Getting a car loan.

[! 7!]

It's bad when I guessed it was you from the thread title.

If you're gonna buy it, don't waste 5k on the same seats. You can get perfectly good racing seats for like $500.

But still, it's not the best idea. Make sure you have everything planned out and expect it to cost more than you think.

[psychoangel691]

I had a car loan at 18 myself and I worked in a car dealership. Now I'm not sure how much this will vary being that you're in Canada but from my experiences anyways.

1. I couldn't get the loan without a co-signer because I had no credit. So you're probably going to have to have one of them co-sign for you.

2. Your interest rates are going to suck and chances are because of that you'll be looking at over 300 a month for the car.

3. A car loan is a great way to establish credit but can screw you just as bad. Unless you are 100% certain you can afford the payments don't do it.

4. I know you love this car but you need to look at the depreciation that's going to happen on it as well. If you get a loan for 5yrs and you're paying high interest rates it hardly makes the car worth buying. You can say oh it's a sporty car it's going to hold value or I can do this or that with it. If you add stuff that's more money out of your pocket and frankly most people don't want to buy a sporty car with a lot of miles that has been owned by a teenager.


Honestly a car loan wouldn't be a bad idea but I highly recommend choosing a cheaper car and something that's not sporty to start with. I know how appealing these cars are but honestly in the long run they aren't worth it. If you start out with something cheaper and pay it perfectly on time for a while you'll have good credit and be able to go get a car for a much better interest rate. There are even some dealerships that will offer 0% for people with extremely good credit (you usually only see this at certain times of the year though). But trust me you don't want to get stuck paying 1000's more in interest and realize if you decide to trade the car in or something that you haven't paid any of the car off yet just the interest.

[00Razor00]

That co-signer will be ****ed if you don't pay that loan. JS.

[EnR]

Originally Posted by bender5

putting yourself down for 10k is probably worse than 15k if the car has been driven about 3x as much.

I'd say, if you want a car, get something more reliable than a cool honda sportscar, you'll be real happy you did.

If anything get yourself a new civic, you'll hold onto it for a hell of a lot longer than a convertible

That's where I'm confused, get a car that might need a new engine in 2 years, which would make me end up paying the same amount.

This car is incredibly reliable....

A new Civic SI is more expensive than this. I'm looking at a rebuilt title 09 for 16,900 and a couple 06-08 SI's for 12-15k. I'd rather the car I WANT.

Originally Posted by DotKritic

Trade in your Civic. Get a year round car/truck.

edit: I was planning on getting a (new) used car. Glad I didn't because I'm going back to school and I won't be able to work as often (just seasonal).

Civic is in way too much of rough shape to trade in. Trucks are useless in my life and the only year round cars I'd consider are the following:

2004 VW R32 looking at one for 19k
Mitsubishi Evo (17-20k, and they're not that reliable)
B6 Audi S4, there's one for 16.5k with 130k but they're expensive as **** maintenance wise, AND it's a 4.2 V8 with AWD so the gas consumption is retarded.
06-07 WRX, I'm looking at one for 16.9 right now.
Bmw M3, also incredibly unreliable, costs a lot to maintain AND costs around 20k for a decent low mileage one.

OR I can get the car I really want for 15 and keep my Civic.

Originally Posted by ! 7!

It's bad when I guessed it was you from the thread title.

If you're gonna buy it, don't waste 5k on the same seats. You can get perfectly good racing seats for like $500.

But still, it's not the best idea. Make sure you have everything planned out and expect it to cost more than you think.

I was just saying the seats are expensive, you vcan buy em for 800 used.

Originally Posted by psychoangel691

I had a car loan at 18 myself and I worked in a car dealership. Now I'm not sure how much this will vary being that you're in Canada but from my experiences anyways.

1. I couldn't get the loan without a co-signer because I had no credit. So you're probably going to have to have one of them co-sign for you.

2. Your interest rates are going to suck and chances are because of that you'll be looking at over 300 a month for the car.

3. A car loan is a great way to establish credit but can screw you just as bad. Unless you are 100% certain you can afford the payments don't do it.

4. I know you love this car but you need to look at the depreciation that's going to happen on it as well. If you get a loan for 5yrs and you're paying high interest rates it hardly makes the car worth buying. You can say oh it's a sporty car it's going to hold value or I can do this or that with it. If you add stuff that's more money out of your pocket and frankly most people don't want to buy a sporty car with a lot of miles that has been owned by a teenager.


Honestly a car loan wouldn't be a bad idea but I highly recommend choosing a cheaper car and something that's not sporty to start with. I know how appealing these cars are but honestly in the long run they aren't worth it. If you start out with something cheaper and pay it perfectly on time for a while you'll have good credit and be able to go get a car for a much better interest rate. There are even some dealerships that will offer 0% for people with extremely good credit (you usually only see this at certain times of the year though). But trust me you don't want to get stuck paying 1000's more in interest and realize if you decide to trade the car in or something that you haven't paid any of the car off yet just the interest.

CHEAPER cars I'm looking at.

RSX Type S 8-10k
Civic Si 2006+ 12-16k
FD RX7 13-15k (unreliable though)
Integra Type R 10-13k
VW GTI 13-16k

For 15,000 I can have the car I've been wanting for a while


One last option. I put my Civic for sale maybe 7 months ago and got TONS of replys for 3,000 and I even said it had tranny problems...

[Rubin0]

Seems like an unrealistic car for an 18 year old. Cars are expensive and when you are a new driver, chances are you are going to get into a few if not a lot of fender benders. I know I did, and they were expensive as **** to get fixed. You can either drive around with a dinged up brand new car, or get a less flashy car that you don't have to worry about every single little scratch you get on it.

Edit: Just saw that it's a 2002, so not new but still flashy for a first car.

[EnR]

I'm a great driver. Been over a year I've been driving and I've driven on freeways tons of times. I'm not slow, but I have quick reflexes. I've incredibly careful and I've even dodged a few accidents.

I drove more this year alone than msot people drive within 4 years.

[psychoangel691]

Originally Posted by EnR

Civic is in way too much of rough shape to trade in.

CHEAPER cars I'm looking at.

RSX Type S 8-10k
Civic Si 2006+ 12-16k
FD RX7 13-15k (unreliable though)
Integra Type R 10-13k
VW GTI 13-16k

For 15,000 I can have the car I've been wanting for a while


One last option. I put my Civic for sale maybe 7 months ago and got TONS of replys for 3,000 and I even said it had tranny problems...

Car dealerships will usually give you something for a trade in even if your car is a pos. I traded in an 80's mercury that I had when I got my loan at 18 I only got 500 for it but hell I had only paid like 400 for the thing.

Anyways you're looking at it as what you want not what you need and that's going to screw you in the long run. You're younger you want this hot sporty car but it's unrealistic. It's just going to cost you a lot and probably get you into trouble. The car I got a loan on was a saturn which was an amazingly reliable car. I had always wanted something sporty too but I'm glad I didn't get it because a deer ran into the side of that car pushing me into a tree and the car was gone. Had I had something like you were going for I would have been paying out the ass because insurance only covers so much and usually you owe more on your loan then the ins co is going to cover. And hell for the 1000 you're talking about putting down on the car you can probably get yourself something reliable without having to get a loan so that if something does happen it's not as big a deal. Now don't get me wrong and think I'm just bashing teen drivers when I say stuff about accidents but being that you are inexperienced it's more likely to happen.

Originally Posted by EnR

I'm a great driver. Been over a year I've been driving and I've driven on freeways tons of times. I'm not slow, but I have quick reflexes. I've incredibly careful and I've even dodged a few accidents.

I drove more this year alone than msot people drive within 4 years.

Just saw this after making my post and doesn't matter how long you've driven **** happens that's beyond your control. Like animals, other drivers, black ice, etc. And the less experience you have with these things the less likely you are to react properly to avoid it if it's even possible to avoid because some situations just aren't avoidable.

[Without A Contraceptive]

let me give you some real advice man straight up

if 3 weeks ago you cant afford to pay a simple traffic ticket, if you have trouble paying for gas, if you dont have a job:

get a job, work hard, save your money, buy a ~$2000 dollar car like the rest of us did when we wanted our first car. i know people with Ruined credit for messing up loans like this. for real man, youd be much better off either saving up a few grand or trying to set up a "loan" with your parents. see if you can get them to throw you a few thousand and pay them back on a set time schedule. draw up a contract etc., youd be much better off dealing with your parents than going to a bank.

[Rubin0]

I'm not saying you aren't a good driver. Good drivers get into car accidents, too. So do experienced drivers. You are just more likely to get into an accident than an excellent experienced driver. I agree with psychoangel, a sports car is just going to make you a magnet for trouble. You are going to be much more tempted to speed, cops are going to be much more likely to pull you over, and you are going to most likely be paying more money to get it repaired than a regular car...let's not even get into insurance costs.

[bender5]

Dude, just look at it this way. You CAN NOT hold on to a sports car as a daily driver for years.

Totally unrealistic dude. You may have some big dreams, but honestly you're chasing your dreams like a dumb kid.

I couldn't give two ****s what you end up buying, but if any of our advice sinks in you won't end up paying far more than you should be for a car that is far bellow what you thought you wanted.

Get a solid, daily driver that won't be a mechanical nightmare, and enjoy the fact that you've got yourself a stable car for however long you can hold on to it

[EnR]

Originally Posted by Without A Contraceptive

let me give you some real advice man straight up

if 3 weeks ago you cant afford to pay a simple traffic ticket, if you have trouble paying for gas, if you dont have a job:

get a job, work hard, save your money, buy a ~$2000 dollar car like the rest of us did when we wanted our first car. i know people with Ruined credit for messing up loans like this. for real man, youd be much better off either saving up a few grand or trying to set up a "loan" with your parents. see if you can get them to throw you a few thousand and pay them back on a set time schedule. draw up a contract etc., youd be much better off dealing with your parents than going to a bank.

My grandma has done loans for my parents, I might talk to her about helping me out with a down payment. I don't need a 2000 dollar car, I already have one :P

[EnR]

Originally Posted by bender5

Dude, just look at it this way. You CAN NOT hold on to a sports car as a daily driver for years.

Totally unrealistic dude. You may have some big dreams, but honestly you're chasing your dreams like a dumb kid.

I couldn't give two ****s what you end up buying, but if any of our advice sinks in you won't end up paying far more than you should be for a car that is far bellow what you thought you wanted.

Get a solid, daily driver that won't be a mechanical nightmare, and enjoy the fact that you've got yourself a stable car for however long you can hold on to it

I already have a daily driver, my Civic. These S2000's are bulletproof, it's a damn 2 litre 4 banger. I'm aware of the maintenance that comes with an S2000, I've been doing months of research and talking to owners.

I won't settle for a car I don't want. I'll be wasting my money when I can buy the car I've been wanting forever.

[EnR]

Wow. So I just check KBB and the 210,000km S2k is going for 9500 and KBB says it should be 7100. So if I can get that thing for 7500 bucks, I'm so buying it. I wouldn't care if it didn't last me long since I can part it out if the engine blows.

Also the 2002 that I showed you guys in the 2nd post is going for 15,400 but KBB says 12,500, so I'm going to offer him 13,000.

[Reincarnate]

If you already have a car then what on earth are you doing

Manage your money more intelligently -- especially considering that you were completely broke in recent weeks. I know you may be anxious to spend because you may be earning money again, but keep your head on straight, here. Just because you have money to spend doesn't mean you can afford it. With this kind of mindset you'd be completely screwed if your job dried up or something else happened to you. Make sure you can cover your bottom line before you start spending on toys and gadgets that are costly.

[ryan2949]

Gonna use this cash to buy some new drum equipement instead. Thanks for the help guys. <3

If I wait I'll find the car I really want, aka same car but different color