ok, for anyone who knows me, I have a serious piece that im riding around in. I think its time for me to get something nice, either a 9-10k or a 15-18k dollar car.

my question is what kind of credit do I need, i'm only 20. I guess my one problem would be I can prove that i work cause i dont pay taxes but I do make a little $$. you think i'll need a big down payment or for mommy to co-sign with me?? I do have credit cards, not sure if that helps.

what are other peoples experiences with financing?

thanks
John

 

I used to be a car salesman, and when I saw someone like you comming I'd run and hide.

It's not easy, but it can be done, you will probably just end up paying a higher interest rate. I do think you should set your sites a little lower than a 15-18K car. If your only making a small amount of money, your not going to want to have a $300 plus monthly payment, plus the full coverage insurance that is requried when you finance. Look for a car that is in the 6-8K range, that should keep your payments in a reasonable range.

Check out the link below, it will give you an idea of what your looking at as far as a payment will be.



http://www.cars.com/carsapp/boston/?...uick_calc.tmpl

 

It all depends on where you buy and finance the car. Some places only ask you to fill out information on the loan paper while other place ask you to show them a few paychecks. The first question to ask yourself is how is your credit? Get your credit report and see what it says. If you are only putting a little down then you will need mommy to cosign if you can not prove how much you make or you have bad credit. If you are putting more then 20 percent down they are less strict and ask for less information. Did you buy your gixxer or get a loan? It is the same process as a car. Also banks love it when you can show them you have had a loan and are repaying it and are not late on any charges. Even if you can get a loan by yourself it might be better to have mom cosign so you can get a lower interest rate. I have had my credit cards for a long time now. I try to keep a small or no balance on them but my credit is so good that they changed my credit limit to $20,000. It is a pain in the *** because that can hurt your credit also by having a large credit limit. I had to call them to freeze it at a lower $5,000. Shop around for you loan. When I was going to buy a house last year I was pre-approved up to 250K. That is a lot of money for a young person but still not that good of a house as I found out.

 

hey Nathan,

thanks for the link, that definitely helped. with about 5g's down im good for 16-17k. I dont really have any bills, the only thing i spend my $$ on is bikes, beers and bitches, mommy pays the rest

John

 

no loan on the bike, paid cash, have about 3k of credit on my cedit cards...will be getting a new card this month with a 5k limit

 

I was approved for $11k for my bike....I was a student, no job, no down payment...all i had was credit from credit cards (about $20k worth), and a perfect payment history....


good luck w/that ****...i'll be going through it again in the spring, this time with less cash, and higher outstanding balances

JJ

PS. talk to jay carnes (1000ceecee).... he's a shifty used-car salesman...at the very least, he'll tell you how to make them give you a loan

 

Ohhhhhh man....... I remember those days, I wish I could go back

B.T.W. if your going to put down 5K, I don't think you will have much of a prob getting a loan.

 

what kind of ride are you thinking of getting?

 

GixxerRydin2K2,

Saw your post, with $5K down, I would have to say from what I have seen from the banks...you are all set for a loan, that would be no problem...if you don't have a pay stub you can list yourself as self employed, that's what I would do...basically a bank only gets concerned about financing a car if a person has bad credit and puts little money down since if they need to repo it, the bank will then own a car that they have a higher balance on compared to it's wholesale value...but with $5K down, that wouldn't be a concern of theirs...probably could even put less down depending on the amount of the loan...

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Kevin O'Brien

 

I've been thinking lately about the Acura 3.2TL 99 or 00, silver, black leather. Quick car, nice ride, has the lux opts., Honda reliability. My 86 Camary just aint cutting it, I was 4 when my mother bought the car

you'll be tinting my **** shel!!!

Thanks for all your replies,
John

 

I hear ya, I dont want to get older. My mom pays my car insurance bill...nice

well if i get this new car some of that will stop, it wont look right if i have a better car than her while she pays for my school oh well, take what ya can get I guess. my mom is cool **** though

John

 

no problem...you know i take care of my peeps.

 

make sure you take it for a spin....the TL is a bit underpowered (even the Type S)...the CL Type-S is a little bit more fun, but they didn't make it with a stick until '02....my friend's got an 01 CL type-S...can't beat the acura interior......wish they made the TL with a stick

 

TL underpowered, Dont tell Joel that ... LOL

 

hahaha....lemme go edit that.....Acura 3.2TL...don't need the big guy lookin to kick my ***

 

Heh, you could get the car that I was gonna get. Jay might still have it.

 

Or me.

 

not so much.....

 

Or me...u little beeeootch :p

 

Hey Cam,

I heard you got a Nissan Maxima, how do you like it??...thats another car im looking into, with the I30 and ES300