Auto Loans

[EJGPharmMD]

Yeah, and between the wife and work, I would definately be traveling alot more than 10k miles/year.

[mphan]

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EJGPharmMD wrote:
When I was 16, my parents leased me a G35 for school. But now things are alot differnt. I saw some great deals on Infiniti website with leases as low as $330 a month, which would be awesome. But again, I have no idea if I would qualify. I guess it wouldn't hurt me to try.

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Leasing... lol After 3 years, you will end up with no car again. Have you think about insurance? I own a G35 too, insurance for the G is way to high compare to other cars.

It sucks when you are 18, no credit, high insurance, no stable job. Buy a cheap car, save some money to get yourself through college.

FYI, if you have 10k for down payment and you love the G so much, a used 03-04 G35 costs around 10-13k.

Message Edited by mphan on 02-17-2009 03:37 AM

[EJGPharmMD]

Yeah, I know. But just about any car I get the insurance will be nuts. I mean, I'm in school, with a pretty good job, so money ain't too bad actually, but I was looking at something a little more family oriented than a G37, as much as I like them, they are too small. I really like the dodge charger, but I can't even get financed for a 20k loan. I haven't treid asking if I put a down payment on it. They never even suggested it.

[Schoolbuskid]

You can definitely get a dodge charger for way less than 20k! Their are thousands of them on autotrader.com i say if you are leaning toward that then go for it. They may have alot of miles on them but its better than nothing, give yourself time to shop, dont rush into anything! Good Luck!

[mphan]

Last week I saw a clean 2007 Charger R/T HEMI on craigslist for $18k with 15k miles. Consider that car cost 32k brand new. American cars have worst resell value in general.

[mphan]

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EJGPharmMD wrote:
Yeah, I know. But just about any car I get the insurance will be nuts. I mean, I'm in school, with a pretty good job, so money ain't too bad actually, but I was looking at something a little more family oriented than a G37, as much as I like them, they are too small. I really like the dodge charger, but I can't even get financed for a 20k loan. I haven't treid asking if I put a down payment on it. They never even suggested it.

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Are you serious? The back seats of the Charger is smaller than the G and it's not more family oriented than a G37 sedan. A boring Camry is more family oriented than both of 'em and roomier. j/k

Ask them if you can put down 50%, the interest will be very high. At your age, I don't think they will without a cosigner because I was in the same situation when I turned 19.

[usmc58555]

Lets look at a few issues here:

1-You are young. Too young to have an established track history.

2- You say you have a decent job, but do not go into details. Most banks will auto deny anyone without a Co, who grosses less than $1,800 a month.

The solution to both issues is DOWN PAYMENT. HIGH DOWN PAYMENT 40%-50%.

That is the only way you are going to get financed on your own. Other wise you need a co, you need gross in excess of 1,800 and you need a longer credit history.

Now you can consider a buy here pay here place, knowing full well you will be paying an extortionist interest rate. But honestly thats where you are at.

I recommend a $1000 beater car.

[EJGPharmMD]

See, and I gross well over $1800. That's what I don't understand. But I guess with limited credit your right, large down payment.

[MattH]

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mphan wrote:

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EJGPharmMD wrote:
Yeah, I know. But just about any car I get the insurance will be nuts. I mean, I'm in school, with a pretty good job, so money ain't too bad actually, but I was looking at something a little more family oriented than a G37, as much as I like them, they are too small. I really like the dodge charger, but I can't even get financed for a 20k loan. I haven't treid asking if I put a down payment on it. They never even suggested it.

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Are you serious? The back seats of the Charger is smaller than the G and it's not more family oriented than a G37 sedan. A boring Camry is more family oriented than both of 'em and roomier. j/k

Ask them if you can put down 50%, the interest will be very high. At your age, I don't think they will without a cosigner because I was in the same situation when I turned 19.

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My 2000 Camry continues to be comfortable and reliable, so even though I could buy a newer car tomorrow without going into debt I plan on keeping this Camry until 2010 or later.

[mphan]

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MattH wrote: 

My 2000 Camry continues to be comfortable and reliable, so even though I could buy a newer car tomorrow without going into debt I plan on keeping this Camry until 2010 or later.

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You shouldn't have any problems keeping it til 2010. The old Camry is way more reliable than currrent model.