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I don't know if this is a possibility for you, but here is how I financed my car. I put down a $2000 down payment, no trade-in. I am listed as the main owner on the title, with my dad listed as the co-signer. We both figured this would be the best way to go as I got a good interest rate on my loan with him as a cosigner, and I still build interest in my name because I am also on the title.
As far as the insurance went, my dad was paying for the insurance on my previous car, a 1994 Taurus. We agreed that he would continue paying what he did for the Taurus, and I came up with the extra money that came with buying the Mustan. In the end I think it worked out well, and would recommend you doing this if possible. I build credit, yet still got a good interest rate...

This is also a very good idea.
 

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A good way to establish credit is to just get a small loan and pay it off on time and not too early ( Not late either). This is what i did when i turned eighteen and by the time i wanted my car i was able to do it in my name all on my own. Its a good idea, although you will hafta wait a little longer for the stang, but then again you could also have more money saved up by then
You can also get a gasoline credit card and use it just for gas. Pay it off every month and never be late with a payment. But use it just for gas, nothing else or you can screw yourself. That is how I first established credit. :bigthumbsup
 

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You can also get a gasoline credit card and use it just for gas. Pay it off every month and never be late with a payment. But use it just for gas, nothing else or you can screw yourself. That is how I first established credit. :bigthumbsup

Yes, this is yet another great idea.
 

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Beleive me your dad is your dad he just might hiztating because your are still young I know you are working but and the end of the day you are his sun and it's his duty to support you just to carry on with that.

I can imagine haw you feel but note that he will help you sooner ot later with this car or even a better one.

Regards,
 

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Do NOT buy that car.

$140 a month is not bad but if you are making $800 a month, and you have to move out, which you will, in the next six years...

The car and insurance will sink you.
 

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As was mentioned, I don't think you can get a 6% interest rate on a used car. Add to that the fact it would be your first purchase. today's economy, not to mention the current lending atmosphere at banks and I think you have an uphill climb.

You would at best need your dad as a cosigner on the loan. It would also, most likely, help with the interest rate.
 

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well im 22 with a credit score of i think 700 and i wanted out of my current car (05 acura rsx type s) i was so upside down on that car it wasnt funny, took a week off from work to look for a new car ended up stoping by the dealership to look at an 05 mazda rx8 and left with a 08 gt. dunno how but i got the gt for 17k brand new with 2 miles on it, my payment is 400 a month with 2500 down.

but i didnt think about insurance, but i was shocked when i got insurance for 600 every 6 months.

i dunno if it was just fate but i ended up saving 300 a month on everything.
 

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well i built my credit with getting a credit card at 18 and worked my way up to a small loan at 20 and now to a mortgage at 21, LOL.

Credit can be built up pretty quick imo.

Not that i have heck of a lot of experience.... but to be honest man $800 is not a lot of money for income purposes on a monthly basis.

Not to mention our age group isnt the most stable either. im not the first to be pessimistic, but what about what if? what if you move out? what if you decide your gunna go back to school or something? what if you end up with a girlfriend, lol? what about repair costs? etc.... you get my idea.

I will say that I was the first to break team with my parents at 18.... I listened to everything they had to say but I did what I wanted and a lot of times it wasn't what they suggested... that being said I had a solid income source and could afford not to listen to them (i mean that literally... they can be very helpful financially if you listen to them and not if you dont, lol)

i dont think $800 a month is quite enough for you to go out and buy a car quite yet.... but dont let this deter you.... you know your situation better than any of us... were just here for input.

if you think your parents will help you out if ever fall short.. then that changes things.... in my case... my parents backed me up pretty good while I was in school even tho i didnt listen to them all the time.

See if your parent will co-sign... that will be the best route for you imo.

If they wont, then i think your gunna have to save a little longer and get a bigger down payment on the car.


And if you feel bad about not being able to get the ride...

consider this, I have a nice car and a lot of other things other young people dont... but trust me im yet to turn 22 and I have a boat load of debt that seems like its gunna sink in the water and take me down with it.... there isnt anything I wouldn't do to go back in time and perhaps change somethings so I didn't have debt I do today....you just have to stay positive and be smart about things.
 

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WOW...everyone's certainly got an opinion on what you should do and it's all financial!!! I say "do what makes you the happiest at the least cost". A v6 s197 for $9k or less seems ok to me. I will say, since this cars at a 'rubu dealer and has aftermarket rims, it's a good guess the tool that traded it in, bought a WRX...:nono:...not exactly the folks know to drive like AARP members. So, I'd have the car gone over by an impartial mechanic. There may be wear from excessive abuse that you just can't see easily. That's my two cents...times two
 

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Put your estimated car cost aside for a 10 months and see what its like to live on $100(or less) a week. If you can deal with it you'll have a nice down payment, if not you will have avioded a youthful mistake.
If your having "my dad is a tool" feelings I'd hold off till that plays itself out.
 

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listen to these guys man they seem to have there apples straight. its best to wait for somthing you want instead of getting something thats going to be breaking down on ya and the 100 bucks your living on goes to fixing it.

save some money for a down payment on a gt :bigthumbsup
 
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