SRT Hellcat Forum banner

1 - 11 of 11 Posts

·
Registered
Joined
·
1 Posts
Discussion Starter #1 (Edited)
What’s up guy’s my name is Alex I’m from Texas and I’m 27 years old, currently employed and attending school for a career so I can buy a Demon and swap out with a Hellephant engine lol jk

I am currently saving up to buy my first used Challenger Hellcat(15-19) and I was thinking to save up at least $21,000 for an down payment by the end of 2021, however my credit is not looking so good right now😅, is below 600 but I am planning to get my credit score up at least near 700. It is a long shot but I think I can make this happen. Now I gotta stack up on maruchan noddles for a while😂
Anyways so leave a reply for any advice, tips much appreciate you guy’s!

Mopar or no car!🤘🏽
 

·
Registered
Challenger SRT 426
Joined
·
1,857 Posts
Your credit score and age are going to severely contribute to a high insurance payment for a muscle car. I’d do some research on what that will be before pulling the trigger also.
 

·
Registered
Joined
·
177 Posts
Since you’re trying to kill your finances definitely buy a stock Demon and swap in an Elephant. Will be great for resale of that car.
 

·
Registered
2019 Charger Hellcat
Joined
·
651 Posts
Also 27 here. I don't know your entire situation but i would focus on credit and save money to save money, not to buy something material and also always keep rainy day funds on hand. Are you trying to save $21,000 just to go blow $21,000? Or do you plan on having more than that saved?

Long story short don't blow your entire savings on a car.
 
  • Like
Reactions: Booky and DGatzby

·
Registered
2020 Challenger Hellcat Redeye Wide Body
Joined
·
9,348 Posts
Credit. Credit. Credit.
Remember those words.
Anyone approving you in the 500's is going to destroy you payment wise. Fix your credit first, it will literally save you thousands of bucks.
 
  • Like
Reactions: granitecitycat

·
Registered
2018 Charger Hellcat
Joined
·
2,189 Posts
Keep that $ in your pocket. Unless you're an actual baller, giant down payments are bad IMO. What happens if you need it for an emergency? Just finance more. You can always make larger monthly payments. Interest rates are so low. Also, investing that $20k makes you money vs dropping it on a depreciating asset...
 

·
Registered
Joined
·
2,736 Posts
What’s up guy’s my name is Alex I’m from Texas and I’m 27 years old, currently employed and attending school for a career so I can buy a Demon and swap out with a Hellephant engine lol jk

I am currently saving up to buy my first used Challenger Hellcat(15-19) and I was thinking to save up at least $21,000 for an down payment by the end of 2021, however my credit is not looking so good right now😅, is below 600 but I am planning to get my credit score up at least near 700. It is a long shot but I think I can make this happen. Now I gotta stack up on maruchan noddles for a while😂
Anyways so leave a reply for any advice, tips much appreciate you guy’s!

Mopar or no car!🤘🏽
Credit: get a credit card and everything you pay or buy, use the credit card for it and pay it off in its entirety every month, so no extra fees or any interest.

Get a line of credit at your bank. Use IT to pay off your credit card, then pay IT off every month.
 

·
Registered
Joined
·
2,736 Posts
Ratio of "how much credit you have to how much credit you have presently used or maxed out" is a big determining factor in credit rating.
 

·
Registered
2020 Challenger Hellraisin Scat Pack.
Joined
·
2,315 Posts
What’s up guy’s my name is Alex I’m from Texas and I’m 27 years old, currently employed and attending school for a career so I can buy a Demon and swap out with a Hellephant engine lol jk

I am currently saving up to buy my first used Challenger Hellcat(15-19) and I was thinking to save up at least $21,000 for an down payment by the end of 2021, however my credit is not looking so good right now😅, is below 600 but I am planning to get my credit score up at least near 700. It is a long shot but I think I can make this happen. Now I gotta stack up on maruchan noddles for a while😂
Anyways so leave a reply for any advice, tips much appreciate you guy’s!

Mopar or no car!🤘🏽
Well, I am once again forced to point out that you should have savings for a rainy day -- getting laid off is a big rainy day -- and you should be saving/investing for retirement. A car purchase savings is also a good thing. Ideally you should pay cash for the car.

(For example, I got laid off March 30 this year. No income since. Well, a few months of unemployment but this in no way replaced the 6 figure income I lost when I was laid off. I moved from CA to AR. Found a nice apartment. With no dental insurance -- lost my group health, dental, vision when I was laid off -- had to pay a dentist to pull a tooth. ($400) Bought a new Mercedes Benz cargo van (and paid cash for it) all from my rainy day savings. And still have considerable savings left.)

Or to help bolster your credit score arrange to finance a portion of the car's purchase, make a few monthly payments, then pay the loan off early.

If you can't save up to pay cash maybe you need to scale back on the car you are seeking to buy. While I bought cars at 27 I bought nothing like a Hellcat at 27. I was still buying used cars. It wasn't until I was mid 30's that I finally bought my first new car. Yeah, some people at 27 make a lot of money compared to what I made at 27, but I was making pretty good money but still there are always those who have some good fortune to be at the right place at the right time with the right skills/education and land some spectacular job with a high salary. One can't keep up with this kind of person and he shouldn't try. (I was friends with one guy who could afford Ferrari cars. He bought them used -- and in Italy -- but still Ferrari cars. I was a bit envious to be sure but I was ok with my very inexpensive used car.) I was advised to always live below my means. When I made more money to avoid letting my standard of living go up to where all the extra money was going for this higher standard of living. Sure I "rewarded" myself for my good fortune but I also made an effort to spend way less than I made. I saved and invested most of the extra money. To see my savings balance grow, and to see my investments grow, that was in some way very rewarding.
 

·
Registered
Joined
·
177 Posts
People won’t want to hear it because they have to have everything now but the banks have everyone trained just how they like.
 

·
Registered
2018 Corvette Z06
Joined
·
7 Posts
Finances are so complex that trying to say pay cash or don’t pay cash take a loan because interest rates is just impossible to accurately assume without knowing - income levels, COL, debts, savings, an retirement. All the advice on what to do could be right or wrong and impossible to asses.

What you can almost guarantee though is that somebody with a sub-600 credit rating should not be buying a car this expensive. You more than likely have made financial mistakes else where to get to that point - short of a loss of job for extended period of time or medical. And i doubt it’s the job piece because if it that was the reason your credit got screwed up you be likely wouldn’t be here talking about purchasing.

I say this not in malice but just saying you should think through priorities first. I have nothing about age - I bought a special order $63,000 S4 at 29. I sold it at 32 and didn’t have a fun car until this past May at 36 when I bought cash a 2018 z06 with 1200 miles on it. I put it off in the time between despite it being easily affordable because I built a house, got married, paid off an investment property and generally want enough passive income/investments coming in that by 45 I would be in a very good spot even retired if I wanted to live off a slightly less crazy lifestyle.

Pay down your debt, get some savings under your belt, doing that should get credit back above 720 - then consider a car of this type. You’ll be happier in the long run.
 
1 - 11 of 11 Posts
Top