Wish me luck trying to get a loan for a new truck

**Didjital** · September 10th, 2002, 10:55 AM

Well as of a few min ago i just applyed for a auto loan (with a awesome co-signer) And hopefully I will get it. The truck im hopefully gonna get is a 1993 Typhoon. For anyone that dosent know those are very rare because they only made them 2 years and made around 5000 of them. They are AWD and have a turbo charged 4.3l V6. Also its a automatic trans. This thing is subbosed to be fast. I test drove it and it felt really quick. The owner showed me time slips of it running 12.92's in the 1/4 mile. I am not gonna get it to beat on it, just to drive it and occasionally get on it... heheh.. well anyways wish me luck on the loan.. thanks for letting me rant a little aobut my excitement. Below is a pic of it. (it has the stock rims thou not the ones on this pic)

Thanks!!

**Thud** · September 10th, 2002, 11:06 AM

Awesome truck! If it runs in the 12's, it's more than a little quick.

Best of luck with the loan. Be careful with it, both for your well being and it's preservation. You might also ring up your insurance co. to see what they have to say.

**Didjital** · September 10th, 2002, 11:11 AM

yea i will be findin out how much insurance is in a few hours. and if i get it it will be taken care of and not driven in the winter. I allready have a beater i will drive in the snow.

!!

**thekingofpain** · September 10th, 2002, 11:23 AM

Yeah those are cool, plus they made a truck as well, whats up with the fit of the front bumper? This one is the same way---- http://www.whitetyphoon.com/pictures.html

**Didjital** · September 10th, 2002, 11:39 AM

yea i know. all the ones i looked at have the same gap in the front. must of been something with how the front bumper fit.

**Cruez** · September 10th, 2002, 01:48 PM

Thats one quick ride my friends... I thought about buying one recently.....but....

..

Good luck...... (post some good videos)

shahani · September 10th, 2002, 01:53 PM

Good Luck. Does it have like heating/air conditioning and leather stuff inside or strictly truck-like attitude?

Good Luck, though. Sure you'll get the loan. Make sure you don't pay too much interest though. Banks are bending to make loans and have too much money but on one to loan to.

**Didjital** · September 10th, 2002, 02:11 PM

YAY I GOT APPROVED... I will be gettin this bad boy shortly. And yes it is loaded with leather and has ice cold working a/c and hot heat. Heres a link to the original car and driver test on this truck.

YAY.. im excited.. can u tell. ... lol

http://www.typhoon-link.net/CD/GMCTyphoon.html

**Didjital** · September 10th, 2002, 02:14 PM

5.9% interest !!!!

shahani · September 10th, 2002, 02:16 PM

High. Even for second hand vehicles.

**Didjital** · September 10th, 2002, 02:31 PM

5.9% i dont know where u live but in Michigan that a good %. I thought it was gonna be at 8% like most people i know get stuck with.

**Brainchild** · September 10th, 2002, 02:38 PM

cool truck didjital, those 4.3s are quick, I have never driven one wit turbo though. 12s in the quarter is very respectable for a driver

**Cruez** · September 10th, 2002, 02:39 PM

high Shahani ?

...what are you smoking ???...... even a 30 yr home loan is hovering around 6.7%

I'm paying 8% on a car loan from 2 years ago.....

shahani · September 10th, 2002, 03:06 PM

Originally posted by Cruez
high Shahani ?...what are you smoking ???...... even a 30 yr home loan is hovering around 6.7%

I'm paying 8% on a car loan from 2 years ago.....

Never mind what I smoke. This here is a family show.

The rate depends on several factors including credit rating and the bank you apply to. I have a 30 year mortgage (fixed payments) at 7% taken last year (I was 47 then so I don't know how they approved a 30 year mortgage

) and am getting offers to refinance it at 5.75%. Waiting for it to drop to 5.25% so it is profitable overall to me.

Home equity loans are 4%-4.25% here in NJ. Auto loans can go from 0%APR for GM/Ford/Chrysler to 7.5% depending on credit rating, income.....

Now if you was to go and get an unsecured loan from the Mob, well, rates will be higher. I've seen newspaper ads for below 4% on second hand GM/Ford/Chrysler vehicles.

This is why I speculated that 5.9% is not good. In the last 18 months, people have pulled out a lot of money from stocks/mutual funds, fearing more losses. This has gone to Government/Municipal bonds to some extent, real estate and as CDs in banks where people with a wait and watch attitude put their $$. Together with lower federal discount rates (which actually lower bank reserves, thereby increasing loanable or "free" funds) have made banks flush with funds and very eager to loan it to people.

Credit card companies are also trying to get more people to sign up, even offering 0%APR for upto 12 months. Wonder why you get so many pre-approved credit card offers nowadays? Because they don't know what to do with so much cash. They have to loan it out or they bleed.

5.9% is high, believe me.

**Theophylact** · September 10th, 2002, 03:25 PM

Shahani, loans on used vehicles are typically at higher rates than on new ones (for which a lot of manufacturers are offering 0% financing). (Whoops, read too fast, you covered the 0%.)

shahani · September 10th, 2002, 03:36 PM

You lookin different, Theo? Glasses?

**Didjital** · September 10th, 2002, 03:38 PM

shahani

wow. what u said makes sence. ur way more techinal than i am. good job. and thanks everyone for the postive comments!!!!!!!!!

shahani · September 10th, 2002, 03:42 PM

Didjital, one last comment unless Epidemic butts in:

I'm not saying you got a bad deal. I'm saying perhaps you may have got a better deal, but then I know nothing about your circumstances.

So fuggetabout it and enjoy the truck.

Cheers and good luck.