well, its finally happening...

[MrFRsLa]

Get yourself some nice personalized plates like: 5YRWAIT (5 year wait) or 86DAT21 (86'd at 21) or SVDTL21(saved tell 21)

BTW my votes for 86DAT21 ( i got 86d from a lot of bars at 21 LOL)

[Turbowned]

Great story! I wish I could've been so diligent; I wouldn't be running around like crazy trying to put a down payment together last minute. I guess I wasn't as confident that they would actually build this car!

In any case, it's gonna be one hell of a birthday! Congratulations! :happy0180:

[carbonBLUE]

Originally Posted by Turbowned

Great story! I wish I could've been so diligent; I wouldn't be running around like crazy trying to put a down payment together last minute. I guess I wasn't as confident that they would actually build this car!

In any case, it's gonna be one hell of a birthday! Congratulations! :happy0180:

Yeah and I made my decision off this and a bunch of rumors, I remebrr when people speculated 250 na HP and 200 lb ft... Lol
Ohh yeah and the franken mule had a sharkfin antenna, why didnt the production at least give that lol...

[KevinDuMa]

Congrats man! I see you're from Dallas we should all have a meet when we get our cars

[michaelahess]

Very awesome story and very good job at saving! I bought my celi at 19 and could barely afford the payments. You are on a great path for the future!

Oh yeah, and at least pay off for 6 months (3 if you have any credit established), after that you won't get much credit benefit. Divide out your payments so you pay all but the 6 months, that way you don't pay more interest than you need to!

[Liquidsnake]

CAN TOYOTA JUST RELEASE THE CAR TO EVERYONE NOW!!!!!!!!!!!!!!!!!

Jesus. I am sick of waiting!

[ruskymx]

Originally Posted by Dark_Angle

build credit = more interest paid over time. Don't pay it off asap.

Don't pay it off too quickly because contrary to what most people think, it won't help that much. Now that doesn't mean that you can't make double, triple, or quadruple payments and make sure to tell the bank to apply extra payment to the principle. The last part is VERY important. If you just send extra money in and don't tell them what to do with it, the bank will apply it to your future payments so they can collect as much interest as possible.

I'd suggest keeping the loan for about a 12-18 months. I had a young customer about a year ago that was able to get a loan through his credit union for a inexpensive used car around $6-7k and he paid it off in 6 months. Well, when he decided at 9 months that he wanted something different, even his credit union wouldn't give him another loan because of not enough credit history and he didn't make enough payments on his last one. I know it doesn't make sense but that is how many banks think when evaluating a consumer in regards to granting them credit.

If you have the money to pay for it, put enough down so you finance $10,000. This way, the interest charges won't be a lot if you finance it over 3 years. A 3 year loan even at 5%, the payment is $299 and total interest charges are $789 over the entire 3 years. If you stretch it to 4 years, the payment goes down but the interest jumps $300. Be prepared though that you may not be able to get top tier rates because of being limited credit history, but with a huge down payment, you should get a fairly reasonable rate.

Check out dealer rates & credit unions. In your situation, from my experience, a credit union may be your better bet. My dealership can usually match or beat most rates from other lenders/credit unions, but not with your situation.

Congrats and enjoy! I wish I was as disciplined with money when I was younger as you were. I would be in a much better situation now if I was, but oh well. I chalked it up as a learning experience and a costly one at that.

Oh, and one more thing. When you are out celebrating your 21st, it would be a good idea to leave the FRS at home and have a DD lined up.

:happy0180:

Ruskymx

[Turbowned]

Originally Posted by carbonBLUE

Yeah and I made my decision off this and a bunch of rumors, I remebrr when people speculated 250 na HP and 200 lb ft... Lol
Ohh yeah and the franken mule had a sharkfin antenna, why didnt the production at least give that lol...

Well what turned me off initially was that the projected weight kept going up, the projected horsepower kept going down, and the projected cost kept going up. While I'm still not totally thrilled with ~2750lbs and 200hp for $25k, it turned out to be good enough and the mountain of positive reviews and wealth of information on it's development and pure purpose made it the clear choice for me once I knew it would finally get built. Now I'm just sad mine won't have Toyota badges on it

[carbonBLUE]

Originally Posted by michaelahess

Very awesome story and very good job at saving! I bought my celi at 19 and could barely afford the payments. You are on a great path for the future!

Oh yeah, and at least pay off for 6 months (3 if you have any credit established), after that you won't get much credit benefit. Divide out your payments so you pay all but the 6 months, that way you don't pay more interest than you need to!

Funny thingis I bought my Celica at 19 aswell, bought a 2000 gts with 94k miles, manual witha brand new trd grey Japan clutch, trd exhaust, had a 2004 engine in it, also I had never driven manual before and learned in the parking lot at the dealership, bought the car to ready myself for the frs

My Celica was also bought in 99 during the first month of production shes old... Lol

[carbonBLUE]

Originally Posted by ruskymx

Don't pay it off too quickly because contrary to what most people think, it won't help that much. Now that doesn't mean that you can't make double, triple, or quadruple payments and make sure to tell the bank to apply extra payment to the principle. The last part is VERY important. If you just send extra money in and don't tell them what to do with it, the bank will apply it to your future payments so they can collect as much interest as possible.

I'd suggest keeping the loan for about a 12-18 months. I had a young customer about a year ago that was able to get a loan through his credit union for a inexpensive used car around $6-7k and he paid it off in 6 months. Well, when he decided at 9 months that he wanted something different, even his credit union wouldn't give him another loan because of not enough credit history and he didn't make enough payments on his last one. I know it doesn't make sense but that is how many banks think when evaluating a consumer in regards to granting them credit.

If you have the money to pay for it, put enough down so you finance $10,000. This way, the interest charges won't be a lot if you finance it over 3 years. A 3 year loan even at 5%, the payment is $299 and total interest charges are $789 over the entire 3 years. If you stretch it to 4 years, the payment goes down but the interest jumps $300. Be prepared though that you may not be able to get top tier rates because of being limited credit history, but with a huge down payment, you should get a fairly reasonable rate.

Check out dealer rates & credit unions. In your situation, from my experience, a credit union may be your better bet. My dealership can usually match or beat most rates from other lenders/credit unions, but not with your situation.

Congrats and enjoy! I wish I was as disciplined with money when I was younger as you were. I would be in a much better situation now if I was, but oh well. I chalked it up as a learning experience and a costly one at that.

Oh, and one more thing. When you are out celebrating your 21st, it would be a good idea to leave the FRS at home and have a DD lined up.

:happy0180:

Ruskymx

Im actually going down the street to have that beer, just one maybe two and some pizza , it would be cool to maybe meet with other members from Dallas and have a slice, its 2 dollar drafts and some really good pizza

[thill]

Originally Posted by ruskymx

Don't pay it off too quickly because contrary to what most people think, it won't help that much. Now that doesn't mean that you can't make double, triple, or quadruple payments and make sure to tell the bank to apply extra payment to the principle. The last part is VERY important. If you just send extra money in and don't tell them what to do with it, the bank will apply it to your future payments so they can collect as much interest as possible.

I'd suggest keeping the loan for about a 12-18 months. I had a young customer about a year ago that was able to get a loan through his credit union for a inexpensive used car around $6-7k and he paid it off in 6 months. Well, when he decided at 9 months that he wanted something different, even his credit union wouldn't give him another loan because of not enough credit history and he didn't make enough payments on his last one. I know it doesn't make sense but that is how many banks think when evaluating a consumer in regards to granting them credit.

If you have the money to pay for it, put enough down so you finance $10,000. This way, the interest charges won't be a lot if you finance it over 3 years. A 3 year loan even at 5%, the payment is $299 and total interest charges are $789 over the entire 3 years. If you stretch it to 4 years, the payment goes down but the interest jumps $300. Be prepared though that you may not be able to get top tier rates because of being limited credit history, but with a huge down payment, you should get a fairly reasonable rate.

Check out dealer rates & credit unions. In your situation, from my experience, a credit union may be your better bet. My dealership can usually match or beat most rates from other lenders/credit unions, but not with your situation.

Congrats and enjoy! I wish I was as disciplined with money when I was younger as you were. I would be in a much better situation now if I was, but oh well. I chalked it up as a learning experience and a costly one at that.

Oh, and one more thing. When you are out celebrating your 21st, it would be a good idea to leave the FRS at home and have a DD lined up.

:happy0180:

Ruskymx

What he said When I said pay the loan off fast, I did not mean in 1-3 months. Pay it off in 12-24 if you can.

My wife and I always pay our car loans off in 12-24 months and we have over 800 credit scores which really helps when borrowing money. And not paying all that interest. When you are ready to buy a house there is a huge difference in loan and interest payments between having a high (780+ range) and lower credit score.

[5hairpins]

I'd be happy to DD you for that B-Day. Let me know when and where.

As I am currently double your age I am not so sure you want an old man dragging you down.

[SkullWorks]

given your posts I would have never assumed you were so young,

Props to you for the planning and diligence, I would trade spots in line with you and wait another month for my car if such a thing would have gotten you your car on your B-day.

You sir have a bright future, this is apparent by your maturity and patience

[kensic]

Originally Posted by thill

That is smart. If you really want to build credit fast, pay off that loan as fast as you can It will also save you lots of money in interest payments. Also make sure you get an autoloan that has no pre-payment penalty. It is pretty rare to see them now, but they still exist (where you have to pay a penalty to pay your loan off early).

(correct me if i'm wrong) paying a loan off as fas as you can means you'll will have no more monthly payment after you're done (lets say in 24 months instead of 36months).

(correct me if im wrong here too) and building credits is paying what you owe EVERY MONTH ON TIME. so i would imagine, 36 on time payments is better then 24 on time payments.

so in general, people with good credits have a on running monthly payment (weather its car loan, house loan, credits, student loan)...once you have no more monthly payments, your credit score pretty much stands still, and your credit history is very short. a short credit history usually doesn't play in your favor.

feel free to correct me if i'm wrong. thats the simpliest way i can put it