Car finacing questions
09-24-2009, 08:53 PM
#1
Car finacing questions Does anyone know what age I have to be? I just turned 17 and I am pretty sure I am an adult by law, so can I finance a car with my mom co-signing? I want to get a 98-02 LS1 car but I just can't break down enough to sell my Trans Am.
I plan on selling my Camaro soon so I should have about $2500-$3000 to put down. Anyone know what my payments would be on something about $9,000 before down payments for two years? I would like it paid off about when I am done with high school.
I plan on selling my Camaro soon so I should have about $2500-$3000 to put down. Anyone know what my payments would be on something about $9,000 before down payments for two years? I would like it paid off about when I am done with high school.
09-24-2009, 09:09 PM
#2
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$9000 loan for two years is $375 a month without any interest and with zero down. Right now interest rates are pretty low so thats a plus. I would try and pull your credit online just too see what your score is.
09-24-2009, 09:10 PM
#3
hard to say without knowing credit scores or history. Having no credit is worse then bad credit in your case because most of the time u will get declined for a loan unless you bring a bunch of cash to the table. Or just go to a small buy here pay here lot. Be prepared to have a cosigner if you plan on this as a first time buyer
09-24-2009, 09:13 PM
#4
you are not legal by law. Only if you comint a crime. Then you will be charged as an adult.
Why not just save up for two years and convert your TA, that you already have put all that time and money into, and build that motor up? Or do you just like theLS1 body styles?
Why not just save up for two years and convert your TA, that you already have put all that time and money into, and build that motor up? Or do you just like theLS1 body styles?
09-24-2009, 09:28 PM
#5
The camaro has no ***** and shitty mpg and the Trans Am isn't a highway car even with 3.08's, we don't have 55 mph speed limits anymore. The passenger door on the Camaro is jacked up so it's kinda embarrassing when I give girls rides. It's just a bunch of little **** like that that make me hate it plus it's a hard top.
Oh well, kinda had my hopes up. I guess I will ask my mom if she will finance a car for me lol.
09-24-2009, 09:44 PM
#9
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If you're going to get a car payment...just get a loan for 48-60 months that has no early termination/settlement fee. Pay extra as you can and knock it down in 2-3 years if you can. A loan like that will keep the monthly cost of the vehicle manageable to you.
09-24-2009, 09:47 PM
#10
i was 17 when i bought my car. the car was 14k, i put 4 down and took a loan out for 10k, 5 year loan at 5% with my dad cosigning. my bill was 300 a month. Im already down to 900 after about 15 months of owning the car. but yeah i basically worked and put all my money in my car so i could pay it off fast.
09-24-2009, 10:11 PM
#11
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FWIW my old 93 tbird SC was ~$6300 financed ($6995 plus tax with a $1k trade in) and the interest rate was ~ 8.4% IIRC. the payment on a 36 month loan was $197.74.
09-25-2009, 12:04 AM
#12
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additionally, you prob wont get $2500-$3000 for a V6 F-car that has issues. 
I know how you feel though, cuz I was car crazy at your age too. The best advice I can give is to appreciate what you have and make it the best it can be. You have two cars so you are certainly ahead of the lousy POS '79 Mazda RX7 I had as my first car. Overall though, many cars are a money-pit. At your age, the last thing you want is the black-hole of cash for repairs and mods that an LS1 car will be. It starts off with you just wanting the car and it quickly turns into you wanting to mod it.
I know how you feel though, cuz I was car crazy at your age too. The best advice I can give is to appreciate what you have and make it the best it can be. You have two cars so you are certainly ahead of the lousy POS '79 Mazda RX7 I had as my first car. Overall though, many cars are a money-pit. At your age, the last thing you want is the black-hole of cash for repairs and mods that an LS1 car will be. It starts off with you just wanting the car and it quickly turns into you wanting to mod it.
09-25-2009, 12:16 AM
#13
I bought my car at 18 and got screwed up the *** with interest. I went to one of those small used car lots and financed through them. I recommend shopping around and seeing which bank will offer you the best deal. Car is nearly paid off now (boy it's been hard). Summer is easy when I'm working full-time, and have plenty of money, but come school, and I'm only working on the weekends (1-2 days a week) money gets tight. It'll be tough for you since you're not really old enough to have established much credit, plus, insurance rates will hit you pretty hard as well. My car payments are $282.89, and insurance is ~$156 per month. So, paying just the bare minimum, each month I'm out ~$440 from my checking account. That doesn't include gas, regular maintenance, repairs, emergencies, etc. And that's just car related. I've got a phone bill, and until last month last month had 2 credit card bills. I paid off both my credit cards and transferred the remaining car balance over to one of my cards with a slightly lower interest rate. I'm still broke however. Haha. Save up, and reward yourself when you graduate with a nice car.
09-25-2009, 01:36 AM
#14
A 9000 loan with 3000 down would make it a 6000 loan, including interest, & TTL, payments should be around the range of $200-$225 depending on your interest rate, which should be around 7% - 17% depending on your dad's credit score.
Also, don't check your credit online, and don't apply for credit a lot because that lowers your score and brings up red flags.
I'm paying $325 a month for a $10,250 loan.
Also, don't check your credit online, and don't apply for credit a lot because that lowers your score and brings up red flags.
I'm paying $325 a month for a $10,250 loan.
While applying for credit a lot will lower your score, I know from a reputable source that checking your own credit report online will not. 
09-25-2009, 11:35 AM
#18
If you've got the time, spread out visiting the car dealers that way when they look into your score, it's over a course of a decent period of time. Say you go to 4 or 5 lots, and they all check your score within a month, the 6th dealer you go to might be a little skeptical when they get the report.
Possibly have the first dealer print the report and just take it with you to avoid other dealers from running the check.
09-25-2009, 11:47 AM
#19
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checking your credit score NOT MATTER WHAT IT IS will NOT effect the actual score. I have had mine checked quite a few times b/c i like to stay on top of it. i check it online every other month and il "apply" for loans at dealerships ever so ofter to see what the credit on the street is worth from place to place. i have never seen my score raise or lower due to this.
for the OP dude you have some good advice in here, get a 48-60 month loan if possible and pay it off early if allowed, if no put the money in a savings account and dont let the mod bug get to it.
my first loan was with USAA (military only) w/my grand dad as a co signer for 7k for 48 months and i ended up paying it off in 2yrs. my second loan was for 2500 with my 95 T/A being collateral and i paid that one off right on time. 3rd loan was 7k and i didnt need a co signer or collateral. just try to set yourself up if possible.
on the other hand your T/A would be sweet with a LSX swap
for the OP dude you have some good advice in here, get a 48-60 month loan if possible and pay it off early if allowed, if no put the money in a savings account and dont let the mod bug get to it.
my first loan was with USAA (military only) w/my grand dad as a co signer for 7k for 48 months and i ended up paying it off in 2yrs. my second loan was for 2500 with my 95 T/A being collateral and i paid that one off right on time. 3rd loan was 7k and i didnt need a co signer or collateral. just try to set yourself up if possible.
on the other hand your T/A would be sweet with a LSX swap
09-25-2009, 01:45 PM
#20
However, applying for credit a lot in a small amount of time WILL lower your score. Two banks have told me this, and I've confirmed it online. It lowers it by about 5 points I believe. It depends on your actual score too, and how many times you've applied for credit.
