Will I qualify for financing a FRS

[r4m3n]

Get one of your parents to co-sign with you. It should net you a lower rate and at the same time build up some credit at the same time.

[dro]

Originally Posted by Freshhprince

Like I said to a prior poster, I understand the financial situation I'm in and i'm positive I can afford this car. I have a huge safety of 25k after my 7k downpayment in my bank to support this decision. I just don't want to use all of it towards a new car, which is why I'm deciding to finance. LOL i understand you guys are just pointing out that "financially" based on my income alone, it's a dumb move. However in addition to a 25k safety net in my savings, I still get weekly allowances from my parents, I'm 100% confident i can afford this. All that I'm asking is would I be approved for financing, given my current situation, and possessing a co-signer + a 20% downpayment on the car, plus paid up front insurance.

lol just lol

is this real tea?

[N1rve]

Get your parents to buy it for you. They're paying for everything else, might as well get them to pay for this as well. At the minimum, have them co-sign it for you because unless you're like me, you won't qualify for a low interest rate.

Just because you HAVE a 25k safety net doesn't mean you want to tap into it. What you SHOULD be doing is investing that 25k into something else (mutual funds/CDs).

Aside from that, why would you ask us if you can afford it if you already know you can afford it? Your parents are your walking bank account.

Originally Posted by dro

lol just lol

is this real tea?

I feel ashamed to be apart of his generation.

[airjonny]

Wait til you graduate man. Now is the time to start building your savings for lifes "surprise" moments. And get those student loans off your back ASAP. After graduation buy yourself a year or 2 old FRS/BRZ. There's a couple in my area that are in the 19k-22k range with less than 10k on the tachometer.

[Cliu91]

You will get approved if you have a co-signer with good credit/income. They pretty much measure your TDSR to see if you have the capacity to even sustain this purchase. Don't think of it as a car, but as a $33,000 loan. As of now, based on your current income which is fairly low, you're using about 40% of your income to sustain that loan. If you don't have any other loans, or credit, meaning you are a NS/NH on the credit bureau, then you ~may~ pass.

However, as long as you have a co-signer with good credit you should be fine. Why don't you just go and see if you get approved?

[themajesticone]

Originally Posted by Freshhprince

Thanks for the reply. I'm still sort of dependant of my parents so Health Insurance nor is a cellphone bill isn't among my monthly obligations(they pay for it). I just want to go through this contract for a way to prove to myself that I can be responsible enough to enter a big commitment while building credit. And like I said, I will be paying for insurance up front, in addition, I usually don't spend any money on food outside of home so I can expect to have 500 per month for entertainment and gas alone(maybe 100/month for gas based from experience with cars that was bought for me). As for the 7k that's really just there in an attempt to lower interest rate and chance of approval for financing.

I definitely understand the financial situation I'm putting myself in, I also have enough in savings in my bank account to act as a safety net if ever something were to happen, approx. 25k. And it also helps that my parents are financially well off and don't mind supporting me if I need any help.

That does change things up a bit in that case. If you can try not to put the full $7k down at one time. If you can maybe do around 3-4k instead and it works out I would go that route. Good luck.

[LXXXV1]

So much negativity on the forums...take a step back and try to see it from OP's pov people. OP is only 19, works 2 jobs, and saved $25K. He's young and doesn't clearly understand the hardships of life or the curve balls it may throw, but he clearly shows responsibility with a $25K cushion. He understands how credit works, which is why he's considering financing his first car at 19. Pretty sure one of his parents has to co-sign as who else would co-sign for a 19 year old? Would a parent agree to co-sign a brand new sport car for a 19 year old if they didn't think they can cover it or if the child couldn't handle it?

TL;DR, I digress...

I'm gonna give it to you straight man. From a car dealerships perspective, they will finance you simply because it's a sale for them. From a buyer's perspective, I'd be very careful as you are stretching yourself kind of thin. Here are a couple reasons why:

1. You're going to college, assuming that's what your loans are for. Don't screw up your grades because you had to work to make payments on a car. School will only get harder as you get older, especially if you're a STEM major. What if you have to quit your job during school? Worse, what if you can't find a job after graduation?

2. Social college life? Fraternity? Alcohol? Clubs? Girlfriend? ENJOY college. No point in making all that money if you have no one or time to spend it with.

3. What if you want to buy mods? (don't say no yet lol, it's addicting)

4. Do you have a quote for insurance? Not just liability, but collision/comprehensive AND gap? Won't be cheap for a 19 year old even with a clean record...unless you combine with your parents or they help pay. Btw, VERY smart to pay up front. I applaud you on understanding that concept and your ability to save enough for it.

5. Do you plan to baby your car in terms of paint/condition? What if some idiot asshole dings your door? Repairs aren't cheap. Financing your first car at 19 is a big deal so I'm assuming you're going to take care of your hypothetical new toy. You'll have to spend a lot of time on this forum researching proper cleaning methods, cleaning supplies, and how to use them. This may conflict with studying.

6. Calculate gas like everyone said.

7. Maintenance won't be cheap after the free maintenance is over.

Side note: I digress a lot when I read posts like this. I like to give everyone the benefit of the doubt and advice instead of bashing. Whatever you do, I hope you make the right choice. Hope you considered everything I said as fucking any of them up will quickly make you hate this purchase or even this car. Good luck and keep us posted.

[Freshhprince]

Alright I appreciate all your guys replies and advice on whether or not I should make the purchase/loan, but I'm pretty set on my doing this. And to reply to one post, I'm not asking whether or not I can afford it, all I'm really asking is if I'm eligible to finance this car given my current situation. ***having a cosigner, paying insurance up front, and a 20% down while being only 19 years old with no established credit

But again I appreciate all the advice and will keep them in mind

[CoupedUpSubie]

Originally Posted by Freshhprince

Alright I appreciate all your guys replies and advice on whether or not I should make the purchase/loan, but I'm pretty set on my doing this. And to reply to one post, I'm not asking whether or not I can afford it, all I'm really asking is if I'm eligible to finance this car given my current situation. ***having a cosigner, paying insurance up front, and a 20% down while being only 19 years old with no established credit

When I was 18 I tried to get a credit card through a store to get a laptop for school, I was unable to get it without a cosigner. I needed $900 and was showing an income of $10,000 a year. It took my brother with somewhere around a $20k income to help me get that small credit allowance with 0% interest for 18 months. As far as obtaining the loan the dealer or bank will find a way to get the deal done.

Fast forward 5.5 years later, recent college graduate with a higher then average income with okay credit and a single solid job. I got a really good rate with zero down. I bit off more then I could chew even with the job I had. You may have your mind set on doing this but take it from those who have been through college and such.

You should really plan for your future instead of satisfying that need to have a nice new car to show up to college in. If your school is like mine was then parking is tight and door dings happen, bumpers get hit, people drag their bumper down the side of your car, people urinate on cars, get in the passenger seat drunk. Take that 7k and buy a decent car that wont make you cringe completely if someone dings your door. I did it on a car I bought for $800 and put another $1200 worth of parts into over 5 years of ownership.

[Turbo95eg6]

Originally Posted by Freshhprince

Alright I appreciate all your guys replies and advice on whether or not I should make the purchase/loan, but I'm pretty set on my doing this. And to reply to one post, I'm not asking whether or not I can afford it, all I'm really asking is if I'm eligible to finance this car given my current situation. ***having a cosigner, paying insurance up front, and a 20% down while being only 19 years old with no established credit

But again I appreciate all the advice and will keep them in mind

The average owner probably pays what you make monthly on just housing alone. Just put everything in your parents name, it's not like everyone doesn't know already that they support you. I'm sure having wealthy parents are nice, but hopefully, you'll learn more about money management and self responsibility as you get older.

[Carlitoz3]

Yes you will qualify.

Fin.

[N1rve]

Originally Posted by Turbo95eg6

The average owner probably pays what you make monthly on just housing alone. Just put everything in your parents name, it's not like everyone doesn't know already that they support you. I'm sure having wealthy parents are nice, but hopefully, you'll learn more about money management and self responsibility as you get older.

I think the average owner makes what he makes in 1 month in less than 5 days

[Freshhprince]

Originally Posted by rs999

NO

Work on getting one job that pays well enough to afford the FR-S.

Read this: https://quicken.intuit.com/support/h.../INF16169.html

LOL hey man, it's not that one of the job doesn't suffice it's just that I enjoy one job more than the other, but like to work the other job once a week in order to keep the discount on all the clothes, cause, i am still a teen. if I kept either one of the jobs i would probably still be making the same amount which is honestly a good balance between studying(in engineering), work, and a social life.

[Freshhprince]

Originally Posted by CoupedUpSubie

When I was 18 I tried to get a credit card through a store to get a laptop for school, I was unable to get it without a cosigner. I needed $900 and was showing an income of $10,000 a year. It took my brother with somewhere around a $20k income to help me get that small credit allowance with 0% interest for 18 months. As far as obtaining the loan the dealer or bank will find a way to get the deal done.

Fast forward 5.5 years later, recent college graduate with a higher then average income with okay credit and a single solid job. I got a really good rate with zero down. I bit off more then I could chew even with the job I had. You may have your mind set on doing this but take it from those who have been through college and such.

You should really plan for your future instead of satisfying that need to have a nice new car to show up to college in. If your school is like mine was then parking is tight and door dings happen, bumpers get hit, people drag their bumper down the side of your car, people urinate on cars, get in the passenger seat drunk. Take that 7k and buy a decent car that wont make you cringe completely if someone dings your door. I did it on a car I bought for $800 and put another $1200 worth of parts into over 5 years of ownership.

Hey man thanks for this reply, it's nice to get some feedback like this. Currently I am a student at UBC taking engineering(going for masters degree) and my tuition is completely free(both parents work there and their benefits include free tuition for a certain amount of credits). I'm definitely not neglecting my school work in any way, hence, my limited income. I wanna keep a good balance between a social life, school, and of course work. I just feel like this decision is fair for me. I have no money tied elsewhere and although my term is 72 months, I firmly believe I can pay it off before I graduate. People say it's financially a bad move and I understand that, but they don't understand what type of situation I'm in.
My main goal in all of this is to establish good credit(paying of something I want) so that in 5 years or so I can finance a car on my own. While it's not guaranteed that I will "immediately" find a job in my field, I can assure my debt from school will be very minimal, and this debt I'm putting myself in will be gone.