taking a personal loan

[qbkilla]

Has anyone ever taken one?

My situation, My car is about to hit 60k miles and be out of warranty. For $2k, it can be extended another 40k (total 100,000 miles).

I want to extend the warranty just in case something goes wrong, I will be covered.

Do i go get the loan through the dealer, or try and get it from the bank? If i go to the bank, do i tell them this is what its for, or should i say im starting a business or buying furnature for a new apartment?

Not sure they would want to give a loan for the reason im asking. And any idea how long a loan will give me to pay back, and what the interest rate would be (or what should i look for)?

Never taken a personal loan before so im new to this

 

[bignickp]

Getting a loan, from a bank, depends on your credit score and debt to income ratio...the reason is irrelevant.


Sent from my RM-917_nam_usa_100 using Tapatalk

 

[Dr_Bob]

As a general rule, extended warranties are not worth it. Especially if you are paying interest on a loan.

In stead try and build up a little cushion in your savings for suck things.

Has anyone ever taken one?

My situation, My car is about to hit 60k miles and be out of warranty. For $2k, it can be extended another 40k (total 100,000 miles).

I want to extend the warranty just in case something goes wrong, I will be covered.

Do i go get the loan through the dealer, or try and get it from the bank? If i go to the bank, do i tell them this is what its for, or should i say im starting a business or buying furnature for a new apartment?

Not sure they would want to give a loan for the reason im asking. And any idea how long a loan will give me to pay back, and what the interest rate would be (or what should i look for)?

Never taken a personal loan before so im new to this

 

[qbkilla]

As a general rule, extended warranties are not worth it. Especially if you are paying interest on a loan.

In stead try and build up a little cushion in your savings for suck things.

in my case, would you save up, or just buy a new car (another kia).

carmax says mine is worth 10k
I owe 4.8k
So id have 5.2k to put down
Been told by dealer a new forte on the road, is approx 17k

I used this loan calculator below...

Auto Loan Calculator - Car Loan Calculator - Cars.com



If i plug in the numbers, 60 month loan, 3.1 apr (it says thats average), id be paying about 213 a month on a new car.

My current payments on the 2012 forte with 56k about to go out of warranty are 175 per month.

Just not sure if this is a smart move,,

1. Buy new forte
2. Keep old one not estend warranty and prey
3. Extend warranty

Not sure what the smart move is,,,if i get a new one im paying about 40 bucks more per month

 

[Racepicks]

All that aside, how are you doing. Brother. Haven't seen you around for a while. You OK?

 

[Marvin Martian]

I just recently opened a mortgage branch - have been a loan officer for 11 years.. I don't do personal loans - but its usually a good idea to tell the truth when borrowing money.. Most loans are based on 3 simple factors
- Collateral - Obviously there is none on a personal loan
- Likelihood you will repay - This is why we check credit history and score
- Ability to repay - This is why we verify income

 

[qbkilla]

All that aside, how are you doing. Brother. Haven't seen you around for a while. You OK?

just been busy but been good, posting on different boards still

 

[pesty4077]

Just buy reliable vehicles that last for 200,000 miles, do regular service on it and don't beat the Hell out of it. Problem solved.

 

[ALLEX]

There's a business/finance forum.

 

[Giants83]

If you are that concerned look into easy care or something. Private companies that offer extended warranties. Personal loans are often high interest. It's an added monthly payment. If you were going to have a monthly payment you should say screw the loan and interest and tuck that money away in case a repair does come up. I personally think those warranties are a waste of money. Do your research online. Research your car, see how many people actually had a problem under 100k miles. I'm betting you won't find much because it's so rare.

 

[yankeeman411]

What about putting it on a credit card. Its almost like a personal loan?? Ive never been a fan of extended warrantys. If it was worth it the car companys wouldnt offer it. They make out in the end

 

[JW87]

Like everyone else has said, don't bother with the warranty I have a family member who owns several BMW dealerships and he even told me its not worth it. A lot of small print excluded them from paying for most of the things which actually go wrong.

Most modern cars today providing you don't thrash the f out of it will last over 100k easy. I had a BMW M5 which had 135k on the clock - the engine did blow up and locked the wheels up, crashed into a ditch, hit a tree, and caught on fire.. but thats a different story lol

 

[ALLEX]

Any car that's not a lemon will last 120-150K miles, providing you don't drive like crazy and change fluids/do regular maintenance on schedule.

 

[XtremeMuscle]

Extended warranty is a bad idea. So many stipulations and ways for them to work you and ways around them actually covering anything. I've seen it first hand.
Think of these companies like big gyms, they rely on people signing up to stay alive. 20% will ever actually use this to their benefit and the other 80% waste their money.
And Most cars with just regular maintance will make it to 120ooo miles before any type of costly service needs to be done.

 

[NTL]

That warranty is a bad idea. Just put away some money if you were to have any minor repairs.

 

[Dr_Bob]

Most will tell you, driving a car until it is dead is the cheapest. Of course you may want a new car every few years, I know I do.

I would drive that Kia into the ground, all the while saving money for a new car. The Korean cars have really stepped it up. I traded my Mercedes for a Hyundai Equus. IMO, it is 99% as nice as the Lexus 460 it was built to challenge.

It comes fully loaded. It has an amazing 17 speaker stereo system, standard.

The good stereo on the Lexus is a $4.2k upgrade

in my case, would you save up, or just buy a new car (another kia).

carmax says mine is worth 10k
I owe 4.8k
So id have 5.2k to put down
Been told by dealer a new forte on the road, is approx 17k

I used this loan calculator below...

Auto Loan Calculator - Car Loan Calculator - Cars.com



If i plug in the numbers, 60 month loan, 3.1 apr (it says thats average), id be paying about 213 a month on a new car.

My current payments on the 2012 forte with 56k about to go out of warranty are 175 per month.

Just not sure if this is a smart move,,

1. Buy new forte
2. Keep old one not estend warranty and prey
3. Extend warranty

Not sure what the smart move is,,,if i get a new one im paying about 40 bucks more per month

 

[qbkilla]

Most will tell you, driving a car until it is dead is the cheapest. Of course you may want a new car every few years, I know I do.

I would drive that Kia into the ground, all the while saving money for a new car. The Korean cars have really stepped it up. I traded my Mercedes for a Hyundai Equus. IMO, it is 99% as nice as the Lexus 460 it was built to challenge.

It comes fully loaded. It has an amazing 17 speaker stereo system, standard.

The good stereo on the Lexus is a $4.2k upgrade

true true,,,very good post. driving it into the ground may be the cheapeast (this is my goal, to save money in life),,,but should something go up in it and is out of warranty,,,that 10k its worth now,,might go down to 5k,,or zero. so i just lost 10k,,and have nothing to put towards a new car,,,and am out a car.

right now there has never been an issue with the car and its value is the highest,,,,10k,,,,and by keep driving it it will go down due to miles, and should something major go wrong,,,it will go way down and i will need to pay to fix it.

but should i get a new car,,,warranty covers it all, and im only paying 50 bucks more per month

so i guess the question is,,,is 50 bucks per month worth another 60,000 in warranty to cover any expense i might have (for the most part). plus i get a new car, but that is really what im looking for,i want the security

i kinda feel the new car option is best,,,but def open to hearing others opinions as well,,,i very well may be wrong,,,i dont know much when it comes to these things

 

[destin]

Sure its a lil more money per month but u need to think bigger picture such as u just piled on a bunch of new debt.

Put that money towards a nice 6 months of what u make each month giving u some cushion to breathe.

Im drinking a bit but sounds like u living check to check and that is a problem if my assumption is correct.

 

[qbkilla]

yeah that is correct, not so much month per month but i am not able to save very much based on salary, car payment, insurance, rent, etc

 

[Dr_Bob]

There have been quite a few studies that conclude that keeping a car, paying for repairs, and putting 150K on the odometer is the cheaper rout.

Think about it: If extended warranties paid amounts that were more than what they cost no one would sell extended warranties. What kind of business pays out more than it takes in? Only the US government can do that.

But you know what? If you want a new car, get a new car. I would definitely skip the warranty, just go straight to selling your car or trading it in.

The new Hyundais are outstanding cars, IMO. And I drove Porsche, BMW, and Mercs. I am very pleased w/ my Equus. One step down is the Genesis, another great car. Even their middle/lower level lines are very good. They are much nicer than what America puts out (except maybe the Vette Mustangs, and Cameros).

Do your homework. Look for factory trunk money. That is when the car corporation people give local dealers cash back if they sell a car. Of course the dealership will not tell you about trunk money, you need to do your homework.

I got $15k in trunk money on a Merc C63. I knew that going into the dealership, and my negotiations started at that price. I eventually got $17 k back, but took it in the #@% a bit of the trade in.

You have to be hard nosed in the negotiations. I make it a rule to walk off the lot at least once during negotiations. Do not get yourself emotionally tied to a car, because then they have you.

Things are, of course, a bit different at a Hyundai dealership than Mercedes, but the principles are the same. Prepare for a full week of negotiations. Don't make a decision while tired, they are well trained to take advantage of that. Be 100% willing to walk off the lot if they do not give you what you want.

Hyundai and Kia do not have the same pricing flexibility as German cars, but we are still talking about an easy $4k you can keep in your pocket if you do things correctly.

true true,,,very good post. driving it into the ground may be the cheapeast (this is my goal, to save money in life),,,but should something go up in it and is out of warranty,,,that 10k its worth now,,might go down to 5k,,or zero. so i just lost 10k,,and have nothing to put towards a new car,,,and am out a car.

right now there has never been an issue with the car and its value is the highest,,,,10k,,,,and by keep driving it it will go down due to miles, and should something major go wrong,,,it will go way down and i will need to pay to fix it.

but should i get a new car,,,warranty covers it all, and im only paying 50 bucks more per month

so i guess the question is,,,is 50 bucks per month worth another 60,000 in warranty to cover any expense i might have (for the most part). plus i get a new car, but that is really what im looking for,i want the security

i kinda feel the new car option is best,,,but def open to hearing others opinions as well,,,i very well may be wrong,,,i dont know much when it comes to these things