Could use some car loan advice

[Budguy68]

Here's my situation:

I've been looking for a car for a little over a month now.
I've summited my credit app like 7 different times in 8 different dealers. (big msitake I know)

Recently I've managed to save up 7000 for a down payment because 3k wasn't doign it.

And I was close to fully buying a Toyata Tacoma 05 37K miles V6 prerunner (which is what i want) for 16,000.

I even drove it off the lot and was satisfied I finally got a decent car for the first time but then they called me 2 days later and told me that my credit app was not approved because they found otu that I was working for a Temp Agency. Which is stupid cuz almost everyone here works though the same temp agency and some peopel have been here for years.

Anyways originally I paid 7000 down with 257 a month for 60 month payments and I was pretty happy with this. The finicing company is called Amei Corps or something. An anylist looked by my app and decided I wasn't good enough. I think they said 15% interest with a 1,500 initial fee.

Now they are saying i need to pay 7000 grand down with 370 a month for 48 months though this other finicing company called Neighbors. They are sayign its costing extra because because Ill have a 3 year warranty which I need to have. Iam guessing theya re charging 3-4,000 for the initial fee. The finial manager told me he cant do any better.

I have bad credit or almsot no credit but am I gettign screwed over here? And is there a good chance of me getting a better payment plan after a year of payign off this truck?

Iam goign back this evening and try to battle it out. Some advice would be helpful. The dealers here aren't pushy and dont get all emotional when you tell them you'll think about it. they're just straight forward and seem friendly and easy going.

[maat55]

Warranties are a ripoff. You also need to know what the interest rate is.

IMO, you should keep saving or just buy something using the cash and trade you have. You could then keep saving the payment you wish to upgrade later. This way, an job loss or emergency will not be as painful.

[Budguy68]

yeah, ure right, ill wait more months and just save more money. really sticks driving a crappy car.

[terces]

I agree with maat....walk away. They need to be up front with the interest rate. I hate it when car dealers say "what do you want your payment to be" I always answer zero!

Keep saving and if you need to look into financing check out your local credit unions. Its always better to go in looking for a car when your pre-approved.

[buildmybudget]

You should also learn a litle about car loans and how they are calculated, for example. You can simply google "how to calculate a car loan" and you'll get a bunch of hits for calculators and explanations. A little research often goes a long way in these situations! good luck =)

[maat55]

Originally Posted by Budguy68

yeah, ure right, ill wait more months and just save more money. really sticks driving a crappy car.

My wife drove her PT for along time while we saved to pay cash for her new car, we do not regret doing so. Have patience, it is well worth it.