Will I qualify for financing a FRS

[Shady195]

Dont get the car. Unless you can put enough down to have a small monthly payment its not worth trying to keep up on it right now.

You want to build credit, go get a credit card or two and use them. Dont max them out, always keep the balance low but use them. You will build your score faster with that than you will the car. Having a car payment that you maintain shows stability more than anything. My credit blows, im working it back up after a couple of mistakes (that were not entirely my fault to begin with IE: Dont let your inlaws put bills in your name)

The only reason I'm able to get such a low rate and high loans is because I have the relationship with my bank. I have a 620 credit score right now.. I have a 3.77% interest rate for 5 years on my FR-S you know what my car before that was? ~14% ... I'm paying just as much now for a more expensive car than I was back then simply because im not getting fucked on interest.

[themajesticone]

Originally Posted by 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.




I feel ashamed to be apart of his generation.

Mutual funds and cd's are garbage. you'd have better luck buying $2,000 in silver.

[8R6]

weekly allowance? LOL

anyway, how much weekly allowance you get? $50/wk? $100/wk? even at 50/wk thats 200 a month. i recommend just buying a cheap used car you like and play with that as a project/daily car. put that $7k towards a roth ira or something. a new sports car (even just a 30k car) in college is a waste imo. id wait til AFTER college to buy a new sports car that i want at the time. college years are one of the best times in life because you're not in the real world yet with real world responsibilities. playing with cars is/can be part of college life, but dont let it dictate your life... thats why i suggest a cheap but a fun project used car that your "free" money can cover (aka allowance).

[Shady195]

Originally Posted by BRGT86

weekly allowance? LOL

anyway, how much weekly allowance you get? $50/wk? $100/wk? even at 50/wk thats 200 a month. i recommend just buying a cheap used car you like and play with that as a project/daily car. put that $7k towards a roth ira or something. a new sports car (even just a 30k car) in college is a waste imo. id wait til AFTER college to buy a new sports car that i want at the time. college years are one of the best times in life because you're not in the real world yet with real world responsibilities. playing with cars is/can be part of college life, but dont let it dictate your life... thats why i suggest a cheap but a fun project used car that your "free" money can cover (aka allowance).

Doing a ROTH IRA ASAP is smart.. I'm 25 now started mine at 20, it sucks not having as much money to play with needing to put it in there, but at least I know when im of retirement age I should be pretty well off

Plus I have a profit sharing retirement plan for work, however I don't pay anything for that. My boss depostis a good chunk monthly for that.

I'm broke as fuck now, but I'm thinking long term.

[EquiFox]

I am 19 too, and I got my FRS without a cosigner. I am still a student too. Credit score is perfect tho.

Give it a shot

[8R6]

Originally Posted by Shady195

Doing a ROTH IRA ASAP is smart.. I'm 25 now started mine at 20, it sucks not having as much money to play with needing to put it in there, but at least I know when im of retirement age I should be pretty well off

Plus I have a profit sharing retirement plan for work, however I don't pay anything for that. My boss depostis a good chunk monthly for that.

I'm broke as fuck now, but I'm thinking long term.

youre a smart guy. much smarter than me when i was 25 too hahahah. but yeah, being broke young is well worth the trade off in NOT being broke later.

too many ppl these days are short sighted and only care about "now." what good is a fancy new sports car at the age of 20, when you become 50 and all you have is another $30k car because that's all you could afford instead of having it because that's what you want.

[Tcoat]

Originally Posted by Dake

I will say you're one step ahead thinking about these things at your age. With that in mind, the best advice is to finance something inexpensive and less than four years old for two or three years and pay it off if credit building is really something you're looking into. The twins will be around and available in three years' time and you'll have a better idea of what the future holds.

The flip side is go all out. You have 25k in the bank plus your 7k down payment? Buy the car outright, pay yourself a monthly car payment w/ interest for the next six years. The interest will be better than what any savings account offers and by the time you graduate in five years you will be even and at the end of the sixth year you will have another five-six thousand in the bank.

Or a combo of the two. Finance for one year - that gives you some credit building, but then pay yourself back for the remaining five. You won't see as much extra at the end, but the result will be the same.

Since you are confident and comfortable in expecting your folks to help out should anything crazy happen - consider making the loan to yourself..

If even one word of what OP says is true then Dake nailed it!
If you really must have a FRS buy a used one for cash (you have more then enough if you actually have $25000 http://wwwb.autotrader.ca/a/Scion/FR...PO&orup=6_15_6 ) and buy your discounted cloths on credit card. By paying the card off right away you will get a good credit score, save a PILE on car loan interest and have enough to spend!

U.S. guys - I know you think you are helping but giving financial planning advice (savings plan, bonds, etc to Canadians is a waste of time. Our banking system is very different!)

[rice_classic]

With the exception of a mortgage. It's good practice not to get a loan that is longer than how far out you've planned your life.

If you don't know where you'll be in 1 year, then getting a 60 month loan holds much greater risk. If you have a "5 year plan" for yourself that you're working towards and have some idea where you'll be in 1, 3 and 5 years years then a 60 month loan is much less risky and you won't end up like folks in other threads who got their car and have to trade it in or sell it at a loss because after a year they can't afford it anymore.

I've never ever met a person who liked their car payment. I'm not saying don't use financing, just be weary of making commitments that are longer than your own plans.

[dalli]

Originally Posted by 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.




I feel ashamed to be apart of his generation.

I feel ashamed to read this and from others as well

At least he has a loving family where as I grew up without my dad where my mom had 2-3 jobs to support me and sis throughout childhood and early teenage days. When I have a kid, I would not spoil him/her 100% but will always be there to support them in any kind of way.


To op, try to get cosigned with your mom or dad which should lower the payments because of lower interest rates which btw will build your own credit as well.

Good luck brah

[Shady195]

Originally Posted by BRGT86

youre a smart guy. much smarter than me when i was 25 too hahahah. but yeah, being broke young is well worth the trade off in NOT being broke later.

too many ppl these days are short sighted and only care about "now." what good is a fancy new sports car at the age of 20, when you become 50 and all you have is another $30k car because that's all you could afford instead of having it because that's what you want.

I am a live in the moment, go with the flow guy. As long as my bills are paid and I have some reserve in case something happens I pretty much spend what I got. However lately i've had to be careful as my wife isnt making nearly as much as she looks for another job.

I probably should not have bought the FR-S but my wife wanted me to, it was a bit more money than I wanted to spend/pay monthly but my wife likes to see me happy and she misses me wanting to just go out for a late night drive on a cool summer night with her. The extra 80 a month vs what I was paying before is worth it to her to see me happy. I wasn't going to do it at all and she pushed me to.. and while this car has been a bit of a headache regarding some issues when I bought it (Nothing wrong with the car as a whole, just shit the dealer should have not of overlooked) i've been quite happy with my purchase.

[AznBRZer]

Originally Posted by N1rve

I feel ashamed to be apart of his generation.

Originally Posted by dalli

I feel ashamed to read this and from others as well

LOLZ...kids have been this stupid in every generation since the dawn of time just as there were always a few that weren't.

[Shady195]

Originally Posted by AznBRZer

LOLZ...kids have been this stupid in every generation since the dawn of time just as there were always a few that weren't.

True however this generation feels more entitled with everything...

Entitled to a phone
Entitled to a Job
Entitled to a nice car
Entitled to etc etc..

Kids my age don't earn shit anymore, its handed to them, and when its not they complain.

You know how hard I had to work to get where I am now? I got my GED, went to college immediately, got my IT Certifications and worked in two low paying IT jobs before I got what I have now, and I still dont even make that much but Im setup for my future and my resume looks amazing.

VS nearly every kid I ever went to school with literally whose parents spent 20+ thousand on college, kids expected to be handed a job the minute they graduated and do nothing but sit at home..

Applying to your dream job on craigslist with no experience doesnt count as looking.

I walked into buisnesses with my resume, I made follow up phone calls. I bought a nice suit, I took some interviews for the sake of taking interviews knowing I would not want the job (Wasting someones time? yes maybe but the experience is invaluable)

Kids in my generation are lazy and self entitled. They don't work for it, they all think they are the greatest thing to walk on gods green earth and expect someone to just recognize that without any experience or any initiative and hire them in their fields.

Sorry for my rant.

[Tcoat]

Originally Posted by Shady195

I am a live in the moment, go with the flow guy. As long as my bills are paid and I have some reserve in case something happens I pretty much spend what I got. However lately i've had to be careful as my wife isnt making nearly as much as she looks for another job.

I probably should not have bought the FR-S but my wife wanted me to, it was a bit more money than I wanted to spend/pay monthly but my wife likes to see me happy and she misses me wanting to just go out for a late night drive on a cool summer night with her. The extra 80 a month vs what I was paying before is worth it to her to see me happy. I wasn't going to do it at all and she pushed me to.. and while this car has been a bit of a headache regarding some issues when I bought it (Nothing wrong with the car as a whole, just shit the dealer should have not of overlooked) i've been quite happy with my purchase.

Same thing here as I wasn't going to do it but my wife knew how unhappy I was with the Mitsi POS I was driving. I should NOT have got a new car right now as I still owed 4 years of my 6 year loan on my 2012 Lancer GT. Took a horrible beating trading it but wanted out of it so bad I was willing to take the hit. The difference is that my income allows me to manage it with no serious impact to lifestyle.

[ZionsWrath]

I stopped reading at my parents give me allowance at 19 so I can afford this car.

My vote is, get the car!

Even if you lose your job I'm sure your savings and parents wouldn't let it get repo'd.

You only live once and if you are fortunate to have parents throwing money at you and 32k banked at 19? Fucking go for it.

But username FreshPrince, I think we all just got bel aired