Buying a new car

[Rediesel]

Lets say the new car cost $30,000 can I put everything in financing?

If not how much cash should I have to pay a minimum downpayment?

And how much cash do I need to bring extra to pay for insurance and other stuff before I can drive the car off the dealer?

I'm new here in the USA and as such I don't have a credit history yet, could my brother stand as my guarantor?

Thanks so much guys for any advices you can give.

[silverbx986]

since you're new to the states at wala ka pang 'credit history',
your loan depends heavily on your guarantor or co-signer,
in your case your brother. kung maganda ang credit history
nya at ang income and also wala syang masyadong maraming utang, same day i-uuwi mo yung car. you don't even have to
pay a single cent. it's up to you. syempre kung malaki utang, malaki rin yung monthly payment mo. sabihin mo sa bro mo na isama ka na rin dun sa insurance nya.

another option kung wala kang co-signer is to go to those small
car lots where they sell used cars. some of them give loans kahit wala kang credit history basta me trabaho ka lang, just bring your ID and your paystub. mo. pero mag-ingat ka lang dahil malaki ang interest rate ang ipapatong nila sayo.

[empy]

usually the dp is between 10-20%. it is very different depending on the lender. there are many lenders willing to do 5% or even 0% down, but you need to be careful about these loans, because if you put zero or little money down you will be 'upside-down' for a long long time (in other words, you owe more on your loan than the car is worth).

it's not necessary, but it will be very convenient if you already have insurance coverage before you buy the car. call the insurance co. in advance and arrange for coverage for the car you're planning to buy (this usually involves a separate downpayment, as well), and have the dealer call them when they make out the title/deed of sale to you.

typically, the 'out-the-door' price of the car includes tax (5-8% of the car's price depending on the state), title fees (around 2%), and a license fee ($100-200). you can finance all of this together with the car, so the only thing you need to figure out with the dealer is how much money you want to put down, and that's the amount you need to bring when picking up the car.

yes, if your bro is willing, by all means use him as a co-signer. you will save thousands of dollars from the lower interest rate (assuming he has good credit history). but make sure you always pay on time because derogatory items on your credit are a BIG deal in the US and you don't want to strain your relationship with your family.

[cyberdoc95]

If you are just starting here sa States, I suggest wait a little bit longer until you get a permanent job for at least six months.

First, you probably might not need a car because of good mass transport system. Unless you are in the remotest area of UTAH or Wisconsin, there is always a good bus/railway system that come to your area. I live in Boston, MA now but at some point, I lived in L.A., Las Vegas,& New York City and all have good transport system.

Secondly, you might need some adjusting with driving or even just get used to the freeway. I know there are freeways in Manila but kind of different. They are also very vigilant sa overspeeding, driving under the influence of alcohol,etc. You might have a lot to get used to before getting into your own car. Once you have a record of traffic violation, it will stay FOREVER! Not like sa atin na parang wala' lang. But here, they will use it to profile you as having a good conduct, application for employment,etc. Kasi nga ginawang centralized ang record system ng mga citizens.

Thirdly, you might not want to stay here for long. Sayang yong $30,000 na sasakyan, di ba? Dito din kasi, blue book value ang sinusunod. Hindi kagaya sa atin na maski 12 years old na, ang value is probably is still 50% of the original, which is ridiculous. But here, ang value sa kotse goes down fast especially during the first year.

So, since the other tsikoteers have already mentioned about credit history and co-signee matters, I shared something for you to think about before considering to get a brand new vehicle.

[Rediesel]

Thanks guys for the advice, actually with regards to the driving aspect I think I have that already covered, I was here for more than a month now and while living here I was the designated driver, I read the manual and have understand the different traffic signs and regulatory laws displayed. I also have driven probably more than 500 miles here already has also driven to another state, while my phil license was still valid.

I intend to take a test at the local DMV with in this month so I can have a local license.

My brother has a credit rating of >700+ ( I don't know what this means)

I already have permanent a job here also but the salary is only average (works in a hospital) Would certainly do overtime work in the future.

Regarding credit history I have already signed up for a secured credit card to start my own credit history.

Regarding insurance what should I do with it, should I get one formyself (on my own) or ask my brother to include me in his coverage?

Would it make a difference if we are living in a different state?


How about taxes, how much does Uncle Sam take away every month? I wrote as dependent my wife (not working) and my kid.


Thanks guys, keep the advice coming I really need it.

[empy]

700+ is an above-average credit score. you should be able to get a loan with good terms with that.

afaik, you need to be living in the same household to be covered by the same insurance policy. at least this is what my insurance company's (progressive) policy is.

[yebo]

suggest ko lang, especially if you have time...

try mo kaya gov't car auctions. look for it in the junk mail you get everyday or the newspaper adds. maka-jackpot ka dyan ng almost new at a price of only cents to the dollar ng blue book value. these are confiscated vehicles. yun nga lang, cash bayad dyan. when i was still there i was able to buy a 6 month old acura legend for only $5K, nothing to fix. almost made a living out of that when i was in the US. bought and sold 5 cars in a 3 month period. kaso i went home nung nag-heart attack erpats ko and never went back there (saka sawa na din sa life dyan after 3 years). ganun din sa bahay, gov't repossesed homes. cents to the dollar ang indicative price.

just in case you're interested lang naman on a used car, or in a sideline to earn extra cash.

[Rediesel]

Thanks for the advice bros.

Ok ba reliability and resale value ng Ford family ( Mazda, Ford Volvo)

O safer route is to get the Japs (Honda Toyota)

Vehicle planned for purchase is an SUV.

[mbt]

wow starting anew in another land... good luck!