Whats up guys? I'm new here. Heres my situation. I'm joining the Navy. I screwed up my credit. I'm 20 yrs old. I want an S2000. I was thinking about buying a new one bc I want to keep trac of break in, maintainance and such. (picky) If I put down 10k cash do you guys think I could get financed? BTW, i have to join Navy Fed. Credit Union to get paid anyway. Thanks in advance--Matt

 

i would just suggest you go try and see if you can.

 

All you can do is try.

 

It all depends on your credit score.
Even with bad credit, you can probably get financed, you will just have a huge interest rate.
It may not be through a credit union though, as they are usually more particular.

 

Like the other said, depends on your score. My first s2k i bought I had an OK credit score with no history, about the same age you are. I only put down $500, but the s2 was only like 17ish. I just bought my 2nd S2 and put down $1500 but my cred has dropped in a couple of years so my interest went up. I dont know how it is in the navy, but I would think banks see stability in that income so they know your good for it. Im work from home, so it was a BITCH to get financed.

 

surely depends on your score, and a car will certainly help raise that if u make ur payments like you're supposed to.

i bought mine at 20 while in the army, so i know kinda what u mean (but i had no credit).
after "been there / done that" my advise it to buy a cheap beater and finance it. CHEAP. like old old civic or accord. keep it for a year - that'll allow u to build ur credit a bit better, and u'll save LOTS of money in insurance (thats the key). after a year, u'r credit will go up a bit so u'll get a better rate (save 1-3k ?), you'll save maybe 1-3k in insurance alone, and because u'll be 21, insurance rates will most likely b SLIGHTLY less - so score 1k in saving right there.
THEN buy a new S like u planned anyways, but with 3-7k more in savings (use that towards the down payment to keep monthly payments MUCH lower, or on mods).

that my friend, IMHO, is your best choice. that's the ONLY THING i would have done different with my S - waited a year extra to buy it. i would have saved maybe 2-3k on insurance alone. that's the difference in throwing in a SC, or keeping it NA and doing some night light mods, etc. but i was 20, happily back from Iraq, an my eyes were B I G as i'm a car-guy. suppose i just couldn't wait.

I've never regretted owning my car, maybe just how i went about buying it. i could have set a big amount aside for my "S-fund" and have pretty much the same car, but not have paid so much in the long term (who couldn't use an extra 2-4k?)

/it's still your life and you'll still do what you want no matter who tells you what.
g/l car shopping!

 

As long as your credit score is in the mid-600s or better, I think you could get a competitive rate.

Honda Financing is usually very competitive.

 

NFCU will finance you. You never know where you will be stationed in the Navy. Not much use for an S2000 in Diego Garcia. Be patient and make sure all works out.

 

Call me naive but why would you buy an S2000 if you're joining the Navy. I mean you'd be paying monthly payments for a vehicle you couldn't enjoy because you're on duty right??? What's the point then? If you really need a car you're better off buying a beater that you won't have to worry about when you're away. That alone will drive you crazy.
My 2 cents.

 

Thanks a lot guys. I was financed through Honda before, when I still had my 2006 SI. But life dealt me another card (lost the job to pay for it) and had to see my baby repossessed 2 months later. Unfortunately this happens to even the best people. So I figure as soon as I go for Basic, I pay Honda the 3k I owe them and be done with them. Then save up for an entire 18 months (plus my bonus ) and go for a S2000 CR. (which is what I really want) NOW, the only problem I see is that I'm only gonna be driving 30 days a year for the first 5 years of service so idk if buying a new S2k is the best idea now that I think about it. So what do you guys think about this situation? I'd really appreciate it. Thanks again--Matt