i just bought a $12,000 car with no credit put $4500 down financed

reTARD ALERT GOOD LUCK U FOOL

>>1689995
>Did i just make the worst deal of my life?
oh, no. You'll probably do way worse on your first house.

just how things work. You can refinance a car if you want. When your credit improves.

U should have went and bought a used car off private sale and saved a large amount of money no ur stuck with that finance goodluck

>why the fuck am i paying an additional 8k to finance 7.5k?

most people with no credit dont actually make any payments, so youre covering those people. you cant go to jail for not making payments, so if you can disable the tracker in the car, you can avoid repossession and keep the car for only $4500

>>1689995

ya dun goofed

>>1690003
you mean to tell me that anyone who buys a car with no credit history at all is going to pay 100% extra what they finance?
what happens when i get put on the credit books and get a score of lets say 700?

why would you buy a chevy malibu jesus

>>1690012
why not

>>1689995
Why didn't you just buy a used car for $4500? Hope you have a sweet warranty.

>>1690008
>what happens when i get put on the credit books and get a score of lets say 700?
it's not much better. In fact it may be worse.

your rates don't really improve much until you break over 750 US.

>>1689995
>not buying 3k civics on CL

ya dun goofed

>>1690020
so even with a 750 dealerships are gunna charge me 100% on my fuckin finance?

>>1690008
>you mean to tell me that anyone who buys a car with no credit history at all is going to pay 100% extra what they finance?

no i mean most people with no credit make no payments. if you actually make the payments then youre the cuck that the system leeches off of

>what happens when i get put on the credit books and get a score of lets say 700?

then lenders are willing to trust you with more money because you havent scammed anyone in at least 7 years

>>1690031
I'd have to check, but yeah probably. Over the life of the loan you'll probably pay close to that in interest.

>>1689995
Worst mistake? No. But even for no credit, that interest is high. What's your income?

8K is about right for 17%, but make the first 6 payments on time and re-finance down to ~6%. It will cut your payment and repay by a lot.

The benefit is a car that looks to still be under warranty (2016, 20K miles). Not sure when the factory warranty runs out, but if you refinance while still under factory warranty it should help your loan to value ratio.

>>1690023

This, I paid $4000 for a low mileage 06 Accord about two years ago, I've put 55k miles on it and the only extra money I've put into it is tires and oil changes. Plus my insurance is a lot cheaper because there's no loan on it.

K-series motors are really good motors. The thing I've found to be cautious about in Hondas is automatic transmissions...just a caution to potential buyers.

A $4500 used Honda or toyota car could last me 15-20 years.

>>1689995
Why did you not think this through?
didn't you think this was a bad idea when you were there?

>>1690016
because the electrical systems will break every 5k miles and its a cheap slow plastic piece of shit. Buy Japanese.

>>1689995
Nigga you fucked up hard. 17%? Did you even talk to your bank to see if they'd offer you a better deal than whatever credit union or fuckshit the dealership hooked you up with?

And for a fucking Malibu too? Christ. Should've bought a cheaper used car that you could've used to build some credit with or something, fuck.

holy fuck man

kinda says something when it took an act of congress to make it illegal to charge a servicemember a certain percentage on a loan (above 14 or so)

what I'm trying to say is YOU DUN GOOFED

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>>1689995
>pic related.

>>1689995
you know they didnt force you to buy the car at that rate right? what ever happened to telling the salesman "LOL you got to be fucking crazy" and letting him come back with a reasonable offer?

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>>1689995

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>>1689995
>why the fuck am i paying an additional 8k to finance 7.5k?
>no credit

Nigger you could have bought a Honda outright for 3k
You fucking retard

>>1689995
please tell me you're the same idiot from two weeks ago who wanted to make a similar "deal", but then rent out his car and get rich that way.

please, i don't want to believe there is more than one idiot who would fall for horrible car financing and think of it as a great deal.

>17%

wew

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>>1689995
>the finance fee
w0t

>>1690647
also for $4500 dollars you couldve just straight up bought a car, like owned it. it wouldve been in good condition too. seeing as you bought a Malibu I can see you only wanted a point A to point B appliance, right?

>17%

Why cant we just range ban black neighborhoods?

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>>1690655
raycis

/o/ here, I came here to laugh at you.

Retard alert.


>buy $1000 car from craigslist
>spend $400-500 on refurbishing/repairs

You got MEME'D.

Dude, 17% is insane, is your credit terrible? You could've gotten a personal loan from your bank or something for way less

>>1690008
>>1690012
>>1690019
>>1690063
>>1690105
>>1690655
This is not the fault of any characteristic of OP, this is one of those BHPH sites - buy here, pay here.

These businesses don't report to credit authorities and can charge whatever you want, 17%, 60%, even 500%. they also sometimes have secret shit in the contract that says you are only ever and only ever can pay off the interest so you never own the car no matter how much you pay. that's because you are loaning the money from a private party, there are no rules.

They do this to people who have bad credit since they're the only people in town who will "sell you a car". But they also draw people in with the sports cars who could have perfectly well bought one anywhere else. Again, they won't let you buy it outright even if you have 100% in cash.

People are fucking retarded and only focus on their new car, they don't read the contract until a month later which is what this entire business model is based on. Or they never read the contract and just keep paying the monthly payment and assume they are the same as anyone with a loan from a bank. Except the bank loan eventually ends and it's at a reasonable percentage.

LPG has 1001 stories about this on the /o/ archives.

>>1690698
All this text just for you to suck the cock of some irrelevant tripfag on one of 4chan's worst boards. Bravo.

>>1690702
it is relevant cause the tripfag hes referring to was a car salesman

>>1690702
so I can't cite someone's experience because they namefag. Okay BHPH owner.

for anyone else who doesn't want to fall for these scams, http://archive.4plebs.org/o/search/subject/tales%20from%20the%20dealership/

>>1690020
Thats not true at all. 680 here. $1k dealer fee, bought at 8.9% and refid to 4.9% a year later

>>1690709
>>1690714
What is this weird gay trip defense force? Are you both such retards that you would have considered this a good deal before you happened to stumble upon LPG's blog? Anyone with a brain knows BHPH is shit and anyone with even one firing neuron should laugh heartily when they're offered a double digit interest rate.

If you're so much of a financial retard that you consider BHPH a viable option because of how shit your credit is you deserve everything you get.

>>1690702
>>1690727
The only one in this thread with a weird, homo-erotic fascination with tripfags appears to be you. Just sayin.

>>1690727
i have never seen someone so unreasonably mad at someone else providing information on the topic at hand. sorry youve only browsed 4chan long enough to only have experience with shitty trips.

>>1690727
Holy fucking shit, the reason why I brought up BHPH is because nobody else mentioned it by name. I put a name to what OP's pic was, nobody in the thread even said it yet, and also provided /biz/ related info about regulation on banks vs private parties. What the fuck is up your ass?

>>>/q/

>>1690714
pro tip: anything from 4chan with 'tales from' or 'chronicles of' or anything like that in the title, from a trip no less, is entirely made up for an audience of rapturous idiots like yourself

Blatant bait thread

No one lacks this much self awareness

>>1690756
hey guys it's my first day on /biz/ and my threads I made were all shit so I figured the board culture here is to pretend to be a massive asshole and disregard all information so I don't make a catastrophically stupid decision and stay in debt for years

let's try to get my posts deleted and the archives taken down so that nobody knows what buy here pay here is.

woah, I just now noticed, this board has ID's, that is basically like a half-trip. so you're all half-tripfags, and I must therefore throw out your opinion.

fuck off

>>1689995
>be American
>buy an American guy

Jesus, why not get a Toyota, at least you'll know it'll last at least 10 years.

American cars are only good if they are produced OUTSIDE the US, and actually have to meet minimum consumer standards.

Another question, why not save up a little more and buy a cheaper car? Or buy a cheap-cheap car that you hope will last you long enough until your next one.

Regardless, for an unsecured loan, you didn't really get fucked, but as other anons have said, these people live off people like you who can't save up to buy what they want.

>>1690702
LPG was one of the few good things about /o/.

>>1689995
I'll be honest for a 2016 Malibu with only 20k miles that $12,000 price seems pretty low. Sounds like there's other shit wrong with the car. Also I work for an auto lender and I've seen much worse. Legally the most we're allowed to charge for financing is 25%. You're already in the loan now though.

Did you finance through the dealer or the bank? My advice to you is just track your credit. After about 6 months of no missed payments it should help your score a lot. Also you should have access to some okay credit cards after building credit on this auto loan, which will allow you to build credit faster. Once you do this I would say your best options are refinancing for a lower rate or possibly trading out of it into a nice subvented lease to break he debt cycle. I would only do the lease if you don't drive excessive miles and generally take good care of your cars.

if these BHPH places can't report to credit agencies, what's stopping you from just not paying?

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Learn from this OP. Next time cosign if your credit is shit or look at other financing options/ more affordable cars. Please for the love of god do some research beforehand and be skeptical before signing papers in the future

>>1689995
17%? WTH?

>>1690797
every single one of his stories can be summed up as niggers, spics, and white trash are scum. if you find that amusing then you're a brain dead moron and the reason why /o/ is such shit.

why didnt you just wait one year

you would have saved 19,500

then buy a car for 19,500

>>1689995
Are you the retard from a thread a couple weeks ago who was gonna buy this car to rent it out? It was a chevy malibu and everything. If so you're even more retarded than we thought

>>1691034
/o/ is shut because of shitposters posting the same garbage ad infinitum, driving everybody who is decent out. And like a third of his stories were funny, good surprises like the dude who paid with a giant bag of gold coins or the functional alcoholic couple who paid in cash. It's not the resolution, but the individual details that make them amusing.

OP is literally too retarded to hang out with all the stupid /biz/inessmen here. Plz go OP and stop trashing my board/

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>>1689995
>the finance fee was $8,000
Why the fuck would you accept that?

>>1689995
kys senpai

>>1689995
the irony is the corvette in your op could be purchased for half of what your malibu cost.

how does a 1 year old car have 20k on it already?

>>1690016
You made a solid choice on the car, OP. Not so much on the financing part.

>>1689995
>19.5k
let's assume your car runs good for 200k miles, as you, OP, are not an idiot and take good care of it, and there are no unchecked factory defects (already probably stretching the truth). That's 12 years of driving 15,000 miles a year. For the privelege of those 15,000 miles per year, you are paying $1,625 a year in capital. A chevy malibu gets 27 mpgs on average, meaning for 15,000 miles a year you will spend an additional (at a constant $2.50 for gas the next 12 years) $1,388 a year, for a total of $3013 a year for a 2016 chevy malibu, and 36,166 for the lifetime of the vehicle, maybe offset by selling it for 2k at the end of it's life.

meanwhile you can get a used car for 2k with the same mileage and drive it for two years, every two years, and get a better deal. Long story short, you are fucking retarded.

>>1690020
lol these retards can't negotiate..

I'm just over 700 and got a 2016 chevy silverado at 2.99%.

>slap your dick and balls on the table and prepare to walk out on them if they can't meet your price/deal

>>1689995
Nice OP! Is the car fully loaded? Show some pics

This is either bair, or you committed a massive check fraud scheme as a teenager.
That or you're black and retarded.

>>1689995
Why anon? You could have bought a solid economy car for $5k cash.

>>1689995

>Buys a $12,000 car for $19,500

Thanks, this made me feel better about my life.

>>1690650
this

I bought a car for 4500 outright and only had to change the serpentine belt ($30). I also did a oil/trans change right away (100$). 14 months later and I think I need to change the breaks. But I'd still say it's worth it.
>corolla
>100k miles
>03
>great condition underbody/exterior.

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>>1689995
a car is a depreciating asset. Never borrow against that