Question
Auto finance question, really serious?
ok, im 18 yrs old not the greatest credit because i basically have none, i got a quote alone for 18.9% which is extremely high, im going to pay $370 on a 14,000 dollar car, but i wouldn't do that for the world. im not stupid either, but im thinking me just doing it getting another job dat pays $10+ i can handle it with my current job for 6-7months then refinance with better credit, not to sound all sensitive but i have no family thats willing to put their good credit on the line for me. so my question is do you think if i have 2 jobs which pay like $1800/mth i can do this deal which is EXTREMELY high for just the 6-7mths to refinance? i really want this car to and im a motivated dedicated young man so i think i can do this. im actually getting $450 + $700 from school next month so thats emergency savings that i would have , mind you i get 45 days till my 1st months pay. so what are your inputs?
4 weeks ago - 3 answers
Best Answer
Chosen by Asker
No, you can't. This is absolutely INSANE. The car insurance on this, will be ANOTHER $500 a month, and if your hours get cut, or you have a workers comp claim, your "not greatest" credit will absolutely TANK. And in 7 months, most likely the car will have depreciated so much, you won't be ABLE to refinance it. Look, you'll be paying these guys $8,000 in JUST INTEREST. Wow. How about plan B. For two months, take the bus. Put your $870 (car payment and insurance payment) into the bank. After two months, buy a $1500 car for cash. You'll have $200 to put down on insurance, minimum coverage. Keep putting the $870 a month you WOULD have paid on this loan, into the bank for another 5 months. Then sell the car to someone else, and buy a $6,000 car FOR CASH. And if you feel like MORE car, keep putting that $870 a month in the bank, for 5 MORE months, sell your $6K car, and buy a $10K car for cash. After a year, instead of having a $10,000 car with four more years of $870 a month payments because you couldn't refinance, you'll have a $10,000 car with NO payments. Sheesh. If you can't PAY for it, you can't afford it. Debt is nothing more than voluntary enslavement. always RUN THE NUMBERS!
Source(s)
by mbrcatz
4 weeks ago
Asker's Rating: 
Other Answers
I think you would be a lot happier if you purchased a much less expensive car. Either a very reliable $5K-7K car that will get you where you want to go and the insurance will be MUCH more reasonable than a $14000. Or you could get a really junk car, that your friends will adore and you will tell your kids about because everyone loved it so much. When you are more established, you will be glad that you did not over-extend yourself. Having good credit makes like MUCH CHEAPER and MUCH EASIER.
by sbinlb- 4 weeks ago
Do not EVER, EVER, EVER, EVER, have anyone put their good credit on the line. Things happen and if their credit gets ruined because of you, you will lose friends and family. Don't ever do that. Get a cheaper car, maybe around $5,000. An older Honda or Toyota are great older cars. And, you might want to repost your question under credit.
by car253- 4 weeks ago