Financing A Car

[ArK]

Well iam 18 years old with 2 jobs and iam getting tired of the lancer iam driving so i was thinking of financing a WRX alot of ppl have been telling me i shoulndt do it what if u lose a job etc etc but iam really leaning toward financing it

job #1: 6XX$/month
job #2: 500-6XX$/month

i ned feedback from ppl that have financed before thnx in advance ppl

[Z0_o6]

wrong section, this has NO tech relevance at all.

[ArK]

lmao
"GENERAL TECH (4 Viewing)
Questions? Don't know where to post?":???:

[ArK]

thnx guys

[silversol]

so you only make 1200$ a month? i would not be financing a car.

[NewGen33]

Pay cash man straight up.

[xdavidscenex]

start selling drugs on the side. and pay CASH.

[ArK]

well the WRX is only like 7.9K plus interest

[TIGERJC]

good luck at get financing at the age of 18 in this economy. I bet you do not have enough credit history to even be considered for a loan, you will prolly have to get a co-signer

[BanginJimmy]

good luck at get financing at the age of 18 in this economy. I bet you do not have enough credit history to even be considered for a loan, you will prolly have to get a co-signer

x2. Financing is plentiful, but the requirements these days are quite strict.

[jville95]

At roughly $1200 per month, I wouldn't even consider it. find you an early model 90s honda or acura, pay cash and be happy.

[JITB]

dont do it!!! save that money! ur interest rate is gonna be crazy....

[JennB]

What year is the WRX? Do you have any credit?

I bought my first car while making that much and did fine but you have to be very careful. Are you going to want to live on your own soon? How long have you had your jobs? Are you going to school? If you have variables in your finances, it may now be the best idea. One change and you could end up with a repo that will mess up your credit for years.

Do you have a down payment saved? Have you called for an insurance quote on the WRX yet?

[ueyedgr8tness]

^ yeah he can do it if he shows that he don't really have any bills and he lives at home with parents.But u still will have to have a cosigner most likely.

[BanginJimmy]

Back in 99 I had to have a cosigner to finance 7k. I figured if I was going to be stuck with a cosigner I would get the new one and financed 17k instead.

[ArK]

well its gunna be on my uncles name (very good credit) and its an 03 WRX and i am living at home and i do have other expenses and i have a downpayment of 2800 and iam only guessing ima finance like 6k of it so iam really wanting to do it or just buy a hondda hatch =D 2500$ lol i guess i am getting ahead of myself i am only 18 =/ and i was thinking about talking to my bosses and seeing how certain is my job with them or if i can improve anything etc =D

reps for the help (even tho its not much)

[jville95]

Yeah don't get ahead of yourself at 18 bro. You have your whole life ahead of you to finance all the sh*t you want. I'd still say save up about 2 or 3k and just get on here and find someone selling a nice lil honda/acura and go that route.

Or visit www.mautofied.com. You can prolly get something there for about the same price.

[dorin48]

well its gunna be on my uncles name (very good credit) and its an 03 WRX and i am living at home and i do have other expenses and i have a downpayment of 2800 and iam only guessing ima finance like 6k of it so iam really wanting to do it or just buy a hondda hatch =D 2500$ lol i guess i am getting ahead of myself i am only 18 =/ and i was thinking about talking to my bosses and seeing how certain is my job with them or if i can improve anything etc =D

reps for the help (even tho its not much)

Just do the math on your budget. Don't forget to include the full coverage insurance you're going to need. As long as your Uncle's credit is good then you can get an ok interest rate on a car. I'll give you an example, my daily is financed. 07 jetta 13.8k plus junk fees, 2.9 interest @ 60 months, payment is 263 a month. Given that you have 2 jobs, other bills, and you're young and wanna have fun... aim lower imo.

[YoTa_BoX]

Best car in the world is a PIF car, whats that you might ask...


Paid In Full

Save some cash and buy a decent car. At 18 a Wrx will be pretty damn high in insurance, your looking at prob half your months earnings or more alone going to the car.

[ZenMotors]

If you go to a bank. They will pull your credit. Depending on credits score depends on the interests rate. And that isn't a given that you are approved just yet. They also look at your income from Pay stubs usually about 3 months. They will also look at your W2's, They then start working the numbers. The banks sweet spot for lending is around 30% debt to income if I recall correctly. Most definitely you will need a co-signer. (Mom & Dad etc)

[MachNU]

Hell I am with everyone else dont do it. I got a loan for a car when i was 18, made a bit more a month than you where, and i hated it after a few months. Buy a car with cash you will be so much more happy, that way!

[ksniperfox]

just like everyone else is sayin, you will need a cosigner. i didnt finance a car til i was 21, and its the s2000. i had a cosigner.

you will have to start building credit somewhere. if youre only looking at like 7k, may as well be now. if you have a good down payment, your interest rate might be ok. but look into insurance first to make sure you can afford full coverage(full coverage is necessary when financing).

even if the minimum is low, 7-8k can be paid off in a year easy. pay extra, make sure there is no early payment fee.

i kinda got raped on buying the s2000. no credit history, hardly anything to put down=high interest rate. i was in a bind, had to get something quick, and im kinda regretting not looking around further or trying to get a better deal. ive always wanted a s2000 so its worth it to me, but its a lot of $ with insurance and all. could have had a better deal.

like someone else said above, the best car is paid in full. if theres nothing wrong with your lancer, just keep saving until it breaks. dont get too crazy with financing. you can have a boring car to get from a-b with plenty of $ to fool around with, or a nice car, stuck with a payment, and no $ to have fun.

[GIXXERDK]

Good credit or not, you have no credit history. Even with bad credit you can get financing as long as you have history.

[ArK]

thnx guys well iam in the market for honda hatch lol aiming low xD reps to everyone that helped