Reasonable Doubt

that's not true, if he doesn't have any late payments and no huge amount of payoffs on the credit cards by September, he won't need a co-signer. I'm positive he can get a loan. They'll give him a loan, but maybe a higher rate do to the age of the vehicle and make sure OP you don't buy a over priced S2000. (look at the mileage and year and put into NADA. All credit Unions and banks use NADA to determine Car values.) If it's priced over the book, have some cash to boot the difference if your credit is under 700. I work at a dealership so i know. All cars being Finance doesn't require certain insurance coverages... It requires Full coverages comp/collision.

^^^ this man knows what he's saying. ^^^
[/quote]

saying you work at a dealership doesn't really help your credibility when, from what i can tell, most users on here don't trust "stealearships"

I worked at a dealership for 3 years. all they care about is sales and their bonuses. funny how the two users who are saying it can be done are the two randoms that work for "dealership/loan bank". i know its in your nature to persuade others but on this forum we help each other instesd.

OP stated he just got his first credit card and he is 19. His credit can be 700 but he has NO CREDIT HISTORY. taking care of a 500 dollar credit limit and taking out a car loan are two completely different things and i can assure you he will need a cosigner unless he goes to a shady random car sales lot that uses a shitty bank that gives anyone a loan and charge you interests out the ass.

OP don't let any place run your credit to see what APR you will get. Ask them what bank they use and ask them to give you an estimate or idea as to what your interest will be. You will hurt your credit by constantly allowing dealerships to check it. Do your research. Check reviews of dealership and bank. TAKE YOUR TIME and ask your parents for help. at the end of the day it is just a car.

2Kaputnik

$115 a month? I'm not sure thats too terrible or not, but as an older driver I have full coverage at $43 /month for perspective. I suspect some here have better than this too.

The real question is, at 19 years old, whether you want this financial burden on a 10 year old toy? Being debt-free is a great freedom

But if you have the means, especially if it will be a daily driver, then go for it! I could never daily drive the S2000 at this point. But looking back when I was 19, it would have been awesome!

JOEXIONG

that's not true, if he doesn't have any late payments and no huge amount of payoffs on the credit cards by September, he won't need a co-signer. I'm positive he can get a loan. They'll give him a loan, but maybe a higher rate do to the age of the vehicle and make sure OP you don't buy a over priced S2000. (look at the mileage and year and put into NADA. All credit Unions and banks use NADA to determine Car values.) If it's priced over the book, have some cash to boot the difference if your credit is under 700. I work at a dealership so i know. All cars being Finance doesn't require certain insurance coverages... It requires Full coverages comp/collision.

^^^ this man knows what he's saying. ^^^
[/quote]

saying you work at a dealership doesn't really help your credibility when, from what i can tell, most users on here don't trust "stealearships"

I worked at a dealership for 3 years. all they care about is sales and their bonuses. funny how the two users who are saying it can be done are the two randoms that work for "dealership/loan bank". i know its in your nature to persuade others but on this forum we help each other instesd.

OP stated he just got his first credit card and he is 19. His credit can be 700 but he has NO CREDIT HISTORY. taking care of a 500 dollar credit limit and taking out a car loan are two completely different things and i can assure you he will need a cosigner unless he goes to a shady random car sales lot that uses a shitty bank that gives anyone a loan and charge you interests out the ass.

OP don't let any place run your credit to see what APR you will get. Ask them what bank they use and ask them to give you an estimate or idea as to what your interest will be. You will hurt your credit by constantly allowing dealerships to check it. Do your research. Check reviews of dealership and bank. TAKE YOUR TIME and ask your parents for help. at the end of the day it is just a car.
[/quote]

I'm sorry.. maybe you worked at a stealership. I've been here for working for the same lot for 8 years. I'm not giving any false infos and definitely not making any sales or bonuses here. I'm simpily stating it can be done. Your username is what you are.

Reasonable Doubt

that's not true, if he doesn't have any late payments and no huge amount of payoffs on the credit cards by September, he won't need a co-signer. I'm positive he can get a loan. They'll give him a loan, but maybe a higher rate do to the age of the vehicle and make sure OP you don't buy a over priced S2000. (look at the mileage and year and put into NADA. All credit Unions and banks use NADA to determine Car values.) If it's priced over the book, have some cash to boot the difference if your credit is under 700. I work at a dealership so i know. All cars being Finance doesn't require certain insurance coverages... It requires Full coverages comp/collision.

^^^ this man knows what he's saying. ^^^
[/quote]

saying you work at a dealership doesn't really help your credibility when, from what i can tell, most users on here don't trust "stealearships"

I worked at a dealership for 3 years. all they care about is sales and their bonuses. funny how the two users who are saying it can be done are the two randoms that work for "dealership/loan bank". i know its in your nature to persuade others but on this forum we help each other instesd.

OP stated he just got his first credit card and he is 19. His credit can be 700 but he has NO CREDIT HISTORY. taking care of a 500 dollar credit limit and taking out a car loan are two completely different things and i can assure you he will need a cosigner unless he goes to a shady random car sales lot that uses a shitty bank that gives anyone a loan and charge you interests out the ass.

OP don't let any place run your credit to see what APR you will get. Ask them what bank they use and ask them to give you an estimate or idea as to what your interest will be. You will hurt your credit by constantly allowing dealerships to check it. Do your research. Check reviews of dealership and bank. TAKE YOUR TIME and ask your parents for help. at the end of the day it is just a car.
[/quote]

I'm sorry.. maybe you worked at a stealership. I've been here for working for the same lot for 8 years. I'm not giving any false infos and definitely not making any sales or bonuses here. I'm simpily stating it can be done. Your username is what you are.
[/quote]

i never said you're giving false info. i just said the options you're giving him aren't the best for a 19 year old who doesn't seem to know how to purchase a car.

and if we are going to insult usernames here i dont think OP should be taking financial advice from another 19 year old bank loaner representative that you agreed with who goes by the name "Lil Dre"

Lil Dre

Don't bring me into this. My professional life has nothing to do with that outside of work. I've been working in my field and have quite the knowledge on the topic. I got my name because me and my dad have the same name. Some of the most successful people started at a young age. Please don't downgrade my credibility based on my name

TheMuffinMan

that's not true, if he doesn't have any late payments and no huge amount of payoffs on the credit cards by September, he won't need a co-signer. I'm positive he can get a loan. They'll give him a loan, but maybe a higher rate do to the age of the vehicle and make sure OP you don't buy a over priced S2000. (look at the mileage and year and put into NADA. All credit Unions and banks use NADA to determine Car values.) If it's priced over the book, have some cash to boot the difference if your credit is under 700. I work at a dealership so i know. All cars being Finance doesn't require certain insurance coverages... It requires Full coverages comp/collision.

[/quote]

Oh sure, absolutely, a 20% interest rate from some self-financing place is definitely going to give a ~$10k+ loan to a person with under one year of credit and so-so work history. Definitely.

Oh wait, nope, he has made ~7 payments total on a credit card with let's say a $1k balance. Clearly a well qualified buyer.

I need a co-signer with $8k down on a $10k loan and had 4 years of credit history. He's not getting a loan without a co-signer.

Jdrum1

I don't mean any of my advice as a personal attack. In fact, my grandmother ran a small Chevy dealership for 20-30 years. She made her living on other's willingness to go in debt (very few cash customers). She viewed car payments as a reality of life. It's inevitable that your career is going to color your outlook on life.


Nobody has ever put themselves in financial harm by saving (vs. financing) for a car. Not a single cash paying car owner has had their car repossessed or struggled to make the next payment. How many 20-30 somethings are in financial dire straits today because of the decisions they made in their teens-early 20's?

When I was the OP's age, I had car fever. I paid heed to my father's warning to make do with what I had. I wasn't one for parental advice, but thankfully respected the wisdom he gleaned from his many years in business/finance.

Now, in my mid 30's, I'm always amazed at how the majority of my friends (most of which make considerably more than me) are always broke.

Smart financial decisions now will pay off in spades down the road.

Lil Dre

That's true. But I had the money to buy my car in cash. I chose to finance knowing I had the money to make payments, to build my credit at a much faster rate than any credit card can. Another thing to look at. Being 19 and probably living with his parents, he probably doesn't have any other bills, and can possibly pay his car off before he moves out and have amazing credit. Another thing to look at

Lil Dre

And he will get a loan without a cosigner. State farm bank isn't some self financing company, there's also vystar. I'm in FL is these names don't ring bells. But not at 20. I'm guessing between 9-12

Piero914

It is definitely not hard to get an auto loan on a 10+ year old car.