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328 messages,  Last post on Jul 19, 2009 at 7:42 PM

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What is this discussion about? Car Financing

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#325 of 328 Re: BHPH vs. renting a car [jipster] by isellhondas May 19, 2009 (6:41 am)
Replying to: jipster (May 05, 2009 1:20 pm) If you charge too little you'll go belly up too.   We wholesale a lot of cars to guys who operate small lots. Most of these guys have been in business for a long time. The cars they buy from us usually aren't "bad" cars. Just cars we don't want. I took in a nice looking and nice running 1996 Taurus Wagon a couple of weeks ago. I think it had around 100,000 miles. It's not the type of car we sell but I'll bet it'll make a nice transportation car for someone without a lot of money.   BHPH lots vary in quality and ethics. For some people they are the only place they can buy anything.
#326 of 328 How much down payment? by jamesgland Jun 05, 2009 (10:31 am)
Usually "your job is your credit". But I work for myself so I have no pay stubs from an employer. How much of a down payment do BHPH dealers need to finance me?   25% of the price? 50%?   I am looking for a truck in the $3,000 - $4500 range and I have $1000 to put as a down payment.   Any info would be appreciated. Replies to this message: carthell (Jul 19, 2009 7:42 pm)
#327 of 328 Re: How much down payment? [jamesgland] by carthell Jul 19, 2009 (7:42 pm)
Replying to: jamesgland (Jun 05, 2009 10:31 am) You don't have pay stubs, but you do have quarterly tax return copies, right? I would think that would be sufficient basic documentation of your income.   I would suggest going to your bank(s) first to get an idea of how you might be treated. Otherwise, I'd suggest that you try to save enough to pay the complete cost of the truck. (Consider that if you don't believe that you can save for the truck, how can you ever hope to meet the monthly payments on a loan?)

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