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Subject: Car buying tips


Posted by: FLpump

Posted by: County Bear

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
from the bank? As long as you can pay it back plus the interest rates that goes with it. Otherwise you will be in a mess when you can't pay back bank loans. Also the type of jobs don't matter, if anything it's your paycheck that matters.


I work ~20 hours a week and make $170 a week. How much do you think interest will be? Would a 5 or 6 year pay off plan be better? I don't see how I can't afford $220 a month in car payments and $130 in insurance while making $680 a month. I have no other expenses except personal stuff.

My parents will be co signers and they have perfect credit btw
you can't afford the car. With the insurance, car loan, bank, loan and interest, gas, and repairs you are gonna have a time paying the whole thing off. You're too poor to be heading into loans. Which would be a good couple of grands by the time you can pay it off but by then you will have bad credit and mortgage. Just wait if you really want that Cadillac. Get a cheap and reliable car and save up for it.

  • 01.02.2013 9:46 PM PDT


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]

  • 01.02.2013 9:48 PM PDT
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Posted by: County Bear

Posted by: FLpump

Posted by: County Bear

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
from the bank? As long as you can pay it back plus the interest rates that goes with it. Otherwise you will be in a mess when you can't pay back bank loans. Also the type of jobs don't matter, if anything it's your paycheck that matters.


I work ~20 hours a week and make $170 a week. How much do you think interest will be? Would a 5 or 6 year pay off plan be better? I don't see how I can't afford $220 a month in car payments and $130 in insurance while making $680 a month. I have no other expenses except personal stuff.

My parents will be co signers and they have perfect credit btw
you can't afford the car. With the insurance, car loan, bank, loan and interest, gas, and repairs you are gonna have a time paying the whole thing off. You're too poor to be heading into loans. Which would be a good couple of grands by the time you can pay it off but by then you will have bad credit and mortgage. Just wait if you really want that Cadillac. Get a cheap and reliable car and save up for it.


What about a 9-11k car? A 2008 Ford Escape or a 2011 Chevrolet Cruze.

  • 01.02.2013 9:48 PM PDT
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please repsond

  • 01.02.2013 9:56 PM PDT
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It is very dark, and you are likely to be eaten by a Grue.


Posted by: FLpump
please repsond


That's a lot of money for a crappy car.

Enjoy.

  • 01.02.2013 10:50 PM PDT
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Shut up and get a 90s civic. You can't afford a new car so stop trying to get one

  • 01.02.2013 10:59 PM PDT
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Posted by: A Land Pirate
Australia pulls host over USA fyi

You have $4000.
Buy a $3000 car, and use the rest for running costs.

I'm gonna go out on a limb here and say you're
a) Young
b) un, or lightly employed
c) no credit history

A loan is a huge liability even if you do have the capability to pay it.


Buy a flash new car when you're past college, in a strong fulltime job and need something new and reliable eg for a family

Dealerships thrive on ripping off impressionable youths with shiny car syndrome.

  • 01.02.2013 11:36 PM PDT
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Foman is my favorite moderator. <3

I see no problem with OP buying the car he says, provided he has a conversation with his parents with what happens if for some reason he gets laid off/fired from Starbucks.

Chances are they are going to be forced to pay the loan anyway if that happens since they are cosigning.

  • 01.03.2013 5:11 AM PDT

Halo Maniacer

Why are you doing this to yourself? Go to craigslist and buy a 1991-7 Honda Civic Hatch/Sedan (Coupes are expensive) for like $3000 or less. You'll get a used car but it at least it'll be reliable. (Hondas are known to just run up miles like you can get past 300,000 miles(That's a lot!))

  • 01.03.2013 7:18 AM PDT

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