Thread: car buying help

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  1. #1
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    car buying help

    so i have set my mind on getting a nissan 350z. i don't care what year or what edition, but what i really need help with is the buying of the car.

    at first i was going to get a loan and buy one off of craigslist but you guys said getting a loan was a bad idea. so i thought, how about buying one off of a lot, a dealership. could that work? i'm 17, no credit history so no high interest rates due to bad credit. i will be able to do monthly payments. i make about $800-$900 a month from my job, so i should be able to handle the payments, and if i wasn't, i'm sure my mom or step-dad would be able to help me out for a months pay. i'm also paying for my insurance, which right now for my vw golf is $200 a month. i tried getting a quote from my moms insurance company but got locked out, so i'm not sure how much insurance will be for a 350z.

    on cars.com, i know it's probably not the best place to look for monthly payment rates, but it said that it would only be $153-$215 a month for 3 years.

    so do you think i could be able to do this, or am i just being an idiot yet again.

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    EL Surenzo dA KK Caponeiyl's Avatar
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    Quote Originally Posted by Ugliest View Post
    153-$215 a month for 3 years.
    You Americans pay something like that each month for 3 years? or $215 for 3 years?
    i'm confused :/

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    Car is nice, however

    1.) Insurance
    2.) Future plans (Car isn't the only thing you will need)
    3.) You might be fired
    4.) You might not even like the car later on.


    So personally I think you should wait however it's a sick car, so do what you want just don't regret it later.
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    You are 17 and therefore are unable to legally enter contracts (take out a loan). Only person who is going to give you a loan is your parents, which would be informally. Or they would have to co-sign on your loan (take responsibility for all the payments if you didn't make the payments.)
    Last edited by Copperhorse; 04-03-2016 at 04:31 PM.

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    Quote Originally Posted by Copperhorse View Post
    You are 17 and therefore are unable to legally enter contracts (take out a loan). Only person who is going to give you a loan is your parents, which would be informally. Or they would have to co-sign on your loan (take responsibility for all the payments if you didn't make the payments.)
    im turning in 18 in a month, which is why i'm considering this.

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    Quote Originally Posted by Ugliest View Post


    im turning in 18 in a month, which is why i'm considering this.
    Well if you were to get a loan, which I wouldn't advise, I would still try to get your parents to co-sign otherwise your interest rates are going to be sky high.

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    Quote Originally Posted by Copperhorse View Post
    Well if you were to get a loan, which I wouldn't advise, I would still try to get your parents to co-sign otherwise your interest rates are going to be sky high.
    why would they be? i myself don't ahve any credit but if my mom were to co-sign then it would increase the interest rates because her credit is really bad.

    we just put me on my own car insurance account so im paying about $191 for my 2002 vw golf, and for a 350z it would be about $220ish.

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    Quote Originally Posted by Ugliest View Post


    why would they be? i myself don't ahve any credit but if my mom were to co-sign then it would increase the interest rates because her credit is really bad.

    we just put me on my own car insurance account so im paying about $191 for my 2002 vw golf, and for a 350z it would be about $220ish.
    That's the thing, you don't have any credit, so most bank will want a co-sign or won't give the loan. He was basically saying get someone that has GOOD credit to sign for you, HOWEVER I say this again get a cheap for (or a brand new spanking bike that can beat most exotic cars and cost about 5k with customs added, manua) car. That is the best plan, however you can risk it.
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    Quote Originally Posted by Ugliest View Post


    why would they be? i myself don't ahve any credit but if my mom were to co-sign then it would increase the interest rates because her credit is really bad.

    we just put me on my own car insurance account so im paying about $191 for my 2002 vw golf, and for a 350z it would be about $220ish.
    Yeah well you would have to get somebody with half decent credit who trusts you to pay your dues if you want to get a loan. You could also ask one of your parents to get a title loan. If they own their car and have fully paid for it they can get a loan for some amount with their car being the collateral, credit wouldn't matter.

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    Quote Originally Posted by Ugliest View Post


    why would they be? i myself don't ahve any credit but if my mom were to co-sign then it would increase the interest rates because her credit is really bad.

    we just put me on my own car insurance account so im paying about $191 for my 2002 vw golf, and for a 350z it would be about $220ish.
    It also shouldn't be shitty insurance, what if you were to total your car, you never know. and if your insurance plan doesn't cover that? You're now in the hole. A Nice car like that needs some fallback plan

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    I live in a Russian community, and the top way of getting a nicer car for cheaper is going to car auctions, go through ppl you know, find someone who fixes and resells cars, and go through them. my first car was an 08 altima coup with 60k miles on it, that was flooded, and i got it and fixed it all for $3.5k, that is a GREAT deal. and I have had no issues with it. look for flooded cars (not salt water) and take a friend who knows cars wells (the dealer) and have him make sure its minimal damage aside from water. my .02 cents

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    Quote Originally Posted by Fujiyama View Post
    It also shouldn't be shitty insurance, what if you were to total your car, you never know. and if your insurance plan doesn't cover that? You're now in the hole. A Nice car like that needs some fallback plan
    If you total your car at 18 you can pretty much forget about needing a new car, because your insurance rates will be out of this world. I just bought a new car and progressive quoted me at $900 a month for a 2016 Ford Mustang GT. Luckily I have Geico who gives cheap ass insurance for only $200 a month. If I get in an accident or ticketed I'm fucked.

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    Quote Originally Posted by Azathoth View Post


    That's the thing, you don't have any credit, so most bank will want a co-sign or won't give the loan. He was basically saying get someone that has GOOD credit to sign for you, HOWEVER I say this again get a cheap for (or a brand new spanking bike that can beat most exotic cars and cost about 5k with customs added, manua) car. That is the best plan, however you can risk it.
    as much as i want a bike, my mom won't let me get one as long as im living under her roof. i might get one after i move out
    Quote Originally Posted by Copperhorse View Post
    Yeah well you would have to get somebody with half decent credit who trusts you to pay your dues if you want to get a loan. You could also ask one of your parents to get a title loan. If they own their car and have fully paid for it they can get a loan for some amount with their car being the collateral, credit wouldn't matter.
    i'm not too sure who would want to co-sigh with me. it most likely will be my mom. so will that mean that the monthly payments will be higher due to her bad credit?
    Quote Originally Posted by Fujiyama View Post
    It also shouldn't be shitty insurance, what if you were to total your car, you never know. and if your insurance plan doesn't cover that? You're now in the hole. A Nice car like that needs some fallback plan
    i have full coverage for $200 a month.

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