Might be making an appearance in another KJ!

Myke · **Posted:** Wed Nov 15, 2006 12:38 am

Well as most of you remember I wrecked my KJ back in April. For those that don't I had a 265/75r16 Kumho MT/R blow out at around 65mph. Anyway I've been looking at cars, and lots of them. From 240sx's to 2nd gen Supras. Currently I drive a 300zx and a Chevy K5 Blazer. The Z sucks in bad weather but is fun. K5 is horrible on gas and sooo big I take down almost every tree when I wheel. Plus the fact that it's not all that fun to drive. Unless its in bad weather.

So I was sitting around thinking if I get a 240 I could probably only save up about 2k and that will get me a decent 240 but nothing special. I can't stand driving in something not "so special". If I pay my semi-hard-earned money (kinda lazy at my job :wink:

) I want to drive something I really like or in the case of a Liberty love to drive. Anyway as I was thinking I decided and calculated out that I could afford a loan on my own (no help from mom) up to $10k. Yes I've factored in insurance, gas, and surprise emergency's (lbj?). By no means am I a normal HS Senior. I'v been home schooled since sophomore year. I've had a full-semi-time job ever since. I pay for my own bills (cell phone, gas, insurance, and basically everything except rent and food).

We keep getting closer to the point of this thread lets see if we can do it in this paragraph. Now that you know a little about me I plan on taking out a loan to purchase my second liberty. I would normally just have my mom do it, but with her new car we doubt she can get another loan. Plus she doesn't wanna have the risk of me messing up her credit. Not that I'm bad with money or anything. I turn 18 March 31st, and would like to get this loan. I would have a co-signer and a down payment of around 2k. What would you guys suggest to help attain this loan? Should I apply for it somewhere special? Just really how would you go about doing this?

EDIT: Here is the link to the thread about my wrecked KJ http://www.lostjeeps.com/forum/phpBB3/vie ... 2969#82969

2006KJSPORT4x4 · **Posted:** Wed Nov 15, 2006 12:42 am

Have you thought of possibly selling one of the 2 current vehicles you have so then a larger down payment can be put down on the possibly new KJ...just a thought on that end of things. I have no idea on the loan thing though, best of luck to ya though.

Myke · **Posted:** Wed Nov 15, 2006 12:52 am

RockyMtEditionKJ wrote:

Have you thought of possibly selling one of the 2 current vehicles you have so then a larger down payment can be put down on the possibly new KJ...just a thought on that end of things. I have no idea on the loan thing though, best of luck to ya though.

I am selling the blazer. The 300z my mother is going to use since her Rx-8 will be strictly a show car. It's been in diff shops getting work done. It's easy for her since she is a "mom" who is into tuning and the likes, so most if not all of it gets done for free from sponsors.

The jeep is really the only thing we have to get through the snow. If I get another liberty it will be her bad weather car aka laundry/grocery getter. Kinda sad since it has a 360CI V8 w/ dana 44s if im not mistaken.

FastTRX · **Posted:** Wed Nov 15, 2006 12:54 am

Just wanted to let you know that I was in the same position as you a couple months ago. Just got my Liberty after MONTHS of searching! Funny thing was we found it closer to us than anything else we had even considered! I'm a senior and turn 18 on March 23rd...haha my b-day is close to yours. Anyways...I knew that w/ insurance, gas, plates, on and on, I'd have only a budget of around $10K to spend on a vehicle. This was my first vehicle purchase...and we had a hard time finding a Liberty I could afford. Many in the $11K-17K range...but none that I could afford myself. You CAN find them in the $9K-10K range if you look hard enough...will have alot of milage but if you look hard enough you can easily find a nicely taken care of Sport for $10K easily. The vehicle is mine...I make the payments and pay for everything related to it...and I'm guessing since you've already owned a Liberty (sorry to hear of the crash) you know that your name and your co-signers name will go on the title and all that information of course. I believe we got the loan through our insurance agency. Anyways...I'm making payments every month on this little sucker but man its worth it...I love my Liberty! I'm always broke...but ah well! :lol:

Good luck on the search...it may take you a while but be patient.

Pablo · **Joined:** Thu Feb 02, 2006 10:06 pm **Posts:** 1201

Honestly if it were me... I would save up your money and pay cash for it. Sell one of the other vehicles and just keep driving what you have for now.

After you buy that Jeep you are going to want to buy lots of things for it... so you will most likely not pay it off quickly. You don't want to be paying for a lift, car repairs, and having to make a car payment with a high interest rate at the same time. You also have school or other career related educational expenses to consider. I would seriously recommend not going into any debt until you are out of college or are in a stable career (not just a job). Even then, do not ever go into debt without an appreciating asset backing the debt (i.e. a house or investment of some sort... not a used Jeep). Doing anything else is fiscally irresponsible.

Debt is the same thing as slavery. Debt does not sleep. Debt does not get sick. Debt does not get hungry or have to go to the bathroom. Debt does not take a holliday or vacation. Debt does not show any mercy-- every minute of every hour of every day you will be paying interest on the debt and the principle will still be owed. That is regardless of if you get sick, or if you loose your job, or if you want to buy a lift and go offroading.

Avoid debt and be happy-- be one of the people who gets payed interest-- not someone who pays it. I wished I had taken that advice at your age and not run up massive student loans and got a 14,000 car loan while still in college. I am still paying the student loans and that is money I could have been investing if I only would have lived closer to my means and gone to community college for awhile instead of paying up the wazoo at the University for 4 years. At least I did not have a credit card. If you have one... make it a secured card and never go over the limit. Otherwise, cut it up. It will always do more harm than good. I never had a credit card and while it hurt me buying my first car on credit... it did not hurt me at all when I purchased my first home. And something like a home is the only thing worth buying on credit anyway.

Oh, and on the event that you don't take any of this advice... go with a credit union. Join one now, as a metter of fact. They will always get you a better interest rate. Keep your eye on the interest rate and the total amount of interest paid over the life of the loan. Car salesmen and finance sleezeballs will try to talk to you about your monthly payment... don't negotiate on monthly payment. You don't care about the payment amount, you mainly care about who gets you the best interest rate. That is what determines how much your 10,000 dollar car is really going to cost (i.e. more like $14,000-17,000).

jason thompson · **Posted:** Wed Nov 15, 2006 1:12 am

I say hold out until you are 18 and sell at least 1 of the other 2
while you wait you can save some more $$ and maby not need any help getting a loan
Keep in mind that you ahve no credit history so they will screw you with th interest I would gess something like 18% or better and you will need to have a cash downpayment of 20% of the loan +TT&L

If you want to avoid getting screwd on the car loan then hear is what me and my wife both did at your age ,and it is very hard but well worth it
as soon as you turn 18 get a credit card it does not matter from who and the interest dont matter either
charge up at least $200-$250 a month on it but pay the balance off every month NEVER late and always the balance do that for a year maby 2 this will show creditors that you can and do pay your bills in that time join a credit union they give good rates to members not realy the best but after a year they will loan you money for a car if you have credit and you will with the credit card in your name then go buy your car and keep up the same deal with paying on time every time

The end resualt will be great credit trust me me and my wife are in the 1% of car buyers that get the 0% for 60 months on new cars
If you rush it though you will get screwed trust me I know a guy who makes almost as much money per hour as I do pays less than 1/2 as much in rent/house note as me and because of bad credit he can't finance more than $15K no matter what he puts down co he drive a scion xB and I :lol:

to my self cause I told him when we were around 18-19 and he had 2 credit cards maxed out that he was messing up big time
by the way he is 28 and still paying for te junk he bought back then

good luck
Jason

Myke · **Posted:** Wed Nov 15, 2006 1:32 am

I believe in NJ you have to be 18 to get a car loan so I am waiting until I am 18.

I can NOT sell any more cars. The jeep and the 300 are going to be hers when the rx8 (hers) comes out of the shop. Right now she is using the 300z until it snows. Then she will have the jeep and I will have the blazer for winter use. Come spring the time I'm looking to get another Liberty the RX8 will be a show car only and never driven. The jeep will just sit, and the 300zx will be her primary mode of transportation. That leaves me with the Blazer still. Like I said it's just to big for me and wastes to much gas. The blazer will be sold after winter since it's 4wd.

Jeger · **Posted:** Wed Nov 15, 2006 2:26 pm

Lots of good advice here, I will just say wait and save if you can, and do the credit union thing as well. I am one of the ones that screwed up, and I will spend years trying to fix things. It is getting better but working 12 hrs (they wont let me work any more) everyday because you have to, not because you want some extra cash really sucks! Dont be me :lol:

gone_jeepin · **Posted:** Wed Nov 15, 2006 4:03 pm

You might get a lower interest rate, by going thru a smaller home town bank. The reason is that a home town bank makes its decisions right there, plus being a small bank means that they have less of a cash flow as a bigger bank. Also u may want to look at an interest only loan, which is exactly what it says, You only have to pay interest every month, as long as you actually pay a set amount worth of principle by the end of the loan. These are usually only 2yr loans but can be renewed as long as you've paid part of the principle off. I have a $6000 interest only loan on my jeep, and as long as i pay off $1000 dollars by next august i can renew it, my interest payments are only like $30 a month. But your interest payment may be a little higher since i used to work at the bank i took my loan out at and i new all the loan officers. by the way i'm only 19yrs. old, i had no credit and my loan is at prime 8%.

FreedomKJ · **Posted:** Fri Nov 17, 2006 2:46 am

8%?? Wow, And I was unhappy when I got 4% on my KJ. I'll stop complaining now.

Might be making an appearance in another KJ!

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