Imoutgoodbye Posted July 24, 2008 Report Share Posted July 24, 2008 If you don't have a good relationship with any one bank branch, the dealership will be able to twist your arm and get you to use their bank. *shrug* I think your choices right now are hope for a good deal from the dealership, find someone you know who can sell you a car (even if you have to take a loan out and you MUST trust them), or get the $500 wonder and pray it doesn't have any major defects like a leaking head gasket. Edit: The End, they will want collateral from him. Which is why he uses the car he wants to buy. I doubt he has collateral worth the value of a decent car loan. (no offense). Which is also why he'll be getting full coverage insurance in case anything happens to the car. Link to comment Share on other sites More sharing options...
The End Posted July 24, 2008 Report Share Posted July 24, 2008 Edit: The End' date=' they will want collateral from him. Which is why he uses the car he wants to buy. I doubt he has collateral worth the value of a decent car loan. (no offense). Which is also why he'll be getting full coverage insurance in case anything happens to the car.[/quote'] If the car he is getting is older than an '03 they won't take it as collateral and I DOUBT he will be able to finance anything near enough to get an 03 unless it is a real pos, which he said he didn't want. Get parents to co-sign. Link to comment Share on other sites More sharing options...
Imoutgoodbye Posted July 24, 2008 Report Share Posted July 24, 2008 If the car he is getting is older than an '03 they won't take it as collateral and I DOUBT he will be able to finance anything near enough to get an 03 unless it is a real pos, which he said he didn't want. Get parents to co-sign. It sounds like he's in a similar situation to mine. I doubt he wants his parents to co-sign, also. It's irresponsible for any adult child to place financial burden unduly on one's parents. In my mind. I got a loan, with the car as collateral, on a '98 Olds Achieva two years ago. It's possible. Link to comment Share on other sites More sharing options...
Evangelion Posted July 24, 2008 Author Report Share Posted July 24, 2008 It's not even a question of whether I should ask my parents to cosign. They have already told me they won't. Link to comment Share on other sites More sharing options...
Raargant Posted July 24, 2008 Report Share Posted July 24, 2008 So right now, you have already decided you need a car regardless of cost, and that the only way you can get it is via financing. The real question right now is how to achieve that as optimally as possible. Am I right? Just one quick question/query; do you estimate the amount of money from 'student teaching' to more than offset the cost of the car? If not, you might consider another job instead which doesn't require a private vehicle. Link to comment Share on other sites More sharing options...
Imoutgoodbye Posted July 24, 2008 Report Share Posted July 24, 2008 I don't think student teachers get paid with anything except college credits. Link to comment Share on other sites More sharing options...
Evangelion Posted July 25, 2008 Author Report Share Posted July 25, 2008 Valek is correct. Student teaching is not a paid position, but rather it is a requirement for anyone seeking a degree in education. However, I am going to be a Resident Adviser which pays approximately 500 dollars a month. In addition to my other job, I would think that can adequately cover the cost of a car - $120 a month for insurance (or $600 if I pay 6 months up front), however much the car payment is (I wouldn't anticipate more than $200-$250 a month, hopefully), and gas. My other job should allow me a little wiggle room, and I also donate plasma every couple of days, so that allows for some spending cash (and gives me track marks like a frickin' heroin addict). Link to comment Share on other sites More sharing options...
Mali Posted July 25, 2008 Report Share Posted July 25, 2008 Man, a car payment can be good for your credit if you don't mess it up. Then you can get better things in the future. However, now is not really the time to sign up for big things. If you need a car, find a car that is good and that you can pay off in a realistic amount of time. However, selling body fluids is not the way to make car payments. Link to comment Share on other sites More sharing options...
Evangelion Posted July 25, 2008 Author Report Share Posted July 25, 2008 It's something I've been doing to offset being a broke college student, not something I've thought of as a way to make ends meet. Link to comment Share on other sites More sharing options...
The End Posted July 25, 2008 Report Share Posted July 25, 2008 I would think that can adequately cover the cost of a car - $120 a month for insurance (or $600 if I pay 6 months up front)' date=' however much the car payment is (I wouldn't anticipate more than $200-$250 a month, hopefully)[/quote'] The insurance for you, under 25, would be around the neighborhood of 200 a month minimum. That is going to be a sub-compact under 15,000. I have USAA with a mustang and when I was 19, it was 360 a month. Now, that is a sport car and a sub-compact is MUCH less but you are looking at a lot more than what you are budgeting. The gas will be higher because you will want to drive, estimate about 300 a month. Your car payment will depend on what you finance, but for 10k at 5 years, you are looking at a 300 car payment. You will not qualify for a 5 year loan. You will be luck to get a 3 year, if not a 2 year. 3 would be 423 a month and 2 years would be 458. I hate to break it to you man, but you can't afford a car unless you are pulling in a steady 2k a month. You just won't even make it past the finance table. Link to comment Share on other sites More sharing options...
a-guitarist Posted July 25, 2008 Report Share Posted July 25, 2008 cars run that kinda thin lik it's no ons businss. they drain yur wallet and mak you cry like a bithc and thn youre b ork and hav n omnony. tak the buss. at leas t youc an ridn that sober. a0g Link to comment Share on other sites More sharing options...
Rensvert Posted July 25, 2008 Report Share Posted July 25, 2008 Well I'll be honest here, I have an excellent job. I drive an Olds 88 with a 3.8L V6 with just over 200600 miles. I'm 21 and quite positive I could go and get a loan for a new car, however I do not want it. In all honesty hold off on a new car. If you want a car of your own save up some money and go find one for 5-8k. By saving up your money you wont have to worry about goin in debt, or having a car payment every month. If you can avoid not buying a car then dont buy one, in all honesty it can be more of a hassle than anything. But the only words of advice I will give you on buying a car is just make sure to buy American Rens Link to comment Share on other sites More sharing options...
Tantangel Posted July 25, 2008 Report Share Posted July 25, 2008 This country runs on credit, so it's usually best to start gaining it at a younger age as bad credit is still better than no credit. If that's all your expenses entail, that just means you'd have to get insurance as well if you're getting a loan and it'll have to be full coverage for a loan on a car. Depending on how well your credit history is right now will depend on whether or not you'll need someone to help sign with you. Paying it off early will help your credit out a lot early too, so I wouldn't say it's stupid, I just did it recently myself and I probably have a few more bills than you and only 1 job. So if you can hack it, go for it, but if you know you can't then don't. I'd definitely save up some cash before you do it though so you have a down payment to toss down and then again some extra to throw in for insurance and to register it and such. In totaly I tossed down about 2k for everything and will pay off for a while, but at the same time I'm getting credit and you can always save up enough to have money for down times when you might not have a job if you have 2 of them. Link to comment Share on other sites More sharing options...
Kyzarius Posted July 25, 2008 Report Share Posted July 25, 2008 Financing a car, if you can afford to not miss payments..ever..is a good thing. Financing a car, and defaulting on the payments because you cant make them is very bad and will haunt you for nearly a decade. if you need, you need, if you dont you dont. Only you know the scope of your financial stability. Link to comment Share on other sites More sharing options...
Aulian Posted July 25, 2008 Report Share Posted July 25, 2008 Hit a sperm bank. They pay dont they? Just dont do it the same day you give plasma... Some how I see problems arising from that. Link to comment Share on other sites More sharing options...
Imoutgoodbye Posted July 25, 2008 Report Share Posted July 25, 2008 I drive an Olds 88 with a 3.8L V6 with just over 200600 miles. Rens Yes, and you promised me that car if I get that job. Don't run it into the ground! Link to comment Share on other sites More sharing options...
KRins Posted July 25, 2008 Report Share Posted July 25, 2008 I know some sperm banks pay based on a variety of things including IQ, height, physique, eye color (brown eyes just are in demand), hair color and other interesting factors. If you are a chiselled blond, blue eyed physicist you are made in the shade. Link to comment Share on other sites More sharing options...
corpsestomp Posted July 25, 2008 Report Share Posted July 25, 2008 I don't think I'd ever want to donate my liquid baby to anywhere, because I don't want some kid coming up to me someday, saying "You're my real father!" Link to comment Share on other sites More sharing options...
Aulian Posted July 26, 2008 Report Share Posted July 26, 2008 Its not always a negative thing. A lot of donated "liquid baby" actually does some good in the world for woman who want children, but can't find the right guy. I wouldnt make a point of going out and donating but if I was around I dont think I would mind. meh. Link to comment Share on other sites More sharing options...
Aulian Posted July 26, 2008 Report Share Posted July 26, 2008 Its not always a negative thing. A lot of donated "liquid baby" actually does some good in the world for woman who want children, but can't find the right guy. I wouldnt make a point of going out and donating but if I was around I dont think I would mind. meh. Link to comment Share on other sites More sharing options...
Dizz Posted July 26, 2008 Report Share Posted July 26, 2008 My first car that I actually bought on my own was a '57 Ford Ranch Wagon for $2000. (I think) The theory was that a car that old didn't have to be smogged and no computer junk to go bad. It did decent, but it needed a $1200 engine remanufacture. It was actually a very nice car, if you knew how to fix it. It needed constant repair due to replacement parts not being what they used to be, but nothing huge. We got a credit union signature loan on it for 12% interest and payments of about $100/mo. The insurance wasn't bad since it was a classic. All this when I was 20 years old. Just something to think about. Link to comment Share on other sites More sharing options...
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