0 down 0% for 3years

 

Paid 32500.00. Originally $696 for 5 years (poor credit) then got it refinanced 2 years later (much better credit) for another five years at $368 per month. I have state farm and they look at my truck as a regular F150. Full insurance is about $60 a month.

 

There are at least 5 or 10 threads on the same subject in the SEARCH

You payment is based on your credit score, your down payment, and your negotiationg skills.

Doug

 

You financed it for 7 years ? WOW !!
FYI - His 368 payment is NOT normal

Doug

 

thanks guys this is being a good help well im 19 i should have good credit i have no creidt problems ever so i dont think i would have any bad but how does a credit score determine your payment? thats some pretty cheap insurance im prob gonna call soon and get some qoutes...

 

I think no credit would be about the same as bad credit when it comes to a $30,000 truck. I could be wrong though.

 

Well no credit is the same as bad credit, trust me. im 20, with my lil 4.2 im payin 309 a month for 5 years, and its a 01 4x4. insurance is about 700$ every 6 months. are you planning on buying on your own, or having a co-signer? Because i can tell ya now, the bank wont loan 33K to a 19 year old. no offense but ive tried, i had to get my father to co-sign on my pickup, befor ei had my credit problems. But good luck, hope your pockets are lined with 100$ bills.

 

but the bank will loan 33k to a 21 year old

 

Your credit score determines your % APR AND the # of months of the loan

Which both significantly effect the monthly payment.

For example a 20 year old kid with no credit isnt going to get 0 percent interest

Doug

 

0 monthly payments.bought new in 01 $29.500.Out of my 6 vehicles my 72 cutlass has the lowest insurance rate @ 249 a year, the L is second @ just under 500 a year my 03 impala is the highest @ over 700 a year.

 

Well no credit is not necessarily bad credit. Bad credit is just that, they know someone has a history of NOT paying their bills.

No credit is just that, they have NO idea if you will pay the bill or be able to pay the bill.

Credit is dependant on your yearly income. You can have excellent credit but if you have NO income, nobody is going to give you credit. You’re job history has a lot to do with credit as well. If you have a stable job been then for years, never really move from job to job then you look better in the lenders eyes because your “stable”

If you move from job to job year after year it does not look so good to the lender, unless of course your pay is always going up and justifying your moves.

Another big thing with someone with little or no credit is do you have something the bank can use a collateral, such as a large CD or savings account that can have a particular amount froze so if you miss some payments they can take the collateral.

Sure the truck is collateral, but it is not very good collateral since the value drops drastically after it leaves the dealers lot. That’s why you have a much better chance at getting credit with a big down payment, and better interest because their (lender) risk is lower for losing money on you.

Since your 19 you don’t have any real job history, nor do you have any real credit history. A credit card don’t cut it for a major loan of 30k plus. Anyone can make credit card payments because many are not $500 plus a month to begin with.

However, if you have a bunch of credit cards and they are charged up towards the max. then that hinders your chances of getting any further credit since you’re stretched as it is. So unless you have a huge down payment you’re going to need a co-signer with some really good credit that is not maxed out on their own credit to begin with.

In case you don’t know, if you have a co-signer and you miss payments it not only goes against you as bad credit but the co-signer as well, they can force the co-signer into paying off the entire debt if you fall to behind in payments, and/or sue the co-signer to get their money. So remember that about your co-signer, they will be taking a huge risk on you as well.