who would of thought a ford stealership would have tried top rip me off..

[Toms01PSD]

Look at it this way, you are a bank and two men come and ask for a large loan, we'll say a mortgage. Man A has $120,000 in student loan debt, an auto loan, and credit card debt but has never missed a payment. Man B has no debt, has paid for cars, a paid for education, and no credit cards, he also has a significant savings at your bank. Which one is lower risk?

Man B obviously doesn't need a loan because he's loaded and wipes his ass with $100 bills.

 

[shane96ranger]

having no credit will make things happen for you!

It's okay, i believed that crap too. Now i'm debt free, i don't need, or credit cards, or a mortgage. However if i did want a mortgage i would be instantly approved (i know this because i am looking at houses and i thought i'd see what the bank said)

This is called CREDIT. If someone is willing to lend you money, you do indeed have credit. Because you don't owe anything does not mean you don't have credit, it means you have no debt.

If you have no credit, I can assure you no bank will lend you a large sum of money. That's just the way it works. Lots of financial advisers recommend maintaining at least one credit card (even if you pay it off every month) to keep your credit score up.

 

[Gotta_gofast]

Look at it this way, you are a bank and two men come and ask for a large loan, we'll say a mortgage. Man A has $120,000 in student loan debt, an auto loan, and credit card debt but has never missed a payment. Man B has no debt, has paid for cars, a paid for education, and no credit cards, he also has a significant savings at your bank. Which one is lower risk?

.

If man A did indeed have $120K in student loans along with credit cards and auto loans, the bank will look at his income-to-debt ratio to determine how much more he can lend. But man B will most definately be denied because he has no credit. Therefore, man B is an UNKNOWN risk.

In fact, a nearby farm owned by an older couple inquired about purchasing more land. They own 550 acres of crop and 110 dairy head. The farm was passed down by family, so they owed nothing. They purchased most everything with cash (because they could). They even built a small house and paid the amish in cash. BUT, when they went to the bank to purchase 90ish acres adjoining their farm, they could not afford it in cash so they took their first trip to the bank. Do you know why they do not own those 90 acres??? The bank said "no way". It was a big deal to them, because they've been so responsible with their money. Anyway, I know this first hand and you are wrong.

Good thing I developed an excellent credit score with small loans when I was younger. Paying 9.9% on a $1300 loan is less of a blow than a $31000 loan. Now that I can borrow money at a great rate, I can have the things I want. I could buy a $2000 truck cash and not think twice. But then I'd be driving a POS vehicle. I could live in an apartment with shit heads for a few years and save up enough cash to purchase a small house in a cheap rundown neighborhood... but I don't want to live in a small rundown house. I prefer to live in something I am proud of. I know what my safe limits are. I do not purchase things out of my reach, but I choose to make the best of what I have.

For the extreme minority who are fortunate to be able to pay cash for all of their items, I applaude you. But for the majority of us, having 6 months of income in a savings account for emergency and making low interest payments is the only option for a decent living.

 

[det107]

For the extreme minority who are fortunate to be able to pay cash for all of their items, I applaude you.

But wasn't this Nation built on cash to begin with ?? I was taught to stretch the buck until the Eagle grins-

 

[straycat]

Let me get this straight, you are seriously willing to pay 18% interest? Have you checked anywhere else?

On a 5 year loan at the $14,700 internet price, you'd be at around $375 per month. This is a grand total of $22,500 which translates to $7,800 in interest charges.

OUCH!

You'll be into it more with taxes, dealer fees, etc. tacked on there.

^^^what he said.....DUH???? 18%???

 

[naford]

I was going to go into a long winded writing about how not taking financial advice from TRS members instead I will tell you this. Walk away from the dealer as fast as you can. Go to another dealer even a Toyota dealer. I saw a dealer use Chysler credit for a Toyota car because it had a better interest rate than Toyota credit was giving at the time. So go to a dealer that sells multiple manufacturers they might be able to get you a better rate than Ford credit will. Also auto credit companies will change rates from week to week depending on how much money they have on hand. ie If Ford credit has a lot of money to loan out it will give better rates and better terms. It was my understanding that you have to be a member of the credit union for some months before they will lend you any money.

 

[shane96ranger]

It was my understanding that you have to be a member of the credit union for some months before they will lend you any money.

This is not the case here. When I bought my Escape, I had 2 credit unions that I was not a member of offer me a lower rate than the one I belong to. Mine matched the lowest interest rate, so I stayed with them.

On the other point of not taking "financial advice" from us. I'm not sure where anyone has tried to steer him in anywhere but a better situation. If he wants to pay high interest, so be it. I just hate seeing a bank rake in oodles of money off of my back.

 

[Ozwynn]

I could have got a better rate on the Prius by going through my Credit Union but they anted a longer term and I wanted Toyota Financial because if you get a loan through them and always make your payments on time the rest of your life can go to hell but Toyota will always loan you money on a car. thats why we financed through Toyota..... when I buy my new trailer I will be going through my Credit Union.

 

[countryboy]

didn't buy ir not goin to goin to save up for a couple of months and sell one of my current ranger then take the cash and get what i want

 

[CHKNFKR]

didn't buy ir not goin to goin to save up for a couple of months and sell one of my current ranger then take the cash and get what i want

Good man!

 

[press 1 for english]

we here is the story figured try my luck at a newer little bit more reliable ranger. where to go local ford stealership. well not a whole lot to choose frm there but did find a 05 white ragner edge liked everything bout it except for the auto tranny but i could live with that seeing how the newer ranger's have a 5speed auto. so brought it home after talking with them let me try it out for a day no real complants just a few minor things. in darn good shape with 80,000 miles. k here is the kicker my credit has been fubared for years and thought there was no way i would ever get approved. well low and behold i did. price after trade in value $2000(i know i would be just giving it away) and $2500 down with the trade in they want $16995 18% interest (figured it would be high) i told them there was no way that truck could value that much well they agrued and well guess what i got to there site and the online price is just a few hundred above nada price. told em i would thk bout it till monday and get back with them. think i am going to raise a little he** bought trying to screw me over lol. here is a link to there site with pics and options on the ranger.



http://freedomfordonline.com/Servin...ed/Ford/Ranger/2005-Edge-White-Truck/3147485/

That is one of the big reason this country has a flat economy....people buying things they really can't afford. If your credit is that bad maybe you should just keep what you have.
Have you taken into consideration, you'll need to carry full coverage insurance....insurance companies use credit scores to help determine responsible behavior.

 

[Ozwynn]

Yeah you know....... Maybe the fact that I have a cdl and drive 150,xxx miles a year with no tickets or accidents would be a better judge of my responsability than my crappy credit score due to a failed business because GM does not like to pay their bills.


I am not bitter...... Not at all...... Can't you tell.......

 

[gjm4l]

Why would GM want to pay their bills when they can pull the "poor, pitiful, me" and get uncle sam to foot the bill so the execs get to keep their pockets padded and everybody else gets to bend over and spell R-U-N....

 

[06RangerXLT]

when i read this, (along with fuel economy, religion, and politics) this is what i get from it.

 

[gjm4l]

^