Will I qualify for financing a FRS

[AznBRZer]

Originally Posted by Shady195

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.

LOLZ OK

I've only been hearing that for oh about the last 20 years...Some older members have been hearing that longer than I've even been alive.

Perspective!

[Tcoat]

Originally Posted by AznBRZer

LOLZ OK

I've only been hearing that for oh about the last 20 years...Some older members have been hearing that longer than I've even been alive.

Perspective!

“Our youth now love luxury. They have bad manners, contempt for authority; they show disrespect for their elders and love chatter in place of exercise; they no longer rise when elders enter the room; they contradict their parents, chatter before company; gobble up their food and tyrannize their teachers.”

Socrates 494 BC

[Frishkorn]

Just do yourself a favor and buy a 2013 that's already used.

[Freshhprince]

Originally Posted by Tcoat

Well it certainly appears that the Op's situation changes as the thread goes on so that every argument against suddenly has a counterpoint!

Had $7000 cash then suddenly another $25000
Was making $1300 a month then $1000 then $1300 again
Doesn't buy anything EVER but keeps a job for the discount on cloths
Has two jobs but could make the same from just one
Parents paying for school Has a student loan. OH WAIT it is "free"

Got the feeling we are being played at this point!

OP if you REALY just wanted to know if you would be approved CALL THE BLOODY BANK don't post here! Half the time on here we can't all agree how much air to put in tires much less something so individual as to how a bank will deal with somebody!!!!!!!!

1. I never said I didn't have 25k for a safety net. All I said was that I was putting down 7k as a downpayment. I worked hard to save that money I'm not spending it ALL on a car, hence, why I'm financing.

2. I never changed my monthly income, these were from other posters

3. I stated I never buy "food" outside of home, the clothes are part of my entertainment expenses but are very minimal

4. I've never said I only had one job.

5. Ever heard of a transfer program? 1st year at a college(obviously have to pay for myself), 2nd and further years at a university(where my parents both work)?

[Atticus808]

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.

Originally Posted by Freshhprince

1. I never said I didn't have 25k for a safety net. All I said was that I was putting down 7k as a downpayment. I worked hard to save that money I'm not spending it ALL on a car, hence, why I'm financing.

2. I never changed my monthly income, these were from other posters

3. I stated I never buy "food" outside of home, the clothes are part of my entertainment expenses but are very minimal

4. I've never said I only had one job.

5. Ever heard of a transfer program? 1st year at a college(obviously have to pay for myself), 2nd and further years at a university(where my parents both work)?

?

[MokSpeed]

100% of the time a thread like this is started, the OP will seek advice but refuse to take it attempting to justify his own opinions. Just do what you want because it sounds like you've already made your mind up.

[Freshhprince]

Originally Posted by Atticus808

?

I "never" said "I didn't". double negative.

[Freshhprince]

Originally Posted by MokSpeed

100% of the time a thread like this is started, the OP will seek advice but refuse to take it attempting to justify his own opinions. Just do what you want because it sounds like you've already made your mind up.

I wasn't necessarily seeking advice. I was asking if I would "qualify" for financing. For some reason this thread has gone way off topic and turned into a discussion/debate as to whether or not I should make this purchase.

All I wanted to do is to get a realistic expectation of what may happen when I go out and apply for a car loan, not whether or not this decision is smart or not.

Nevertheless, I appreciate all your guys' opinions and advice you've given me.

[Turbo95eg6]

Originally Posted by Freshhprince

All I wanted to do is to get a realistic expectation of what may happen when I go out and apply for a car loan, not whether or not this decision is smart or not.

Step 1. Log off
Step 2. Go to bank and find out yourself.
Step 3. Hug your parents and tell them how much you appreciate what they do for you.
Step 4. Let the pointless thread die.

[Tcoat]

Originally Posted by Turbo95eg6

Step 1. Log off
Step 2. Go to bank and find out yourself.
Step 3. Hug your parents and tell them how much you appreciate what they do for you.
Step 4. Let the thread die.

Step 5 . Leave car in laneway because can't afford to drive it
Step 6. Live with parents for 6 years until paid for (don't meet any girls, decide to have a hobby, lose one or both your jobs, or have any other changes in your current lifestyle or expenses)


OK that is my last word on the topic I will disappear into cyber limbo and wait for the "had to sell my car" post!

[strat61caster]

Going to chime in with a chorus of 'no don't do it'

Drive your BMW (nobody else picked up on that?), if you must get something different go looking for a nice Miata or something, there's tons of budget sports cars that can give you all the thrills of a Toyobaru for what you've got in your pocket. Buy the car when you're out of school you should be able to pick up a nice one really easily in the mid teens not to mention the potential of a new and improved version.

Put the cell phone in your name, get a credit card and use it but don't accrue interest and play the waiting game, you'd be throwing thousands of dollars away just to build credit and to have a shiny toy. If you must have it get your parents to trade in the bmw.

Originally Posted by BRGT86

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.

If $30k buys a car this fun today brand new I can't imagine what $30k will get you brand new 30 years from now, probably an all electric roadster with 300 horses, instant torque at any rpm weighing 2,800 lbs and a cg height of 12"

Not to mention you can have boatloads of safe automotive fun for $5k these days, a nice NA Miata or Mustang you can thrash the hell out of and rebuild and mod to your hearts content.

[TheAsianRacer]

Well, if you must go through with this, to prove you are responsible and you do have quite a nice chunk of change saved, I suggest adding about $8k from your 25k to your original 7k, it will help you get a much better look from any of the financing parties and they will see you are serious. After that, have a parent co-sign and it will help you with your credit. Given this, your monthly payments will be much lower with a much lower interest rate. But please, do not go to try to buy this car with only 7k down and no credit, the finance parties will eat you alive. If this helps, you should at most be spending 20% of your monthly income after taxes on something like this.

So, if you are serious about this car and being responsible, 1200/mo means you should try to spend no more than $240/mo on a car. To do that with this car at $25,000 or so, WITH good credit (1-3%), you will need a down payment of about 12-13k, and these are rough estimates.

[LLYNCES]

I'll reply because I was in a similar situation

I live in BC, Canada, Kamloops. I never qualified to finance, they requested a co-signer so I had to get my grandmama to co-sign for me. My income was Pizza Delivery, which averages me 15$/hour + I had an oilfield job prior. My only source of credit at the time was a cell phone. I actually do deliver pizza's in my FRS, which is pretty hilarious and stupid of me considering the KM's and how the sign has scratched my roof. But eh, I enjoy driving the car. I'll be getting a junk car here soon for that or head back up to the oilfields. I want to throw a turbo/supercharger in, throw on a spoiler, tint the windows more and ricer up. It's better to own a car like this when you're young compared to when you're old. In short...YOLO. Stupid philosophy, but being young you don't got much to lose. When you are young is the time to take risks. When you are old it's different, you have responsibility to your children/wife etc.

People will disagree, I don't really care. Have fun while you're young, you can do it while being responsible with your money. If it's too much of a risk, don't take it. I took it and I'm happy.

I was 20 when I bought it (I'm now 21)

I wasn't surprised they rejected me. I tried again with my mothers credit and they still rejected me. Then I tried with my grandma's (her credit rating is insanely good) and they accepted. I pay 420$ a month, but I also do bi-weekly payments of 210$. I actually owned a 2004 Mustang GT, but that never went towards my credit as the payments were financed through my grandma....so she got the benefit when I paid my car payments.

It's easy for me. I made the choice because I wanted to get my credit going and take advantage of living at home. I clear over 2500-3000$ a month. I'll have this car paid off in no time.

You probably wont qualify and will need a co-signer. If you do I would be surprised, but being young it's a lot harder. Car payments suck brah, but I needed something to keep me motivated and working, something that would build my credit for the future. If you think you can handle the car payments go for it, but if you cant...there are cheaper cars that are fun to drive. One that comes to mind is a Honda Prelude or 2004 Mustang GT which is actually more powerful if that's what you're looking for. I got this car because of the balance, design and how fun it was to drive.

[MyGT86]

Here are my thoughts on the situation. I would take the time and build your credit and credit history. Get a credit card and only use it for things you would normally spend cash on food gas ect.. Then pay it off every month do this for about a year and you will have a decent credit score. With all this you should get approved with a lot lower interest rate I would shoot for anything below 5%. The dealer will always get you to say yes to the 18-20% rates it's more money for them. All you have to say is no and they will have to keep looking for banks that will finance you at the lower rate (they are out there). I had no credit or credit history when I bought my FRS a year ago they came at me with offers of 16-10%. I said no to all of them then they finally went to toyota financial and they approved me for 2.4%. So just hold out build credit and income cause from what I am looking at right now your income is too low to even afford it at 2.4%. My payments are 394 a month and that was with only 20k financed. That wont leave you a lot of room for emergencies and real life. Anyways sorry for the ramble but good luck either way you go.