Quote:
Originally Posted by Logical
It does seem like you have your priorities in order. (Sorry Alex, but your post was a little rude.) Just keep up the good work and make the smart move. In the end it's your decision, just make a good one that will help you and your future family. 72 months is a long time to make payments on something.
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Priorities in life, yes he has it in order.. but (financial) priorities with respect to this car purchase and where he is in life money-wise, this is about as bad of a purchase as you can get.
It's obvious OP has all the money stuff taken care of. What I don't understand is how he can have a $60k job (assuming ~$35-40k take home after 1099 taxes) and even consider buying a car with financing with such horrible APR being offered. I have no idea what his credit score is, but when I first shopped for my car I was offered a max 4.59% APR with a then-credit rating of ~720. I ended up getting something a lot lower than that just by getting lenders to compete.
In any case, 14.99% may be okay for a normal credit card, but it sure as hell ain't okay for something that is tied to collateral. The best bet is to save $20k+ and finance the remaining amount, and build credit with as little principal as possible.
Oh, and get your "out the door" price as low as you can go. The mere fact that we're talking about a $33k Scion FRS makes my fully-loaded BRZ look cheap.
-alex