best way to purchase an s2000?
#21
Originally Posted by TheMuffinMan' timestamp='1459740344' post='23927214
[quote name='tunernocrust96' timestamp='1459716343' post='23926997']
Hey guys, I am currently 19 years of age. I really want to purchase an s2000 later on this year maybe around September time or so. I have a solid full time job , just got a secured credit card a few months back To start building my credit. Plan is to have around 5,500 saved up to use as a downpayment on a 2002-2005 model s2k, ap2 is more preferable.
Is it possible that the bank will help me out with a Loan around September time considering I will have only had a credit history of 6-7 months?
I just wanted to hear other peoples input since I haven't had experience with loans before. Thanks guys
Hey guys, I am currently 19 years of age. I really want to purchase an s2000 later on this year maybe around September time or so. I have a solid full time job , just got a secured credit card a few months back To start building my credit. Plan is to have around 5,500 saved up to use as a downpayment on a 2002-2005 model s2k, ap2 is more preferable.
Is it possible that the bank will help me out with a Loan around September time considering I will have only had a credit history of 6-7 months?
I just wanted to hear other peoples input since I haven't had experience with loans before. Thanks guys
And as others pointed out, some (most) large banks will not give auto loans for vehicles older than a certain age (around ten years at my bank) and you're required to certain insurance coverages.
Im gonna go on the other side and say you should be able to get a loan. Im a bank representative at my job, and I do loans for kids, shit, like myself, loans all day long. Just financed a friend of mine an 04 infiniti g35 with an %8 apr. For someone out age, (im also 19) without much credit, that's a decent percentage. Private party is the way to go also. If you want, PM me and ill give you my info, We can of course do loans over the phone
[/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.
#22
Originally Posted by Lil Dre' timestamp='1459882193' post='23929067
Also, My insurance payments are only 93 dollars a month. Granted im on my parents policy.
But it won't let me view your profile here on the forum =(
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!
#23
Originally Posted by JOEXIONG' timestamp='1459892908' post='23929272
[quote name='TheMuffinMan' timestamp='1459740344' post='23927214']
[quote name='tunernocrust96' timestamp='1459716343' post='23926997']
Hey guys, I am currently 19 years of age. I really want to purchase an s2000 later on this year maybe around September time or so. I have a solid full time job , just got a secured credit card a few months back To start building my credit. Plan is to have around 5,500 saved up to use as a downpayment on a 2002-2005 model s2k, ap2 is more preferable.
Is it possible that the bank will help me out with a Loan around September time considering I will have only had a credit history of 6-7 months?
I just wanted to hear other peoples input since I haven't had experience with loans before. Thanks guys
[quote name='tunernocrust96' timestamp='1459716343' post='23926997']
Hey guys, I am currently 19 years of age. I really want to purchase an s2000 later on this year maybe around September time or so. I have a solid full time job , just got a secured credit card a few months back To start building my credit. Plan is to have around 5,500 saved up to use as a downpayment on a 2002-2005 model s2k, ap2 is more preferable.
Is it possible that the bank will help me out with a Loan around September time considering I will have only had a credit history of 6-7 months?
I just wanted to hear other peoples input since I haven't had experience with loans before. Thanks guys
And as others pointed out, some (most) large banks will not give auto loans for vehicles older than a certain age (around ten years at my bank) and you're required to certain insurance coverages.
Im gonna go on the other side and say you should be able to get a loan. Im a bank representative at my job, and I do loans for kids, shit, like myself, loans all day long. Just financed a friend of mine an 04 infiniti g35 with an %8 apr. For someone out age, (im also 19) without much credit, that's a decent percentage. Private party is the way to go also. If you want, PM me and ill give you my info, We can of course do loans over the phone
[/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.
#24
Originally Posted by Reasonable Doubt' timestamp='1459894112' post='23929291
[quote name='JOEXIONG' timestamp='1459892908' post='23929272']
[quote name='TheMuffinMan' timestamp='1459740344' post='23927214']
[quote name='tunernocrust96' timestamp='1459716343' post='23926997']
Hey guys, I am currently 19 years of age. I really want to purchase an s2000 later on this year maybe around September time or so. I have a solid full time job , just got a secured credit card a few months back To start building my credit. Plan is to have around 5,500 saved up to use as a downpayment on a 2002-2005 model s2k, ap2 is more preferable.
Is it possible that the bank will help me out with a Loan around September time considering I will have only had a credit history of 6-7 months?
I just wanted to hear other peoples input since I haven't had experience with loans before. Thanks guys
[quote name='TheMuffinMan' timestamp='1459740344' post='23927214']
[quote name='tunernocrust96' timestamp='1459716343' post='23926997']
Hey guys, I am currently 19 years of age. I really want to purchase an s2000 later on this year maybe around September time or so. I have a solid full time job , just got a secured credit card a few months back To start building my credit. Plan is to have around 5,500 saved up to use as a downpayment on a 2002-2005 model s2k, ap2 is more preferable.
Is it possible that the bank will help me out with a Loan around September time considering I will have only had a credit history of 6-7 months?
I just wanted to hear other peoples input since I haven't had experience with loans before. Thanks guys
And as others pointed out, some (most) large banks will not give auto loans for vehicles older than a certain age (around ten years at my bank) and you're required to certain insurance coverages.
Im gonna go on the other side and say you should be able to get a loan. Im a bank representative at my job, and I do loans for kids, shit, like myself, loans all day long. Just financed a friend of mine an 04 infiniti g35 with an %8 apr. For someone out age, (im also 19) without much credit, that's a decent percentage. Private party is the way to go also. If you want, PM me and ill give you my info, We can of course do loans over the phone
[/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"
#25
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
#26
Originally Posted by TheMuffinMan' timestamp='1459740344' post='23927214
[quote name='tunernocrust96' timestamp='1459716343' post='23926997']
Hey guys, I am currently 19 years of age. I really want to purchase an s2000 later on this year maybe around September time or so. I have a solid full time job , just got a secured credit card a few months back To start building my credit. Plan is to have around 5,500 saved up to use as a downpayment on a 2002-2005 model s2k, ap2 is more preferable.
Is it possible that the bank will help me out with a Loan around September time considering I will have only had a credit history of 6-7 months?
I just wanted to hear other peoples input since I haven't had experience with loans before. Thanks guys
Hey guys, I am currently 19 years of age. I really want to purchase an s2000 later on this year maybe around September time or so. I have a solid full time job , just got a secured credit card a few months back To start building my credit. Plan is to have around 5,500 saved up to use as a downpayment on a 2002-2005 model s2k, ap2 is more preferable.
Is it possible that the bank will help me out with a Loan around September time considering I will have only had a credit history of 6-7 months?
I just wanted to hear other peoples input since I haven't had experience with loans before. Thanks guys
And as others pointed out, some (most) large banks will not give auto loans for vehicles older than a certain age (around ten years at my bank) and you're required to certain insurance coverages.
[/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.
#27
Registered User
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.
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.
#28
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
#29
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