can i afford this?
02-13-2010, 02:36 PM
#1
Registered User
Thread Starter
Join Date: Nov 2009
Location: 210
Posts: 17
Likes: 0
Received 0 Likes
on
0 Posts
can i afford this? Alright, so I'm looking at a 97 trans am ws6 thats for sale near me and it cost $4500, "it has hooker long tube headers, comp cam 503, flowmaster exhaust, brand new o2 sensors, brand new over the valve cover wires and new spark plugs, new starter. just got tuned by trifecta performance."
I make 300-370 a month, hopefully my bank would just let me finance it for 60months so that the payments would only be $75 a month not inlcuding interest, and i would only get liability on it so im thinking since I'm only 17 that it would cost between $100-115 a month? does this sound right? and i guess the really question is, does this all sound right? do you think i'll be able to afford this? i hope i made sense haha
I make 300-370 a month, hopefully my bank would just let me finance it for 60months so that the payments would only be $75 a month not inlcuding interest, and i would only get liability on it so im thinking since I'm only 17 that it would cost between $100-115 a month? does this sound right? and i guess the really question is, does this all sound right? do you think i'll be able to afford this? i hope i made sense haha
02-13-2010, 02:42 PM
#2
Realistically.. your probably not going to get financed without a cosigner, and even then maybe not. It would also be very silly to finance a '97 LT1 for 5 years.... It doesn't really even have a good mod list. At least step up to an Ls1 based car. I would also buy it outright, not finance it. depending on your interest rate your going to owe the bank ~10-20% more than the purchase price. Financing $4500.00 is... well... silly.
Don't mean to rain on your parade man..
Don't mean to rain on your parade man..
02-13-2010, 02:44 PM
#3
most banks wont give a car loan for a car thats more than 7 model years old, nor finance anything for less than $7500. just buy a beater for now and save up for an ls1 fbody
02-13-2010, 02:44 PM
#4
Registered User
Thread Starter
Join Date: Nov 2009
Location: 210
Posts: 17
Likes: 0
Received 0 Likes
on
0 Posts
no thank you for the honesty, i was pretty sure i'd get an awnser like that but hey gotta atleast try. i'd love to step up to an ls1 but insurance would probably be alot higher, right? Oh well back to the drawing board haha
02-13-2010, 02:47 PM
#5
when i was shopping for car insurance, the price difference between a 98 trans am and 98 civic was only $20 a month....and the T/A was cheaper. Just look around and youll be able to find a decent ls1 fbody for $5000. an LT1 probably has higher rates than an LS1
02-13-2010, 02:54 PM
#6
TECH Enthusiast
iTrader: (1)
Join Date: May 2007
Location: Toledo, OH
Posts: 519
Likes: 0
Received 0 Likes
on
0 Posts
A bank won't give you a $4500 loan for 60 months even with a cosigner. A friend of mine just tried to do that, making enough money, and with good enough credit; he still couldn't get the loan. I agree with everyone else. Suffer for a bit, save your money, and buy a nice LS1 outright.
Trending Topics
02-13-2010, 03:45 PM
#8
Registered User
Thread Starter
Join Date: Nov 2009
Location: 210
Posts: 17
Likes: 0
Received 0 Likes
on
0 Posts
thanks for the advice guys, im just going to keep saving for a while then actually pay in cash like yall said. hopefully i'll pick up a better paying job soon too.
02-13-2010, 04:13 PM
#10
Registered User
Thread Starter
Join Date: Nov 2009
Location: 210
Posts: 17
Likes: 0
Received 0 Likes
on
0 Posts
Oh woops i should just delete my sig, i bought that car with my own money and less than 2 months later the car needed a new master cylinder and possibly a new fuel pump and other small parts, and my mom ended up selling it behind my back to her boss.
02-13-2010, 04:31 PM
#14
TECH Junkie
iTrader: (2)
Join Date: May 2006
Location: somewhere that doesn't get snow
Posts: 3,452
Likes: 0
Received 3 Likes
on
3 Posts
I financed a 93 tbird SC in 2000 for $6300 for 36 months @ 8.4% so yes they will finance a car for less than $7500 but one that old i doubt. 7-8 years is probably the oldest they will do
02-13-2010, 04:33 PM
#15
LS1Tech Administrator
iTrader: (3)
Join Date: Nov 2001
Location: Schiller Park, IL Member: #317
Posts: 32,361
Likes: 0
Received 1,792 Likes
on
1,277 Posts
You would need full coverage insurance if you had a loan.
Wait till you can pay cash for a car like that.
Wait till you can pay cash for a car like that.
02-13-2010, 04:41 PM
#16
TECH Junkie
iTrader: (2)
Join Date: May 2006
Location: somewhere that doesn't get snow
Posts: 3,452
Likes: 0
Received 3 Likes
on
3 Posts
I still keep full coverage on my T/A and it's been paid off for a couple years. collision is $130 every 6 months and comp is $30 every 6. I pull the collision off in the winter when the car is stored though
02-13-2010, 04:46 PM
#17
LS1Tech Administrator
iTrader: (3)
Join Date: Nov 2001
Location: Schiller Park, IL Member: #317
Posts: 32,361
Likes: 0
Received 1,792 Likes
on
1,277 Posts
Looking at the insurance bill for my '02 Z, it's $144 for liability, $24 for comprehensive, and $145 for collision. That's my most recent 6 month State Farm statement. But all these numbers would be MUCH higher for a 17 year old.
