Getting a car loan.

[EnR]

I'm 18 years old, have a decent job and want to buy my first car. My current Civic was given to me by my parents.

I have my eye on this 2002 Suzuka blue Honda S2000 with 75,000 kms. He's asking 15,400 for it, but I'll prob get him to go 15. One of the best deals I've seen in Ontario, usually these things go for 20k+ with that kind of kms and this ones in a unique color.

I make around 600-800 bucks a month right now, but I am going back to my old job WHILE working this job, so I'll be making 1600-2000 with my old job and 400-600 with my current job on top of that, so around 2000 minimun monthly income.

I've been waiting forever to buy an S2000 and now I got 1000 bucks from my grandma and I could use that as a down payment.

Now... Have any of you gotten a loan around the age of 18? With no credit whatsoever? I plan on doing a 4-5 year loan because I plan on keeping this car for quite a while(It'll be my summer car, keeping the Civic for winter), they're out of production and I just plain love the damn thing.

Any tips or advice you guys can give me about getting a loan at my age?

[EnR]

[who_cares973]

Don't do it unless you're damn sure you can make payments until you're done. Don't get yourself into something you can't afford.

[phe0nixblade]

that is a nice car though

[phe0nixblade]

and yeah what wc says

[EnR]

Originally Posted by who_cares973

Don't do it unless you're damn sure you can make payments until you're done. Don't get yourself into something you can't afford.

I can afford 300 bucks a month for 5 years. I'll never not have a job, if I ever lose this job, trust me I'll be looking instantly.

I MAY be able to get my grandma to buy the car and I can pay her back, considering I'd have no interest rates, and this would make me see her more often.

[who_cares973]

realize that 5 years is a hell of a long time and 300 dollars is a lot of money to be paying a month. You may be able to perfectly afford it now but if you plan on moving out you won't be able to pay for much else. Just saying, make sure you asses all aspect of the expense. Don't just think about being able to afford it now but in 2,3,4 and even 5 years from now

[EnR]

I can always get the other one, 9500 bucks, 210,000kms.

I wanted this one because of the low mileage and color.

[who_cares973]

210k? Jesus that's a lot

[EnR]

Originally Posted by who_cares973

210k? Jesus that's a lot

It's a honda.

Most have gone 200,000 MILES. Which is 324,000kms

[t0ni]

14k in debt when your 18 for a car... bad idea. Is there something wrong with your current civic? If it's breaking down then buy a car. If not just save your money.

Ask this question, do YOU really need it?

[who_cares973]

Originally Posted by EnR

It's a honda.

Most have gone 200,000 MILES. Which is 324,000kms

I know how much 210k km I'm not an ignorant american

[darkshark]

You say you can afford $300 a month?
That's pocket change when it comes to owning a high performance vehicle. How about insurance, and maintenance costs? You know damn well you're going to break it, and since S2's are discontinued, parts are expensive, and labor even more. If you can't afford $800 a month, don't buy it. Not to mention the speeding tickets you're going to get.

Also, since you're JUST NOW going back to work at your old job, good luck getting ANYONE to get you a loan, you need work history to get approved, so stay at both jobs for at least 6 months, then you can go get a loan, otherwise, probably out of the question. Go take advantage of your grandma's money.

I went through the same thing when I HAD to have my 3000GT, I thought I made plenty of money, turns out, it looks good on paper, but not once you actually experience being broke all the time you regret it.

[who_cares973]

DS touched on the other points I was going to talk about

[EnR]

Originally Posted by t0ni

14k in debt when your 18 for a car... bad idea. Is there something wrong with your current civic? If it's breaking down then buy a car. If not just save your money.

Ask this question, do YOU really need it?

Civic has transmision problems (it's an automatic), suspensions starting to give, brakes are brand new, but somehow they like to vibrate the car when I stop, it needs new headlights, my highbeams are like strapping a flashlight to your hood. I've put on 40,000 kms in a year since I drive ALL THE TIME.

Originally Posted by who_cares973

I know how much 210k km I'm not an ignorant american

forgot sorry <3

Originally Posted by darkshark

You say you can afford $300 a month?
That's pocket change when it comes to owning a high performance vehicle. How about insurance, and maintenance costs? You know damn well you're going to break it, and since S2's are discontinued, parts are expensive, and labor even more. If you can't afford $800 a month, don't buy it. Not to mention the speeding tickets you're going to get.

Also, since you're JUST NOW going back to work at your old job, good luck getting ANYONE to get you a loan, you need work history to get approved, so stay at both jobs for at least 6 months, then you can go get a loan, otherwise, probably out of the question. Go take advantage of your grandma's money.

I went through the same thing when I HAD to have my 3000GT, I thought I made plenty of money, turns out, it looks good on paper, but not once you actually experience being broke all the time you regret it.

Insurance is under my parents name, my dad agree'd to pay for it too, until I move out. Part's are expensive for these things though, seats alone are 5 grand brand new, hence why they're stolen all the time and put into civic's and integra's. A Damn Amue or J's racing exhaust is gonna put me down 1200-2000 dollars. Since these things have so much power already squeezed out, bolt ons make almost no difference.

What do you think of me buying the cheaper, more used s2k? 10,000 from the bank isn't too bad.

[t0ni]

I'm not kidding, that is a lot of money to be in debt when your 18. I'll say keep saving and put a bigger down payment, 2-4 grand, payments get lowered, and you should be good to go. That's my advice if you want this car. Perhaps your Honda can keep going for 6 months while you save.

[bender5]

putting yourself down for 10k is probably worse than 15k if the car has been driven about 3x as much.

I'd say, if you want a car, get something more reliable than a cool honda sportscar, you'll be real happy you did.

If anything get yourself a new civic, you'll hold onto it for a hell of a lot longer than a convertible

[DotKritic]

Trade in your Civic. Get a year round car/truck.

edit: I was planning on getting a (new) used car. Glad I didn't because I'm going back to school and I won't be able to work as often (just seasonal).

[darkshark]

Seriously it would be wise to just hold off on this car, I know you're anxious because you just got $1,000 and all, but keep your common sense intact.

[Without A Contraceptive]

good god how many crap threads can you make about your crap life and youre crap cars

LET IT GO