Questions before I buy an FD
10-11-02, 01:40 PM
#1
Drunken Master
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Questions before I buy an FD
I'm really close to getting myself an FD, but I have a few questions before I end up getting it. First off, I don't know an awful lot about loans and such (always tried to stay out of debt) so I'd appreciate some input on the best way you guys would think to go about it. I think I'm going to be getting the car for roughly $15k, and I want to try and put down at least half on the loan.
That seems like the easy part because I'm pretty set with a good job, however the insurance I think it's going to be nasty. I'm 19 (20 on next Tuesday), but I do have a spotless driving record w/out even coming close to any accidents. The FD would be my second car (I have an older 626 for work/winter driving), Mazda has been a favorite of mine), and would only be driven three-four months out the year, and only then on sunny days for cruising. Winter's up here in northern WI can be pretty nasty, so it'll be garaged from Oct. through May (depending on roads).
I'm pretty excited about all this, I've always wanted one as long as I can remember. I just want to make 100% sure of what it'll initially take money-wise before I dig in.
That seems like the easy part because I'm pretty set with a good job, however the insurance I think it's going to be nasty. I'm 19 (20 on next Tuesday), but I do have a spotless driving record w/out even coming close to any accidents. The FD would be my second car (I have an older 626 for work/winter driving), Mazda has been a favorite of mine), and would only be driven three-four months out the year, and only then on sunny days for cruising. Winter's up here in northern WI can be pretty nasty, so it'll be garaged from Oct. through May (depending on roads).
I'm pretty excited about all this, I've always wanted one as long as I can remember. I just want to make 100% sure of what it'll initially take money-wise before I dig in.
10-11-02, 02:38 PM
#2
call me Smokie Smokerson
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Call up the insurance and ask. Tell them that this will be aweekend-only car that you will put less than 5k in miles per year. You still plan on using the 626 for commuting, work, school, etc. .This will give you a discount. By adding the FD to your current insurance will give you a multi-car discount. Of course hit them up for a good-student discount. Ask if there are any safety videos you can watch at a local branch for another discount (i know State Farm has this).
For loans, the cheapest places are Credit unions, but NOBODY will give you a nice rate on a car loan for a 9 year old car. Their cut-offs are usually 6 /12 yrs. The best i found anywhere were my bank (~14.5% with automatic withdrawal). This is before they even care about my credit. This was policy depending on the year of the vehicle purchased.
FYI, as long as there is a lien on the car, the lienholder usually has a minimum insurance level requirement for basic things like fire, theft, etc., so you can't just get the cheap-o liability
Better start making those calls now...
For loans, the cheapest places are Credit unions, but NOBODY will give you a nice rate on a car loan for a 9 year old car. Their cut-offs are usually 6 /12 yrs. The best i found anywhere were my bank (~14.5% with automatic withdrawal). This is before they even care about my credit. This was policy depending on the year of the vehicle purchased.
FYI, as long as there is a lien on the car, the lienholder usually has a minimum insurance level requirement for basic things like fire, theft, etc., so you can't just get the cheap-o liability
Better start making those calls now...
10-11-02, 06:40 PM
#3
insurance ******* sucks
I own my car but the insurance is under my parents name I just turned 19 also
they tried to rip us off so bad that I just laughed at them when we went in to get a quote
they wanted 3800 a year for me as the primary driver hahahhaa and I have 1 ticket on my liscence. For my car sticking out 1 foot into an intersection because there was a weird accident ahead of me and traffic backed up.
they try to rip you off so I would return the favor
You are losing money for mods and other stuff
If it was up to me I wouldnt have insurance at all because I dont plan on getting into an accident or pulled over ever unless it is someone elses fault.
I own my car but the insurance is under my parents name I just turned 19 also
they tried to rip us off so bad that I just laughed at them when we went in to get a quote
they wanted 3800 a year for me as the primary driver hahahhaa and I have 1 ticket on my liscence. For my car sticking out 1 foot into an intersection because there was a weird accident ahead of me and traffic backed up.
they try to rip you off so I would return the favor
You are losing money for mods and other stuff
If it was up to me I wouldnt have insurance at all because I dont plan on getting into an accident or pulled over ever unless it is someone elses fault.
10-11-02, 07:06 PM
#4
Drunken Master
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Originally posted by Snook
insurance ******* sucks
I own my car but the insurance is under my parents name I just turned 19 also
they tried to rip us off so bad that I just laughed at them when we went in to get a quote
they wanted 3800 a year for me as the primary driver hahahhaa and I have 1 ticket on my liscence. For my car sticking out 1 foot into an intersection because there was a weird accident ahead of me and traffic backed up.
they try to rip you off so I would return the favor
You are losing money for mods and other stuff
If it was up to me I wouldnt have insurance at all because I dont plan on getting into an accident or pulled over ever unless it is someone elses fault.
insurance ******* sucks
I own my car but the insurance is under my parents name I just turned 19 also
they tried to rip us off so bad that I just laughed at them when we went in to get a quote
they wanted 3800 a year for me as the primary driver hahahhaa and I have 1 ticket on my liscence. For my car sticking out 1 foot into an intersection because there was a weird accident ahead of me and traffic backed up.
they try to rip you off so I would return the favor
You are losing money for mods and other stuff
If it was up to me I wouldnt have insurance at all because I dont plan on getting into an accident or pulled over ever unless it is someone elses fault.
I might be able to get the car under my parents name...but I'm not sure with the loan. Any thoughts?
r0t0r-rooter, thanks for the ideas/info. That helped me out a bit. I want to get liability on my 626, so I could probably get a discount for having two vehicles, I just want to pick the right insurance company.
Boy, I hope my credit union won't have a 14.5% rate. I sure as heck would be well over $15k by the time I payed this thing off! I'm going to try and get it done within a year and a half, maybe sooner depending on several things.
10-12-02, 01:12 AM
#5
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If you have good credit and you have a house, use the home equity! ****, home equity with good credit is lower interest than a federal student loan! well of course you are only 19...but remember that later in life! Or hit your parents up for a home equity loan.
Wholesale insurance is the best! You know how Geico has that motto? Really, the only reason geico, Nationwide, and other wholesale insurance companies are dominating the market is because of lack of knowlege.
Yeah an auto loan on a car like an rx7 will have really really high interest....BTW my personal plan is using parent's home equity: ultra low interest (<6%) and the interest is tax deductable anyways so it's like no interest(best thing about it!)
Wholesale insurance is the best! You know how Geico has that motto? Really, the only reason geico, Nationwide, and other wholesale insurance companies are dominating the market is because of lack of knowlege.
Yeah an auto loan on a car like an rx7 will have really really high interest....BTW my personal plan is using parent's home equity: ultra low interest (<6%) and the interest is tax deductable anyways so it's like no interest(best thing about it!)
10-12-02, 01:27 AM
#6
I'm a CF and poop smith
Screw insurance, drive with out it 
Last time I went to court for a Recon ticket, over 1/2 the people there were there for driving with out insurance; and they all got a slap on the wrist! My insurance cost only about 400bucks for 1/2 a year although I do have it as a weekend car type of thing.
Last time I went to court for a Recon ticket, over 1/2 the people there were there for driving with out insurance; and they all got a slap on the wrist! My insurance cost only about 400bucks for 1/2 a year although I do have it as a weekend car type of thing.
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