@Anonymous wrote:
@pizzadude wrote:
Your stated income is around 26K correct ? Even putting 20K down, I think its going to be tough.
Why not take some of the 20K cash that you were going to use for downpayment and finance a less expensive car first to get some installment history, then work up to the BMW ??
yes or im going to try and get one of my parents to co sign
If you're dead set on this car, get a cosigner, go to a dealer. You're putting 40% down, you'll be fine assuming your cosigner income / credit history isn't a flag. Make payments and go establish some more credit history too.
You're likely going to get a 20% interest rate or thereabouts going alone if you could even get it at all, and then the payment is something laughable like 800/month for a 5 year note: conversely, even if you get 8% that drops it to around 600 which is more workable. Even with the car, you still need date money.
It's unasked for, but I'll give you a piece of advice from my own wayward life: go finance a cheaper or older car. Yeah, that car might be pure sex now and for the next few years, but I'd strongly suggest setting yourself up for a better position later. This car's going to be a high payment on your income regardless, and there's a highly probable chance that money might be better served long-term doing something else with it.
Also if something happens and you total the car... well... that could be detrimental for a decade. I hate to say it, but so much of life management is doing your own risk analysis, and that car isn't a defensible position for you currently, much like my purchasing a one bedroom condo isn't a defensible position for me as after the theoretical mortgage, comes the theoretical wife and children. 1 bedroom doesn't even count as a starter-home in that scenario, whereas a 2 bedroom could be made to work for several years while saving up for a larger one.
It's your life, but I'd strongly suggest you reconsider... there's plenty high quality used cars around the 30k strata (12-15 down) that leaves you in a much better position financially, and still will impress whoever you're dating at the time.
