@woah_amie wrote:Should I try again in October when I become fulltime?
9.25/hr at 40 hrs/week
And I get paid weekly, don't know if that makes a difference.
After you become full time, your total vehicle expense with insurance, gas, payment ect should be under $300 per month. Generally, it is good to keep your vehicle costs under 20% of your income.
Try to save up as much as you can for a down payment before you make the purchase. The down payment will help get you a lower rate because it passes less risk to the bank. A good goal is 20% down plus TT&L.
To me, it looks like your income supports a vehicle under $10k. A solid used car, don't go over board. Also, don't focus on the payment. Stretching the loan out to make the payment smaller is risky. It is hard to predict your employment situation at that time and also hard to predict the value of the vehicle. Both of these should be concerns for you and the bank underwriting the loan.
@woah_amie wrote:I don't pay for insurance, my parents do. I would just be making the monthly payments and paying for gas.
That great but the banks don't see it like that when they are considering the loan. I would wait until your full time. Unless there is something wrong with your car I would suggest the you drive your current car and save as much as you can. The biggest mistake I made when I was younger was buying stuff on credit without having a sizable saving account and it caused me a world of finanical hurt later. SAVE, SAVE, SAVE then BUY.
