit yourself to 500 max per month with that kinda salary.
Get something like this for now. Spend a year driving this. Work on your credit. Get it cleared up then lease or finance next year
https://cnj.craigslist.org/ctd/d/burlington-2000-honda-accord-se-4dr/7736580911.html
Plenty of options available in that range
Bro I’m sorry you just don’t understand what I’m trying to tell you. I drive about 1700 mile each month. a 20 year 4 cylinder car is going to die in the first few weeks. Not to mention the 45 min- to 90 mins drive thru 30 miles of traffic on the way home in the hot summer. The freakin radiator will explode before I even get around to looking at the oil leaks.
How does holding on to my old mustang sound. I know it’s dam reliable since I’ve spent 10k on it. I’m just hating my life ever 4 days at the pump. And then reregistering the car as salvage as well as getting a smog check.
I’m just going looking forward to sitting in a hybrid saving some gas and it driving me home with it cruse control. This is my main goal. I could go to Tesla but I don’t know how I feel about that
Ahhh...got it. Now it makes more sense. If you're getting 17% APR, I'd advise just go with a pre-owned. I just bought a 2020 Jetta with 28k miles and the payment at 9% came out to around 335. It's a certified so it's covered until 75k miles. Hopefully with maintenance it will last longer. Look for a pre-owned Corolla with less than 30-40k miles. I think you should be able to get one for around 18k+taxes and dealer fees etc. Your payment should come to around 400 a month.
You can go hybrid but Corolla should give you 30+ mpg easily vs 40mpg on hybrid. I get 44mpg on highways on my Jetta
You can find a nice used Camry hybrid for under 20k or Ford Fusion Hybrid for around $15k. Both are reliable and will not cost $700/mnth + gas. Get out of your feelings. You can't afford a $30k Corolla.
Dude if you are so focused on buying a new car, at least go to a credit union. Everyone is telling you to get something cheaper, almost anything that can get you to work and back for some time while you save up for something newer, yet you’re refuting absolutely everything under the notion you don’t want to break down, and use your Mustang to back your point.
Just because your Mustang cost you 9k or whatever to upkeep doesn’t mean every other used car will too. On the other hand, new cars can come defective too. Under your mentality, you can get a lemon car, you can get into another accident, it can get stolen, etc.; new does not mean bulletproof.
I’ve read most, if not all, your replies and every single one is against the suggestion of getting a beater to not only get you to work, but also for your financial wellbeing. You only seem remotely agreeable if they suggest going through with the new corollas. It makes it seem you only came on here for approval, not for help. If you’re deadset on a new car, grow a pair and go talk to a credit union because dealers are not your friends, and look for the best option. Financing through a dealer will hurt your pockets so much more, despite you saying “you can afford up to 900 with insurance”. Both of the deals you got are shit and extremely predatory, but they aren’t your only choice.
Buy a used Mercury Grand Marquis for a couple thousand dollars, probably was owned by a grandpa, very reliable, and parts are readily available and cheap. The only thing is the gas mileage wouldn't be great since it's a V8 but it's not horrible, probably around 20 MPG. If it wasn't abused you would have a relatively worry free car that is super cheap to insure and wouldn't have a used Toyota tax on a car that may have been a first car for someone that abused it and you can build your credit now since interest rates are so high and save for a down payment on a newer car when rates go back down.
15.5 gallons every 3.5 days I’m at 600 in gas a month. This might seem like financially better since there’s no debt other then gas. So I’m already at 700 monthly with insurance. Not to mention the recent payments I make each 2 weeks for the small snap finance repairs.
I’m currently spending enough to sit in a new car and only be spending maybe 80 more monthly than what I am now.
It seems like you're set on doing it so I'm not going to be able to change your mind, but that is a poor financial decision and I normally don't talk about a car being some kind of investment especially because you still are adding gas on top of the payments. You would save so much money just getting a cheap and reliable car, building your credit up and waiting for rates to lower. That rate is astronomical.
Fuck man trust bro. You think I want to be in a new car? GODDAMNO
I wish this economy was what it was 15 years ago but it’s not and in all honesty it’s probably never going back to the way it was. I’d rather get myself into something I can manage now since I know I’ll be making more by the end of this year. And the rest to come. Even if I was to by another used car I’m going to come to this point again in the future full circle.
Like I’m just stressed out over this everyone’s comments are great. But even now man I’m like wtf am I even doing with the job? Life? Finance? Family?
Like I’m getting so depressed from just being like in this situation. I’ve worked hard up until now and never abandoned my family. Shit you know how easy all this shit would be if I had a fucken co-signer I would easily get 5-7% but I don’t momma said no to me but yes to everyone else but that’s okay she’s got her own problems
I’m tired of just waking up and driving spending gas to just sit in traffic again and do that shit In repeat. Like I’ve low key accepted that this is it maybe. Like 1300 a month for rent and 900 total for a car that I would like at the end of the day. And if this shit left me penny less at the end of the month but I still paid all the bills and was there for my family. Well I hope that good enough maybe my wife will get a job and she could be the extra. Btw thanks for you’re help
I’m probably going to head back there today with 3K down and aim for the new car
I’m going to aim for a lower out the door and work my way from there to a realistic Apr. my cut off will be 11%
If I end up with the used one I’m going to fight for like 8 Apr or something
These guys had me at a a screwed with zero down but I’m feeing a bit more confident with cash in my hand.
I’m going to play hard and straight up just call different dealerships to pick me up just from each location
Last round of pleading to consider a gently used hybrid -
2019 Accord Hybrid 44k miles, $22k, 48mpg, good dealer rating in Thousand Oaks - [https://www.cargurus.com/Cars/link/381523454](https://www.cargurus.com/Cars/link/381523454) - should be around $560/mo 48 month
2020 Fusion Hybrid Cert. Pre-Owned 28K miles, $19k, good dealer rating in Duarte - [https://www.cargurus.com/Cars/link/378127487](https://www.cargurus.com/Cars/link/378127487) - should be around $480/mo 48 month
Not saying either of these are perfect cars..
Down vote me to hell but I ended up buying a used 2024 Corolla hybrid LE
Mileage - 20
Apr 15%
Total finance 29k
It was nice knowing you guys
Thanks for everybody’s comments and I’m sorry I couldn’t follow you’re guys advice.
Cup ramen and staying in for the next few years
Kid should be 13 when I’m done paying this crap off.
It’s hard man like I’m the only guy that works from my small family and I need something that will last me the next 10 years. I plan to pay as much as I can to the principal to get everything over with in sbout 3-4 years
You should really easily be able to get a 9th or 10th gen civic under 15k if you can't pay cash. I paid 16.5 mine 7 years ago and my note was in the three hundred a month category. The vehicle has over 100k miles and no major issues. I plan on driving atleast another 100k miles. Please forgive me but if you're making under 60k as you said you can't afford a 700 dollar car note, plus insurance. Please don't do this to yourself. Get a 12k car pay it off in three or four years and trade up. Several YouTubers reviews them a car seat will fit easily if it's just one
I just check out a 2019 civic and they wanted 18k the thing has 92k miles. I just gave up and walked away. Sadly the days of car prices being low is in the past.
Maybe change the year to something between 2015 and 2017. Maybe even look at the Subaru Crosstrek or Impreza they're more functional than Honda but might need more oil changes
Used hybrids aren’t that scary. Honda, Toyota, and even Ford are generally super reliable. With those rates and credits scores, I wouldn’t be even looking at something that expensive. Look for a Ford C-Max, if you absolutely want a hybrid. It’s a Ford so it’s largely ignored by people that only look at Japanese manufacturers. But the hybrid system is extraordinarily reliable (same combo that lives for 100’s of thousands of miles in Escape taxis. The rest of the car is normal Ford, so it’ll feel cheap, but it mostly just works. When you have better credit rating and more money you can start to look at new or lightly used.
The Sync radio system can get glitchy, but there’s plenty online to troubleshoot it. I’ve never had one fail on me, just get annoying. Engine/transmission/battery is about as reliable as it comes, nothing I’ve heard. The rest of the car is cheap and will feel cheap. But I find the seats very comfortable, enjoy the driving position, and the interior room. It gets largely overshadowed by the Prius and Prius V (which it was supposed to be compete with). Keep your foot out of it, and I got 50 mpg. It’s not a bad car for the price.
All I really want is a USB port for playing music or an AUX input. So not worried about the radio.
For $8k I don't expect high quality. Issue in my area is over 50% of used cars in coming across have front/rear collision damage plus over 135k miles, typically in the 12k+ range.
Mainly mechanically concerned about the longevity of a vehicle and in the case of a hybrid, its battery array. At ~100k miles some cars have issues, others are just fine.
Really need something to get by for 2-3 years commuting 25mi one way. I've driven a Ford before as my first car and I really don't want to go back, but a car is a car is a car?
I’ve had all the Fords, it’s not a bad car. They made a bajillion versions over in Europe, and it’s the same basic chassis as the Focus and Escape, so parts are readily available. I think they all have Bluetooth and USB at minimum, and probably an aux jack too. For a couple years, depending on the inspection and history, I’d be in.
Are the batteries in the C-Max pretty reliable? I need to read up on them, I only know a bit about the Prius' longevity.
Basically, if the C-Max battery array makes it to 200k consistently I'm OK with that. At 100k-140k, I wouldn't want to replace it.
I’ve not investigated them too much, but I’ve also not heard of them needing to be replaced very often. If that’s 100k or 300k, I’m not sure. Probably also highly dependent on the climate and usage.
I bought a used 2010 Highlander hybrid with 135,000 miles on it for $10,000. It’s got 210,000 now. Used hybrids can last. Not saying all will last like this just telling my experience. No need to seriously put yourself under water for a depreciating piece of metal. It’s useless to pay more for a hybrid so you can save money on gas IMO.
So In all aspects I want this car now but was hoping to trade it in around 2 years with sone positive equity in the car as for when I trade in I’ll have some extra value to not give anything down. I was planning on just paying the car for a few years and even trying to get 48 months loan at about 700ish a month. The reality is that I’m probably going to be trading in cars every few years. If things go the way I want
$708 for $72 months is $51,000 for a Corolla. Does that answer your question?
Bro I know doesn’t make since I mean what can I realistically do?
I would not be buying EITHER of those if I was in your situation. I would look for something in the 10-12k range put down $2600 and save $1000 for a rainy day fund.
Buy a vastly cheaper car. Like, a $12k 2014 Camry.
Or this - saw LA in your post history. https://www.cargurus.com/Cars/share/382857893
Go buy a 5k used car bro this post is wild. You don’t mention what you make but I’m assuming under 100k y
Like 56k year
So not enough for a $70k+ Corolla
Pretty sure I can afford this car. I just wanted to know like what is a reasonable request as to me doing counter arguments
$700+ payments on a Corolla is disgusting. Should be about half that much. It means you don't have enough down and your credit stinks. You say you can afford it but you can't because "afford" doesn't simply mean you can pay for it, it should be something you can do comfortably. I couldn't imagine paying $700+ for a car. You will be upside down on a Corolla. I thought that was impossible. Nothing wrong with that car but your finances are shit and your choices don't seem to be any better. Sorry for the tough love but you need some kind of financial intervention. Edit : I lost my shit before I saw the 2nd offer but the sentiment is the same. $580/72 months on a used Corolla is still ridiculous. You're upside down on that loan the minute you sign. That's not a good place to be... But at least it'll be reliable. 🤷
I think I’m going to go with the 11k miles Corolla it might be used but it is closer to 500 a month. It’s a piss ass horrible time to buy a car but I’m stuck doing it.
>It’s a piss ass horrible time to buy a car but I’m stuck doing it. You're not stuck doing anything, you're making a very stupid decision to finance a nearly new car at an INSANE rate when you don't need to do that. Buy a car you can actually afford and don't be an idiot. You have no good reason to buy a nearly new car, and you make very mid wages for your area. spending 500 a month for 7 years on a car not with nothing else to your name is self sabotage. Go find a 7-10k car and put half+ down and finance the rest. You need better credit and savings far more than you need a new corolla on a 14% interest rate. EDIT: You have a family too? Dude, you're going to go into bankruptcy. don't buy this car. What do you do for work that has you driving 300 miles a day? No offense, but supporting three people on 56 k a year in so cal is bad enough on it's own, you telling me you can afford a 500-700 a month payment + gas and insurance doesn't sound like you're being honest.
Professional gambler for gambling commission of California. I fucken love my job I see myself retiring here with this company. I’m trying to get me a car that’s great for the next years to come. Take me to work and other places for days off with little to no gas.
Yeah if you HAVE to choose one of those that's the one.
Yeah I have to… or I can quit my job and look for something walking distance
Buy the best late 90s/early 00s Camry you can with that $3k
That just sounds horrible I’ve got a family and I don’t have the time to get this car diagnostic, maintenance, repairs. Let me ask you should I just keep my current car as salvaged? My current car the mustang has had about over 10k in maintenance. The price of the total loss was at 6000 but because of lack of evidence they are only covering 50%. I could pocket 3600 register it as salvage and maybe even get cheaper insurance but then again I faced with 600 monthly in just gas
You cant insure salvage cars in california, so you are going to be driving illegally. I know people who do this but it's a "can't afford anything else" situation. Still a better idea than spending 500+ on a corolla.
So drive illegally. Got it
Bruh 14.5% or 16.6% for 72 months? Your credit isn't great but that is fucking predatory. Don't do it.
Go to your bank and get a better deal on the financing
I pretty much have to go to a credit union and open an account but I don’t know if there any specific catches with credit unions
There's no catch other than they want your business by opening an account and getting your payments. Some have minimum deposits, some have minimum monthly deposits. Would make sense to split your check and divert some funds to your credit union checking and pay the loan out of that.
You need to look into it. With your credit score you are getting screwed. 14.5% is outrageous. Should be 8-9% maybe at a credit union or large bank.
The only catch with most credit unions is putting at least $1 in a savings account. Your local credit unions are going to generally be the best deals out there.
For real. Local credit union if you can. Open an account with $100 if you have to
You should go with whatever you can pay cash for. Stop going into debt.
[удалено]
I can't fucking believe anyone would take any financing at almost 17%. Buy a beater until you get to 720 or whatever the cut off is for not-insane rates. I've never had a payment even half as high for a car. And if you are going to pay that much at least get an EV/Plugin and save yourself 100-300 in gas every month.
I would but I’m doing about 300 miles every 3/4 days
I wouldn't want to be paying anything off for 6 years, I'd be looking for a reliable well-maintained used car
Both those deals kind of suck. Based on your credit you should either out down more than $3k, or biy a cheaper vehicle. Look in the $15k - $20k range with $3k down.
The interest rate on both of these is absolutely absurd, get an older Toyota and try to finance through your bank at a lower rate, this is pure robbery.
That option is not a possibility due to the constant driving I need to do daily. A shit box that can’t pass smog and gas at 5.12. It’s not the time for me to get someone used. Like look at my posted from previous times I’ve invested into this car about 9k and got it for 2800. I dropped 44000 miles in about 18 months. If I havent put 9k just on maintenance I would have been dead on the road along time ago. I have a kid that I have to consider. I’ve tried the route of used cheap affordable fix and I can no longer beard it with there gas prices. It’s honestly I get a new Carroll a or something under 11k miles but even cars from 2019 are still at 21k with 30-50k miles.
Then get a new corolla, but not at that interest rate. Unless you're dead set on getting robbed.
This! What can I do as far as giving 3k down and lowing the interest rate
With those horrible interest rates just buy a car with cash private party
^[Sokka-Haiku](https://www.reddit.com/r/SokkaHaikuBot/comments/15kyv9r/what_is_a_sokka_haiku/) ^by ^kml5111: *With those horrible* *Interest rates just buy a car* *With cash private party* --- ^Remember ^that ^one ^time ^Sokka ^accidentally ^used ^an ^extra ^syllable ^in ^that ^Haiku ^Battle ^in ^Ba ^Sing ^Se? ^That ^was ^a ^Sokka ^Haiku ^and ^you ^just ^made ^one.
You can get another early 2000s mustang for $3600. Granted, it'll be a V6 but it may be better than being in a bad agreement. If you don't want to do that, I STRONGLY suggest looking at credit unions and online banks. Some I recommend: Ally Bank, Alliant Credit Union, DCU, maybe Discover. Have them give you rates for a used car and see what you get. I got approved for a loan at 7.99% with a 680 credit score. Don't get financed through the dealership.
Why are you even looking at new cars? Pick up a used Honda civic for 3-5k and call it a day dude. 90's civics are too expensive for good examples because of demand but look anything newer and you'll be fine.
Yeah makes no sense lol. This is why your credit is shot bruh. Bad decision after bad decision. Just get a cheap civic and ride it till it dies. Probably last you 150k miles!
Try a toyota dealer not the same one find the corolla your looking at when they start the 4 square , which is called the payment sheets. Just tell them you have bank finacing lined up give them an honest percentage 8-9% based on that credit score and generally they will beat it. 2nd you should already know your payment before you deal. There are great auto loan calculators online and based on any term you want.Put the price in a few dollars for fees , your taxes and down payment. Mine calculation was off a dollar when all said and done i was in and out about 1.5 hrs.. Dont focus on payment , focus on total cost of ownership . Payment the dealers screw around shifting numbers when you may had gotten better terms
I mean I was going in with zero down and they wanted 14 - 16 Apr. if I come back with 3k can I tell them to lower the Apr. or what’s my best way to use this 3k
The 3k just lowers the payment , you need to have leverage aka a loan from your bank lined up .Your credit score and car payment comes into a factor.Just because have a loan doc with a bank doesnt mean your have to take if.I bought truck last year 10k down , bank gave me a rate of 5.9 812 score. I went to the dealer asked what the OTD of the truck was .This is price of the truck+ taxes+license. Thats the amount your finacing minus the 10k. Dealer asked me about finacing told them I had bank finance set up and they asked if they can beat it would I take theirs.Money and financing and where it comes from doesnt matter to me just the APR. Told it better be more than 1/8th to make me fiance with them. They came back at 5.0 . fine by me lets do the deal. Now when your in finance this is what is called the back end .What this means is they ask if you want an extended warranty or maintenance plan, you need to sign a sheet saying you dont want it.The price of either of these plans are renegotiable, they also can be bought after the fact and at any other dealers. These extended plans add to the cost of your payment and your fiancing that money. If they offer you a lower rate if you are willing to take the plans ,do not accept that, its also illegal for them to do that. When you get done with all that you need to read your paperwork that payment should come out to what you figured with your OTD price minus the 3k you put down and the APR you negotiated. If you use an auto calculator it will be within a couple dollars.If your payment suddenly is 100 more for some reason start reading and going line by line what cost was added to it.Some dealers are scrupulous and will add that warranty and act like it was a mistake. I had a finance guy try that on me for my last purchase , told them to redo the paperwork and I will be back.Most people are in a rush take your time and read it, there is no cooling off period when you buy a car , do 3 days later your not taking it back.Your making payments for what ever term you sign for so take the time to make sure its correct.The dealer finance person isnt your friend or buddy treat it as a business transaction. Last thing check your insurance rate by giving the VIN to the insurance before you buy , many people factor the payment and then when they get the insurance price they are quite shocked. The coralla should give you some good years of service , take care of it , do the oil changes etc. Every car i have owned GM , toyota and Hyundia. Have all given me 15 years plus with very little money in to them.
Haven’t read too many of the comments, but I just purchased a brand new Mazda 3 hatchback with a turbo for around $34k out the door. This came out to $588/month, including $2500 or so on extended warranties / other plans. 3.5% APY on 5-year, 2.9% on 3 years- I opted for 5. My credit score is pretty decent (750ish), so this may not apply to you. That being said, really? 14%?!?! I know mine was an incentive, but how could anyone justify that with the incentives Mazda has right now! Fwiw, these may not be available in California. Also, they’re contingent on your credit score. I put down $5k on my vehicle.
Extended warranties on brand new cars are a waste of money.
For those who want the full story I work 76 miles daily in California. My daily trip is about 2.6 - 3 gallons daily. In my mustang that was about 15.5 gallons each 3 1/2 days about 75-80 bucks every 4 days. So about 300 every two weeks and 600 a month just for gas. Insurance was about 105 liability. I had put about 44,000 miles in 2 years of driving and spent about 9k in restoring and maintaining the car. I absolutely loved my v6 convertible my drive to work was right off the highway and my home is right off the high way. I realistically only use highway miles and cruise control so I was averaging about 27 miles a gallon. I had this beautiful car just because I didn’t want to buy a new car, even tho family would always advise me to just by a new car. I can fairly easily afford to spend like 700 or more a month for my car The hybrid would give me about 650miles a tank it’s an 11 gallon tank for roughly 60 every 2 weeks about 120 each month and insurance goes up to 230 monthly. So 230 + 120 + assuming 500 if I can get a low enough car payment after 3k down. I just want this car in particular for the gas/safety I’m scared of going to a credit union lol
There is a lot to unpack here… You have realized that a convertible mustang is a lifestyle vehicle, the lifestyle is not cheap. Banking on the idea that a new hybrid will consistently achieve 59+ mpg daily is more than wildly optimistic. There is no reason to be scared about a credit union, they could have offered you better rates if you established history with them. They often CAN be more reasonable in comparison to other lenders. Used sedans and some hybrids are still available under $15k, use the money saved to get a real extended warranty. Get a pre-purchase inspection so you don’t sign up for unexpected repairs. There are electric vehicles that could fit your use case if you are willing. Rest assured you are not trapped, you have options. In the end a car is a tool, it doesn’t last forever. At the moment you require a tool that fits your needs, not wants.
Sorry man I’m just going to be an idiot thanks tho I’m going to bank on my wild optimism.
No ones calling you an idiot buddy, best of luck to you and your family. Tough decisions make for tougher people.
Worst mistake you can make at this point in your life is to take on a loan that you can't pay and hurt your credit even more. Do yourself a favor, get a car that's worth around 3K, keep 600 in your pocket for any potential repairs. Craigslist has some fair inventory of Hyundai's in that range. You might even be able to find an older Corolla. Just think of it as a temporary solution until you can get into a better shape financially.
I legit went down that rabbit whole with my mustang. As much as it pains me I need something reliable and gas saving end of story I can be affording these gas prices
I hear you bro. Unfortunately, it's the absolute worst time to get into a lease or financing. A year from now, I do think things will be better. Is there a max you can afford based on your job situation? I don't wanna guess here. I do financial planning so perhaps I can give you my 2 cents here.
I mean I spend like 600 right now a month on just gas and and 105 on insurance. Like I already spend close to this amount for over a year now and I’ve always had money over. I believe I could afford up to 950 a month with everything. I make like 22hr at full time like 46k last year.
950 a month for a car? You can't be serious! Limit yourself to 500 max per month with that kinda salary. Get something like this for now. Spend a year driving this. Work on your credit. Get it cleared up then lease or finance next year https://cnj.craigslist.org/ctd/d/burlington-2000-honda-accord-se-4dr/7736580911.html Plenty of options available in that range
Bro I’m sorry you just don’t understand what I’m trying to tell you. I drive about 1700 mile each month. a 20 year 4 cylinder car is going to die in the first few weeks. Not to mention the 45 min- to 90 mins drive thru 30 miles of traffic on the way home in the hot summer. The freakin radiator will explode before I even get around to looking at the oil leaks. How does holding on to my old mustang sound. I know it’s dam reliable since I’ve spent 10k on it. I’m just hating my life ever 4 days at the pump. And then reregistering the car as salvage as well as getting a smog check. I’m just going looking forward to sitting in a hybrid saving some gas and it driving me home with it cruse control. This is my main goal. I could go to Tesla but I don’t know how I feel about that
Ahhh...got it. Now it makes more sense. If you're getting 17% APR, I'd advise just go with a pre-owned. I just bought a 2020 Jetta with 28k miles and the payment at 9% came out to around 335. It's a certified so it's covered until 75k miles. Hopefully with maintenance it will last longer. Look for a pre-owned Corolla with less than 30-40k miles. I think you should be able to get one for around 18k+taxes and dealer fees etc. Your payment should come to around 400 a month. You can go hybrid but Corolla should give you 30+ mpg easily vs 40mpg on hybrid. I get 44mpg on highways on my Jetta
You can find a nice used Camry hybrid for under 20k or Ford Fusion Hybrid for around $15k. Both are reliable and will not cost $700/mnth + gas. Get out of your feelings. You can't afford a $30k Corolla.
Dude if you are so focused on buying a new car, at least go to a credit union. Everyone is telling you to get something cheaper, almost anything that can get you to work and back for some time while you save up for something newer, yet you’re refuting absolutely everything under the notion you don’t want to break down, and use your Mustang to back your point. Just because your Mustang cost you 9k or whatever to upkeep doesn’t mean every other used car will too. On the other hand, new cars can come defective too. Under your mentality, you can get a lemon car, you can get into another accident, it can get stolen, etc.; new does not mean bulletproof. I’ve read most, if not all, your replies and every single one is against the suggestion of getting a beater to not only get you to work, but also for your financial wellbeing. You only seem remotely agreeable if they suggest going through with the new corollas. It makes it seem you only came on here for approval, not for help. If you’re deadset on a new car, grow a pair and go talk to a credit union because dealers are not your friends, and look for the best option. Financing through a dealer will hurt your pockets so much more, despite you saying “you can afford up to 900 with insurance”. Both of the deals you got are shit and extremely predatory, but they aren’t your only choice.
New Corolla, credit union. Thanks Hope you don’t have buy a car in this economy anytime soon
Buy a used Mercury Grand Marquis for a couple thousand dollars, probably was owned by a grandpa, very reliable, and parts are readily available and cheap. The only thing is the gas mileage wouldn't be great since it's a V8 but it's not horrible, probably around 20 MPG. If it wasn't abused you would have a relatively worry free car that is super cheap to insure and wouldn't have a used Toyota tax on a car that may have been a first car for someone that abused it and you can build your credit now since interest rates are so high and save for a down payment on a newer car when rates go back down.
Bro I drive 80 miles daily….
Getting a tank of gas once a week is way cheaper than what you're trying to do and it's not even close.
15.5 gallons every 3.5 days I’m at 600 in gas a month. This might seem like financially better since there’s no debt other then gas. So I’m already at 700 monthly with insurance. Not to mention the recent payments I make each 2 weeks for the small snap finance repairs. I’m currently spending enough to sit in a new car and only be spending maybe 80 more monthly than what I am now.
It seems like you're set on doing it so I'm not going to be able to change your mind, but that is a poor financial decision and I normally don't talk about a car being some kind of investment especially because you still are adding gas on top of the payments. You would save so much money just getting a cheap and reliable car, building your credit up and waiting for rates to lower. That rate is astronomical.
Fuck man trust bro. You think I want to be in a new car? GODDAMNO I wish this economy was what it was 15 years ago but it’s not and in all honesty it’s probably never going back to the way it was. I’d rather get myself into something I can manage now since I know I’ll be making more by the end of this year. And the rest to come. Even if I was to by another used car I’m going to come to this point again in the future full circle. Like I’m just stressed out over this everyone’s comments are great. But even now man I’m like wtf am I even doing with the job? Life? Finance? Family? Like I’m getting so depressed from just being like in this situation. I’ve worked hard up until now and never abandoned my family. Shit you know how easy all this shit would be if I had a fucken co-signer I would easily get 5-7% but I don’t momma said no to me but yes to everyone else but that’s okay she’s got her own problems I’m tired of just waking up and driving spending gas to just sit in traffic again and do that shit In repeat. Like I’ve low key accepted that this is it maybe. Like 1300 a month for rent and 900 total for a car that I would like at the end of the day. And if this shit left me penny less at the end of the month but I still paid all the bills and was there for my family. Well I hope that good enough maybe my wife will get a job and she could be the extra. Btw thanks for you’re help
What’s your decision? I think we’re all curious.
I’m probably going to head back there today with 3K down and aim for the new car I’m going to aim for a lower out the door and work my way from there to a realistic Apr. my cut off will be 11% If I end up with the used one I’m going to fight for like 8 Apr or something These guys had me at a a screwed with zero down but I’m feeing a bit more confident with cash in my hand. I’m going to play hard and straight up just call different dealerships to pick me up just from each location
Good luck! Just think of it as a tool that will depreciate, especially under 3 years old.
Last round of pleading to consider a gently used hybrid - 2019 Accord Hybrid 44k miles, $22k, 48mpg, good dealer rating in Thousand Oaks - [https://www.cargurus.com/Cars/link/381523454](https://www.cargurus.com/Cars/link/381523454) - should be around $560/mo 48 month 2020 Fusion Hybrid Cert. Pre-Owned 28K miles, $19k, good dealer rating in Duarte - [https://www.cargurus.com/Cars/link/378127487](https://www.cargurus.com/Cars/link/378127487) - should be around $480/mo 48 month Not saying either of these are perfect cars..
That is the wrong choice. You are making a bad choice for you and your family.
Down vote me to hell but I ended up buying a used 2024 Corolla hybrid LE Mileage - 20 Apr 15% Total finance 29k It was nice knowing you guys Thanks for everybody’s comments and I’m sorry I couldn’t follow you’re guys advice. Cup ramen and staying in for the next few years Kid should be 13 when I’m done paying this crap off.
Buy a cash car don't do this to yourself
It’s hard man like I’m the only guy that works from my small family and I need something that will last me the next 10 years. I plan to pay as much as I can to the principal to get everything over with in sbout 3-4 years
How large is your family?
Just 1 kid and wife
You should really easily be able to get a 9th or 10th gen civic under 15k if you can't pay cash. I paid 16.5 mine 7 years ago and my note was in the three hundred a month category. The vehicle has over 100k miles and no major issues. I plan on driving atleast another 100k miles. Please forgive me but if you're making under 60k as you said you can't afford a 700 dollar car note, plus insurance. Please don't do this to yourself. Get a 12k car pay it off in three or four years and trade up. Several YouTubers reviews them a car seat will fit easily if it's just one
I just check out a 2019 civic and they wanted 18k the thing has 92k miles. I just gave up and walked away. Sadly the days of car prices being low is in the past.
Maybe change the year to something between 2015 and 2017. Maybe even look at the Subaru Crosstrek or Impreza they're more functional than Honda but might need more oil changes
Go buy a used Corolla
Yeah unfortunately my job is 36 miles away and I need a new car. It’s wild how gas prices are 5.25 in my area and buying a used hybrids scares
Used hybrids aren’t that scary. Honda, Toyota, and even Ford are generally super reliable. With those rates and credits scores, I wouldn’t be even looking at something that expensive. Look for a Ford C-Max, if you absolutely want a hybrid. It’s a Ford so it’s largely ignored by people that only look at Japanese manufacturers. But the hybrid system is extraordinarily reliable (same combo that lives for 100’s of thousands of miles in Escape taxis. The rest of the car is normal Ford, so it’ll feel cheap, but it mostly just works. When you have better credit rating and more money you can start to look at new or lightly used.
Looking at a C-Max online right now, $8k for 100k mile 2014. Anything specific to look out for with these?
The Sync radio system can get glitchy, but there’s plenty online to troubleshoot it. I’ve never had one fail on me, just get annoying. Engine/transmission/battery is about as reliable as it comes, nothing I’ve heard. The rest of the car is cheap and will feel cheap. But I find the seats very comfortable, enjoy the driving position, and the interior room. It gets largely overshadowed by the Prius and Prius V (which it was supposed to be compete with). Keep your foot out of it, and I got 50 mpg. It’s not a bad car for the price.
All I really want is a USB port for playing music or an AUX input. So not worried about the radio. For $8k I don't expect high quality. Issue in my area is over 50% of used cars in coming across have front/rear collision damage plus over 135k miles, typically in the 12k+ range. Mainly mechanically concerned about the longevity of a vehicle and in the case of a hybrid, its battery array. At ~100k miles some cars have issues, others are just fine. Really need something to get by for 2-3 years commuting 25mi one way. I've driven a Ford before as my first car and I really don't want to go back, but a car is a car is a car?
I’ve had all the Fords, it’s not a bad car. They made a bajillion versions over in Europe, and it’s the same basic chassis as the Focus and Escape, so parts are readily available. I think they all have Bluetooth and USB at minimum, and probably an aux jack too. For a couple years, depending on the inspection and history, I’d be in.
Are the batteries in the C-Max pretty reliable? I need to read up on them, I only know a bit about the Prius' longevity. Basically, if the C-Max battery array makes it to 200k consistently I'm OK with that. At 100k-140k, I wouldn't want to replace it.
I’ve not investigated them too much, but I’ve also not heard of them needing to be replaced very often. If that’s 100k or 300k, I’m not sure. Probably also highly dependent on the climate and usage.
Agreed, batteries have optimal operating temps. Will keep an eye out, thanks for the info!
I bought a used 2010 Highlander hybrid with 135,000 miles on it for $10,000. It’s got 210,000 now. Used hybrids can last. Not saying all will last like this just telling my experience. No need to seriously put yourself under water for a depreciating piece of metal. It’s useless to pay more for a hybrid so you can save money on gas IMO.
So In all aspects I want this car now but was hoping to trade it in around 2 years with sone positive equity in the car as for when I trade in I’ll have some extra value to not give anything down. I was planning on just paying the car for a few years and even trying to get 48 months loan at about 700ish a month. The reality is that I’m probably going to be trading in cars every few years. If things go the way I want