Hot Rods Buying a car in payments

I'm with Jalopy Joker above. If you don't have the money, can't get credit thru normal means for whatever reason it sounds like you really shouldn't be buying a car that you really don't need. I dunno for sure but it sounds like your not in the best financial shape or situation, should you make it worse by adding payments? It took me years to learn no matter how bad you want it or how smoking the deal there will ALWAYS be another come up later, it's OK to pass the one now up. I use to buy cars I really wanted but didn't need nor really could afford, more times then not something would soon come up where I really needed money and I'd be forced to resell said project (sometimes at a loss) anyway.
that said, if you do decide to go ahead, I'd really be afraid of giving anyone money without any security. Buy a car from normal credit means (bank or dealer) and you get the car, it get's titled to you and they just have a lien on the title and a contract stating terms. That's normal and there are things in place that protect both parties. An individual that just take your money, ... he could disappear, the car could disappear, anything and you have nothing. Even if you wrote up a contract it wouldn't help if he disappeared. I wouldn't do it unless it was a really good, long term friend and fwiw I've been burned by some of them too!
bottom line, you asked, my answer would be don't do it.

 

You're talking about a layaway.
If you can't borrow the money elsewhere, why not take the car, giving the seller a lien which can be released when you finish payments?
That's usually how vehicle sales are handled.
This legal advice is free, since I am not licensed to practice in your jurisdiction.
"Buyer--beware!"

 

Pass. You can't afford the car and you can't afford the risk so just pass.

In 3 months there will be another car, and maybe you will have some money by then.

This deal isn't even worth worrying about. You saw a car you like, but you can't afford it. Big deal. It happens to all of us. It happens to me 100 times a year. Get used to the idea you can't buy them all or get set for a lifetime of heartache.

 

If you already have a car, and you have credit problems, and you don't have cash, do the smart responsible thing and pass on this deal. If you want another car so bad I'd start saving some cash and paying off your CC advance.

 

I say pass on it, at 22 you have a whole lifetime ahead of you to buy old cars you don't really have the money for.

when I was about 23-24 i had like 6 crappy vintage cars that I just had to have. now that I am an old fart I see that I would have been better off just having one that had all that money dumped into it and it was nice.

 

^^^^

This.

 

Save your cash, who knows, in the 3 months you need to save, something better may come along that you just have to have. Plus you can't forsee the future, what happens if you miss a payment, kiss your money good bye. If you are super horny for the car and can't get credit, take a 30% loan from one of those places that lends money to anyone and regret it. I'm sure we all know what it's like to want something you just can't afford at the time, if he's willing to take payments then know one else has expressed interest in his price. It may just be there in the time you have saved up enough dough. If it's meant to be it will be.

 

This is going to sound crazy, but maybe you should have money in hand when looking for a car? It just seems to eliminate so much crap. I wouldn't do what you're doing to a friend and my friends wouldn't expect it.

 

You don't have all the money now, just some and you are willing to bet what you have right now on the assumption that you will have more next month and even more the month after that. That kind of thinking will keep you broke for the rest of your life.

 

Those that have said to pass have given you very good advice.
You don't have the money in hand....you can't afford the luxury of another old car.
You can't borrow the money from a bank......you really can't afford the luxury of another old car.

It's generally not a good idea to make payments on things that are not necessities.

 

Thanks for all the help guys! I just want to clarify though that I am not financially fucked and I don't have credit problems. I am just in a new country and getting settled and setup at the moment that's all. I have always done good with money in the past just starting a new life (again). I am pretty nomadic and move around a lot. There is a great world out there and so many places to see. I can't stay in the same place forever

 

...That's the way to handle this. It took me a while to learn that 'responsible' thing. But since I was the one paying for the roof over my head, and groceries and a -dependable- ride to work, and all that grownup stuff, it gets easier to pass on the wantin stuff, and focus on the needed stuff. Get the bigger picture in mind and you'll get there.
David.

 

I agree with those saying pass on it and save up the money.

 

No brainer,if you don't have the cash you can't get it, common sence if you can't afford something move on.

 

get some kind of a legal document and get the deal done.

 

If you are that strapped financially, is it really a good idea to be buying something you obviously can't afford ??? Don't mean to sound insulting...just being practical.

 

What kind of car and what kind of deal? I'm doing it right now but I "courted" the older lady for 2 years, and now we know each other.

 

I sold an OT pickup like this a couple years ago. I got paid, girl still drives the truck.

 

http://voices.yahoo.com/how-cash-fast-selling-blood-plasma-7692606.html?cat=3

Differing stories on the cash to be made from >>this<< one
http://answers.yahoo.com/question/index?qid=20090203195832AAeqGjr
http://www.survivalinsight.com/how-to-sell-sperm.html

 

IMHO it's never a good idea to buy a toy on installments, or worse yet, credit. If it was a daily driver to get to work, another deal. Guess it's just the Old Fart coming to the fore.

 

Back in the day this was considered an appropriate way to buy anything. Keep in mind credit cards were not invented so you and the seller had to be creative. I see nothing wrong with this practice even today as long as you and the seller have a legally binding document that defines the details of the sale.

Other than that this may be one of the most "traditional" questions posted today.

 

If money is a little tight for you right now, as it is for a lot of us, I'd take a pass on the car. At least for the time being. Wait till you've got a bit of "disposable income" set aside and then contact the owner again. Or keep your eyes open for another deal that's too good to pass up.

The other alternative might be to see if your bank will set up some sort of an escrow account for you. If the seller agrees, after 90 days you have the full amount in the account and he turns over the car and the papers. If the money's not there in 90 days, he keeps the car and you keep the money. Assuming the seller doesn't mind having the car tied up for 90 days when he might be able to sell it to someone else. Mostly a win-win situation.

 

You only live once (or is it twice?)...go for it...or you will regret it...you can always sell it after you made the payments. Oh, don't forget to take a lot of pictures to verify its conditon upon receipt....

 

You havent even seen the car yet and you have a hard-on for it? Unless its a smokin deal I would pass.

 

Amen!

 

I bought my first Model A roadster that way. He ran an ad in the auto trader, I made decent money, but was really bad at SAVING money. I went out looked at it, I told him I didnt have the full amount now, but would in a month, and asked if he was interested in selling it for a couple hundered MORE than his price, if I left few hundred dollars deposit, that way if I bailed, he had more than enough to run the ad again for a lot longer if needed and still have pocket money.

 

Why not get a loan on your present car, buy the new one and then pay off the loan?

 

Here's the problem with making payments, what if you daily blows a transmission, or the boiler goes, or someone gets sick... best not to buy until you have the cash in my oppinion. I try never to borrow to support my hobby, because if i need to borrow to support my livelihood, i may have left just enough rope to hang myself.

 

Id just save the cash and buy somethin in 3 months.

Posted using the Full Custom H.A.M.B. App!

 

I agree!

Reality (at least for me): This old car stuff is a hobby, not real life. If I could not afford to buy my Acadian when I did I would not have bought it. I wish I could afford a new paint job, chrome wheels, etc. etc., right now but I cannot. My family, house, holidays, related bills, sometimes even other hobbies and interests are more important to me money wise than my Acadian. Nothing wrong with a balanced life.