I have found a nice 1998 red Z28 with 51k on it for $9200 and i'm very interesting in buying it. I have a 1991 z28 with 60k in very good condition with a chameleon paint job and I figure i can get about 5-6k out of it. I am 18 years old, so how would I go about doing this? I figure the 5k for the down payment and then just make payments, but would the best way be just to put it in my mom's name so payments and insurance would be less? If so how much do you guys think payments would be on about 4000$??

 

All I can tell you for sure is that you will want it in your parents' name. My car is still in my parents name and I am on their insurance policy. Being a college student I still have some strings attached. I think my dad is listed as the primary driver on my car right now, and I am on my mom's taurus. Really helps to keep the prices down. When I got my car a little over four years ago I wasn't quite 18 yet. (stupid parents..........j/k, it turned out perfectly well, but my kids will NEVER have a car with this much power at that young of an age )

 

I have always been on my own insurance plan since my parents didn't want to be liable if I got into a serious accident. Through the process I have realized that had I been on their plan I would have saved roughly 7 to 9 grand over the past 4 years. If they let you do it, then by all means get on their insurance and ride that thing until you are 25. However with the extra 4000, you may just want to get your parents to lend you the cash, no sense of paying 9.99% for no reason. However if you have good credit you probably could get it for 6%. A good idea may be to get in with a credit union. You get excellent rates (I got 6%, and you can spread the payments up to 7 years if you want). Hell, I paid no money down on my car, so just think, you could take a portion of the 5 grand and put it into a mod or two if thats what you desire. If you want to see how much the payment is going to be, check out autotrader.com and look at the user tools. One is a financial calculator.

Good luck man, its good to see another kid around my age not falling to the Rice Side. May the Torque be with you.

P.S. I'm lame.

 

lol I have had my 1991 z28 350 since i was 16, so for 2 years and got it with 30,000 on it, now it has 60,000 so I was domestic from the start lol.

 

Oh I also tried that pre-approved loan **** and I quit about half-way through because it was a pain in the ***... Is that what you meant by the financial calculator because I don't see one?

 

As 2k WS6 said, you really need to check with a local credit union for their rates, they tend to be the best... I refinanced my SS in Sept of last year at 3.25 for 2 years (was on 9.24 from when I bought it, payment changed from 540 to 290) and bought my truck in Nov on 3.5. Of course rates have climbed a bit since then. If one of your parents would be willing to co-sign that would help you get a better rate. CU's also tend to knock 1/4-1/2% off if you've got an account with them and do auto-withdrawal for your payments. The shorter term you go the better rate you'll be able to get but of course the payment will work it's way up.

$4000 at 4%
5 years - ~$74/month
3 years - ~$118/month
2 years - ~$174/month

$4000 at 10% (the highest possible % I could see ANYONE having...)
5 years - ~$85
3 years - ~$130/month
2 years - ~$185/month

Hope some of this helped.

 

here is the link to the calculator... its a few links from the autotrader main page, but I can see how their site isn't conducive to finding this easily. I found it by accident.

https://secure.lendingtree.com/cec/t...8&source=20528

 

thanks all..