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Prince · 06-24-2005, 05:11 AM

My wife and I currently have a '96 Nissan Maxima, which runs well and all that. It was a gift that my wife got from her parents some years ago. However due to our jobs' locations and the hours we work, we are thinking about getting a second car.

But we're not sure whether to invest in a piece of junk that you can buy with cash for like 1000-2000 bucks, or something more expensive that we'd need a loan for.

I've never bought a car in the States before, so this is all new to me. I was considering a 2000 or older Honda Accord, for various reasons. Accord is a mid-size sedan, which I much prefer to smaller rice cups, such as Civic. Also, based on what I've read, you are more likely to get some money back when you sell an Accord on, than with a Civic. Maintenance expenses are supposedly pretty similar, but Accord parts are - supposedly - of better quality. Also I've heard that Honda dealers are more open to bargains than some other dealers. I dunno.

An Accord around 2000-2002 is somewhere around 10 grand. You can find one for less than that if high mileage doesn't bother you...but it bothers me.

Now, my wife's a US citizen, but I'm a permanent resident. I do not have any credit history in this country, and have thus far been unable to get a credit card for example to help establish a credit. I've been told by my bank that a good idea would be to take out a small loan and then pay it off. I am wondering if a car loan of $10,000 or so would be a good or bad idea for a young married couple, how much the payments would approximately be, and what problems could arise. Besides, would it make more sense to take out a car loan from the bank, or to set up some kind of financing with the dealer?

We've been married a bit over 2 years. We both have steady full-time jobs and between us make about $26,000 a year after taxes. It's not much I know, but it's something...

I don't know if this is feasible. I'd welcome any advice.

06-24-2005, 05:11 AM	#1 (permalink)
Prince /nɑndəsˈkrɪpt/ Location: LV-426	First vehicle - cash, or financing? My wife and I currently have a '96 Nissan Maxima, which runs well and all that. It was a gift that my wife got from her parents some years ago. However due to our jobs' locations and the hours we work, we are thinking about getting a second car. But we're not sure whether to invest in a piece of junk that you can buy with cash for like 1000-2000 bucks, or something more expensive that we'd need a loan for. I've never bought a car in the States before, so this is all new to me. I was considering a 2000 or older Honda Accord, for various reasons. Accord is a mid-size sedan, which I much prefer to smaller rice cups, such as Civic. Also, based on what I've read, you are more likely to get some money back when you sell an Accord on, than with a Civic. Maintenance expenses are supposedly pretty similar, but Accord parts are - supposedly - of better quality. Also I've heard that Honda dealers are more open to bargains than some other dealers. I dunno. An Accord around 2000-2002 is somewhere around 10 grand. You can find one for less than that if high mileage doesn't bother you...but it bothers me. Now, my wife's a US citizen, but I'm a permanent resident. I do not have any credit history in this country, and have thus far been unable to get a credit card for example to help establish a credit. I've been told by my bank that a good idea would be to take out a small loan and then pay it off. I am wondering if a car loan of $10,000 or so would be a good or bad idea for a young married couple, how much the payments would approximately be, and what problems could arise. Besides, would it make more sense to take out a car loan from the bank, or to set up some kind of financing with the dealer? We've been married a bit over 2 years. We both have steady full-time jobs and between us make about $26,000 a year after taxes. It's not much I know, but it's something... I don't know if this is feasible. I'd welcome any advice. __________________ Who is John Galt?