@Anonymous wrote:
I have managed to save up nearly $24,000 over the past couple of years that I planned to use towards a car or home purchase someday, and I think that time is coming. However, I have bad credit. I was 18 and stupid and opened a couple credit cards that I missed a few payments on a few years ago, but since then I have paid off all of my credit card and loan debt and closed those accounts, so the only thing I have left on my credit is about $8,000 in student loans. I make roughly $2,500 a month after taxes. My fiancé is the breadwinner, so I don't consider our rent in my monthly expenses because he covers that. Meaning I only have about $600 in monthly payments. I also haven't had a late payment in over 2 years now. But my credit score is still at a 530.
I have my eye on a Mercedes Benz GLC 300 and with the options I want I am looking at about a $60,000 price tag. With 40% ($24,000) down, would a dealership or bank give me financing options on a car that price? If it's not possible I'm willing to save up another couple of years because I'm set in stone on that car. I just want to know if with this good down payment it would be possible now. Thanks in advance for any advice/answers.
Saving $24k is quite remarkable . . nice job there!
FWIW, I read DANGER DANGER DANGER when I see this post.
@I would have to think long and hard about 1) blowing my hard earned savings 2) committing to an $850 payment (60mo @Anonymous% interest if you're lucky) on top of having blown all your savings on a $60k car
While you're not responsible for housing expenses now, imagine if you suddenly were and needing to figure everything out on a $2500/month income with an $850 car payment and $600 in other expenses with no savings.
You can really do well in the luxury car market when you buy something that's a few years old. Perhaps work on rebuilding your credit and getting your score up, using some of that savings as a down payment and financing a much smaller amount on a car that costs $25k.
