Hi , im currently in the process of trying to purchase a celica, but the thing is i was gonna take out a loan for it since im in need and i really need a car.

Is it a good time to take out a loan since all these problems with the stock market and other crap?

Credit crunch means it's hard to get a loan, and when you do it will be more expensive. In short, a frozen credit market is by definition a bad time to get a loan.

Only people with the best credit will be approved for loans...and even at that they will indeed have to pay higher rates. I would wait it out a few months. Otherwise buy something you can pay in cash for to get you by.

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LOL Don't get me started on loans buddy...... LOL But I can tell you that if you are in college...... heh.... heh heh hah hah hah hah hah!!! It is much easier. WIth a fixed interest rate of 6.0% Yeah, that is FIXED. Not a great rate, but not that bad either. And for it being fixed during these times? Not bad at all. You know the Presidential Election is going to get us out of this Economic struggle whoever is president right? That way they "Appear" as the hero. They plan this stuff in the shadows, I don't care what anyone says. Gas prices a problem, and now they are not. HHmmm....

This post has been edited by Random_Stranger: Oct 25, 2008 - 10:20 AM

What do you mean "your in need"..?

Does it means you have no money? Then buying a car is definitly NOT a good idea.

I bought a wrx, and even though I was able to pay the bills, I was too tight with the budget I had, I sold it for a cheaper car.

If you are stretched on money and need a car..realize that gas/insurance/maintenance/payment of a car will be around 300-400$ a month for something like a celica.

Save your money!

This post has been edited by Rayme: Oct 25, 2008 - 1:18 PM

IMO a 6gc is too old of a car to be worth car payments, unless it's either a '99 or in prestine condition/very low miles. It's still a 10 year old car even. Plus, interest rates for used cars that are older and w/higher mileage are higher. Basically you pay more interest for a $7k or $8k loan than you would for a loan on a new car. Figure in full coverage (required if you've got a loan out) and you're easily looking at $400/mo for that ten+ y.o. car. And that's all ASIDE from the current credit crunch. W/a crappy economy and jobs being less than stable to say the least, I think it's a terrible time to take on something like that. Just my .02

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Random_stranger speaking the truth. The country is ran by a shadow government which is controled by the banks. Sad that money is valued more than life. gg

oh well im buying myself a 10-speed bike!