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Can you help me out?

woah_amie
Member

Re: Can you help me out?

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. 

may the force be with you.
Message 11 of 15
Dustink
Valued Contributor

Re: Can you help me out?


@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.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 12 of 15
woah_amie
Member

Re: Can you help me out?

I don't pay for insurance, my parents do. I would just be making the monthly payments and paying for gas.

may the force be with you.
Message 13 of 15
C7LT1
New Contributor

Re: Can you help me out?


@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.  

In the garden until June 2018

Message 14 of 15
MMTT31
Established Member

Re: Can you help me out?

I see you applied to Dade County Federal Credit Union, so I am assuming you live in Miami. If so do you go to FIU and if you do, there is a credit union on campus that my be able to help once you have finances in order.

Message 15 of 15
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