- Cheesusslice
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- Noble Heroic Member
Posted by: FLpump
Posted by: County Bear
You pay the insurance and loan at the end of each month. If you get in a wreck or a ticket then your insurance rate goes up. The loan thing is just paying for a small portion of the total per month instead of all of it at once and will not increase or decrease unless you want it to.
Would I get approved for a 13k loan with a co signer? I have a job at starbucks right now
If your co-signer is a parent that has good credit, a 13k loan should be easier to get than an xbox live subscription.
Pro tip, don't take out a loan for a car.
A car's value drops as soon as you buy it, plus, a loan with interest drives the price of the car up in a manner of speaking.
So your 17k car will probably cost more than 21k with a loan, if you get a good interest rate.
Also, insurance for newer cars is more expensive, if you are paying half of the insurance, it's gonna be like $100 for your half, optimistically less than that if you are lucky.
Also, car payment would be over another $100 a month, plus gas money.
so that 4 grand you have will be gone in about a year, and you won't even have paid off 1/4 of what you owe for the car.
sure, having a nice car in high school would be cool to show off for all your friends. Is it worth it in the long run?
No.
buy a car make from around 2001, your insurance will be low, plus it should cost less than 4k. I'm sure if you tried hard enough, you could find something that you liked.
[Edited on 01.02.2013 9:54 PM PST]